IREN Reports Full Year FY25 Results

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]