
Key Highlights:
- In FY 2025, IREN’s net income reached $86.9 million, doubling its revenue to a record $501 million.
- The company’s AI cloud expansion is set to introduce 10,900 GPUs by December, potentially boosting annual revenues by $200 million to $250 million.
Article Summary:
Bitcoin miner IREN has reported its first full-year profit, marking a significant shift since its founding in 2018. The firm, which has adapted to include AI cloud computing alongside mining, revealed a pre-market stock increase of 13%.
For the year ending June 30, profits surged from a loss in the prior year, fueled by a growth in production to 50 exahashes per second (EH/s) and a drastic rise in adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) to $269.7 million.
With almost 3 gigawatts of contracted power and continuing expansion in both Bitcoin mining and AI infrastructure, IREN is competing closely with major rivals like MARA Holdings, which has a market cap of just under $6 billion. As of now, IREN’s market valuation sits at $5.3 million.
The company expects to generate over $1 billion in annualized revenue from mining alone, while the AI cloud unit could reach up to $250 million in annualized revenue by the year’s end.