Financial Data and Key Metrics Changes - The company reported record revenue of $187 million for FY 2025, an increase of $42 million from the previous quarter, primarily driven by Bitcoin mining revenue of $180 million [14] - EBITDA grew tenfold year-on-year, with annualized revenue from Bitcoin mining operations exceeding $1 billion [7][32] - The company closed the financial year with approximately $565 million in cash and total assets of $2.9 billion, indicating a strong balance sheet [16] Business Line Data and Key Metrics Changes - The Bitcoin mining capacity increased to 50 exahash, with high margin revenues driving profitability, achieving an all-in cash cost of $36,000 per Bitcoin mined against an average realized price of $99,000 [15] - AI cloud revenue reached $7 million during the quarter, with over 10,000 GPUs online or being commissioned [9][10] - The company expanded its contracted grid-connected power by over a third to nearly 3 gigawatts and tripled its operating data center capacity to 810 megawatts [7] Market Data and Key Metrics Changes - The AI cloud business is experiencing rapid scaling, with significant demand for GPU resources as enterprise adoption of AI solutions accelerates [17] - The percentage of organizations leveraging AI in multiple business functions increased from 55% to 78% in the last year, highlighting the growing market demand [17] - Power availability and GPU-ready data center capacity remain scarce, with customers prioritizing speed to deploy and scalability [18] Company Strategy and Development Direction - The company is focused on scaling across the full AI infrastructure stack, from grid-connected transmission to digital compute, positioning itself to capture a broad and growing addressable market [10] - The construction of Horizon 1, a direct-to-chip liquid cooling AI data center, is underway, with plans for further expansion to support over 60,000 NVIDIA GPUs [12][23] - The company aims to maintain a CapEx efficient growth strategy, securing GPU financing at single-digit rates to fund expansion [21][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the AI cloud market, noting that demand is accelerating faster than supply, with significant infrastructure constraints [17][18] - The company is well-positioned to meet market demand due to its vertical integration and control over key bottlenecks in the supply chain [18] - Future growth is expected to be driven by the AI cloud business, with projections of billions in annualized revenue from this segment alone [11] Other Important Information - The company has transitioned to a US domestic issuer status and is now reporting under US GAAP and SEC regulations [14] - The company is advancing multiple data center projects to drive revenue growth and future expansion [11][27] Q&A Session Summary Question: Efficiency at sites and backup generation - The company operates at a PUE of 1.1 in British Columbia, with expectations to maintain competitive efficiency levels across its sites [40] - Redundancy is being introduced across the GPU fleet to enhance customer service, driven by customer demand [42] Question: Contract duration for cloud business - The company has a range of contract lengths from one month to three years, with newer equipment often seeing longer-term contracts [50] Question: Strategic thinking on Horizon projects - Horizon 1 is engineered specifically for liquid-cooled GPUs, with flexibility to accommodate various GPU densities [60] - The company is exploring both cloud and colocation opportunities to maximize risk-adjusted returns [106] Question: Financing for Blackwell GPUs - The company is utilizing various leasing structures for GPU financing, allowing flexibility in equipment ownership at the end of lease terms [72] Question: Key hires and sales strategy - The company is actively hiring across various functions to support cloud and colocation businesses, focusing on expanding its go-to-market capabilities [83] - The company is leveraging its unique competitive advantages, including end-to-end infrastructure control, to attract AI clients [89]

