IREN Reports Q1 FY25 Results

Core Insights - IREN is accelerating its Bitcoin mining expansion to 50 EH/s by H1 2025, previously planned for H2 2025, with a current operational hashrate of 21 EH/s and a target of 31 EH/s next month [2][3][20] - The company is focusing on alternative funding instruments to enhance operational flexibility and support potential investor distributions in 2025 [2][4] - IREN is transitioning to U.S. domestic issuer status in 2025, which includes adopting U.S. GAAP reporting [4] Financial Performance - Bitcoin mining revenue for Q1 FY25 was $49.6 million, down from $54.3 million in Q4 FY24, attributed to increased network difficulty and lower Bitcoin prices [5] - AI Cloud Services revenue increased by 28% to $3.2 million compared to $2.5 million in Q4 FY24, driven by additional GPU commissions [5] - Adjusted EBITDA for Q1 FY25 was $2.6 million, a significant decrease from $12.2 million in Q4 FY24, with a net loss after income tax of $51.7 million compared to a loss of $27.1 million in Q4 FY24 [5][8] Operational Updates - The company has secured S21 Pro miners at a fixed price of $18.9/TH and is committed to a non-HODL approach with a focus on prudent capital stewardship [3][20] - IREN is installing liquid cooling infrastructure to support NVIDIA Blackwell GPUs at its Childress and Prince George sites [4] - The company is advancing its development activities for a pipeline exceeding 1 GW of power capacity [4][20] Strategic Initiatives - IREN is committed to utilizing 100% renewable energy, supporting local communities and energy grids [3][20] - The company is focused on measured growth in AI Cloud Services, responding to customer demand [4] - IREN's development portfolio includes 2,310 MW of grid-connected power secured across North America [20]