Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________ FORM 10-K ________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-41072 ______________________ ...

[Form 8-K Filing Overview](index=1&type=section&id=Form%208-K%20Filing%20Overview) This section provides an overview of the Form 8-K filing, detailing general information, financial results, accompanying exhibits, and official signatures [General Filing Information](index=1&type=section&id=General%20Filing%20Information) This section provides the basic identification details for the Form 8-K filing, including the registrant's name, address, commission file number, and the securities registered on Nasdaq - Registrant: IREN LIMITED[1](index=1&type=chunk) - Filing Type: Form 8-K, Current Report[1](index=1&type=chunk) - Date of Report (Date of earliest event reported): August 28, 2025[1](index=1&type=chunk) - Securities Registered: Ordinary shares, no par value, trading symbol IREN on The Nasdaq Stock Market LLC[4](index=4&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=3&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) IREN Limited reported its financial results for the fourth quarter and fiscal year ended June 30, 2025, with the related press release furnished and incorporated by reference - IREN Limited reported financial results for the fourth quarter and fiscal year ended June 30, 2025[5](index=5&type=chunk) - A copy of the related press release is furnished as Exhibit 99.1 and incorporated by reference[5](index=5&type=chunk) - The information in this Item 2.02 and Exhibit 99.1 is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934[6](index=6&type=chunk) [Item 9.01(d) Exhibits](index=3&type=section&id=Item%209.01%28d%29%20Exhibits) This section lists the exhibits accompanying the Form 8-K filing, primarily the press release detailing the financial results and the interactive data file - Exhibit 99.1: Press Release, dated August 28, 2025, issued by IREN Limited[7](index=7&type=chunk) - Exhibit 104: Cover Page Interactive Data File (embedded within the Inline XBRL document)[7](index=7&type=chunk) [Signatures](index=4&type=section&id=Signatures) This section confirms the official signing of the Form 8-K report by an authorized representative of IREN Limited - The report was signed by Daniel Roberts, Co-Chief Executive Officer and Director of IREN LIMITED[11](index=11&type=chunk) - Date of signing: 28 August 2025[11](index=11&type=chunk)

Core Insights - IREN Limited reported record financial results for FY25, with total revenue reaching $501.0 million, a 168% increase from FY24's $187.2 million [5][10] - The company achieved a net income of $86.9 million, compared to a net loss of $28.9 million in FY24, marking a significant turnaround [5][10] - Adjusted EBITDA surged to $269.7 million, reflecting a 395% increase from FY24's $54.4 million, indicating strong operational performance [5][10] Financial Performance - Q4 FY25 revenue was $187.3 million, with net income of $176.9 million and Adjusted EBITDA of $121.9 million [5] - Total annualized revenue is approaching $1.25 billion, with over $1 billion expected from Bitcoin mining and $200-250 million from AI Cloud services by December 2025 [5][10] - The company secured GPU financing for 100% of hardware purchase price and achieved NVIDIA Preferred Partner status [5][10] Operational Highlights - Contracted grid-connected power increased to 2,910 MW, a 35% rise, while operating data center capacity expanded to 810 MW, a 212% increase [5][10] - Bitcoin mining capacity grew to 50 EH/s, a 400% increase, and AI Cloud capacity reached 1.9k NVIDIA GPUs, a 132% increase [5][10] - The company is transitioning from ASICs for Bitcoin mining to GPUs for AI Cloud, with new liquid-cooled data centers under construction [5][10] Future Outlook - IREN plans to deploy over 10,000 NVIDIA GPUs by December 2025, with a focus on vertical integration across the AI infrastructure stack [6][7] - The company is advancing various commercial opportunities while executing on near-term growth strategies [6][7] - Construction is underway for new liquid-cooled data centers, with significant capacity expansions planned [5][10]

