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Bitcoin miner IREN (formerly Iris Energy) saw a 14% spike in after-hours trading after reporting its strongest quarterly performance to date. The surge comes as the company recorded $187.3 million in revenue for the quarter ending June 30, contributing to a record $501 million revenue for the fiscal year. Investors reacted positively to the earnings report, highlighting IREN’s growing presence in both Bitcoin mining and the artificial intelligence (AI) sector.
Record Quarterly and Annual Revenue
IREN posted a 226% year-on-year increase in quarterly revenue, reflecting the strong performance of its Bitcoin mining operations. The company also swung back into profitability, with net income reaching $176.9 million for the period. These figures mark the company’s best performance in terms of revenue and earnings, boosting investor confidence in its growth strategy.
The fiscal year performance, which brought in $501 million in revenue, signals that IREN has firmly established itself as one of the top Bitcoin miners in 2025. The company mined 728 BTC in July, surpassing industry heavyweight MARA Holdings, which mined 703 BTC during the same month.
Strong Bitcoin Mining Performance
IREN’s quarterly surge was primarily driven by its Bitcoin mining business. Despite rising mining difficulty, which has increased energy consumption and squeezed profit margins across the industry, IREN managed to achieve record production. The company currently operates 50 exahashes per second (EH/s) in installed Bitcoin mining capacity, making it a leader in the sector.
The company has temporarily paused further Bitcoin mining expansion to focus on AI integration but remains one of the most efficient miners in North America. This strategy has allowed IREN to maintain profitability even amid challenging market conditions.
Expanding Into AI With Nvidia Partnership
A notable development for IREN is its push into artificial intelligence. The company increased its GPU count to 1,900 during the quarter, a 132% increase from the previous year. This expansion comes as IREN became a “Preferred Partner” to Nvidia, providing the company with direct access to Nvidia’s cutting-edge hardware.
IREN’s AI operations generate revenue by renting GPU power for machine learning, training large language models, and supporting businesses requiring high-performance AI computation. The company has revealed plans to invest an additional $200 million to increase its GPU count to 10,900, aiming to achieve $200–$250 million in annualized AI revenue by December 2025.
In the long term, IREN intends to install 60,000 Nvidia Blackwell GPUs at its British Columbia site, positioning itself as a major player in AI computing alongside its Bitcoin mining operations.
Market Reaction and Stock Performance
IREN’s shares closed up 3.1% to $23.04 on Thursday and jumped another 13.9% in after-hours trading following the earnings report. The stock has been steadily climbing this month, repeatedly hitting new highs as investors responded positively to both the company’s Bitcoin mining success and AI expansion plans.
The surge in stock price also reflects growing market confidence after IREN’s recovery from previous skepticism. About a year ago, short-selling firm Culper Research criticized IREN for being “wildly overvalued” and questioned its investment in AI and high-performance computing. At that time, IREN shares fell from $12.31 to $5.59. Since then, the stock has rallied more than 312% over the past four months, signaling renewed investor optimism.
Legal and Operational Milestones
IREN recently concluded a confidential settlement with creditor NYDIG, ending a nearly three-year legal dispute over $105 million in defaulted equipment loans linked to 35,000 Antminer S19 units. Resolving this issue has strengthened IREN’s balance sheet and cleared the way for continued growth.
The company’s operational focus includes maintaining efficient Bitcoin mining while expanding its AI capabilities. This dual approach addresses market challenges such as rising mining difficulty and operational costs while positioning IREN for long-term revenue diversification.
Looking Ahead
IREN’s future strategy combines both Bitcoin mining and AI infrastructure. The company aims to leverage its AI partnerships to generate substantial new revenue streams, potentially transforming its business model into a hybrid crypto-mining and AI services powerhouse.
Investors will likely continue to monitor IREN’s GPU expansion, AI revenue projections, and Bitcoin mining output to gauge whether the company can maintain its recent momentum. With Bitcoin mining fundamentals remaining strong and AI initiatives ramping up, IREN appears well-positioned to capitalize on both markets in the coming months.
