Bitcoin miner IREN has posted its best quarter of earnings to date, bringing in $187.3 million last quarter, which contributed to a record $501 million revenue for the fiscal year, sending its stock up nearly 14% in after-hours trading.
Quarterly revenue for the month ended June 30 was up 226% year-on-year, helping the company swing back into profitability with $176.9 million in net income, IREN said in a report on Thursday.
The surge was driven by growth in its Bitcoin (BTC) mining business, but the company has also made moves to deepen its footprint in the AI space as a new “Preferred Partner” to AI giant Nvidia.
IREN shares closed up at nearly 3.1% to $23.04 on Thursday and rose another 13.9% in after-hours following the results, Google Finance data shows. The stock has been steadily climbing this month, repeatedly setting new highs.
IREN’s AI expansion reflects a broader industry trend, as Bitcoin miners continue to navigate the recent increase in mining difficulty that has driven up energy use and squeezed profit margins — forcing many of them to adopt more efficient equipment, find cheaper energy sources, or expand into AI.
IREN has been a top Bitcoin miner in 2025
IREN recorded $1 billion in annualized revenue “under current mining economics” and beat industry heavyweight MARA Holdings in BTC mining production in July, mining 728 BTC compared to MARA’s 703 BTC.
IREN also notched 50 exahashes per second in installed Bitcoin mining capacity, but paused further expansion to focus on AI.
IREN partners with industry giant Nvidia
IREN increased its GPU count to 1,900 during the quarter, growing 132% year-on-year as it became a “Preferred Partner to Nvidia,” enabling more direct access to Nvidia’s hardware.
IREN makes revenue from its AI business by renting GPU power for machine learning tasks, training large language models and supporting businesses needing high-performance AI computation.
IREN plans to spend another $200 million to boost its GPU count to 10,900 in the coming months to reach its target of $200 million to $250 million in annualized AI revenue by December.
This would represent an eight-to ten-fold increase in AI revenue compared to what it made between April and June, which brought around $25 million monthly.
Over the long term, IREN is looking to install 60,000 of Nvidia’s Blackwell GPUs at its British Columbia site in Canada.
IREN once pegged as “overvalued”
IREN’s strong performance of late comes about a year after short-selling firm Culper Research said IREN was “wildly overvalued” and criticized the company for talking “big game” about high-performance computing without investing enough to compete seriously in AI.
Related: Jack Dorsey’s Block targets 10-year lifecycle for Bitcoin mining rigs
Culper compared IREN’s efforts to competing to win the Monaco Grand Prix, but arriving at the track in a Toyota Prius.
Since then, IREN shares fell from $12.31 to as low as $5.59 in April, but have rallied 312.2% in the past four months.
Meanwhile, IREN recently reached a confidential settlement with creditor NYDIG, wrapping up a nearly three-year legal battle over $105 million in defaulted equipment loans tied to around 35,000 Antminer S19s.
Magazine: Bitcoin’s long-term security budget problem: Impending crisis or FUD?
