Bitcoin miner IREN (Iren) Sent its first full -year result when the company, founded in 2018, expanded to AI Cloud Computing and increased production capacity with more efficient rigs. The stock climbed in trade before the market.
The net income of the year ended on June 30 rose to $ 86.9 million from a loss of $ 28.9 million the year before, Iren said on its website on Thursday. Revenue more than doubled to a record $ 501 million as the Sydney-based company increased production capacity to 50 exahashes per second (Eh/s). Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to $ 269.7 million, nearly five times last year level,
With almost 3 gigawatts of contracted power and expansion in both Bitcoin Mining and AI-Infrastructure, Iren has placed itself as one of the sector’s fastest growing participants. Market Capital, currently $ 5.3 million, is on the verge of overtaking its biggest rival, Mara Holdings (Mara)which is appreciated for less than $ 6 billion, Fatheride’s Investors show data.
The NASDAQ-traded share rose 13% before the market opening, adding the existing gain of the year of more than 120%.
Mining generated more than $ 1 billion in annual revenue, while the AI cloud unit is on its way to as much as $ 250 million in annual revenue by December, the company said. It has already deployed 10,900 NVIDIA GPUs and capacity for more than 60,000 GPUs across existing places.
