IREN Limited’s FY2025 Earnings Performance and Strategic Momentum: A Deep Dive into Record Revenue and Future Catalysts

IREN Limited’s FY2025 earnings report has ignited significant investor interest, showcasing a dramatic turnaround in financial performance and strategic momentum. For the fiscal year ended June 30, 2025, the company generated $501.0 million in revenue, a 168% increase from FY2024’s $187.2 million [1]. This outpaces the pre-earnings consensus estimate of $506.48 million, indicating robust demand for its services. More strikingly, IREN’s net income surged to $86.9 million in FY2025, reversing a $28.9 million net loss in FY2024 [1]. The fourth quarter alone delivered $176.9 million in net income, far exceeding the Zacks Consensus Estimate of 17 cents per share for Q4 2025 [4].

This performance underscores IREN’s ability to scale operations profitably. The company’s Bitcoin mining capacity expanded to 50 EH/s, a 400% year-over-year increase, while its AI Cloud infrastructure grew to 1.9k NVIDIA GPUs, with plans to scale to 10.9k GPUs by December 2025 [1]. The AI Cloud segment alone is projected to generate $200–250 million in annualized revenue by year-end, driven by high demand for AI computing power. IREN’s strategic partnerships, including securing $96 million in financing for NVIDIA GB300 GPUs and achieving Preferred Partner status with the chipmaker, further solidify its competitive edge [1].

Looking ahead, IREN’s capital expenditures and infrastructure projects position it for sustained growth. The Horizon 1 data center is slated for Q4 2025, while the Sweetwater 1 facility is expected to be energized by April 2026 [1]. These developments align with the company’s record 2,910MW of contracted grid-connected power and 810MW of operating data center capacity, ensuring scalability for future demand [1]. Analysts have taken note: 12 analysts maintain a “Buy” consensus rating, with an average price target of $17.78, while others project a broader range of $14.00 to $33.00 [2][3]. The “Moderate Buy” rating from Wall Street analysts reflects confidence in IREN’s operational execution and long-term potential [2].

Despite a slight revenue miss in Q4 2025 (actual $187.3 million vs. Zacks’ $193.8 million estimate [4]), the company’s profitability and strategic investments suggest a compelling risk-reward profile. With AI Cloud revenue set to become a core driver and Bitcoin mining operations scaling rapidly, IREN’s FY2025 results signal a transformation from a speculative play to a diversified growth story. Investors should monitor the company’s ability to meet its GPU expansion targets and the timing of new data center deployments, which could further accelerate revenue streams.

Source:
[1] IREN Reports Full Year FY25 Results, [https://www.globenewswire.com/news-release/2025/08/28/3141101/0/en/IREN-Reports-Full-Year-FY25-Results.html]
[2] IREN (IREN) Stock Forecast and Price Target 2025, [https://www.marketbeat.com/stocks/NASDAQ/IREN/forecast/]
[3] IREN Stock Forecast: Analyst Ratings, Predictions & Price ..., [https://public.com/stocks/iren/forecast-price-target]
[4] Buy, Sell or Hold IREN Stock? Key Tips Ahead of Q4 ..., [https://www.nasdaq.com/articles/buy-sell-or-hold-iren-stock-key-tips-ahead-q4-earnings]