IREN reports Q2 net profit after tax $18.9M vs. net loss ($51.7M) last quarter

Reports 129% increase in Bitcoin mining revenue of $113.5M vs. $49.6M in Q1 FY25, driven by growth in operating hashrate and higher Bitcoin prices during the quarter. Reports 1,347 Bitcoin mined vs. 813 Bitcoin in Q1 FY25, driven by growth in operating hashrate during the quarter. “We are pleased to report our Q2 FY25 results with record revenue and operating cashflow,” said Daniel Roberts, Co-Founder and Co-CEO of IREN (IREN). “The strategic investments we have made in scale and efficiency are starting to flow through to our earnings and we expect this momentum to continue. We are also excited to announce transformative growth initiatives across the business. Firstly, Horizon 1, which is a new 75MW direct-to-chip liquid cooling deployment at Childress for AI / HPC. Secondly, developing a new 600MW Sweetwater 2 site located ~28 miles from our existing Sweetwater 1 project, expected to create a 2GW data center hub.”