Bitcoin mining giant IREN posted its best quarterly results to date, reporting $187.3 million in revenue for the last quarter, a 226% year-on-year increase. This strong performance drove its stock price up 14% in after-hours trading, signaling renewed investor confidence.
Key Highlights from IREN’s Record Quarter
- Quarterly Revenue: $187.3 million (up 226% YoY)
- Annual Revenue: $501 million
- Net Income: $176.9 million
- Stock Performance: Closed at $23.04, then surged an additional 13.9% after hours
- Bitcoin Production: 728 BTC in July, outperforming MARA’s 703 BTC
This growth was fueled by Bitcoin’s price rally and increased mining efficiency, but IREN is also betting big on AI to diversify revenue streams.
IREN’s AI Strategy and Nvidia Partnership
To counter rising Bitcoin mining difficulty and energy costs, IREN is expanding into AI computing services. The company has become a Preferred Partner to Nvidia, securing direct access to high-performance GPUs.
- Current GPUs: 1,900 (up 132% YoY)
- Target by Year-End: 10,900 GPUs
- AI Revenue Goal: $200M–$250M annualized by December
- Future Plans: Install 60,000 Nvidia Blackwell GPUs in British Columbia
This move positions IREN as a major player in AI cloud services, renting GPU power for machine learning, large language model training, and high-performance computing.
IREN’s Market Comeback
Just a year ago, short-seller Culper Research labeled IREN as “wildly overvalued.” Shares plunged to $5.59 in April, but have now rallied over 312% in four months, driven by strong mining performance and AI diversification.
IREN’s dual strategy—expanding Bitcoin mining while aggressively entering AI—has transformed the company from a struggling miner into a top performer in the digital infrastructure space. If it hits its AI revenue targets, IREN could become one of the most influential AI-powered Bitcoin mining companies globally.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.