Iris Energy (US:IREN) Zhi Tong Cai Jing·2025-11-06 23:58Financial Performance - For the quarter ending September 30, 2025, the company reported total revenue of $240.3 million, a significant increase of 355% compared to $52.8 million in the first quarter of fiscal 2025, exceeding analyst expectations of $235.5 million by approximately 2.04% [1] - The company achieved a net profit of $384.6 million, recovering from a net loss of $51.7 million in the same period last year [1] - Adjusted EBITDA surged to $91.7 million, a staggering increase of 3568% year-over-year from $2.5 million, while EBITDA reached a record $662.7 million, compared to a loss of $18.8 million in the previous year [1] Business Segmentation - The primary revenue source showed significant differentiation, with Bitcoin mining contributing $232.9 million and AI cloud services generating $7.3 million in revenue [1] - The company mined 2,039 Bitcoins during the quarter, a 150% increase from 813 Bitcoins mined in the same period last year, driven by an increase in average operational hash rate to 45.3 EH/s [1] Operating Expenses and Financial Instruments - Operating expenses rose to $236 million, primarily due to increases in depreciation, stock-based compensation, and impairment costs [1] - The company recorded an unrealized gain of $665 million related to financial instruments associated with convertible note transactions during the quarter [1] Financing and Capital Structure - As of October 31, 2025, the company had $1.8 billion in cash and cash equivalents, maintaining strong liquidity [2] - On October 14, 2025, the company successfully issued $1 billion in zero-coupon convertible bonds, and with an additional $200 million GPU financing, the total financing amount reached $400 million [2] Strategic Outlook - The company continues to expand its AI cloud services business, recently signing a $9.7 billion GPU service contract with Microsoft for its facility in Childress, Texas, marking a strategic shift towards AI cloud services [2] - The company has signed multiple contracts totaling approximately 5,000 GPUs for AI cloud services and maintains $1.03 billion in cash and cash equivalents [2] - For 2026, the company aims to achieve an annual recurring revenue (ARR) of $3.4 billion from AI cloud services by year-end, expanding GPU capacity to 140,000, and targeting an ARR of over $500 million by the end of Q1 2026 through new multi-year contracts with partners [2]