Company Overview - IREN Limited is focused on Bitcoin mining and AI cloud services, utilizing 100% renewable energy [8] - The company has been operational since 2019 for Bitcoin mining and since 2024 for AI cloud services [10] Bitcoin Mining Expansion - IREN has successfully increased its self-mining capacity from 37 EH/s to 40 EH/s, achieving an efficiency of 15 J/TH [2] - The company is on track to reach its target of 50 EH/s by the first half of 2025 [1][3] - The expansion is supported by the commissioning of additional mining hardware at its Childress Phase 4 data centers, which have a capacity of 150 MW [2] Operational Efficiency - IREN is positioned as one of the largest and lowest-cost Bitcoin producers due to its efficient data center operations and low electricity costs [2] - The company aims to maintain its momentum in scaling mining capacity towards the 50 EH/s target [2] Future Development - IREN has a development portfolio that includes 2,910 MW of grid-connected power secured across North America and a multi-gigawatt development pipeline [10] - The company is expanding its data center capacity from 660 MW to 910 MW in 2025, specifically designed for high-performance computing applications [10]

Core Insights - IREN Limited reported a significant increase in Bitcoin mining performance and revenue in March 2025, with a focus on scaling AI Cloud Services and AI Data Center businesses [1][7][11] Bitcoin Mining Performance - The average operating hashrate increased to 30.3 EH/s in March from 28.7 EH/s in February, with Bitcoin mined rising to 533 BTC from 459 BTC [4] - Revenue per Bitcoin decreased to $85,012 in March from $95,570 in February, while electricity costs per Bitcoin dropped to $20,460 from $28,341 [4] - Total revenue for March was $45.3 million, up from $43.9 million in February, with hardware profit reaching $34.4 million, an increase from $30.9 million [4][11] Capacity and Expansion Plans - Operating data center capacity increased to 660 MW, with Bitcoin mining capacity now at 37 EH/s, up from 31 EH/s, and on track for 50 EH/s in H1 2025 [5][11] - A new 600 MW grid connection agreement was signed, bringing total secured power capacity in West Texas to 2.75 GW [5][8] AI Cloud Services - Revenue from AI Cloud Services grew to $1.6 million in March from $1.2 million in February, with a hardware profit margin of 97% [6] - The company is prioritizing customer prepayments and various debt financing solutions to support AI opportunities [8][11] Management Commentary - Management emphasized the strategic pause in Bitcoin mining expansion to focus on scaling AI Cloud Services and AI Data Center businesses [7][11] - The company is closely monitoring tariff changes and their potential impact on supply chains [8] Financial Metrics - The hardware profit margin for Bitcoin mining was reported at 76% in March, up from 70% in February [4][6] - Annualized run-rate revenue for AI Cloud Services is now $26 million, reflecting strong customer onboarding [11]

Group 1: Market Overview - The recent stock market comeback and subsequent selloff illustrate the difficulties of market timing, making it nearly impossible to accurately predict market tops or bottoms [1] - The Nasdaq has experienced a remarkable 95% increase since early 2020, encompassing both the rapid COVID bear market and the extended bear market of 2022 [1] - The recent rally emphasizes the importance of maintaining consistent exposure to the stock market, regardless of potential future drawdowns [1] Group 2: IREN Limited (IREN) - IREN Limited's stock is currently priced at $7 per share, trading 185% below its average Zacks price target, and offers exposure to Bitcoin mining, AI data center expansion, and renewable energy growth [3][10] - The company operates data centers powered entirely by renewable energy, with Bitcoin mining currently driving most of its sales, while significant growth potential exists in AI data centers and high-performance computing [4][5] - IREN reported a 150% revenue growth in FY24, with Q2 FY25 sales increasing by 125%, largely due to a 129% surge in Bitcoin mining [8] - The company is projected to transition from an adjusted loss of -$0.29 per share last year to a profit of +$0.38 in FY25, with anticipated sales growth of 200% in FY25 and 85% in FY26, reaching $1.04 billion in FY26 [9][10] - IREN has a robust balance sheet, with $456 million in cash and equivalents, $1.85 billion in total assets, and $566 million in total liabilities, leading to a strong buy recommendation from 11 of 12 tracked brokerages [10] Group 3: Opera Limited (OPRA) - Opera Limited focuses on AI-driven content discovery and privacy tools, positioning itself to capture a growing share of the online ecosystem as traditional search engines decline [15] - The company reported 296 million average monthly active users in 2024, with total FY24 revenue increasing by 21% to $480.7 million [19] - Opera's FY25 consensus earnings estimate increased by 32%, with projected revenue growth of 18% in 2025 and 16% in 2026, leading to adjusted earnings growth of 39% and 29%, respectively [20] - Despite a 37% decline from summer 2023 peaks, OPRA stock has matched the Tech sector's performance over the past year and significantly outperformed it over the last five years [21] - The stock trades at a 44% discount to the Tech sector, with a forward P/E ratio of 14.1X and offers a dividend yield of approximately 4.4% [23]

