IREN Ltd. Reports Increased Revenue and Net Income in Fiscal Year 2025
IREN Ltd., a data center owner and operator specializing in renewable energy-powered computing, released its 10-K filing, reporting a significant increase in revenue and a return to profitability for the fiscal year ended June 30, 2025. The company's total revenue reached $501.0 million, a substantial increase from the $187.2 million reported in the previous fiscal year. This growth was primarily driven by Bitcoin mining revenue, which amounted to $484.6 million, up from $184.1 million in fiscal year 2024, and AI Cloud Services revenue, which increased to $16.4 million from $3.1 million. IREN reported net income of $86.9 million, a significant turnaround from the net loss of $28.9 million in fiscal year 2024.
The company's improved financial performance was attributed to several factors, including a higher average Bitcoin price and an increase in the average operating hashrate. The average operating hashrate increased to 25.7 EH/s, compared to 6.6 EH/s in the previous year. The company also noted the impact of the Bitcoin halving event in April 2024, which reduced block rewards. The company's cost of revenue, excluding depreciation and amortization, increased to $159.0 million, compared to $87.1 million in the previous year, primarily due to higher electricity charges and employee benefits expenses. Selling, general, and administrative expenses also increased to $136.5 million, compared to $70.4 million in the previous year, driven by higher employee benefits, stock-based compensation, and professional fees.
IREN Ltd. continued to expand its operations, with approximately 810MW of operating data center capacity and an installed hashrate capacity of approximately 50 EH/s as of June 30, 2025. The company also reported having approximately 1.9k NVIDIA H100 and H200 GPUs deployed at its Prince George data center, supporting its AI Cloud Services. Subsequent to the fiscal year-end, the company procured additional NVIDIA B200, B300, and GB300 GPUs, expected to be installed by the end of calendar year 2025, bringing the total GPU fleet to approximately 10.9k NVIDIA GPUs. The company is also developing an up to 50 MW IT load direct-to-chip liquid cooled data center at its Childress site in Texas, known as "Horizon 1," targeting energization by the end of calendar year 2025.
Looking ahead, IREN Ltd. plans to continue expanding and diversifying its revenue streams into new markets, including HPC and AI services. The company is also focused on securing additional sites with attractive energy arrangements and considering further Bitcoin mining expansion opportunities. The company's strategy includes owning, developing, and operating renewable generation and energy storage assets, as well as pursuing strategic acquisitions and other value-enhancing opportunities. The company's management believes that its vertical integration, leading efficiency, seasoned management team, established renewable energy strategy, and geographical diversification provide a strong foundation for future growth.
About IREN Ltd
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