Bitcoin mining company IREN announced its best quarterly earnings to date, with revenue reaching $187.3 million last quarter, contributing to a record annual revenue of $501 million for the company, which drove its stock price up nearly 14% in after-hours trading.
IREN reported on Thursday that its quarterly revenue for the period ending June 30 increased by 226% year-over-year, helping the company return to profitability with a net income of $176.9 million.
This surge was primarily driven by growth in its Bitcoin (BTC) mining operations, but the company has also taken steps to deepen its presence in the AI sector, becoming a new "preferred partner" of AI giant Nvidia.
According to Google Finance, IREN's stock closed up nearly 3.1% at $23.04 on Thursday, and rose another 13.9% in after-hours trading following the earnings announcement. The stock has steadily climbed this month, reaching new highs.
IREN's AI expansion reflects a broader trend in the industry as Bitcoin miners continue to cope with increased energy usage and compressed profit margins due to rising mining difficulty—forcing many miners to adopt more efficient equipment, seek cheaper energy, or expand into the AI sector.
IREN recorded an annualized revenue of $1 billion under the "current mining economics" and outperformed industry heavyweight MARA Holdings in BTC mining output in July, mining 728 BTC compared to MARA's 703 BTC.
IREN also achieved an installed Bitcoin mining hash rate of 50 EH/s but paused further expansion to focus on AI.
In this quarter, IREN increased its number of GPUs to 1,900, a year-over-year increase of 132%, becoming a "Nvidia preferred partner" with more direct access to Nvidia hardware.
IREN generates revenue from its AI business by renting out GPU computing power for machine learning tasks, training large language models, and supporting businesses that require high-performance AI computing.
IREN plans to invest an additional $200 million in the coming months to increase its GPU count to 10,900, aiming to reach an annualized AI revenue target of $200 million to $250 million by December.
This would represent an 8 to 10 times increase from its monthly revenue of about $25 million during the April to June period.
In the long term, IREN plans to install 60,000 Nvidia Blackwell GPUs at its site in British Columbia, Canada.
IREN's recent strong performance comes after short-seller Culper Research claimed that IREN is "severely overvalued" and criticized the company for "talking big" in high-performance computing but not investing enough to compete seriously in the AI field for about a year.
Culper likened IREN's efforts to wanting to win the Monaco Grand Prix but arriving at the track in a Toyota Prius.
Since then, IREN's stock price has fallen from $12.31 to a low of $5.59 in April, but it has rebounded by 312.2% over the past four months.
Meanwhile, IREN recently reached a confidential settlement with creditor NYDIG, ending a nearly three-year legal dispute involving a $105 million defaulted equipment loan related to approximately 35,000 Antminer S19 units.
Related: Cathie Wood's ARK Invest increases its stake in BitMine by $15 million, with total holdings exceeding $300 million.
Original: “Bitcoin (BTC) Drives Quarterly Performance and AI Layout, Mining Company IREN's Stock Soars 14%”
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