Live Updates
How IREN Stacks Up
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Scale Advantage: IREN is now neck-and-neck with CleanSpark on EH/s (~50), but unlike CLSK, it’s already pivoting capex into AI Cloud with 10.9k GPUs due by year-end. That positions it closer to TeraWulf’s HPC strategy — but at 5–10x the scale.
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Profitability Swing: IREN’s $177M net income in Q4 dwarfs peers, comparable only to CleanSpark’s massive $257M net profit. Hut 8 also reported a positive swing ($138M), but from a smaller revenue base.
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AI Differentiation: CIFR and HUT mention HPC/AI, but IREN + WULF are the names where AI is becoming a material revenue stream. IREN’s $7M AI Cloud Q4 revenue is still small, but the guidance of $200–250M run rate by Dec ‘25 puts it years ahead of most.
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Balance Sheet: With $565M cash, IREN has a stronger liquidity position vs. most miners, reducing dilution risk (though ATM issuance is still in play).
Stock Sentiment
Sentiment bullets:
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Bullish: Mining scale + profitability; AI Cloud accelerating; cash-funded capex.
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Neutral: GPU ramp execution + hyperscaler contracts still pending.
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Bearish: Heavy capex requirements; dilution risk if equity tapped again.
What Changed This Quarter
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Record quarterly revenue ($187M) with AI Cloud now contributing meaningfully.
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Swing to profitability: $177M Q4 net income vs. losses last year.
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GPU expansion accelerated with financing secured; AI now a genuine second growth pillar.
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Balance sheet fortified: $565M cash + $1.8B equity base.
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Sweetwater and Childress projects advancing; >2.7GW grid connections secured.
Moving back to 6% After-Hours
Not much after-hours movement in the industry, IRENs 6% AH pop on top of a 3% jump in normal trading hours is a testament to the thesis of the stock. The conference call should kick off around 5 pm and will give more color on the quarter.
Bitcoin Mining + AI Cloud Peer Comparison (Most Recent Quarters)
| Company | Quarter Rev. | YoY Growth | Net Income | Hashrate / Capacity | AI / HPC Exposure |
|---|---|---|---|---|---|
| IREN (IREN) | $187M (Q4 FY25) | +226% | $177M | 50 EH/s | 1.9k GPUs → 10.9k GPUs by Dec ‘25; path to 60k Blackwells |
| Cipher Mining (CIFR) | $44M (Q2 ‘25) | +16% QoQ | $30M | ~16.8 EH/s (target 23.5 EH/s) | Early HPC investments; no major AI deals disclosed |
| CleanSpark (CLSK) | $199M (Q3 ‘25) | +91% YoY | $257M | Targeting 50 EH/s mid-2025 | Minimal AI commentary; still pureplay BTC levered |
| Hut 8 (HUT) | ~$44M (Q2 ‘25) | Modest ↑ | $138M | ~24 EH/s | Early AI colocation partnerships; smaller scale |
| TeraWulf (WULF) | $48M (Q2 ‘25) | Swing to profit | Adj. EBITDA $14M | ~12.8 EH/s | AI hosting with Fluidstack, Google-backed anchor tenant |
Key Operating Highlights
| KPI | YoY | Why it matters | |
|---|---|---|---|
| Revenue (FY25) | $501M | +168% | Driven by mining expansion + AI Cloud ramp |
| Revenue (Q4) | $187M | +226% | Record quarterly sales |
| Net Income (FY25) | $87M | vs. $(29M) | First profitable year |
| Bitcoin Mining Capacity | 50 EH/s | +400% | Scale achieved; >$1B annualized revenue potential |
| AI Cloud Capacity | 1.9k GPUs → 10.9k | +132% | Supported by $200M financing |
| Adj. EBITDA (FY25) | $270M | +395% | Margin 54% vs. 29% prior |
| Cash Balance | $565M | +40% YoY | Funds expansion without immediate dilution |
Milestone Refresh
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GPU expansion: Scaling from 1.9k → 10.9k GPUs by Dec 2025, targeting $200–250M annualized AI Cloud revenue.
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Sweetwater Hub (2GW): First 1.4GW energization slated for Apr 2026.
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Path to 60k+ Blackwell GPUs across BC sites.
$1.25B combined annualized revenue potential ($1B mining + $200–250M AI) by Dec 2025.
IREN up 4.2%
| Metric | Actual | Consensus | Beat/Miss |
|---|---|---|---|
| Revenue | $187.3M | ~$187M | Inline |
| Net Income | $176.9M | Est. ~$41M | Big Beat |
| Adj. EBITDA | $122M |
IREN posted its strongest quarter ever with record revenue and a dramatic swing to profitability. The Bitcoin fleet delivered $180M in revenue while AI Cloud doubled QoQ to $7M. Best-in-class efficiency (15 J/TH) and ultra-low power (3.5c/kWh) fueled margins, driving Q4 net income of $177M and FY25 net income of $87M.
