Quick Breakdown
- IREN posts record $187.3M in quarterly revenue, swinging back to profitability with $176.9M net income.
- Stock surges nearly 14% in after-hours trading after full-year revenue hit $501M.
- The company accelerates AI expansion as a “Preferred Partner” of Nvidia, targeting up to $250M annualized AI revenue by December.
Record-Breaking Quarter and Year
Bitcoin miner IREN delivered its strongest results to date, reporting $187.3 million in revenue for the quarter ending June 30, a 226% jump year-on-year. The performance helped the company return to profitability with $176.9 million in net income, contributing to a record $501 million in fiscal year revenue, according to Thursday’s earnings release.
The announcement sent IREN’s shares soaring 13.9% in after-hours trading, after closing up 3.1% at $23.04. The stock has been on a rally throughout August, up more than 312% in the past four months after previously tumbling as low as $5.59 in April.
Mining Growth and Industry Competition
The surge in results was largely fueled by IREN’s Bitcoin mining operations, which notched 728 BTC in July, outpacing industry heavyweight MARA Holdings, which mined 703 BTC in the same month.
The company also crossed a milestone of 50 exahashes per second in installed mining capacity but has temporarily paused further expansion in mining to prioritize its pivot into artificial intelligence. MARA Holdings is also embarking on a strategic transformation by moving beyond cryptocurrency mining into AI infrastructure.
Strategic AI Expansion with Nvidia
IREN deepened its footprint in AI by becoming a “Preferred Partner” of Nvidia, giving it direct access to the chipmaker’s sought-after GPUs. During the quarter, the firm boosted its GPU fleet to 1,900 units, a 132% increase year-on-year.
The miner currently earns revenue from renting GPU computing power for machine learning, training large language models, and other enterprise AI workloads. To scale further, IREN is preparing to spend $200 million to increase its GPU count to 10,900 in the coming months.
That investment could lift its annualized AI revenue to between $200M and $250M by December, representing an eight-to-tenfold increase from Q2 levels. Over the longer term, the firm plans to deploy 60,000 Nvidia Blackwell GPUs at its British Columbia data center.
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