Bitcoin miner IREN has achieved its most profitable quarter to date, reporting earnings of $187.3 million last quarter, contributing to a record $501 million in revenue for the fiscal year, leading to a nearly 14% increase in its stock during after-hours trading.
The quarterly revenue for the period ending June 30 saw a remarkable 226% year-over-year increase, allowing the company to return to profitability with a net income of $176.9 million, IREN announced in a report on Thursday.
This spike in earnings was fueled by growth in its Bitcoin (BTC) mining operations, alongside the company’s efforts to expand its presence in the AI sector as a newly designated “Preferred Partner” of AI titan Nvidia.
IREN shares closed up nearly 3.1% to $23.04 on Thursday, climbing another 13.9% in after-hours trading, as per Google Finance data. The stock has been on an upward trajectory this month, consistently reaching new highs.
IREN’s expansion into AI mirrors a broader trend within the industry, as Bitcoin miners strive to adapt to rising mining difficulties that have escalated energy consumption and pressured profit margins—prompting many to pursue more efficient equipment, cheaper energy solutions, or venture into AI.
IREN has emerged as a leading Bitcoin miner in 2025
IREN reported an annualized revenue of $1 billion “under current mining conditions” and surpassed industry leader MARA Holdings in BTC mining production in July, extracting 728 BTC while MARA mined 703 BTC.
With 50 exahashes per second in installed Bitcoin mining capacity, IREN has paused further expansion to concentrate on its AI initiatives.
IREN partners with Nvidia
The company expanded its GPU count to 1,900 this quarter, marking a 132% year-on-year growth as it became a “Preferred Partner” of Nvidia, facilitating more direct access to Nvidia’s hardware.
IREN generates revenue from its AI sector by renting GPU capacity for machine learning processes, training extensive language models, and supporting businesses that require robust AI computational capabilities.
The miner plans to invest an additional $200 million to expand its GPU count to 10,900 in the upcoming months, aiming for an annualized AI revenue target between $200 million and $250 million by December.
This would reflect an eight-to-ten-fold increase in AI revenue compared to the $25 million per month made between April and June.
In the long run, IREN intends to install 60,000 of Nvidia’s Blackwell GPUs at its facility in British Columbia, Canada.
IREN previously labeled as “overvalued”
The recent strong performance of IREN comes about a year after short-selling firm Culper Research labeled the company as “wildly overvalued,” criticizing it for making grand claims about high-performance computing without a corresponding level of investment to be competitive in AI.
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Culper likened IREN’s situation to trying to win the Monaco Grand Prix but showing up in a Toyota Prius.
Since that report, IREN shares fell from $12.31 to a low of $5.59 in April, but have surged 312.2% over the past four months.
Additionally, IREN recently finalized a confidential settlement with creditor NYDIG, concluding a nearly three-year legal dispute involving $105 million in defaulted equipment loans tied to around 35,000 Antminer S19s.
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