IREN on track to $1 billion in annualized bitcoin mining revenue

Bitcoin miner IREN Limited (ticker IREN) is up more than 12% in after-hours trading after the firm reported quarterly and full-year fiscal earnings. The firm posted quarterly revenue of $187.3 million, net income of $176.9 million, and EBITDA of $241.4 million — including $1 billion in annualized revenue from Bitcoin mining "under current mining economics."

This is on top of the around $250 million in annualized revenue from IREN's growing AI cloud business. Notably, IREN has been replacing its ASICs for Bitcoin mining with GPUs for AI cloud at several of its mining centers, including in British Columbia, according to the announcement.

It is also investing in a liquid-cooled AI data center on track for the fourth quarter of 2025, called Horizon, and a Sweetwater facility expected to come online in late 2027. Earlier this month, IREN surpassed rival MARA in both Bitcoin production and fleet utilization, making it the leading mining company by hashrate.

IREN produced 728 BTC in July, compared to MARA's 703 BTC, with over 90% of its fleet activated , the company said at the time. The network’s hashrate is the total computational power used by miners to process transactions and secure the Bitcoin blockchain by expending energy.

"FY25 was a breakout year financially and operationally, with record results that included strong net income and more than 10x EBITDA growth," IREN Co-CEO Daniel Roberts said in a statement.

IREN's Nadaq-listed stock  closed Thursday at $23.02 with a market capitalization of $5.4 billion.