Financial Data and Key Metrics Changes - The company reported record revenue of $187 million for FY 2025, an increase of $42 million from the previous quarter, primarily driven by Bitcoin mining revenue of $180 million [12] - The company achieved 10 times EBITDA growth year on year, with an adjusted EBITDA close to $650 million from Bitcoin mining operations [6][30] - Operating expenses increased to $114 million due to overheads and depreciation costs associated with expanded data center platforms [13] Business Line Data and Key Metrics Changes - The Bitcoin mining capacity increased to 50 exahash, generating over $1 billion in annualized revenue [8][30] - AI cloud revenue reached $7 million during the quarter, with expectations of $200 million to $250 million in annualized revenue from AI cloud business expansion by December [13][19] - The company expanded its Bitcoin mining capacity by 400% and increased contracted grid-connected power by over a third to nearly 3 gigawatts [6][8] Market Data and Key Metrics Changes - The AI cloud business is scaling rapidly, with more than 10,000 GPUs online or being commissioned [7] - Industry reports indicate that the percentage of organizations leveraging AI in more than one business function grew from 55% to 78% in the last twelve months [15] - The company is uniquely positioned to meet the increasing demand for AI infrastructure, with significant near-term grid-connected power and data centers engineered for next-generation compute [16] Company Strategy and Development Direction - The company’s strategy focuses on scaling across the full AI infrastructure stack, from grid-connected transmission lines to digital compute [8] - The construction of Horizon 1, a direct-to-chip liquid cooling AI data center, is underway, with plans for further expansion to Horizon 2 [10][25] - The company aims to capture a broad and growing addressable market in AI, leveraging its vertical integration to control key bottlenecks [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the AI cloud market, citing strong demand signals and the ability to scale operations rapidly [15][16] - The company expects to continue delivering strong margins in its AI cloud business, supported by low power costs and full ownership of its data centers [20] - Management highlighted the importance of flexibility in monetizing data center capacity, allowing for a mix of cloud and colocation strategies [108] Other Important Information - The company completed its transition to a US domestic issuer status and reported results under US GAAP for the fiscal year [12] - The company closed the financial year with approximately $565 million in cash and $2.9 billion in total assets, indicating a strong balance sheet [13] Q&A Session Summary Question: Efficiency at sites and backup generation - Management noted that the PUE at British Columbia sites is 1.1, with expectations of slightly higher efficiency after liquid cooling installation [38] - Redundancy is being introduced across the GPU fleet to enhance customer service, driven by customer demand [40] Question: GPU capability and financing impact - The company has introduced flexibility for a wider range of rack densities to accommodate various GPU types, including future generations [44] - Financing structures allow for operational flexibility, with options to return equipment or acquire it at the end of lease terms [71] Question: Cloud business contract duration - The company has a range of contract lengths, with newer equipment often leading to longer-term contracts [49] - Management is evaluating opportunities in both colocation and cloud, aiming to maximize risk-adjusted returns [51] Question: Horizon one and two capacity utilization - The company can monetize data center capacity through a combination of cloud and colocation, maximizing risk-adjusted returns [108] - There is flexibility in how capacity is utilized, allowing for adjustments based on market conditions [108]

Financial Performance - IREN reported quarterly earnings of 66 cents per share, exceeding the consensus estimate of 14 cents [1] - Quarterly revenue reached $187.3 million, surpassing the analyst consensus estimate of $186.53 million and significantly up from $52.76 million in the same period last year [1] - The company achieved record financial results in FY25, with strong net income and over 10x EBITDA growth [2] Operational Highlights - IREN expanded its contracted, grid-connected power to nearly 3GW and tripled its operating data center capacity to 810MW [3] - The company completed its 50 EH/s expansion and is laying the groundwork for rapid growth in its AI Cloud business, targeting more than 10,000 NVIDIA GPUs [3] Future Growth Potential - IREN is approaching $1.25 billion in total annualized revenue, with over $1 billion expected from Bitcoin mining under current mining economics [4] - The company anticipates $200-$250 million in annualized revenue from its AI Cloud business with 10.9k NVIDIA GPUs by December 2025 [4] - IREN has the capacity to deploy over 60,000 Nvidia Blackwell GPUs across existing British Columbia data centers and over 19,000 GB300s at Horizon 1 [4] - The company secured a second round of GPU financing covering 100% of the hardware purchase price, with additional financing efforts underway [4]

FY25 Financial Highlights - Record revenue of $501 million, a 168% increase year-over-year[12, 94] - Adjusted EBITDA of $270 million, a 395% increase year-over-year[12] - EBITDA of $278 million, a 1,344% increase year-over-year[12, 98] - Net income of $87 million, an increase of $116 million compared to the previous year[12, 94] Operational Growth - Contracted grid connections increased to 2,910 MW, an addition of 750 MW[12] - Operating data centers capacity increased to 810 MW, an addition of 550 MW[12] - Bitcoin mining capacity reached 50 EH/s, a 400% increase[12] - AI Cloud capacity expanded to 1.9k GPUs, a 132% increase[12] AI Cloud Expansion - Targeting $200-250 million annualized revenue from AI Cloud by December 2025[18, 50] - Scaling AI Cloud capacity from 1.9k to 10.9k GPUs in the coming months, supported by approximately $200 million of GPU financing[18]

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]