Contradictions Unveiled: IREN Limited's Q3 2025 Earnings Call Highlights Demand, Strategy, and Market Challenges

Demand for 50 megawatt liquid-cooled capacity, Sweetwater development and grid connections, AI cloud business investment strategy, Bitcoin mining vs AI cloud focus, and AI cloud services growth and strategy are the key contradictions discussed in IREN Limited's latest 2025Q3 earnings call.



Revenue and Profitability Growth:
- IREN Limited reported record revenue of $148 million for Q3 2025, up 24% from the previous quarter, and recorded record adjusted EBITDA of $83 million.
- The growth was driven by strong performance in both the Bitcoin mining and AI Cloud segments, with increased customer demand and operational efficiency.

Bitcoin Mining Expansion:
- IREN's operating hashrate averaged 29.4 exahash in Q3, a 30% increase from the previous quarter and 5x year-on-year.
- This expansion was supported by capacity increases at the Childress site and the deployment of new generation hardware, aligning with the company's strategy to reach 50 exahash of installed capacity by June 30.

AI Infrastructure Development:
- IREN's AI Cloud segment achieved 33% quarter-on-quarter revenue growth, with hardware profit margins of 97%.
- The growth was supported by increased customer engagement and the scaling of GPU capacity, powered by flexible data center designs and strong customer interest in liquid-cooled data centers like Horizon 1.

Transition to U.S. GAAP:
- IREN announced a transition to U.S. domestic issuer status effective July 1, aligning U.S. GAAP with its increasing U.S. asset footprint and investor base.
- The transition aims to facilitate cross-border transactions and improve reporting transparency, reflecting the company's growing U.S. presence.