IREN (IREN) reported record first-quarter earnings as it further expanded into AI cloud computing and bitcoin revenue mining increased.
Net income in the period ended Sept. 30 rose to $384.6 million, reversing a year-earlier loss of $51.7 million, the company said on its website. Total revenue rose 355% to $240.3 million, with bitcoin mining accounting for $232.9 million, 50 times the previous year.
The Sydney, Australia-based company is one of a broader trend of bitcoin miners repurposing their energy and data center assets to serve the booming AI computing market. Earlier this week, Mara Holdings (MARA), which follows a similar path, reported a quarterly profit vs. loss and revenue that increased 92% year over year.
The companies, which have experience running large data centers and negotiating supplies of cheap power, are pivoting their ASIC-based mining facilities to GPU-powered AI cloud services.
For IREN, the standout development going forward is the five-year, $9.7 billion AI cloud contract with Microsoft announced Monday. The deal includes phased deployments at the Childress site through 2026 and a 20% upfront payment with an expected contribution of $1.9 billion on an annualized basis (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 the planned expansion to 140,000 GPUs.
Infrastructure development continues apace. The company plans to transition its British Columbia facilities (160MW) from ASICs to GPUs in late 2026, while accelerating construction of liquid-cooled Horizon data centers (200MW) at Childress (750MW). At the Sweetwater Hub (2GW), key substations are scheduled for power supply over the next two years.
“IREN continues to execute with discipline, delivering record results and meaningful progress in our AI Cloud expansion,” co-founder and co-CEO Daniel Roberts said in a statement.
IREN shares fell more than 12% on Thursday. They are up 2% in Friday’s premarket trading.
