IREN's annual Bitcoin Mining revenue is expected to exceed $1 billion, with its stock price rising 12% in after-hours trading.

Golden Finance reports that the Bitcoin mining company IREN (formerly known as Iris Energy) has announced its quarterly performance, with revenue of $187.3 million, net profit of $176.9 million, and EBITDA of $241.4 million; FY25 fiscal year EBITDA is expected to grow more than 10 times. The company anticipates annual Bitcoin mining revenue will reach $1 billion, while its AI cloud business annualized revenue is nearing $250 million. IREN has replaced ASICs used for Bitcoin mining with GPUs at several mining centers to support its AI cloud business, and is investing in the construction of a liquid-cooled AI data center named “Horizon,” which is expected to go live in the fourth quarter of 2025; another facility named Sweetwater is expected to be operational by the end of 2027. In July, IREN produced 728 Bitcoins, surpassing its competitor MARA’s 703 Bitcoins, with a utilization rate of over 90%, making it a leading mining company in computing power. IREN’s Nasdaq-listed stock closed at $23.02 on Thursday, with a market capitalization of $5.4 billion, and rose over 12% in after-hours trading.