IREN (IREN) reported record first-quarter profit as it expanded further into AI cloud computing and bitcoin revenue. mining boomed.
Net profit for the period ended Sept. 30 was $384.6 million, reversing a loss of $51.7 million a year earlier, the company said on its website. Total revenue increased 355% to $240.3 million, with Bitcoin mining accounting for $232.9 million, 50 times the previous year’s figure.
The Sydney, Australia-based company is part of a broader trend of Bitcoin miners reusing their energy assets and data centers to serve the growing AI computing market. Earlier this week, Mara Holdings (MARA), which is following a similar path, reported quarterly profit versus loss and revenue up 92% year-over-year.
Companies, which have experience running large-scale data centers and trading cheap energy supplies, are pivoting their ASIC-based mining facilities to GPU-powered AI cloud services.
For IREN, the most notable development going forward is the five-year, $9.7 billion AI cloud deal with Microsoft announced on Monday. The agreement includes phased deployments at its Childress site through 2026 and a 20% prepayment, with an expected contribution of $1.9 billion in annualized revenue (ARR). Combined with new multi-year contracts with Together AI, Fluidstack and Fireworks AI, the company is targeting $3.4 billion in AI Cloud ARR by the end of next year, supported by planned expansion to 140,000 GPUs.
Infrastructure development continues at a sustained pace. The company plans to transition its BC facilities (160 MW) from ASICs to GPUs in late 2026, while accelerating construction of liquid-cooled Horizon data centers (200 MW) in Childress (750 MW). At the Sweetwater Hub (2GW), key substations are expected to be energized over the next two years.
“IREN continues to execute with discipline, delivering record results and significant progress in our AI Cloud expansion,” co-founder and co-CEO Daniel Roberts said in a statement.
IREN shares slipped more than 12% on Thursday. They are up 2% in pre-market trading on Friday.
