IREN mining company's annual revenue may exceed $1 billion

According to news from Hash World, the mining company IREN released its annual financial results for the year ending June 30, 2025, with its stock price rising over 12% in after-hours trading. The company reported quarterly revenue of $187.3 million, a net profit of $176.9 million, and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $241.4 million, which includes an annualized Bitcoin mining revenue of $1 billion based on current mining economics. According to the announcement, IREN has replaced ASIC mining machines for Bitcoin mining with GPU mining machines for AI cloud at several of its mining centers, including in British Columbia. The company has also invested in a liquid-cooled AI data center named Horizon, which is planned to be operational in the fourth quarter of 2025, as well as a facility expected to go live by the end of 2027 called Sweetwater. Earlier this month, IREN's Bitcoin production and mining machine utilization surpassed its competitor MARA, making it the leading mining company by hash rate.