- IREN achieved its first annual profit, earning $86.9 million, after expanding into AI cloud computing and increasing mining capacity.
- Annual revenue rose to a record $501 million, more than doubling from the previous year.
- Production capacity reached 50 exahashes per second, with adjusted EBITDA jumping nearly fivefold to $269.7 million.
- The company’s market capitalization is nearing $5.3 billion, close to overtaking rival MARA Holdings, valued at under $6 billion, according to Farside Investors.
- Shares of IREN rose 13% in pre-market trading, adding to a year-to-date gain of over 120%.
IREN, a Bitcoin mining firm based in Sydney and founded in 2018, reported its first full year of profitability, according to an announcement on its website Thursday. The company posted a net income of $86.9 million for the year ending June 30, after expanding its operations into Artificial Intelligence (AI) cloud services and increasing the efficiency of its mining equipment.
Annual revenue reached a new record of $501 million, more than doubling the previous year’s figure, as IREN ramped up its production to 50 exahashes per second (EH/s)—a measure of computing power in cryptocurrency mining. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) climbed nearly five times to $269.7 million.
With nearly 3 gigawatts of contracted electricity, IREN has expanded in both bitcoin mining and AI cloud infrastructure. The company’s share price increased 13% in pre-market trading, continuing a strong performance that amounts to over 120% growth this year.
According to data from Farside Investors, IREN’s current market cap stands at $5.3 billion, close to overtaking MARA Holdings, its largest industry competitor with a market value under $6 billion.
IREN said its mining operations generated more than $1 billion in annualized revenue. The AI cloud division is expected to reach up to $250 million in annualized revenue by December. The company currently uses 10,900 NVIDIA GPUs and can support over 60,000 GPUs at its existing sites.
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