IREN's annual Bitcoin mining revenue is expected to exceed $1 billion, and the stock price surged 12% after hours

ChainCatcher news, Bitcoin mining company IREN (formerly Iris Energy) announced its quarterly results, with revenue of $187.3 million, net profit of $176.9 million, and EBITDA of $241.4 million; FY 25 fiscal year EBITDA growth exceeded 10 times. The company expects annual Bitcoin mining revenue to reach $1 billion, while its AI cloud business's annualized revenue is nearing $250 million.

IREN has replaced ASICs used for Bitcoin mining with GPUs at multiple mining centers to support its AI cloud business and is investing in the construction of a liquid-cooled AI data center "Horizon," expected to go live in Q4 2025; another facility named Sweetwater is expected to be operational by the end of 2027. In July, IREN produced 728 Bitcoins, surpassing its competitor MARA's 703 Bitcoins, with a device utilization rate exceeding 90%, becoming a leading mining company in terms of computing power. IREN's Nasdaq-listed stock closed at $23.02 on Thursday, with a market capitalization of $5.4 billion, rising over 12% in after-hours trading.