Bitcoin miner IREN has posted its finest quarter of earnings so far, bringing in $187.3 million final quarter, which contributed to a document $501 million income for the fiscal 12 months, sending its replenish practically 14% in after-hours buying and selling.
Quarterly income for the month ended June 30 was up 226% year-on-year, serving to the corporate swing again into profitability with $176.9 million in web earnings, IREN mentioned in a report on Thursday.
The surge was pushed by development in its Bitcoin (BTC) mining enterprise, however the firm has additionally made strikes to deepen its footprint within the AI area as a brand new “Most well-liked Companion” to AI large Nvidia.
IREN shares closed up at practically 3.1% to $23.04 on Thursday and rose one other 13.9% in after-hours following the outcomes, Google Finance information exhibits. The inventory has been steadily climbing this month, repeatedly setting new highs.
IREN’s AI enlargement displays a broader business development, as Bitcoin miners proceed to navigate the latest enhance in mining problem that has pushed up power use and squeezed revenue margins — forcing lots of them to undertake extra environment friendly gear, discover cheaper power sources, or develop into AI.
IREN has been a prime Bitcoin miner in 2025
IREN recorded $1 billion in annualized income “below present mining economics” and beat business heavyweight MARA Holdings in BTC mining manufacturing in July, mining 728 BTC in comparison with MARA’s 703 BTC.
IREN additionally notched 50 exahashes per second in put in Bitcoin mining capability, however paused additional enlargement to concentrate on AI.
IREN companions with business large Nvidia
IREN elevated its GPU rely to 1,900 through the quarter, rising 132% year-on-year because it grew to become a “Most well-liked Companion to Nvidia,” enabling extra direct entry to Nvidia’s {hardware}.
IREN makes income from its AI enterprise by renting GPU energy for machine studying duties, coaching massive language fashions and supporting companies needing high-performance AI computation.
IREN plans to spend one other $200 million to spice up its GPU rely to 10,900 within the coming months to succeed in its goal of $200 million to $250 million in annualized AI income by December.
This might characterize an eight-to ten-fold enhance in AI income in comparison with what it made between April and June, which introduced round $25 million month-to-month.
Over the long run, IREN is seeking to set up 60,000 of Nvidia’s Blackwell GPUs at its British Columbia web site in Canada.
IREN as soon as pegged as “overvalued”
IREN’s sturdy efficiency of late comes a few 12 months after short-selling agency Culper Analysis mentioned IREN was “wildly overvalued” and criticized the corporate for speaking “huge sport” about high-performance computing with out investing sufficient to compete critically in AI.
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Culper in contrast IREN’s efforts to competing to win the Monaco Grand Prix, however arriving on the monitor in a Toyota Prius.
Since then, IREN shares fell from $12.31 to as little as $5.59 in April, however have rallied 312.2% prior to now 4 months.
In the meantime, IREN not too long ago reached a confidential settlement with creditor NYDIG, wrapping up an almost three-year authorized battle over $105 million in defaulted gear loans tied to round 35,000 Antminer S19s.
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