IREN (IREN) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 FY25 results with $113.5M–$119.6M Bitcoin mining revenue, $18.9M NPAT, and strong operating cash flow, reversing a $51.7M loss in Q1 FY25.

• Mining capacity rose to 31 EH/s, with expansion plans to 52 EH/s and major initiatives: Horizon 1 (75MW AI data center) and Sweetwater 2 (600MW site targeting a 2GW hub).

• Strategic focus on leveraging large-scale renewable energy for Bitcoin mining and AI, with flexible capital allocation and financing.

• US domestic issuer status and transition to US GAAP reporting planned for H2 2025.

Financial highlights

• Bitcoin mining revenue reached $113.5M, with adjusted EBITDA of $60M–$62.7M and net profit after tax of $18.9M for Q2 FY25.

• 1,347 Bitcoin mined at an average realized price of $84.3K, with net electricity costs flat at $28.7M–$28.9M despite an 85% increase in hashrate.

• Adjusted EBITDA margin improved to 52% from 5% sequentially.

• Cash and cash equivalents stood at $427.3M as of December 31, 2024.

• Total assets rose to $1.9B, and total equity increased to $1.3B.

Outlook and guidance

• On track for 50 EH/s mining expansion in H1 2025 and 52 EH/s by year-end, with 2,310MW grid-connected power secured.

• Horizon 1 (75MW) AI data center targeted for H2 2025 completion; Sweetwater 2 (600MW) energization expected in 2028.

• Strategic focus on AI cloud, colocation, and whole-site opportunities, with flexibility to bootstrap with Bitcoin mining.