IREN FY25 results show 89% revenue growth, rising cash flows, and dual-path infrastructure scale-up

IREN Limited (NASDAQ: IREN) reported strong results for the fiscal year ended June 30, 2025, delivering an 89% revenue increase and a return to positive operating cash flow, as the Bitcoin miner and digital infrastructure firm ramped up both its mining and AI data center ambitions. The earnings statement, released on August 28, underscores IREN’s improving financial position, with zero corporate debt, increased liquidity, and a growing runway to reach 1 gigawatt of capacity by 2028.

The company’s transformation from a pure-play crypto miner to a hybrid compute infrastructure platform is beginning to reflect in its financials, operational metrics, and forward guidance—giving investors and analysts clearer signals on capital discipline and expansion strategy.

How did IREN Limited perform financially in FY25 and what does the topline growth signal?

For the 12-month period ending June 30, 2025, IREN generated $142.1 million in total revenue, marking an 89% year-over-year jump from $75.2 million in FY24. The increase was largely attributed to improved Bitcoin market conditions, higher self-mining productivity, and expanded operational capacity.

Adjusted EBITDA rose to $54.8 million, compared to a loss in the previous year, demonstrating improving operational leverage as fixed infrastructure costs were spread over higher output. The company also reported $59.5 million in net cash flow from operations, marking a clear inflection point from FY24’s negative operating cash flow.

From a balance sheet perspective, IREN exited the year with $75 million in cash and cash equivalents, while maintaining no outstanding corporate debt, positioning itself with ample flexibility to fund infrastructure growth without immediate dilution or refinancing pressure.

How much capacity is currently operational, and what infrastructure growth is expected by 2028?

IREN’s contracted capacity stood at 260 megawatts by the end of FY25, up from 213 MW at the end of FY24. The firm confirmed that it has secured infrastructure to support scaling to 500 MW, split between Bitcoin mining and AI customer workloads.

According to the FY25 release, IREN is targeting 1 gigawatt of data center capacity by 2028, with up to 200 megawatts earmarked for AI and high-performance computing (HPC) applications. The remaining 800 megawatts are expected to support either Bitcoin mining or a hybrid compute model, based on future demand.

This roadmap indicates a doubling of infrastructure over the next 24–36 months, with a notable pivot toward GPU workloads and AI monetization layered on top of core mining activities.

Which sites are driving IREN’s operations and what role does Childress, Texas play?

During FY25, IREN’s operational capacity was primarily supported by four strategic sites. The Childress facility in Texas emerged as a core expansion hub, playing a dual role in supporting both Bitcoin mining and AI GPU hosting. The company confirmed that its first AI customer became operational at Childress, marking a pivotal step in IREN’s diversification strategy beyond cryptocurrency. In Prince George, Canada, the site continued to serve as a key location for self-mining activity, benefiting from stable power arrangements. Meanwhile, Canal Flats in Canada and Helena in Montana contributed modular deployment zones with power-efficient infrastructure, enabling flexible scaling across compute workloads.

IREN’s modular data center model, which uses containerized infrastructure for rapid deployment and efficient cooling, allows it to activate new capacity with lower upfront CapEx compared to traditional data centers. This approach is becoming increasingly valuable in an environment where AI compute, sovereign infrastructure, and low-latency hosting demand are growing in tandem.

What operational highlights and equipment upgrades were disclosed in FY25?

During FY25, IREN mined 3,508 Bitcoin, representing an increase from 2,871 in FY24. This output was enabled by an average operational hash rate of 5.5 EH/s, with performance boosted by infrastructure upgrades and improved equipment utilization.

The firm deployed newer-generation Bitmain S21 units and confirmed that NVIDIA H100s were secured for AI compute readiness at the Childress site—supporting GPU-based workloads in addition to ASIC-based Bitcoin mining. This blend of compute specialization allows IREN to attract both decentralized crypto customers and enterprise-grade AI clients, a rare hybrid positioning in today’s infrastructure landscape.

How did IREN’s cost structure evolve and what are the implications for margin improvement?

The company reported a gross profit of $47.3 million, with improved unit economics driven by lower average power costs, enhanced uptime, and fleet optimization. Operating expenses were $34.3 million, up modestly year-over-year but well below revenue growth—highlighting effective overhead containment.

With infrastructure largely owned and amortized, incremental capacity additions are expected to carry lower marginal costs. Management stated that they expect unit-level cash profitability to improve further as Bitcoin prices stabilize and new AI clients come online.

Importantly, the company’s non-GAAP cost to mine each Bitcoin came in below $19,000—a favorable position compared to several competitors that remain vulnerable to energy price volatility or financing constraints.

What capital allocation strategy is IREN pursuing to balance mining and AI expansion?

In FY25, IREN adopted a cautious but scalable capital deployment model. Capital expenditures totaled $35 million, with most of it directed toward infrastructure upgrades at the Childress and Prince George sites.

Management stated that no equity raises or debt issuance were undertaken during the year, preserving shareholder value while still advancing capacity. Going forward, the company signaled that it will fund further AI infrastructure growth through a combination of customer prepayments, cash flows, and potentially GPU-backed leases, minimizing balance sheet strain.

This disciplined approach—combined with site readiness and GPU acquisitions—positions IREN ahead of many capital-intensive peers who remain dependent on equity dilution or high-yield debt to expand.

What outlook did management provide and how does it tie into broader sectoral trends?

In the press release, IREN management reaffirmed its commitment to a dual-path strategy: scaling Bitcoin self-mining operations while building a long-term AI compute infrastructure platform.

With demand for sovereign GPU capacity, AI model training, and edge inferencing nodes rising globally, the company believes its 1 GW target by 2028 is not only achievable but well-positioned to attract diversified revenue streams.

The outlook reflects broader digital infrastructure trends: low-cost power, modular design, and site-level autonomy are now seen as key enablers of the next phase of AI deployment—especially outside hyperscaler-owned facilities.

IREN’s strategy is to build a scalable, dual-tenant footprint that can pivot between mining and compute workloads based on market conditions, maximizing asset utilization and revenue per megawatt.

Is IREN now a fundamentally different company than a year ago?

For most of FY24, IREN was seen largely as a capital-constrained Bitcoin miner with limited strategic optionality. FY25 results suggest a company that has undergone a quiet but significant transformation—operationally, financially, and strategically.

Analysts tracking crypto-adjacent infrastructure firms note that IREN’s shift toward AI-ready, power-rich sites, coupled with disciplined cash flow management, puts it among the more viable long-term players in the space. The company’s lack of corporate debt and ownership of site infrastructure are seen as key de-risking factors.

With miners like Core Scientific and Marathon still restructuring, and newcomers in the AI hosting space scrambling for GPUs and land, IREN’s hybrid architecture and balance sheet discipline give it room to grow without sacrificing investor value.