IREN Aims for $1 Billion in Bitcoin Mining Revenue

IREN Limited (ticker IREN), a Bitcoin mining company, saw its stock rise over 12% in after-hours trading following the announcement of its quarterly and full-year fiscal earnings. The firm reported quarterly revenue of $187.3 million, net income of $176.9 million, and EBITDA of $241.4 million, projecting $1 billion in annualized revenue from Bitcoin mining based on current mining economics. In addition to this, IREN is generating approximately $250 million annually from its expanding AI cloud business. The company is in the process of replacing its ASIC Bitcoin mining rigs with GPUs for AI applications at several mining centers, including sites in British Columbia. IREN is also investing in a new liquid-cooled AI data center named Horizon, set to launch in the fourth quarter of 2025, alongside the Sweetwater facility, expected to go online by late 2027. Earlier this month, IREN outperformed rival MARA in both Bitcoin production and fleet utilization, establishing itself as the leading mining company by hashrate. In July, IREN produced 728 BTC, surpassing MARA's 703 BTC, and activated over 90% of its fleet. The hashrate, which reflects the total computational power used to secure the Bitcoin blockchain, is crucial for processing transactions. According to IREN's Co-CEO Daniel Roberts, "FY25 was a breakout year financially and operationally, with record results that included strong net income and more than 10x EBITDA growth." IREN's Nasdaq-listed stock closed at $23.02 on Thursday, giving the company a market capitalization of $5.4 billion. Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which operates independently to deliver timely information about the crypto industry. This article is for informational purposes only and not intended as legal, tax, investment, or financial advice.