Expansion to 10.9k GPUs & $200-250m AI Cloud Annualized Revenue by Dec 2025
GPU Financing & NVIDIA Preferred Partner Status Secured 🚀
New Liquid-Cooled GB300 NVL72 Deployments
Highlights
Q4 FY25 revenue of $187.3m, net income of $176.9m, Adj. EBITDA of $121.9m2, and EBITDA of $241.4m2
Approaching $1.25bn total annualized revenue with scope for further growth ahead3>$1bn annualized revenue from Bitcoin mining under current mining economics4
$200-250m annualized revenue from AI Cloud at 10.9k NVIDIA GPUs by Dec 20251
Capacity to deploy >60,000 NVIDIA Blackwell GPUs across existing British Columbia data centers, and >19,000 GB300s at Horizon 15
Secured a second round of GPU financing for 100% of hardware purchase price, with further financing workstreams underway
Secured NVIDIA Preferred Partner status
FY25 Financial & Operating Results
Record results:Total revenue increased to record $501.0 million (+168% vs. FY24 $187.2m)
Net income increased to record $86.9m (FY24 net loss of $28.9m)
Adj. EBITDA increased to record $269.7m (+395% vs. FY24 $54.4m)2
EBITDA increased to record $278.2m (+1,344% vs. FY24 $19.3m)2
Operational execution:Contracted grid-connected power increased to 2,910MW (+35%)
Operating data center capacity increased to 810MW (+212%)
Bitcoin mining capacity increased to 50 EH/s (+400%)
AI Cloud capacity increased to 1.9k NVIDIA GPUs (+132%)
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Project Update:
British Columbia (160MW)
Continued transition from ASICs for Bitcoin mining to GPUs for AI Cloud
Construction underway for new liquid-cooled data center at Prince George for NVIDIA GB300 NVL72 systems, with capacity to support >4.5k GB300 GPUs
Back-up generators and UPS systems to be installed for all GPUs
Childress (750MW)
Horizon 1 (50MW IT Load) liquid-cooled AI data center on track for Q4 2025
Horizon 2 (50MW IT Load) liquid-cooled AI data center site works and procurement underway
Sweetwater Hub (2GW)
Sweetwater 1 (1,400MW) construction progressing to April 2026 energization target
Sweetwater 2 (600MW) energization targeting late 2027
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Management Commentary
“FY25 was a breakout year financially and operationally, with record results that included strong net income and more than 10x EBITDA growth,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
“We expanded our contracted, grid-connected power to nearly 3GW, more than tripled operating data center capacity to 810MW, and completed our 50 EH/s expansion – all while laying the foundation for rapid growth in our AI Cloud business to more than 10,000 NVIDIA GPUs.
Looking ahead, our vertical integration uniquely positions us to deliver across the entire AI infrastructure stack - from powered shells to turnkey colocation to fully managed cloud services - and we are advancing a range of additional commercial opportunities while executing on near-term growth.”
