IREN (IREN) Reported Record Earnings in Fiscal First Quarter as It Expanded Further into AI Cloud Computing and Bitcoin Revenue mining increased.
Net income in the period ended Sept. 30 rose to $384.6 million, reversing a loss of $51.7 million a year earlier, the company said on its website. Total revenue increased 355% to $240.3 million, with bitcoin mining accounting for $232.9 million, 50 times the previous year’s figure.
The Sydney, Australia-based company is part of a broader trend of bitcoin miners repurposing their power assets and data centers to serve the burgeoning AI computing market. Earlier this week, Mara Holdings (MARA), which is following a similar path, reported quarterly earnings versus losses and revenue up 92% year over year.
The companies, which have experience managing large-scale data centers and trading cheap power supplies, are moving their ASIC-based mining facilities to GPU-powered AI cloud services.
For IREN, the most notable development going forward is the five-year, $9.7 billion AI cloud deal with Microsoft announced Monday. The deal includes phased deployments at its Childress site through 2026 and a 20% prepayment, with an expected annualized run rate (ARR) revenue contribution of $1.9 billion. Combined with new multi-year contracts with Together AI, Fluidstack, and Fireworks AI, the company is targeting $3.4 billion in AI Cloud ARR by the end of next year, supported by planned expansion to 140,000 GPUs.
Infrastructure development continues apace. The company plans to transition its British Columbia facility (160 MW) from ASICs to GPUs in late 2026, while accelerating construction of liquid-cooled Horizon data centers (200 MW) in Childress (750 MW). At Sweetwater Hub (2GW), energization of key substations is planned over the next two years.
“IREN continues to execute with discipline, delivering record results and significant progress in our AI Cloud expansion,” co-founder and co-CEO Daniel Roberts said in a statement.
IREN shares fell more than 12% on Thursday. They are up 2% in pre-market trading on Friday.
