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]

Key Takeaways IREN is adding 4.2k NVIDIA B200 GPUs, lifting its total GPU fleet to about 8.5k units.Prince George campus, backed by 50MW power, can support over 20k Blackwell GPUs.AI Cloud revenues surged 33% YoY to $3.6M in Q3 FY25, signaling rapid business growth.IREN Limited (IREN) is expanding its GPU fleet with the purchase of an additional 4.2k Blackwell B200 GPUs from NVIDIA (NVDA) to be installed at IREN’s Prince George campus. This doubles down IREN Limited’s total fleet to approximately 8.5k NVIDI ...

Core Insights - IREN Limited has experienced a significant increase in its stock price, outperforming both the Zacks Finance sector and the Zacks Financial Miscellaneous Services industry [1][4] - The company is benefiting from a surge in bitcoin mining revenues and AI Cloud services, indicating strong growth potential [2][3][9] Bitcoin Mining Performance - Bitcoin mining revenues increased by 24% year over year, reaching $141.2 million in Q3 fiscal 2025, with the company mining 1,514 bitcoins compared to 1,347 in the previous quarter [2][9] - July revenues from bitcoin mining surged by 27.6% month over month to $83.6 million, with 728 bitcoins mined in July compared to 620 in June [2] AI Cloud Services Growth - AI Cloud revenues rose by 33% year over year to $3.6 million in Q3 fiscal 2025, supported by GPU expansion and new data centers [3][9] - The company is strategically pivoting towards higher-value services with the announcement of Horizon 1, a 50MW liquid-cooled data center designed for AI workloads [16] Infrastructure Expansion - IREN achieved a 326% year-over-year hashrate growth in Q3 fiscal 2025, reaching a target of 50 EH/s, which can generate approximately $830 million in annualized hardware profit [12] - A binding 600MW grid connection agreement for the Sweetwater 2 project increases the company's total secured power to 2.75GW, enhancing its competitive position [13][14] Earnings Estimates - The Zacks Consensus Estimate for Q4 fiscal 2025 earnings is 17 cents per share, with revenues expected to be $193.8 million [20] - For fiscal 2025, the earnings estimate is 14 cents per share, with revenues projected to increase by 173.3% from fiscal 2024 [21] Valuation Concerns - IREN shares are considered overvalued, with a forward Price/Cash Flow ratio of 70.42X compared to the industry's 21.64X, indicating a premium valuation [22] - Despite strong growth prospects, modest earnings growth and stretched valuation present risks for investors [25]

Core Viewpoint - IREN Limited is expected to report its third-quarter fiscal 2025 results on May 14, with a consensus estimate of 17 cents per share, a decrease from the previous estimate, and projected revenues of $155.69 million, indicating a significant year-over-year improvement of 186.45% [1][2]. Group 1: Financial Performance Expectations - The fiscal third-quarter performance is anticipated to benefit from increased bitcoin revenues, with reported monthly revenues of $52 million, $43.9 million, and $45.3 million for January, February, and March respectively [3]. - However, the revenue per Bitcoin mined has shown a decline, with March's revenue at $85,012, down from $95,570 in February and $99,789 in January, which may pressure both topline and margins for the upcoming quarter [4]. Group 2: Additional Revenue Streams - AI Cloud services revenues have shown a gradual increase, with $0.8 million in January, $1.2 million in February, and $1.6 million in March [5]. Group 3: Earnings Expectations and Model Insights - According to the Zacks model, IREN Limited currently has an Earnings ESP of -40.00% and a Zacks Rank of 4 (Sell), indicating a lower likelihood of an earnings beat compared to other companies [6].