IREN (IREN.US)Q1 revenue increased significantly by 355% year-on-year, exceeding expectations, with net profit turning from loss to profit to $384.6 million.

IREN Ltd (IREN.US) announced its financial performance for the three months ending September 30, 2025, after the market closed on November 6 (Thursday). The financial report shows that total revenue for the quarter reached $240.3 million, a significant increase of 355% from $52.8 million in the first quarter of the 2025 fiscal year, exceeding analyst expectations of approximately $2.355 billion by 2.04%; net profit turned around from a loss to a profit of $384.6 million, compared to a net loss of $51.7 million in the same period last year; adjusted EBITDA increased to $91.7 million, a huge increase of 3568% (compared to $2.5 million in the same period last year), and EBITDA reached a record $662.7 million (compared to -$18.8 million in the same period last year). In terms of business structure, the core revenue sources showed significant differentiation: Bitcoin mining business contributed $232.9 million in revenue, while AI cloud services achieved $7.3 million in revenue. During the period, the company mined a total of 2039 Bitcoins, an increase of 150% from the 813 Bitcoins mined in the same period last year, mainly benefiting from the increase in average operating hash rate to 45.3 EH/s. Additionally, operating expenses for IREN in this quarter increased to $236 million, mainly due to the rise in depreciation, stock compensation, and impairment expenses. The company also realized $665 million in unrealized gains from financial instruments related to convertible notes transactions during the quarter. In terms of financing and capital structure optimization, as of October 31, 2025, the company had $1.8 billion in cash and cash equivalents, maintaining strong liquidity. On October 14, 2025, the company successfully issued $1 billion in zero-coupon convertible bonds, and after an additional $200 million in GPU financing, the total financing amount reached $400 million. Looking ahead, IREN continues to expand its AI cloud services business. Recently, the company signed a $9.7 billion GPU service contract with Microsoft Corporation for its Childe Ridge facility in Texas, marking a strategic shift towards AI cloud services. Currently, IREN has signed multiple AI cloud service contracts totaling around 5000 GPUs and maintains strong liquidity of $1.03 billion in cash and cash equivalents. For 2026, the company aims to achieve $3.4 billion in annualized recurring revenue (ARR) from AI cloud services by the end of the year, expand its GPU scale to 140,000, and strive for AI cloud ARR to exceed $500 million by the end of the first quarter of 2026, forming sustainable growth momentum.