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Investing.com - B.Riley has raised its price target on IREN Ltd. (NASDAQ:IREN) to $29.00 from $22.00 while maintaining a Buy rating following the company’s fiscal year 2025 results. The stock, currently trading near its 52-week high with a market capitalization of $4.76 billion, is showing signs of being overvalued according to InvestingPro analysis.
IREN reported fourth-quarter Bitcoin mining revenue of $180.3 million and adjusted EBITDA of $121.9 million, meeting B.Riley’s estimates. The company’s AI Cloud revenue doubled to $7.0 million from $3.6 million in the third quarter, exceeding the firm’s $5.6 million forecast. The company maintains impressive gross profit margins of 91.7%, while overall revenue growth stands at 128.2% for the last twelve months.
The company plans to scale its AI Cloud business by increasing GPU capacity to over 10,000 units by year-end, primarily through expansions at its Prince George site. This growth is supported by "single-digit non-dilutive financing" and NVIDIA preferred partner status, according to B.Riley’s research note.
IREN’s management highlighted accelerating demand from developers, cloud providers, and hyperscalers, confirming active negotiations for its Horizon 1 site ahead of the fourth-quarter completion. Financing options include asset-backed, project-level, and corporate debt, with convertibles currently an "ongoing option."
B.Riley has updated its adjusted EBITDA estimates for the first quarter of fiscal year 2026 from $115.4 million to $149.9 million and for the full fiscal year 2026 from $464.8 million to $706.4 million, citing an improved growth outlook for the company. InvestingPro analysis reveals 18 additional key insights about IREN’s financial health and growth prospects, including expected net income growth and sales expansion for the current year. Get the complete analysis and detailed Pro Research Report, along with 1,400+ other top stocks, exclusively on InvestingPro.
In other recent news, IREN Ltd reported its Q4 2025 earnings, showcasing record annual revenue that surpassed forecasts. The company’s financial performance was highlighted by strong net income and significant growth in operational capacities. In response to these positive earnings results, the market reacted with a notable after-hours stock price increase. Additionally, Cantor Fitzgerald has raised its price target for IREN to $41 from $27, maintaining an Overweight rating on the stock. This adjustment reflects the firm’s recognition of IREN’s expanding role in the AI data center market. Analyst Brett Knoblauch from Cantor Fitzgerald pointed out the robust demand for GPU compute services as a key factor in this growth. These developments underscore IREN’s strategic advancements in both the Bitcoin mining and AI cloud sectors.
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