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Net Profit: $24 million, reflecting a 28% growth quarter on quarter.
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Revenue: $148 million for the quarter, a record high.
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EBITDA: Just under $83 million, also a record for the company.
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Operating Mining Capacity: Averaged 29.4 exa hash, a nearly 5x increase year on year.
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Gross Margin per Bitcoin: $52,000, with realized revenue per Bitcoin at $93,000 and all-in cash cost at $41,000.
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Power Costs: Averaged $0.033 per kilowatt hour at Childress.
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Adjusted EBITDA Growth: Increased from $62 million in Q2 to $83 million in Q3.
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Profit After Tax: Increased 28% from $18.9 million in Q2 to $24.2 million in Q3.
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AI Cloud Revenue Growth: 33% quarter-on-quarter growth.
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Cash on Balance Sheet: $160 million as of April 30.
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Cash Flow from Bitcoin Mining: $141.2 million in receipts.
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Total Assets: $2 billion, including $1.6 billion in property, plant, and equipment.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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IREN Ltd (NASDAQ:IREN) reported a second consecutive quarter of profits after tax, with a net profit of $24 million, reflecting a 28% growth quarter on quarter.
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Revenue reached a record $148 million for the quarter, driven by growth in both Bitcoin Mining and AI Cloud segments.
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The company achieved a record EBITDA of just under $83 million, showcasing strong operational performance.
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IREN Ltd (NASDAQ:IREN) is on track to reach 50 exa hash of installed Bitcoin mining capacity by June 30, positioning it as one of the largest and lowest-cost Bitcoin producers globally.
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The AI Cloud segment showed a 33% quarter-on-quarter revenue growth with hardware profit margins of 97%, indicating strong profitability and demand.
Negative Points
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The company is pausing further Bitcoin mining expansion beyond 50 exa hash, which may limit growth in this segment.
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There is a net funding requirement of up to $250 million over the remainder of 2025, indicating significant capital needs for expansion.
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The transition to US GAAP reporting from July 1, 2025, may involve reassessment of accounting for convertible notes and other financial instruments.
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The company faces broader market volatility, which could impact its capital allocation and financing strategies.
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Despite strong performance, the company is reliant on securing anchor customers for its AI Data Center projects to catalyze further growth.
Q & A Highlights
Q: How should we think about your appetite to fill out the available capacity of Prince George and growth beyond that, especially regarding GPU financing? A: Dan Roberts, Co-Founder and Co-CEO, explained that the facilities were designed to accommodate high rack densities and have been operating NVIDIA GPUs successfully. The focus is on capital and risk-adjusted returns, matching sources and uses. They are considering GPU financing and customer contracts to grow the AI Cloud vertical, with ongoing discussions about large GPU clusters.