IREN Reports First Full-Year Profit with $86.9 Million Net Income

Bitcoin miner IREN announced its first full-year profit since its founding in 2018, driven by expansion into AI cloud computing and enhanced production capacity.

Net income rose to $86.9 million from a loss of $28.9 million the previous year.
Revenue more than doubled to $501 million.
Production capacity reached 50 exahashes per second (EH/s).
Adjusted Ebitda surged to $269.7 million, nearly five times last year's figure.
Currently has nearly 3 gigawatts of contracted power.
Market cap is $5.3 million, nearing rival MARA Holdings valued under $6 billion.
Stock increased 13% in pre-market trading, contributing to a year-to-date gain exceeding 120%.
Mining operations generated over $1 billion in annualized revenue; AI cloud unit projected at $250 million by December.
10,900 NVIDIA GPUs deployed with capacity for more than 60,000 GPUs across sites.