IREN's annual bitcoin mining revenue is expected to break through $1 billion, and the stock price rose 12% after hours.

Bitcoin mining company IREN (formerly Iris Energy) announced quarterly results, with revenue of $187.30 million, net profit of $176.90 million, and EBITDA of $241.40 million; EBITDA increased by more than 10 times in FY25. The company expects annual bitcoin mining revenue to reach $1 billion, while its AI cloud business annualized revenue has approached $250 million. IREN has replaced ASICs used for bitcoin mining with GPUs in several mining centers to support AI cloud business, and invested in the construction of a liquid-cooled AI data center "Horizon", which is expected to go live in the fourth quarter of 2025; another facility called Sweetwater is expected to be put into use by the end of 2027. In July, IREN produced 728 bitcoins, surpassing rival MARA's 703, and the equipment activation rate exceeded 90%, making it the leading mining company in hashrate. IREN's Nasdaq-listed shares closed at $23.02 on Thursday, with a market value of $5.40 billion, up more than 12% in after-hours trading.