IREN Limited Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Covered: Quarter ended March 31, 2025 (Q3 FY2025).
  • Financial Highlights:
    • Revenue: $148 million, up 24% from $120 million in Q2 FY2025.
    • Adjusted EBITDA: $83.3 million, up from $62 million in Q2 (+34%).
    • Net Profit After Tax: $24.2 million, up 28% from $18.9 million in Q2.
  • Bitcoin Mining Operations:
    • Average hashrate: 29.4 EH/s, up 30% from 22.6 EH/s in Q2.
    • Year-on-year hashrate up 326%, network difficulty up only 40%—IREN gaining market share.
    • Power cost remains exceptionally low at $0.033–0.036 per kWh.
    • Gross margin per bitcoin: ~$52,000 (Cost: $41,000 vs. Sale Price: $93,000).
    • Fleet-wide efficiency: 15 joules per terahash, among best in the industry.
    • All mining hardware for 50 EH deployment is procured; 40 EH/s already installed as of April 16.
    • 50 EH/s milestone expected to be reached by June 30, 2025.
    • Adjusted EBITDA at 50 EH/s estimated at $588 million at $95K BTC, with a 62% margin.
    • Future mining expansion paused post-50 EH/s to focus on higher-return AI infrastructure.

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Operator: Good day, and thank you for standing by. Welcome to the IREN Q3 FY2025 Results Conference Call. At this time, all participants are in a listen-only-mode. Please be advised that today's conference is being recorded. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I'd now like to hand the conference over to your speaker today, Mike Power, Director, Investor Relations. Mike Power: Thank you, Josh. Good afternoon and welcome to IREN's third quarter FY2025 results presentation. My name is Mike Power, Director of Investor Relations and with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Belinda Nucifora, CFO; and Kent Draper, Chief Commercial Officer. Before we begin, please note this call is being webcast live within accompanying presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our presentation. I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements. And IREN cautions listeners, that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the Company. Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on Slide 2 of the accompanying presentation for more information. Thank you, and I will

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