Quarterly revenue climbed 226% year-on-year, flipping the company back to profitability with $176.9 million in net income. While growth was driven by Bitcoin mining, IREN is increasingly leaning into AI infrastructure to diversify revenue and reduce exposure to mining difficulty and energy cost cycles.
Bitcoin Mining Momentum
In July, IREN mined 728 BTC, edging out industry heavyweight MARA Holdings at 703 BTC. Under current mining economics, IREN cited a $1B annualized revenue run-rate. Installed hashrate reached 50 EH/s, with management pausing further mining expansion to focus capital on AI as the sector digests higher network difficulty and power inputs.
Nvidia Partnership Fuels AI Growth
IREN expanded its GPU fleet to 1,900 units—up 132% YoY—and became a Preferred Partner to Nvidia, unlocking more direct access to high-end accelerators. The company rents GPU power for machine learning training/inference, LLM workloads, and high-performance AI compute, generating roughly $25M per month between April and June.
Management plans an additional $200M capex to scale to 10,900 GPUs, targeting $200–$250M in annualized AI revenue by December. Longer term, IREN aims to deploy 60,000 Nvidia Blackwell GPUs at its British Columbia site—an aggressive bet on enterprise AI demand.
Market Rebound After Short-Seller Criticism
IREN’s acceleration follows 2024 criticism from short-selling firm Culper Research, which called the company “wildly overvalued” and questioned its AI ambitions. The latest earnings and Nvidia partnership put IREN on a firmer footing as a dual-play: a top-tier Bitcoin producer and a scaling AI compute provider.
FAQs
How did earnings affect IREN’s stock?
Shares closed at $23.04 (+3.1%) and jumped nearly 14% after hours following the earnings release.
Is IREN reducing focus on Bitcoin mining?
No—IREN remains a leading BTC miner but is pausing expansion to allocate capital toward higher-return AI opportunities in the near term.
What’s the near-term AI revenue target?
Management guides to $200–$250M in annualized AI revenue by December after scaling to ~10,900 GPUs.
