Bitcoin Miner IREN Posts Record $187M Revenue, Expands AI Strategy

TLDR

• IREN posted $187.3 million in revenue, marking a 226% YoY growth.

• IREN’s pivot into AI saw a 132% increase in GPU capacity for machine learning.

• The company surpassed MARA with 728 BTC mined in July, generating $1B annually.

• IREN’s stock surged 312% in the last four months, reaching a $5.4 billion market cap.

Bitcoin miner IREN has posted its best quarterly earnings to date, achieving a record revenue of $187.3 million. This has led to a near 14% surge in its stock after hours, pushing the price to $23.04. Over the fiscal year, the company achieved $501 million in revenue, largely driven by the growth of its Bitcoin mining business. This surge in earnings marks a major milestone for IREN, helping it swing back into profitability with $176.9 million in net income.

The 226% year-on-year increase in quarterly revenue reflects the company’s ability to capitalize on the Bitcoin mining boom. IREN also topped its competitor, MARA Holdings, by mining 728 BTC in July, more than its rival’s 703 BTC. The performance is a significant indicator of IREN’s growing strength in the Bitcoin mining sector.

Pivot to AI: IREN Expands GPU Infrastructure with Nvidia Partnership

IREN is expanding its focus beyond Bitcoin mining and stepping into the high-performance computing and AI space. In the latest development, IREN has become a “Preferred Partner” with Nvidia, allowing the company direct access to cutting-edge GPU technology. IREN has increased its GPU capacity by 132% year-on-year, reaching 1,900 units.

The company is looking to ramp up this AI infrastructure further with a $200 million investment to expand its GPU count to 10,900 by the end of 2025.

This strategic move into the AI sector aims to generate additional revenue streams, with IREN targeting $200 million to $250 million in annualized AI revenue by December. These GPUs will be utilized for machine learning tasks, training large language models, and supporting high-performance computing workloads for businesses.

Bitcoin Mining Continues to Lead Despite AI Focus

While IREN is growing its AI business, Bitcoin mining remains the core of its operations. The company currently has 50 exahashes per second in installed mining capacity.

Despite pausing its expansion to focus on AI, IREN’s mining operations continue to generate impressive results. The company projects $1 billion in annual Bitcoin mining revenue under current market conditions.

Co-CEO Daniel Roberts described fiscal 2025 as a “breakout year financially and operationally,” citing over 10 times EBITDA growth compared to the previous year. With its Bitcoin mining operations still a major contributor, IREN is positioned for substantial long-term growth.

IREN Stock Rallies Amid Market Sentiment Shift

IREN’s stock has experienced a significant recovery in recent months, rallying by 312% over the past four months. This surge comes after the company faced early skepticism, with short-selling firm Culper Research criticizing its AI ambitions. However, with the Nvidia partnership and accelerated GPU expansion, IREN has proven its commitment to high-performance computing, putting it back in the race for AI infrastructure.

The company also settled a legal dispute with creditor NYDIG over $105 million in defaulted loans. This resolution has allowed IREN to focus on its growth strategy, with the stock price reflecting the market’s renewed confidence in the company.

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