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SYDNEY - IREN Limited, a company specializing in finance services and operating under the name 09 Crypto Assets, has provided a monthly update on its operations for March 2025. The update, released today, details the company’s performance and business activities. According to InvestingPro data, IREN has demonstrated impressive growth with revenue increasing 133% over the last twelve months and maintains strong gross profit margins of 90%.
In the report filed with the U.S. Securities and Exchange Commission, IREN Limited, formerly known as Iris Energy Ltd (NASDAQ:IREN) and Iris Energy Pty Ltd, disclosed its operational results for the month ending March 31, 2025. The company, which is incorporated in C3 and has its fiscal year end on June 30, maintains its principal executive offices in Sydney, Australia.
The document, identified as a Form 6-K, serves as a report for foreign private issuers in compliance with the SEC’s regulations. IREN Limited confirmed its commitment to filing annual reports under Form 20-F, which is a comprehensive statement of a company’s financial performance required by the SEC from most foreign private issuers that have securities trading in the U.S.
Daniel Roberts, Co-Chief Executive Officer and Director of IREN Limited, signed the document, asserting the company’s adherence to the reporting requirements stipulated by the Securities Exchange Act of 1934, as amended.
The filing did not specify detailed financial figures or operational metrics. Instead, it served as a general announcement of the company’s ongoing reporting and provided contact information for its principal executive office. This monthly update is part of IREN Limited’s routine disclosure practices, aimed at keeping investors informed about the company’s performance and developments. With the company’s next earnings report scheduled for May 7, 2025, investors can access comprehensive analysis and additional insights through InvestingPro, which features detailed financial metrics and expert research reports covering over 1,400 US stocks.
Investors and interested parties can refer to the full document furnished to the SEC for more comprehensive information regarding IREN Limited’s March 2025 operations. The update is based on a press release statement and is intended to provide a transparent account of the company’s activities to its stakeholders. While the stock has experienced a significant decline of 30% over the past six months, InvestingPro analysis indicates the company maintains a FAIR financial health score, with 14 additional ProTips available to subscribers.
In other recent news, IREN Limited has announced significant developments in its business strategy and operations. The company has decided to pause further expansion of its Bitcoin mining operations, having reached a capacity of 52 EH/s, and will instead focus on enhancing its AI Cloud Services and AI Data Center businesses. This strategic shift comes as IREN reports an annualized run-rate revenue of $26 million from its AI cloud sector. Furthermore, IREN is set to restate its financial statements for fiscal years 2022 through 2024, following a review by the SEC, to align with International Accounting Standards as part of its transition to U.S. GAAP reporting.
In another development, IREN has secured a 600MW grid connection agreement for its Sweetwater data center hub in West Texas, which will eventually offer a total capacity of 2 gigawatts. The company is actively engaging with global AI and cloud computing firms to align its infrastructure with market demand. On the analyst front, JPMorgan has upgraded IREN’s stock rating from Neutral to Overweight, though it reduced the price target to $12.00, citing the company’s efficient fleet and advantageous power contracts. Meanwhile, Cantor Fitzgerald has also adjusted IREN’s price target to $20.00 from $23.00, maintaining an Overweight rating.
The company continues to focus on expanding its Bitcoin mining capacity to 52 EH/s and data center operations from 510MW to 910MW by 2025, using 100% renewable energy. Despite some fluctuations in mining revenue, IREN’s year-over-year performance shows a significant increase, and it plans further expansions at its Childress site. These developments reflect IREN’s ongoing efforts to position itself as a leader in high-performance computing applications.
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