IREN (IREN) reported document fiscal first-quarter earnings because it expanded additional into AI cloud computing and income from bitcoin mining surged.
Web earnings within the interval ended Sept. 30 rose to $384.6 million, reversing a year-earlier lack of $51.7 million, the corporate stated on its web site. Whole income rose 355% to $240.3 million, with bitcoin mining accounting for $232.9 million, 50-times the year-earlier determine.
The Sydney, Australia-based firm is certainly one of a broader development of bitcoin miners repurposing their power and knowledge middle property to serve the booming AI compute market. Earlier this week, Mara Holdings (MARA), which is following an analogous path, reported a quarterly revenue vs loss and income that rose 92% 12 months over 12 months.
The businesses, which have expertise in operating large-scale knowledge facilities and negotiating provides of low cost energy, are pivoting their ASIC-based mining services to GPU-powered AI cloud providers.
For IREN, the standout growth going ahead is the five-year, $9.7 billion AI cloud contract with Microsoft introduced on Monday. The deal consists of phased deployments at its Childress web site by way of 2026 and a 20% prepayment, with an anticipated $1.9 billion annualized run-rate income (ARR) contribution. Mixed with new multiyear contracts with Collectively AI, Fluidstack and Fireworks AI, the corporate is focusing on $3.4 billion in AI Cloud ARR by the tip of subsequent 12 months, supported by the deliberate enlargement to 140,000 GPUs.
Infrastructure growth continues at tempo. The corporate plans to transition its British Columbia (160MW) services from ASICs to GPUs end-2026, whereas accelerating development of liquid-cooled Horizon knowledge facilities (200MW) at Childress (750MW). On the Sweetwater Hub (2GW), key substations are scheduled for energization over the subsequent wo years.
“IREN continues to execute with self-discipline, delivering document outcomes and significant progress in our AI Cloud enlargement,” co-founder and co-CEO Daniel Roberts stated in a press release.
IREN shares slid greater than 12% on Thursday. They’re up 2% in Friday’s pre-market buying and selling.
