Bitcoin mining company IREN Limited (IREN) has reported its first full-year profit, marking a significant turnaround with net income of $86.9 million for the year ended June 30, compared to a loss of $28.9 million the previous year. The Sydney-based company's revenue more than doubled to a record $501 million, driven by expansion in both Bitcoin mining and artificial intelligence cloud computing.
IREN increased its Bitcoin mining production capacity to 50 exahashes per second (EH/s), generating over $1 billion in annualized revenue from mining operations alone. In July, the company produced 728 BTC, surpassing competitor MARA Holdings' 703 BTC. The company also made substantial strides in AI, becoming a "Preferred Partner" with Nvidia and increasing its GPU count to 1,900 units, representing 132% year-over-year growth.
Adjusted EBITDA surged to $269.7 million, nearly five times last year's level. The company has nearly 3 gigawatts of contracted power and plans to invest $200 million to expand its GPU fleet to 10,900 units, targeting $200-250 million in annualized AI revenue by December 2025.
IREN's stock performance reflects this success, with shares rising 13% in pre-market trading and gaining 312% over the past four months. The company's market capitalization now stands at $5.4 billion, closely approaching MARA's valuation of under $6 billion.