Core Viewpoint - IREN Limited announced the need to amend and restate its consolidated financial statements for the fiscal years ended June 30, 2024, 2023, and 2022, due to a reclassification of Bitcoin mining proceeds from operating to investing activities in accordance with IAS 7.16(b) [1] Financial Restatement - The restatement affects the classification of cash flows from Bitcoin mining, which were previously classified as operating activities [2] - The restatements do not impact the Company's consolidated statements of profit or loss, financial position, changes in equity, or cash equivalents for the periods being restated [3] - IREN plans to classify Bitcoin mining proceeds as operating activities under U.S. GAAP once it transitions to U.S. domestic filer status in 2025 [4] Regulatory Filings - Detailed summaries of the restatements are available in the Company's Form 20-F/A for the year ended June 30, 2024, and Form 6-K/A for Q1 and Q2 FY25 interim results [5]

Core Insights - IREN Limited has signed a 600MW grid connection agreement for its Sweetwater 2 data center hub, which is part of a larger 2GW project in West Texas, enhancing its competitive position in scalable data center infrastructure [1] - The company emphasizes that its 2.75GW capacity in West Texas is fully contracted, reducing development risk and ensuring deliverable capacity [2] - IREN is focusing on aligning its infrastructure with the demands of global AI and cloud computing firms, with plans for fiber interconnections and data center colocation agreements [3] Company Overview - IREN operates one of the world's largest renewable energy markets, providing scalable and low-cost electricity [5] - The company has secured 600MW of power under a binding grid connection agreement, ensuring real, contracted capacity [5] - IREN's strategic location includes over 500 acres near existing facilities, with a direct fiber loop being designed to connect Sweetwater 1 and 2 [5] Future Developments - The energization of Sweetwater 1 is scheduled for April 2026, while Sweetwater 2 is expected to be energized in 2027 [3] - IREN's development portfolio includes 2,910MW of grid-connected power across North America and a multi-gigawatt development pipeline [12] - The company is expanding its data center capacity from 510MW to 910MW by 2025, specifically designed for high-performance computing applications [10]

Core Viewpoint - IREN Ltd's stock is experiencing an upward movement following an upgrade from J.P. Morgan Securities, which believes the stock has been excessively punished this year, presenting a favorable entry point for investors, despite a reduction in the price target from $15 to $12 [1]. Group 1: Stock Performance - IREN shares were observed to be 0.9% higher at $7.10 ahead of the market opening, indicating a potential recovery [2]. - The stock has faced significant pressure in 2024, with a year-to-date loss of 28.3%, and is trading near its lowest levels since early September [2]. Group 2: Market Sentiment - The crypto mining sector is under pressure due to bitcoin volatility and regulatory concerns, negatively impacting investor sentiment [2]. - Short interest in IREN has increased by 8.1% over the last two reporting periods, with 22.25 million shares sold short, representing 11.1% of the stock's available float [3]. Group 3: Options Trading - Options traders are currently leaning bearish, as indicated by IREN's Schaeffer's put/call open interest ratio, which is in the 80th percentile of annual readings [3]. - A potential unwinding of this bearish sentiment could act as a bullish catalyst for the stock [3].

