Bitcoin miner IREN has achieved its highest earnings quarter to date, generating $187.3 million in the last quarter. This success contributed to a record total revenue of $501 million for the fiscal year, resulting in a nearly 14% increase in its stock during after-hours trading.
The quarterly revenue for the period ending June 30 surged 226% year-over-year, enabling the company to return to profitability with a net income of $176.9 million, as reported by IREN in its Thursday report.
This growth was largely fueled by advancements in its Bitcoin (BTC) mining operations, along with strategic moves to enhance its presence in the AI sector by becoming a new “Preferred Partner” of Nvidia.
IREN shares saw a rise of nearly 3.1%, closing at $23.04 on Thursday, and surged another 13.9% in after-hours trading, according to Google Finance data. The stock has consistently climbed this month, hitting new highs.
IREN’s price change on Thursday. Source: Google Finance
IREN’s AI initiatives align with a broader industry trend, as Bitcoin miners are adapting to increased mining difficulty, which has heightened energy consumption and pressured profit margins, leading many to utilize more efficient equipment, seek lower-energy costs, or branch into AI.
IREN emerges as a leading Bitcoin miner in 2025
IREN reported $1 billion in annualized revenue “under current mining economics” and outperformed industry leader MARA Holdings in BTC mining output in July, mining 728 BTC compared to MARA’s 703 BTC.
IREN also achieved an installed Bitcoin mining capacity of 50 exahashes per second, but has paused further expansion to concentrate on AI.
IREN forms partnership with Nvidia
During the quarter, IREN increased its GPU count to 1,900, a 132% year-on-year growth, and became a “Preferred Partner to Nvidia,” gaining more direct access to their hardware.
IREN generates revenue from its AI segment by renting GPU power for machine learning tasks, training large language models, and providing high-performance AI computation for businesses.
The company plans to invest an additional $200 million to expand its GPU count to 10,900 in the coming months, aiming for $200 million to $250 million in annualized AI revenue by December.
This would signify an eight-to-ten-fold increase in AI revenue compared to the $25 million monthly it earned from April to June.
Long-term, IREN intends to install 60,000 of Nvidia’s Blackwell GPUs at its site in British Columbia, Canada.
IREN previously labeled as “overvalued”
IREN’s recent strong performance comes about a year after short-selling firm Culper Research labeled the company as “wildly overvalued,” criticizing it for its grand claims regarding high-performance computing while failing to invest adequately to compete in AI.
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Culper compared IREN’s approach to racing in the Monaco Grand Prix but arriving in a Toyota Prius.
Excerpt from Culper Research’s report on IREN in July 2024. Source: Culper Research
Since then, IREN shares dropped from $12.31 to a low of $5.59 in April, but have since soared by 312.2% over the past four months.
Additionally, IREN has reached a confidential settlement with creditor NYDIG, concluding a nearly three-year legal dispute over $105 million in defaulted equipment loans linked to around 35,000 Antminer S19s.
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