Bitcoin miner IREN (IREN) has posted its first full-year profit, fueled by aggressive AI cloud expansion and increased bitcoin mining capacity. The stock jumped 13% in pre-market trading, pushing the company closer to overtaking MARA Holdings as the largest bitcoin and AI miner by market cap.
Financial Performance Hits Record Highs
For the fiscal year ending June 30, 2025, IREN reported:
- Net income: $86.9 million, a sharp turnaround from a $28.9 million loss in the prior year.
- Revenue: $501 million, more than doubling year-over-year.
- Adjusted EBITDA: $269.7 million, nearly five times last year’s figure.
The company credited this performance to higher bitcoin production, efficient mining rigs, and growing AI cloud operations.
Related: Trump-Backed Bitcoin Miner American Bitcoin
AI Cloud Strategy Boosting Growth
IREN’s pivot into AI cloud computing is a key growth driver. The company has 10,900 NVIDIA GPUs deployed and plans to scale to over 60,000 GPUs across existing sites. This expansion could add $200 million to $250 million in annualized revenue by December, significantly diversifying its income streams beyond bitcoin mining.
Mining Power and Market Position
The firm’s mining capacity has surged to 50 exahashes per second (EH/s), supported by nearly 3 gigawatts of contracted power. With its $5.3 billion market cap, IREN is close to overtaking MARA Holdings, currently valued just under $6 billion, according to Farside Investors.
Shares of IREN, listed on Nasdaq, are up 13% pre-market and have gained more than 120% year-to-date. The company’s bitcoin mining operations generated over $1 billion in annualized revenue, while its AI unit is set to become a major revenue contributor in the coming months.
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.