IREN (IREN) Q4 2025 earnings summary

Executive summary

• Achieved record FY25 results with total revenue of $501m, up 168% year-over-year, net income of $86.9m, and operational cashflows of $245.9m.

• Adjusted EBITDA reached $278.2m, a 395% increase year-over-year, with a 54% margin.

• Scaled grid-connected power to nearly 3 GW and operating data center capacity to 810 MW, with major expansions in British Columbia and Texas.

• Expanded Bitcoin mining capacity 400% to 50 EH/s, generating over $1bn in annualized revenue and mining 5,499 Bitcoin in FY25.

• Advanced AI Cloud initiatives, scaling to 1.9k GPUs with plans for 10.9k by December 2025, and commenced major data center projects.

Financial highlights

• Q4 FY25 revenue reached $187.3m, with mining revenue at $180.3m and AI Cloud revenue at $7m.

• Operating expenses rose to $324.7m, reflecting business expansion and increased depreciation.

• Delivered strong bottom line with net income of $176.9m in Q4 and $86.9m for FY25.

• Closed the year with $564.5m in cash and $2.9bn in total assets.

• Net cash from operating activities was $245.9m; net cash used in investing activities was $1,380.5m.

Outlook and guidance

• Targeting $1.25bn annualized revenue, with $1bn from Bitcoin mining and $200–$250m from AI Cloud by December 2025.

• Expansion to 10.9k GPUs underway, with plans for >60k Blackwell GPUs and >600,000 GB300s at Sweetwater hub.

• Ongoing construction at major data center projects, with Sweetwater 1 scheduled for energization in April 2026.