IREN Reports Q3 Earnings: Bitcoin Mining Revenue Jumps 24%, Company Targeting 50 EH/s By End Of June, Shares Move Higher

IREN Ltd (NASDAQ:IREN) reported financial results for the third quarter of fiscal 2025 on Wednesday after the bell. Here’s a look at the key details from the report.

Q3 Earnings: IREN reported first-quarter revenue of $148.1 million, missing analyst estimates of $159.37 million, according to Benzinga Pro. The company said $141.2 million in revenue came from its Bitcoin (CRYPTO: BTC) mining operations, up 24% year-over-year.

IREN said it mined 1,514 Bitcoin during the quarter, up from 1,347 Bitcoin mined in the second quarter. Total electricity costs increased from $28.9 million to $36.5 million quarter-over-quarter. The company reported an average operating hashrate of 29.4 EH/s in the quarter.

IREN ended the quarter with $184.3 million in cash and cash equivalents.

“We’re pleased to report another quarter of strong EBITDA and net profit. Our focus on large-scale data center sites continues to drive rapid growth and strong margins,” said Daniel Roberts, co-founder and co-CEO of IREN.

Outlook: IREN expects its installed capacity to reach 50 EH/s by June 30. The company noted that it climbed to 40 EH/s as of April 16.

IREN said it continues to evaluate expansion opportunities as its customer growth strengthens, supporting its AI colocation pipeline. IREN expects to deliver its 50MW liquid-cooled AI data center in the fourth quarter.

IREN Price Action: IREN Limited shares were up 3.76% in Wednesday’s after-hours session, trading at $8.27 at the time of publication, according to Benzinga Pro.

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