Management Commentary
“With 50 EH/s of installed mining and nearly 11k GPUs coming online, we’re now balancing two hyper-growth businesses: Bitcoin mining and AI cloud.” — FY25 Results Presentation, p.3–5
Why it matters: Signals IREN’s pivot is no longer theoretical—mining funds the balance sheet, while AI Cloud is scaling to a $200–250M run rate by year-end.
Y/o/Y metrics
| Metric | Q4 25 | Q4 24 | YoY |
|---|---|---|---|
| Revenue | $144.82M | $56.80M | 154.98% |
| Gross Profit | $137.36M | $47.44M | 189.55% |
| Operating Income | $35.53M | $-22.72M | 256.38% |
| Net Income | $24.23M | $-27.07M | 189.51% |
| Cash And Equivalents | $184.33M | $404.60M | -54.44% |
| Total Assets | $1.99B | $1.15B | 72.57% |
| Total Liabilities | $564.19M | $55.68M | 913.23% |
| Shareholders Equity | $1.43B | $1.10B | 29.91% |
| Operating Cash Flow | $-48.01M | $4.83M | -1094.66% |
| Capital Expenditures | $443.80M | $296.61M | 49.63% |
| Free Cash Flow | $-491.82M | N/A | 0.00% |
| Cash From Financing | $107.00M | $451.36M | -76.29% |
Numbers Are In and Stock up 10%
IREN Ltd Misses Revenue Estimates with $144.82 Million in Q4 2025.
| EPS |
0.16 Beat
|
Est. EPS |
0.16 |
| Revenue |
$144.82M Miss
|
Est. Revenue |
$190.27M |
Revenue was $144.82 million, below the $190.27 million consensus estimate. EPS was $0.16, in line with the $0.16 consensus estimate.
IREN Ltd reported a significant increase in revenue compared to the year-over-year quarter, with revenue rising from $56.80 million in Q4 2024 to $144.82 million in Q4 2025. Gross profit improved substantially to $137.36 million from $47.44 million a year ago. Operating income turned positive at $35.53 million, a notable recovery from an operating loss of $22.72 million in the previous year.
Net income also saw a turnaround, reaching $24.23 million compared to a net loss of $27.07 million in Q4 2024. The company’s cash and equivalents decreased to $184.33 million from $404.60 million year-over-year, while total assets increased to $1.99 billion. Despite the positive earnings, the company experienced negative free cash flow of $491.82 million, primarily due to high capital expenditures of $443.80 million.
Earnings Up Shortly
Strong trading day for IREN, closing the day out up close to 4.25% as we expect earnings to hit the wire around 4:10 PM EST. The stock is up 182% over the past 6 months and any news on colocation deals could sent the stock soaring.
Keep this tab open as we will update you on earnings live on this page starting in about 10 minutes.
How IREN performed After Recent Earnings
Over the past year, IREN stock has increased on average 12.38% in the first week after earnings. Can it continue that streak over the next 7 days?
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q3 2025 | –26.7% | –2.76% | +14.43% | +18.32% |
| Q2 2025 | –25.5% | +0.54% | –21.91% | –38.05% |
| Q1 2025 | +50.0% | +29.71% | +60.98% | +43.62% |
| FY 2024 | –638.3% | +14.82% | –3.91% | +4.04% |
Bitcoin miners have had a wild ride this year, and IREN Ltd (NASDAQ: IREN) has been no exception. Shares are up more than 120% year-to-date, but earnings reactions have been explosive, with moves as large as 60% in a single week. The volatility reflects IREN’s dual identity: one of the lowest-cost Bitcoin miners, but also a fast-emerging AI data center operator.
Tonight’s report will test whether IREN can balance mining cash flows with heavy AI infrastructure buildout. Here’s what analysts are expecting.
What to Expect
Wall Street consensus for fiscal Q4 2025:
- Revenue: $187.5 million
- EPS (GAAP): $0.22
- FY 2025 Revenue: $510.5 million
- FY 2025 EPS: $0.25
- FY 2026 Revenue: $941.3 million
- FY 2026 EPS: $1.74
That implies +226% YoY revenue growth.
Key Areas to Watch When IREN Reports
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Bitcoin Mining Scale & Economics- Hash rate reached 29.4 EH/s in Q3; target 50 EH/s by June. Gross profit per Bitcoin was ~$52K with realized BTC price at $93K.
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AI Infrastructure Pivot- Mining expansion capped at 50 EH/s as capital is redirected to AI. Horizon 1 (50MW) expected in Q4 2025; Sweetwater (2GW hub) targeted for April 2026.
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AI Cloud Utilization- GPU fleet at near-full utilization; segment revenue up +33% QoQ with ~97% hardware-level margins.
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Balance Sheet & Funding- $160M cash balance; management projects ~$250M funding need for 2025, primarily debt-financed to avoid equity dilution.
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Enterprise Demand Pipeline- Hyperscaler and enterprise demand for Horizon 1 already exceeds initial 50MW capacity, with multi-hundred MW commitments under discussion.
The post Live: Can IREN LTD (IREN) Continue To Its Surge After Earnings Tonight? appeared first on 24/7 Wall St..
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Author: Joel South
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