Business
IREN Reports Q3 FY25 Results
28% Growth in Profit After Tax Horizon 1 AI Data Center on Track for H2 2025 Pausing Mining Expansion at 50 EH/s to Focus on AI Opportunities SYDNEY, May 14,
About this update from Iren Limited
[{"type":"text","content":"28% Growth in Profit After Tax Horizon 1 AI Data Center on Track for H2 2025 Pausing Mining Expansion at 50 EH/s to Focus on AI Opportunities SYDNEY, May 14, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today reported its financial results for the three and nine months ended March 31, 2025. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “We’re pleased to report another quarter of strong EBITDA and net profit,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “Our focus on large scale data center sites continues to drive rapid growth and strong margins.” “With 50 EH/s just weeks away, IREN is firmly positioned as one of the largest and lowest-cost producers of Bitcoin. We are now pausing further mining expansion to focus on scaling our AI infrastructure initiatives.” “Horizon 1 and Sweetwater anchor the next phase of our growth, with both projects placing IREN at the forefront of accelerating AI data center demand.” \"Strong operating cash flow from our core business supports continued investment, and we’re advancing multiple debt financing initiatives, with execution expected as market conditions stabilize.” Third Quarter FY25 Results Record revenues of $148.1 million ($119.6 million in Q2 FY25) 24% increase in Bitcoin mining revenue to $141.2 million ($113.5 million in Q2 FY25)33% increase in AI Cloud services revenue to $3.6 million ($2.7 million in Q2 FY25)1,514 Bitcoin mined (1,347 Bitcoin in Q2 FY25), underpinned by growth in operating hashrate Total net electricity costs increased to $36.5 million ($28.9 million in Q2 FY25), primarily driven by a 30% increase in average operating hashrate (29.4 EH/s average operating hashrate for the quarter)1Other costs remained relatively flat at $25.3 million ($25.1 million in Q2 FY25), despite continued growth across the businessRecord Adjusted EBITDA of $83.3 million ($62.6 million in Q2 FY25)Record EBITDA of $82.7 million ($62.7 million in Q2 FY25)Profit after income tax of $24.2 million ($18.9 million in Q2 FY25)Cash and cash equivalents of $184.3 million as of March 31, 2025 Growth Outlook Bitcoin Mining Installed capacity increased to 40 EH/s on April 16, 2025Now one of the world’s largest and lowest-cost Bitcoin producers 326% year-on-year hashrate growth2 Strong and resilient margi...