IREN Reports Q3 FY25 Results

Financial Performance - Company reported record revenues of $148.1 million for Q3 FY25, a 24% increase in Bitcoin mining revenue to $141.2 million and a 33% increase in AI Cloud services revenue to $3.6 million compared to Q2 FY25 [5] - Adjusted EBITDA reached a record $83.3 million, with an adjusted EBITDA margin of 56%, up from 52% in the previous quarter [5][12] - Profit after income tax was $24.2 million, representing a 28% growth compared to $18.9 million in Q2 FY25 [5][17] Operational Highlights - Company mined 1,514 Bitcoin in Q3 FY25, an increase from 1,347 Bitcoin in Q2 FY25, supported by a 30% increase in average operating hashrate to 29.4 EH/s [5] - Installed capacity increased to 40 EH/s as of April 16, 2025, with a target of reaching 50 EH/s by June 30, 2025 [5][10] - Company is now one of the largest and lowest-cost producers of Bitcoin, with an all-in hash cost of $23 compared to an average hash price of $54 [5] Strategic Focus - Company is pausing further mining expansion to concentrate on scaling AI infrastructure initiatives, particularly the Horizon 1 and Sweetwater projects [2][10] - Horizon 1 is a 50MW liquid-cooled AI data center, while Sweetwater is a 2GW flagship AI and compute hub, both aimed at meeting the growing demand for AI data centers [10][28] - Company is advancing multiple debt financing initiatives to support continued investment as market conditions stabilize [2][10] Market Positioning - Company is positioned to benefit from the increasing demand for AI cloud services, with a run-rate revenue of $28 million annually from supplying compute to leading US AI cloud providers [10] - The company has secured 2,910MW of grid-connected power across North America, emphasizing its commitment to utilizing 100% renewable energy [28]