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Mar 31
Iris Energy Q3 2025 Earnings Report
Iris Energy delivered a strong quarter with record revenue and EBITDA driven by growth in Bitcoin mining and AI services.
Key Takeaways
Iris Energy posted $148.1 million in revenue in Q3 FY25, with substantial contributions from Bitcoin mining and a 33% increase in AI cloud services. The company reported $24.2 million in net income and continued scaling its AI infrastructure while pausing mining expansion at 50 EH/s.
Achieved record revenue of $148.1 million, up from $119.6 million in Q2.
Bitcoin mining revenue rose to $141.2 million, with 1,514 BTC mined.
AI cloud services revenue grew 33% QoQ to $3.6 million.
Paused mining expansion at 50 EH/s to focus on liquid-cooled AI data centers.
Iris Energy
Iris Energy
Iris Energy Revenue by Segment
Revenue by Segment
Bitcoin Mining Revenue
CapyFin.comAI Cloud Services Revenue
CapyFin.com Forward Guidance
IREN is pausing further mining expansion at 50 EH/s to focus on high-demand AI infrastructure projects, with Horizon 1 and Sweetwater positioned as future growth engines.
Positive Outlook
- On track to reach 50 EH/s installed capacity by June 30, 2025.
- Expected $588M illustrative Adjusted EBITDA at 50 EH/s.
- AI run-rate revenue now at $28M annually.
- Strong customer demand for next-gen liquid-cooled GPUs.
- Site design underway for full 750MW transformation at Childress.
Challenges Ahead
- Rising electricity costs due to increased hashrate.
- Ongoing debt financing efforts amid volatile macro conditions.
- GPU financing and scale-up dependent on external funding.
- Potential delays in AI data center commercialization timelines.
- Litigation and equipment financing defaults still pending resolution.