Bitcoin mining firm IREN has announced its best-ever quarterly earnings, with revenue reaching $187.3 million last quarter and $501 million for the fiscal year. This strong performance led to a nearly 14% jump in its stock price in after-hours trading.
For the quarter ending June 30, the company's revenue was up 226% year-on-year, helping it achieve a net income of $176.9 million. While this growth was primarily driven by its Bitcoin mining operations, IREN's strategic expansion into the AI sector has also played a significant role. The company has become a "Preferred Partner" to Nvidia, allowing it more direct access to the tech giant's hardware.
This pivot to AI reflects a broader trend among Bitcoin miners, who are seeking new revenue streams to offset challenges from increasing mining difficulty and energy costs. IREN's recent performance is notable, as it mined 728 BTC in July, surpassing industry leader MARA Holdings.
IREN is rapidly scaling its AI business by increasing its GPU count to 1,900 last quarter and planning to boost it to 10,900 in the coming months. This expansion is aimed at reaching an annualized AI revenue target of $200 million to $250 million by December. Over the long term, the company intends to install 60,000 Nvidia Blackwell GPUs at its Canadian facility.
This impressive turnaround comes after short-selling firm Culper Research criticized IREN last year, calling it "wildly overvalued" and questioning its serious commitment to high-performance computing. Since then, IREN's shares have rallied 312.2% in the past four months. The company also recently settled a legal dispute with its creditor, NYDIG, over defaulted equipment loans.
August 2025, Cryptoniteuae