IREN (
IREN) just reported Q2 FY2025 earnings, showing huge revenue and profit growth:
Revenue doubled QoQ to $119.6M (vs. $54.4M in Q1).
Adjusted EBITDA jumped to $62.6M (vs. $2.6M in Q1).
Net profit of $18.9M, recovering from a $51.7M loss in Q1.
Bitcoin mining remains IREN’s core revenue driver, with 1,347 BTC mined (+65% QoQ) and mining revenue up 129% to $113.5M. Meanwhile, AI cloud revenue dipped slightly to $2.7M.
Financially, IREN is in a strong position with $427.3M in cash, lower electricity costs per BTC ($21,418 vs. $35,359 in Q1), and total assets growing to $1.85B. The company also raised $440M via convertible notes at 3.25% interest to fund expansion.
The AI & Compute Opportunity
Beyond Bitcoin, IREN is aggressively expanding into AI and high-performance computing (HPC) with its Texas hyperscale data centers:
Childress (750MW): New 75MW liquid-cooled AI/HPC data center in development.
Sweetwater (1.4GW): Expanding to 2GW total with the Sweetwater 2 project (600MW).
Mining capacity increased 50% to 31 EH/s and is on track for 52 EH/s by 2025.
Massive Valuation Gap
Despite strong growth, IREN trades at a low multiple (~4.6x 2024 EBITDA), which could drop to ~2.5-4x as Texas sites go live in 2025/26.
Sweetwater alone is projected to generate 22B+ in annual free cash flow—more than IREN’s entire current market cap ($2.3B).
Applying standard data center multiples, IREN’s enterprise value could reach $20-40B—10-20x its current price, excluding the several billion in value from its Bitcoin business.
Bottom Line
IREN is rapidly transitioning from a Bitcoin miner to a major AI and HPC data center operator. With AI compute in high demand and limited supply, IREN’s undervalued stock could have massive upside. 🚀
IREN) just reported Q2 FY2025 earnings, showing huge revenue and profit growth:Revenue doubled QoQ to $119.6M (vs. $54.4M in Q1).
Adjusted EBITDA jumped to $62.6M (vs. $2.6M in Q1).
Net profit of $18.9M, recovering from a $51.7M loss in Q1.
Bitcoin mining remains IREN’s core revenue driver, with 1,347 BTC mined (+65% QoQ) and mining revenue up 129% to $113.5M. Meanwhile, AI cloud revenue dipped slightly to $2.7M.
Financially, IREN is in a strong position with $427.3M in cash, lower electricity costs per BTC ($21,418 vs. $35,359 in Q1), and total assets growing to $1.85B. The company also raised $440M via convertible notes at 3.25% interest to fund expansion.
The AI & Compute Opportunity
Beyond Bitcoin, IREN is aggressively expanding into AI and high-performance computing (HPC) with its Texas hyperscale data centers:
Childress (750MW): New 75MW liquid-cooled AI/HPC data center in development.
Sweetwater (1.4GW): Expanding to 2GW total with the Sweetwater 2 project (600MW).
Mining capacity increased 50% to 31 EH/s and is on track for 52 EH/s by 2025.
Massive Valuation Gap
Despite strong growth, IREN trades at a low multiple (~4.6x 2024 EBITDA), which could drop to ~2.5-4x as Texas sites go live in 2025/26.
Sweetwater alone is projected to generate 22B+ in annual free cash flow—more than IREN’s entire current market cap ($2.3B).
Applying standard data center multiples, IREN’s enterprise value could reach $20-40B—10-20x its current price, excluding the several billion in value from its Bitcoin business.
Bottom Line
IREN is rapidly transitioning from a Bitcoin miner to a major AI and HPC data center operator. With AI compute in high demand and limited supply, IREN’s undervalued stock could have massive upside. 🚀
Trade active
IREN Institutional ownership has increased from ~26% to ~43.7% with more Q4 filing updates. Now standing up to ~ 95.7mil shares held by institutions, a new record high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.