IREN Limited Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Financial Performance: IREN delivered record revenue and profitability in FY 2025 (ended June 30, 2025).
    • Q4 FY25 revenue: $187 million, up $42 million from Q3 FY25.
    • Full-year EBITDA grew 10x YoY to $650 million (adjusted).
    • Net income for Q4 was $177 million.
    • Bitcoin mining contributed $180 million in Q4 revenue, with a realized BTC price of $99,000 and all-in cost at $36,000.
    • AI cloud revenue reached $7 million in Q4, with expectations of $200–$250 million annualized by Dec 2025.
  • Operational Expansion:
    • Contracted grid power increased over 33% to nearly 3 GW.
    • Data center capacity tripled to 810 MW.
    • Bitcoin mining platform scaled to 50 exahash; expansion paused but generating $1+ billion annualized revenue.
    • AI infrastructure expanded rapidly, with 10,000+ GPUs either online or being commissioned.
  • AI Cloud Business Growth:
    • NVIDIA preferred partner status secured.
    • Liquid-cooled GB300 NVL72 GPUs being rolled out at Prince George data center in British Columbia (BC).
    • Capacity at Prince George to increase to 20,000+ GPUs.

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Operator: Good day, and thank you for standing by. Welcome to the IREN FY 2025 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mike Power, VP, Investor Relations. Mike Power: Thank you, operator. Good afternoon, and welcome to IREN's FY 2025 Results Presentation. My name is Mike Power, VP of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Belinda Nucifora, CFO; Anthony Lewis, Chief Capital Officer; and Kent Draper, Chief Commercial Officer. Before we begin, please note that this call is being webcast live with a presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our presentation. Before we begin, I would 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 now turn the call over to Dan Roberts. Daniel Roberts: Thanks, Mike. Good afte

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