Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
SYDNEY - Iris Energy Limited (NASDAQ:IREN) reported third quarter fiscal 2025 revenue of $148.1 million, falling short of analyst expectations of $163.83 million. Despite the revenue miss, shares of the Bitcoin mining and AI data center company rose 1% following the earnings release.
The company’s revenue increased 24% compared to the previous quarter, driven by growth in Bitcoin mining and AI cloud services. Bitcoin mining revenue rose 24% to $141.2 million, while AI cloud services revenue jumped 33% to $3.6 million.
IREN mined 1,514 Bitcoin during the quarter, up from 1,347 in Q2, as its average operating hashrate increased 30% to 29.4 EH/s. The company reported record adjusted EBITDA of $83.3 million, up from $62.6 million in Q2.
"We’re pleased to report another quarter of strong EBITDA and net profit," said Daniel Roberts, Co-Founder and Co-CEO of IREN. "Our focus on large scale data center sites continues to drive rapid growth and strong margins."
The company said it is on track to reach 50 EH/s of Bitcoin mining capacity by June 30, 2025. However, IREN plans to pause further mining expansion at that level to focus on scaling its AI infrastructure initiatives.
IREN reported profit after income tax of $24.2 million for the quarter, up 28% from $18.9 million in Q2. The company ended the quarter with $184.3 million in cash and cash equivalents.
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