TLDR
- IREN posted record quarterly revenue of $187.3 million and $501 million for the fiscal year
- The company swung back to profitability with $176.9 million in net income
- IREN stock surged 14% in after-hours trading following the earnings report
- The company became a “Preferred Partner” to Nvidia and plans to expand GPU count to 10,900
- IREN surpassed rival MARA in Bitcoin production (728 BTC vs 703 BTC in July)
Bitcoin mining company IREN Limited has reported its strongest quarterly earnings to date, with revenue reaching $187.3 million for the quarter ended June 30. This helped the company achieve record annual revenue of $501 million for the fiscal year, causing its stock to jump nearly 14% in after-hours trading.
The quarterly revenue represents a 226% increase year-on-year. This growth has allowed IREN to return to profitability, reporting $176.9 million in net income according to Thursday’s earnings report.
IREN’s shares closed up 3.1% at $23.04 on Thursday before climbing an additional 13.9% in after-hours trading following the results announcement. The stock has been on an upward trajectory throughout the month, repeatedly setting new highs.
The company’s success comes at a time when many Bitcoin miners face challenges due to increased mining difficulty. This has driven up energy use and reduced profit margins across the industry, forcing many miners to find more efficient equipment, cheaper energy sources, or new revenue streams.
From Mining Leader to AI Contender
IREN has responded to these industry pressures by maintaining its Bitcoin mining leadership while simultaneously expanding into artificial intelligence. The company reported it’s on track for $1 billion in annualized revenue “under current mining economics.”
In July, IREN overtook industry heavyweight MARA Holdings in Bitcoin production, mining 728 BTC compared to MARA’s 703 BTC. This makes IREN the leading mining company by hashrate, with over 90% of its fleet activated.
The company has reached 50 exahashes per second in installed Bitcoin mining capacity. However, IREN has paused further expansion of its mining operations to focus on its growing AI business.
This pivot to AI is part of a broader strategy that includes becoming a “Preferred Partner to Nvidia.” This partnership gives IREN more direct access to Nvidia’s hardware, which is essential for AI operations.
During the quarter, IREN increased its GPU count to 1,900, representing a 132% growth year-on-year. The company makes revenue from its AI business by renting GPU power for machine learning tasks, training large language models, and supporting businesses that need high-performance AI computation.
Major GPU Expansion Plans
IREN plans to invest an additional $200 million to increase its GPU count to 10,900 in the coming months. This expansion aims to achieve $200 million to $250 million in annualized AI revenue by December, which would represent an eight-to-ten-fold increase compared to what it earned between April and June.
Looking further ahead, IREN intends to install 60,000 of Nvidia’s Blackwell GPUs at its facility in British Columbia, Canada. The company is also investing in a liquid-cooled AI data center called Horizon, expected to come online in the fourth quarter of 2025.
Another facility, Sweetwater, is projected to begin operations in late 2027, further expanding IREN’s AI capabilities.
IREN’s strong performance comes about a year after short-selling firm Culper Research criticized the company as “wildly overvalued.” Culper had claimed IREN was talking a “big game” about high-performance computing without investing enough to compete seriously in AI.
Despite these past criticisms, IREN shares have rallied 312.2% in the past four months after falling to as low as $5.59 in April.
In other company news, IREN recently reached a confidential settlement with creditor NYDIG, ending a nearly three-year legal battle over $105 million in defaulted equipment loans tied to approximately 35,000 Antminer S19s.
IREN Co-CEO Daniel Roberts described the fiscal year as “a breakout year financially and operationally, with record results that included strong net income and more than 10x EBITDA growth.” The company reported EBITDA of $241.4 million for the quarter.
IREN closed Thursday with a market capitalization of $5.4 billion.
