IREN Stock: Bitcoin Miner Booms with Record Profit and Nvidia Partnership

TLDR

Table of Contents

IREN reported first full-year profit of $86.9 million and record revenue of $501 million, more than doubling from the previous year
Bitcoin mining operations now generate over $1 billion in annualized revenue with 50 exahashes per second capacity
Company expanded AI cloud business to 1,900 GPUs and became Nvidia “Preferred Partner” with plans to reach 10,900 units
Stock surged 13% in pre-market trading and has gained over 120% year-to-date
IREN outproduced competitor MARA Holdings in July with 728 BTC versus 703 BTC

IREN delivered its strongest financial performance since launching in 2018. The bitcoin mining company posted its first full-year profit of $86.9 million for fiscal 2025.

$IREN (IREN) #earnings are out: pic.twitter.com/QOvBqIafct
— The Earnings Correspondent (@earnings_guy) August 28, 2025

This marked a dramatic turnaround from the previous year’s loss of $28.9 million. Revenue more than doubled to a record $501 million.

The Sydney-based company’s quarterly results were equally impressive. Revenue hit $187.3 million in the quarter ending June 30, up 226% year-over-year.

Net income for the quarter reached $176.9 million. EBITDA came in at $241.4 million for the three-month period.

For the full year, adjusted EBITDA surged to $269.7 million. This represented nearly five times the previous year’s level.

IREN’s bitcoin mining operations now generate more than $1 billion in annualized revenue. The company operates 50 exahashes per second in installed mining capacity.

In July, IREN produced 728 bitcoins. This output exceeded competitor MARA Holdings, which mined 703 bitcoins during the same month.

The company has temporarily paused further bitcoin mining expansion. Resources are being redirected toward artificial intelligence initiatives instead.

AI Business Drives New Revenue Stream

IREN has been building its AI cloud computing business alongside traditional mining operations. The company increased its GPU count to 1,900 units during the quarter.

This represents 132% growth compared to the previous year. The expansion received support through a new partnership with Nvidia.

IREN became a “Preferred Partner” with the chip maker. This status provides more direct access to Nvidia’s hardware for AI operations.

The company generates AI revenue by renting GPU computational power to clients. These services support machine learning tasks and large language model training.

IREN plans to invest $200 million to expand its GPU fleet. The target is reaching 10,900 units in the coming months.

This expansion aims to generate between $200 million and $250 million in annualized AI revenue by December. Current AI revenue would need to increase eight to ten times to reach these targets.

Stock Performance Shows Strong Recovery

IREN shares closed Thursday at $23.04, gaining 3.1% during regular trading. The stock jumped another 13.9% in after-hours trading following earnings.

Pre-market trading showed continued strength with shares rising 13%. The stock has gained more than 120% year-to-date.

Recent gains continue a strong four-month recovery period. Shares have rallied 312% since hitting lows around $5.59 in April.

IREN’s current market capitalization stands at $5.4 billion. The company is approaching the valuation of rival MARA Holdings, which trades under $6 billion.

The stock performance represents a turnaround from earlier criticism. Short-selling firm Culper Research had previously called IREN “wildly overvalued.”

Co-CEO Daniel Roberts described fiscal 2025 as “a breakout year financially and operationally.” He cited more than 10 times EBITDA growth as a key achievement.

The company recently settled a legal dispute with creditor NYDIG. The confidential settlement resolved a nearly three-year battle over $105 million in defaulted equipment loans for approximately 35,000 Antminer S19 devices.

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