IREN posts record revenue of USD $501 million & rapid AI growth
IREN has released its financial results for the full fiscal year ending 30 June 2025, reporting record earnings, profitability and significant operational expansion.
The company recorded total revenue of USD $501 million, an increase of 168% compared to USD $187.2 million in the previous fiscal year. Net income shifted from a loss of USD $28.9 million in FY24 to a record USD $86.9 million. Adjusted EBITDA rose by 395% to USD $269.7 million, while EBITDA increased to USD $278.2 million from USD $19.3 million the prior year, a growth of over 1,300%.
In the fourth quarter of FY25, IREN reported revenue of USD $187.3 million, net income of USD $176.9 million, adjusted EBITDA of USD $121.9 million, and EBITDA of USD $241.4 million.
The results include strong performance in the company's Bitcoin mining business, which generated over USD $1 billion in annualised revenue under current mining economics. In addition, USD $200-250 million in annualised revenue is expected by December 2025 from its AI Cloud segment, underpinned by the deployment of 10,900 NVIDIA GPUs.
Expansion and infrastructure
IREN continued to expand infrastructure capabilities, with contracted grid-connected power rising by 35% to 2,910 megawatts. Operating data centre capacity more than tripled to 810 megawatts, and Bitcoin mining capacity increased by 400% to 50 exahashes per second (EH/s). AI Cloud capacity also grew by 132% to 1,900 NVIDIA GPUs deployed as of the end of FY25.
Company statements indicate the existing data centre portfolio in British Columbia is capable of supporting more than 60,000 NVIDIA Blackwell GPUs and over 19,000 GB300s at the Horizon 15 facility. IREN has secured a second round of financing to cover 100% of the hardware purchase price for its GPU expansion, with further financing being pursued. The company has also attained the status of NVIDIA Preferred Partner.
Project developments
In British Columbia, IREN is transitioning from ASICs used for Bitcoin mining to GPUs for the AI Cloud, and construction is underway for a new liquid-cooled data centre at Prince George. This facility will host NVIDIA GB300 NVL72 systems, with the capacity to support more than 4,500 GB300 GPUs. The company has confirmed that back-up generators and UPS systems are to be installed for all GPUs at these locations.
At the Childress site, the Horizon 1 liquid-cooled AI data centre (50MW IT load) is scheduled to be operational by the end of 2025. The Horizon 2 data centre (also 50MW IT load) is in the site works and procurement stage.
At the Sweetwater Hub, construction of the 1,400MW Sweetwater 1 facility is continuing, with energisation targeted for April 2026. The 600MW Sweetwater 2 facility is targeting late 2027 for energisation.
Management comments
"FY25 was a breakout year financially and operationally, with record results that included strong net income and more than 10x EBITDA growth," said Daniel Roberts, Co-Founder and Co-CEO of IREN.
He added, "We expanded our contracted, grid-connected power to nearly 3GW, more than tripled operating data center capacity to 810MW, and completed our 50 EH/s expansion – all while laying the foundation for rapid growth in our AI Cloud business to more than 10,000 NVIDIA GPUs. Looking ahead, our vertical integration uniquely positions us to deliver across the entire AI infrastructure stack - from powered shells to turnkey colocation to fully managed cloud services - and we are advancing a range of additional commercial opportunities while executing on near-term growth."