Core Viewpoint - IREN Limited has achieved NVIDIA Preferred Partner status and expanded its GPU fleet with the acquisition of additional NVIDIA GPUs, enhancing its AI Cloud capabilities [1][3]. Group 1: GPU Acquisition and Financing - IREN has procured 1.2k air-cooled NVIDIA B300s and 1.2k liquid-cooled NVIDIA GB300s for approximately $168 million, increasing its total GPU fleet to 10.9k NVIDIA GPUs [1][3]. - The financing for the GB300s amounts to approximately $96 million, structured as a 24-month lease covering 100% of the purchase price, with lease payments based on a high single-digit interest rate [2]. - The B300 GPUs are funded from existing cash, with additional financing efforts in progress [2]. Group 2: Data Center Expansion - The new GPUs will be installed at IREN's Prince George campus, where a 10MW liquid-cooled installation is under construction, capable of supporting over 4.5k GB300s [3]. - The data center platform supports both liquid-cooled and air-cooled systems, backed by nearly 3GW of grid-connected power, scalable to hundreds of thousands of GPUs [4]. Group 3: Company Overview - IREN is a leading developer and operator of next-generation data centers, focusing on Bitcoin, AI, and renewable energy solutions [8]. - The company operates 810MW of data centers across three verticals: Bitcoin Mining, AI Cloud Services, and AI Data Centers, with a significant focus on high-performance computing [10].

Core Insights - IREN Limited is expected to release its fourth-quarter fiscal 2025 results on August 28, with earnings estimated at 17 cents per share and revenues projected at $193.8 million [1] Group 1: Financial Performance - IREN has seen a 24% year-over-year increase in bitcoin mining revenues, reaching $141.2 million in the third quarter of fiscal 2025, with 1,514 bitcoins mined compared to 1,347 in the previous quarter [2] - Monthly revenues from bitcoin mining for April, May, and June were reported at $50.1 million, $64.7 million, and $65.5 million respectively, with bitcoin pricing realizations increasing significantly [3] - Hardware profit increased to $49.2 million in June, up from $47.8 million in May and $36 million in April, indicating strong top-line growth and margin expansion [5] Group 2: Operational Highlights - IREN achieved a 326% year-over-year growth in hashrate, reaching its target of 50 EH/s in June, which supports an annualized hardware profit of approximately $830 million [4][8] - The company is expanding its GPU capacity with new NVIDIA Blackwell chips and the Horizon 1 data center, which is designed for AI and high-performance computing workloads [14][8] - IREN operates 660 MW of data centers and plans to expand to 910 MW by 2025, with significant projects like Sweetwater 1 and Sweetwater 2 set to energize in 2026 and 2027 respectively [13][14] Group 3: Market Position and Valuation - IREN's shares have appreciated 134.1% year-to-date, outperforming the Zacks Finance sector's return of 11.8% and its close peers [6] - The company is currently trading at a premium valuation, with a forward 12-month price/cash flow ratio of 81.93X, significantly higher than the industry average of 26.32X [10] - Despite strong growth prospects, IREN faces stiff competition from companies like Strategy and CleanSpark in the bitcoin mining market [18][19]

Group 1 - The article suggests that NASDAQ: IREN presents a favorable risk/reward opportunity similar to SuperMicro when it was valued at $10, driven by AI spending [1] - The author has a beneficial long position in IREN shares, indicating confidence in the stock's potential [1] - The comparison to SuperMicro highlights the belief in significant growth potential for IREN in the context of increasing AI investments [1]

Investis Holding (IREN) H1 2025 Earnings Call August 27, 2025 03:00 AM ET Company ParticipantsStéphane Bonvin - CEO, Chairman & DirectorRené Häsler - CFO & Member of Executive BoardLaurence Bienz - Head Investor & Media RelationsOperatorLadies and gentlemen, welcome to Investis h one two twenty five results webcast. All participants of the webcast are in listen only mode, and the webcast will be recorded. Please note that the recording by participants for publication or broadcast is not allowed. After the p ...

