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SYDNEY - IREN Limited (NASDAQ: IREN), a $1.36 billion market cap company specializing in data center operations and cryptocurrency mining, has announced significant operational advancements in its March 2025 update. The company increased its data center capacity to 660 megawatts (MW) and boosted its Bitcoin mining capacity from 31 exahashes per second (EH/s) to 37 EH/s. IREN is on course to reach a mining capacity of 50 EH/s in the first half of 2025. According to InvestingPro analysis, the stock is currently fairly valued, with analysts projecting positive earnings for the year ahead.
In a strategic shift, IREN is pausing its mining expansion at 52 EH/s to concentrate on scaling its AI Cloud Services and AI Data Center businesses. The company’s co-founder and co-CEO, Daniel Roberts, highlighted the importance of this pivot, emphasizing the company’s commitment to strengthening its position in the data center market.
This month, IREN secured an additional 600MW grid connection, contributing to a total of 2.75 gigawatts (GW) secured for its data centers in West Texas. The company is also progressing with various debt financing workstreams to support its growth.
Financially, IREN reported a Bitcoin mining revenue of $45.3 million for March, with a hardware profit margin of 76%. The company mined 3,533 bitcoins at an average electricity cost of $20,460 per bitcoin. AI Cloud Services revenue grew by 33% month-over-month, reaching $1.6 million with a hardware profit margin of 97%. The company maintains impressive overall gross profit margins of 90%, though InvestingPro data indicates rapid cash burn remains a concern. With year-over-year revenue growth of 133%, IREN demonstrates strong top-line momentum.
The company is also actively engaging with customers for its Horizon 1 data center project, which features a 50MW IT load capacity and is expected to be commissioned in the second half of 2025. IREN is exploring a range of financing options, including customer prepayments and various debt instruments. With a beta of 3.65, investors should note the stock’s high volatility compared to the market. For deeper insights into IREN’s financial health and growth prospects, including 13 additional ProTips and comprehensive valuation metrics, visit InvestingPro to access the detailed Pro Research Report.
IREN’s recent activities include presentations at the NVIDIA GTC and participation in upcoming digital asset and power conferences. The company is also continuing construction on its Childress and Sweetwater data center projects, with the latter set to energize 600MW by late 2027.
The information in this article is based on a press release statement from IREN Limited.
In other recent news, IREN Limited has announced a strategic shift, pausing its Bitcoin mining expansion after achieving a 52 EH/s capacity to focus on AI Cloud Services and AI Data Center businesses. The company reported a significant increase in its AI Cloud Services, with 1,896 GPUs generating an annualized run-rate revenue of $26 million as of March 31, 2025. IREN also secured a new 600-megawatt grid connection agreement for its Texas data center expansion, which is expected to enhance its competitive edge in AI and cloud workloads. Additionally, IREN will restate its financial statements for past fiscal years, reclassifying Bitcoin sales proceeds from operating to investing activities, aligning with International Accounting Standards. This adjustment is part of IREN’s transition to U.S. GAAP reporting as it moves towards U.S. domestic filer status. In a recent development, JPMorgan upgraded IREN’s stock rating from Neutral to Overweight, though it lowered the price target to $12.00, citing the company’s efficient operations and growth prospects in high-performance computing. The firm has also raised $111 million through its ATM facility to support its capital strategy. These developments reflect IREN’s ongoing efforts to adapt its business strategy amidst evolving market conditions.
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