Bitcoin miner IREN rose 14% in after-hours trading after a record $187.3 million revenue was posted in the last quarter, as expansion into AI continued.
Bitcoin miner IREN posted its best quarterly earnings to date, bringing in $187.3 million in revenue last quarter, which contributed to a record $501 million revenue for the fiscal year, sending its stock up almost 14% in after-hours trading.
Quarterly revenue for the period ended June 30 was up 226% year-on-year, helping the company swing back into profitability with $176.9 million in net income, IREN said in a report on Thursday.
The surge was driven by growth in its Bitcoin (BTC) mining business, but moves have also been made by the company to deepen its footprint in the AI space as a new “Preferred Partner” to AI giant Nvidia.
IREN shares closed up at nearly 3.1% to $23.04 on Thursday and rose another 13.9% in after-hours following the results, as shown by Google Finance data. The stock had been steadily climbing this month, repeatedly setting new highs.
IREN’s AI expansion reflects a broader industry trend, as Bitcoin miners continue to navigate the recent increase in mining difficulty, which has driven up energy use and squeezed profit margins, forcing many of them to adopt more efficient equipment, find cheaper energy sources, or expand into AI.
IREN recorded $1 billion in annualized revenue “under current mining economics” and beat industry heavyweight MARA Holdings in BTC mining production in July, mining 728 BTC compared to MARA’s 703 BTC.
IREN Becomes a Top Bitcoin Miner in 2025
IREN also notched 50 exahashes per second in installed Bitcoin mining capacity, but further expansion was paused to focus on AI.
IREN increased its GPU count to 1,900 during the quarter, growing 132% year-on-year, as it became a “Preferred Partner to Nvidia,” enabling more direct access to Nvidia’s hardware.
IREN Becomes Nvidia’s “Preferred Partner” in AI Push
IREN makes revenue from its AI business by renting GPU power for machine learning tasks, training large language models, and supporting businesses that need high-performance AI computation.
IREN plans to spend another $200 million to boost its GPU count to 10,900 in the coming months, which is intended to help it reach its target of $200 million to $250 million in annualized AI revenue by December.
This would represent an eight-to-10-fold increase in AI revenue, compared with what was made between April and June.
Over the long term, IREN is looking to install 60,000 of Nvidia’s Blackwell GPUs at its British Columbia site in Canada.
IREN, Once Labeled “Wildly Overvalued,” Sees Dramatic Rally
IREN’s strong performance of late comes about a year after the company was said to be “wildly overvalued” by short-selling firm Culper Research, which also criticized the company for talking a “big game” about high-performance computing without investing enough to compete seriously in AI.
IREN’s efforts were compared to attempting to win the Monaco Grand Prix but arriving at the track in a Toyota Prius by Culper.
IREN shares fell from $12.31 to as low as $5.59 in April, but have rallied 312.2% in the past four months.
Meanwhile, IREN recently reached a confidential settlement with creditor NYDIG, wrapping up a nearly three-year legal battle over $105 million in defaulted equipment loans tied to around 35,000 Antminer S19s.
