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IREN posted Q4 EPS of $0.08, net income of $176.9M and revenue growth of 29.4% to $187.3M.
Bitcoin revenues rose 27.7% to $180.3M, while AI Cloud Services more than doubled to $7M.
IREN expects $1.25B annualized revenues by Dec. 2025, with major GPU and AI expansion ahead.
IREN Limited (IREN - Free Report) shares jumped 9.93% to close at $29.11 on Sept. 2. Following the fourth-quarter fiscal 2025 results reported on Aug. 28, shares have rallied 26.3% in the past two trading sessions.
IREN reported fourth-quarter fiscal 2025 earnings of 8 cents per share that lagged the Zacks Consensus Estimate by 52.94%. The company registered net income of $176.9 million against the previous quarter’s loss of $16.3 million. Total revenues increased 29.4% sequentially to $187.3 million but missed the consensus mark by 0.64%.
Shares have inched up 0.62% at the time of writing this article. IREN shares have returned a whopping 196.5% year to date, outperforming the broader Zacks Finance sector’s rally of 12.9%.
IREN’s Q4 Operating Details
In the fiscal fourth quarter, bitcoin revenues were $180.3 million, up 27.7% sequentially. AI Cloud Services revenues were $7 million compared with $3.6 million in the previous quarter.
IREN’s best-in-class fleet efficiency at 15 joules per terahash and low net power costs of $0.035 per kilowatt hour in the fiscal fourth quarter benefited the bitcoin business. IREN mined 1,825 bitcoins in the reported quarter, and the average revenue per bitcoin mined was $98.8.
IREN’s AI cloud business is expanding rapidly with more than 10,000 GPUs online or set to be commissioned in the coming months. The upcoming GPUs include next-generation liquid-cooled GB300 NVL72 systems from NVIDIA (NVDA) at the Prince George campus. Meanwhile, IREN has achieved NVIDIA Preferred Partner status.
Adjusted EBITDA was $121.9 million compared with $82.9 million in the previous quarter. The adjusted EBITDA margin expanded to 65% from 57% in the previous quarter.
Fourth-quarter fiscal 2025 operating expenses increased to $114 million due to overheads and depreciation costs associated with IREN’s expanded data center platform and increased expenses related to bitcoin mining and GPU hardware.
IREN’s Balance Sheet Details
IREN had $564.5 million in cash and cash equivalents as of June 30, 2025.
The company, through a combination of existing cash, cash flows from operations and GPU finance, expects to fully fund expansion to 10.9k GPUs, complete Horizon 1 and energize Sweetwater 1 substations.
The company has secured two tranches of financing, which have funded 100% of the purchase price ($200 million) of new GPUs at the single-digit rates with a favorable 24-36-month term.
IREN Offers Positive Guidance
IREN is on track to achieve $1.25 billion in annualized revenues, with roughly $1 billion coming from bitcoin mining, and $200-$250 million from AI Cloud (by Dec. 2025). IREN expects to scale from 1.9k to 10.9k GPUs in the coming months. This includes 1.9k air-cooled H100 and H200s; 7.8k air-cooled B200 and B300s; and 1.2k liquid-cooled GB300s.
IREN has been on track to install more than 60k NVIDIA Blackwell GPUs at British Columbia sites and recognizes the potential of 19k GB300s at Horizon 1.
IREN continues its transition in British Columbia (160 MW) from bitcoin mining to AI, including a new liquid-cooled data center for GB300 NVL72 installations at Prince George.
Zacks Rank & Stocks to Consider
Currently, IREN has a Zacks Rank #3 (Hold).
Robinhood Markets (HOOD - Free Report) , UBS (UBS - Free Report) and Virtu Financial (VIRT - Free Report) are some better-ranked stocks that investors can consider in the broader sector.
Image: Bigstock
IREN Shares Jump 26% Despite Q4 Earnings Miss, Revenues Surge Q/Q
Key Takeaways
IREN Limited (IREN - Free Report) shares jumped 9.93% to close at $29.11 on Sept. 2. Following the fourth-quarter fiscal 2025 results reported on Aug. 28, shares have rallied 26.3% in the past two trading sessions.
IREN reported fourth-quarter fiscal 2025 earnings of 8 cents per share that lagged the Zacks Consensus Estimate by 52.94%. The company registered net income of $176.9 million against the previous quarter’s loss of $16.3 million. Total revenues increased 29.4% sequentially to $187.3 million but missed the consensus mark by 0.64%.
Shares have inched up 0.62% at the time of writing this article. IREN shares have returned a whopping 196.5% year to date, outperforming the broader Zacks Finance sector’s rally of 12.9%.
IREN’s Q4 Operating Details
In the fiscal fourth quarter, bitcoin revenues were $180.3 million, up 27.7% sequentially. AI Cloud Services revenues were $7 million compared with $3.6 million in the previous quarter.
IREN Limited Price, Consensus and EPS Surprise
IREN Limited price-consensus-eps-surprise-chart | IREN Limited Quote
IREN’s best-in-class fleet efficiency at 15 joules per terahash and low net power costs of $0.035 per kilowatt hour in the fiscal fourth quarter benefited the bitcoin business. IREN mined 1,825 bitcoins in the reported quarter, and the average revenue per bitcoin mined was $98.8.
IREN’s AI cloud business is expanding rapidly with more than 10,000 GPUs online or set to be commissioned in the coming months. The upcoming GPUs include next-generation liquid-cooled GB300 NVL72 systems from NVIDIA (NVDA) at the Prince George campus. Meanwhile, IREN has achieved NVIDIA Preferred Partner status.
Adjusted EBITDA was $121.9 million compared with $82.9 million in the previous quarter. The adjusted EBITDA margin expanded to 65% from 57% in the previous quarter.
Fourth-quarter fiscal 2025 operating expenses increased to $114 million due to overheads and depreciation costs associated with IREN’s expanded data center platform and increased expenses related to bitcoin mining and GPU hardware.
IREN’s Balance Sheet Details
IREN had $564.5 million in cash and cash equivalents as of June 30, 2025.
The company, through a combination of existing cash, cash flows from operations and GPU finance, expects to fully fund expansion to 10.9k GPUs, complete Horizon 1 and energize Sweetwater 1 substations.
The company has secured two tranches of financing, which have funded 100% of the purchase price ($200 million) of new GPUs at the single-digit rates with a favorable 24-36-month term.
IREN Offers Positive Guidance
IREN is on track to achieve $1.25 billion in annualized revenues, with roughly $1 billion coming from bitcoin mining, and $200-$250 million from AI Cloud (by Dec. 2025). IREN expects to scale from 1.9k to 10.9k GPUs in the coming months. This includes 1.9k air-cooled H100 and H200s; 7.8k air-cooled B200 and B300s; and 1.2k liquid-cooled GB300s.
IREN has been on track to install more than 60k NVIDIA Blackwell GPUs at British Columbia sites and recognizes the potential of 19k GB300s at Horizon 1.
IREN continues its transition in British Columbia (160 MW) from bitcoin mining to AI, including a new liquid-cooled data center for GB300 NVL72 installations at Prince George.
Zacks Rank & Stocks to Consider
Currently, IREN has a Zacks Rank #3 (Hold).
Robinhood Markets (HOOD - Free Report) , UBS (UBS - Free Report) and Virtu Financial (VIRT - Free Report) are some better-ranked stocks that investors can consider in the broader sector.
Robinhood Markets, UBS and Virtu Financial sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Robinhood Markets, UBS and Virtu Financial is pegged at 17.6%, 25.5% and 17.4%, respectively.