Core Insights - IREN Limited reported a decline in Bitcoin mined and revenue for February 2025, attributed to fewer days in the month, but maintains a resilient hardware profit margin of 70% [3][4][8] - The company is ramping up its Bitcoin mining capacity to 50 EH/s over the next four months, projecting substantial annualized operating cash flows of approximately $600 million at current market conditions [4][6] - IREN's AI Cloud Services revenue increased by 39% in February, nearing full utilization, driven by strong demand for advanced hardware [5][8] Financial Performance - Average operating hashrate decreased to 28.7 EH/s in February from 29.0 EH/s in January [3] - Bitcoin mined fell to 459 BTC in February from 521 BTC in January [3] - Revenue per Bitcoin decreased to $95,570 in February from $99,789 in January, while electricity costs per Bitcoin increased to $28,341 from $24,683 [3] - Total revenue for February was $43.9 million, down from $52.0 million in January [3] Operational Updates - The company is actively working on the 1.4GW Sweetwater 1 project, on track for energization in April 2026, and finalizing a 600MW connection agreement for Sweetwater 2 [4][9] - Customer interest in the AI Data Center 'Horizon 1' is strong, with demand exceeding initial capacity [4][6] - Site works have commenced for the 75MW Liquid-Cooled Childress Data Center, designed for high-density rack usage [10] Market Outlook - Management expects that despite market volatility, the expansion in Bitcoin mining capacity will lead to significant cash flows [4][6] - The company is exploring alternative capital sources for AI colocation opportunities, indicating a flexible financing strategy [6][8] - The overall market for AI and high-performance computing (HPC) solutions is showing increased demand, which the company aims to capitalize on [6][8]

Core Viewpoint - IREN Limited is showing a significantly improving earnings outlook, making it a potentially solid investment choice as analysts continue to raise their earnings estimates for the company [1][2]. Estimate Revisions - The upward trend in earnings estimate revisions indicates growing analyst optimism regarding IREN Limited's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, IREN Limited is projected to earn $0.21 per share, reflecting a 162.5% increase from the previous year's reported figure, with a 24% increase in the Zacks Consensus Estimate over the last 30 days [4]. - For the full year, the earnings estimate has risen to $0.28 per share, representing a 196.55% increase from the prior year, with the consensus estimate increasing by 182.86% due to positive revisions [5]. Zacks Rank - IREN Limited currently holds a Zacks Rank 2 (Buy), indicating favorable conditions for investment based on promising estimate revisions, which historically lead to significant outperformance compared to the S&P 500 [6]. - Stocks with a Zacks Rank 1 (Strong Buy) and 2 (Buy) have shown a strong track record of outperforming the market, with Zacks 1 Ranked stocks averaging a 25% annual return since 2008 [3][6]. Market Performance - The stock has gained 8.5% over the past four weeks, driven by solid estimate revisions, suggesting that its earnings growth prospects may lead to further price increases [7].

Core Viewpoint - IREN Limited (IREN) shows significant upside potential with a mean price target of $20.55, indicating a 58% increase from the current price of $13.01 [1] Price Targets - The average of 11 short-term price targets ranges from a low of $15 to a high of $26, with a standard deviation of $4.08, suggesting variability in analyst estimates [2] - The lowest estimate indicates a 15.3% increase, while the highest suggests a 99.9% upside [2] - A low standard deviation indicates a high degree of agreement among analysts regarding price movement direction [7] Analyst Sentiment - Analysts have shown increasing optimism about IREN's earnings prospects, with a strong consensus in revising EPS estimates higher [9] - Over the last 30 days, two estimates have increased, leading to a Zacks Consensus Estimate rise of 182.9% [10] - IREN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as empirical research indicates they often mislead investors [5][8] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6]

Company Overview - IREN Limited is part of the Oils-Energy group, which consists of 247 companies and is currently ranked 7 in the Zacks Sector Rank [2] - The Zacks Rank system identifies stocks with characteristics likely to outperform the market in the next one to three months, with IREN Limited holding a Zacks Rank of 2 (Buy) [3] Performance Metrics - IREN's full-year earnings estimate has increased by 28.6% in the past quarter, indicating improved analyst sentiment and earnings outlook [4] - Year-to-date, IREN has gained approximately 32.5%, significantly outperforming the average gain of 4.1% in the Oils-Energy group [4] Industry Context - IREN Limited is categorized under the Alternative Energy - Other industry, which includes 47 companies and is currently ranked 85 in the Zacks Industry Rank [6] - The Alternative Energy - Other industry has seen an average gain of 14.9% this year, with IREN performing better than this group [6] - In contrast, NextDecade, another stock in the Oils-Energy sector, belongs to the Oil and Gas - Production Pipeline - MLB industry, which is ranked 18 and has gained 3.1% this year [6] Future Outlook - Investors interested in Oils-Energy stocks should monitor IREN Limited and NextDecade for potential continued strong performance [7]