IREN Limited (NASDAQ: IREN) Q4 2025 Earnings Call | 08/28/2025

IREN Limited reported strong fiscal year 2024 results, highlighting significant growth in Bitcoin mining capacity and expanding AI cloud services. The company increased its installed Bitcoin mining capacity to 15 exahashes and remains on track to reach 20 exahashes by September and 30 exahashes by the end of 2025, supported by new purchases of efficient Bitmain S21XPs miners. Operational data centers grew to 300 megawatts of energized and commissioned capacity, progressing toward a year-end target of 510 megawatts. Cost-saving measures reduced the cost per megawatt of data center construction to approximately $650,000 while increasing data center capacity per build.

IREN’s AI cloud services, launched earlier in the year, demonstrated month-over-month revenue growth with an active client pipeline and ongoing expansion plans including a GPU pilot at Childress. The company’s strong revenue growth included Bitcoin mining revenue increasing significantly alongside an increase in average realized Bitcoin price and mined volumes. Key financial highlights included adjusted EBITDA of $54.7 million, up significantly year-over-year, and a robust free cash flow position supported by operating cash flows and equity raises. The balance sheet remains strong with no external debt and substantial cash reserves.

Strategic focus remains on leveraging the secured portfolio of grid-connected power and land, enabling continued hyper-growth in mining capacity and AI infrastructure. The company is actively exploring monetization of its West Texas 1.4 gigawatt site for AI cloud deployments. Risks such as fluctuating electricity costs and hardware issues were managed effectively, while optimism remains high on future growth driven by digital world demand outpacing real-world infrastructure supply.

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