IREN (IREN) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 FY25 revenue of $148.1 million and profit after tax of $24.2 million, up 28% quarter-on-quarter, driven by strong Bitcoin mining and rapid AI cloud growth.

• Adjusted EBITDA reached a record $83.3 million, reflecting strong operational leverage and efficiency.

• Average operating hashrate reached 29.4 EH/s, up 30% sequentially and 326% year-on-year.

• Strategic pause on mining expansion at 50 EH/s to prioritize high-return AI infrastructure investments, with major data center projects underway.

• Strong operating cash flow supports ongoing investment and debt financing initiatives.

Financial highlights

• Revenue grew 24% sequentially from $120 million in Q2 to $148 million in Q3; Bitcoin mining revenue rose to $141.2 million and AI cloud services to $3.8 million.

• Adjusted EBITDA increased from $62 million to $83.3 million (56% margin); profit after tax rose from $18.9 million to $24.2 million.

• 1,514 Bitcoin mined in Q3 FY25, up from 1,347 in Q2; average realized Bitcoin price was $93,300.

• Cash and cash equivalents stood at $184.3 million as of March 31, 2025; total assets reached $2 billion.

• All-in cash cost per Bitcoin mined was $41,000, with revenue per Bitcoin at $93,000 for the quarter.

Outlook and guidance

• On track to reach 50 EH/s installed mining capacity by June 30, 2025, then pausing further mining expansion to focus on AI infrastructure.

• Horizon 1 (50MW liquid-cooled AI data center) targets Q4 2025 delivery; Sweetwater (1.4GW–2GW) energization set for 2026–2027.

• AI cloud revenues scaling, with annualized run-rate revenue at $28 million and strong contract pipeline.

• Customer interest in AI data centers exceeds initial capacity; site design underway for 750 MW transformation at Childress.

• Up to $250 million net funding required in 2025 for expansion and data center development.