21:44
IREN's annual Bitcoin Mining revenue is expected to exceed $1 billion, with its stock price rising 12% in after-hours trading.
Golden Finance reported that the Bitcoin mining company IREN (formerly Iris Energy) announced quarterly results, with revenue of $187.3 million, net profit of $176.9 million, and EBITDA of $241.4 million; FY25 EBITDA is expected to rise over tenfold. The company expects annual Bitcoin mining revenue to reach $1 billion, while its AI cloud business annualized revenue is nearing $250 million. IREN has replaced ASICs used for Bitcoin mining with GPUs in 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 called Sweetwater is expected to be operational by the end of 2027. In July, IREN produced 728 Bitcoins, surpassing its competitors.
BTC-2.71%