Financial Data and Key Metrics Changes - The company reported a strong revenue growth with rental income increasing by 38% to €38,800,000 [4] - The EBIT reached €95,700,000, reflecting a solid performance [9] - The net profit stood at €80,000,000, excluding revaluation effects [22] - The company maintained a conservative loan-to-value (LTV) ratio of around 30% [4] - The NAV per share, excluding deferred tax, increased due to significant revaluation gains of €71,000,000 [10][26] Business Line Data and Key Metrics Changes - The company divested its service division and focused on its property portfolio, successfully replacing lost EBIT through organic growth and acquisitions [4] - The vacancy rate decreased to 1.4%, indicating strong demand for rental properties [20] - The like-for-like rental growth over the last five years was 2.1%, with expectations of 1% to 2% growth going forward [23] Market Data and Key Metrics Changes - The population in the Geneva region increased by 4,360 inhabitants in the first half of the year, contributing to strong demand for housing [10] - Construction activity remains insufficient, with only 1,800 new units added annually against an average of 6,000 new inhabitants [11] - The rental market is characterized by low vacancy rates and rising rents, with a projected continuation of rental growth in 2025 [10][12] Company Strategy and Development Direction - The company aims to create long-term value for shareholders by focusing on residential properties in the Lake Geneva region [7] - The strategy includes active asset management, renovations, and redevelopment opportunities while maintaining a low-risk profile [8] - The company plans to remain prudent in its acquisition strategy, focusing on properties that can be transformed into residential units [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the acquisition environment has become more competitive since spring 2024, leading to a slowdown in portfolio expansion [6] - The outlook remains positive, with expectations to exceed the previously issued 21% full-year guidance for rental income growth in 2025 [31] - Management expressed confidence in the company's ability to navigate market cycles and maintain a strong balance sheet [7][29] Other Important Information - The company has a strong equity position of 62%, with financial debts amounting to €639,000,000 [29] - The dividend is well covered by recurring income, with potential for future growth [8] Q&A Session Summary Question: Details on the July acquisitions - The acquisition involved a commercial building purchased for €50,000,000, with a full occupancy rent potential of €3,800,000 [33] Question: Acquisition strategy regarding commercial properties - The company is open to acquiring commercial properties only if they can be transformed into residential units [36] Question: Potential purchases blocked by municipality rights - Currently, there are no signed acquisition contracts under review by the authority, and past acquisitions have generally received clearance within the deadlines [38]

Financial Performance - The company's portfolio grew to CHF 2.1 billion[10] - Rental income increased by 38%[10] - Revaluations resulted in gains of CHF 71 million[10] - EBIT reached CHF 95.7 million[10] - NAV per share excluding deferred taxes was CHF 121.69[10] - Gross rental income was CHF 81.3 million[47] Market Trends in Lake Geneva Region - Vacancy rates remain low due to construction lagging behind demand[14] - Strong demand is fueled by demographic trends and immigration[14] - Rental growth is projected to continue, especially in Geneva[14] - Vacancy rates in Vaud and Geneva are declining, standing at 0.89% and 0.34% respectively in Q2 2025[28] Portfolio and Strategy - The property portfolio is valued at CHF 2,124 million, comprising 203 buildings and 3,043 residential units[52] - The company aims for a 1-2% yearly like-for-like rental growth[50]

Core Insights - IREN Limited is expanding its GPU fleet by purchasing an additional 4,200 Blackwell B200 GPUs from NVIDIA, increasing its total to approximately 8,500 GPUs [1][10] - The Blackwell architecture provides significant improvements in AI compute performance and energy efficiency, allowing IREN to offer next-generation compute capabilities in a supply-constrained market [2] - IREN Limited is one of the largest and lowest-cost Bitcoin miners, achieving a 326% year-over-year hashrate growth in Q3 FY25, with an installed hashrate target of 50 EH/s [3] - AI Cloud services revenues for IREN surged 33% year-over-year to $3.6 million in Q3 FY25, indicating strong growth in this segment [4][10] - IREN faces strong competition in the Bitcoin mining market from companies like Strategy and CleanSpark [5] Financial Performance - IREN's hardware profit increased by 28.7% month-over-month to $63.3 million in July, with an annualized hardware profit of approximately $830 million [3] - The average revenue per Bitcoin for CleanSpark was $99,000, a 50% increase year-over-year, while IREN's cost structure remains competitive [7] - IREN's stock has appreciated 135.5% year-to-date, significantly outperforming the broader Zacks Finance sector and the Zacks Financial Miscellaneous Services industry [8] Valuation Metrics - IREN's stock is trading at a forward 12-month price/cash flow ratio of 82.39X, compared to the industry average of 26.72X, indicating a premium valuation [13] - The Zacks Consensus Estimate for IREN's 2025 earnings is 14 cents per share, unchanged over the past 30 days, following a loss of 29 cents per share in the same quarter last year [14]