IREN Ltd Stock Price, News & Analysis

IREN (NASDAQ: IREN) has released its February 2025 monthly update, highlighting strong operational performance. The company maintains a 70% mining hardware profit margin and is expanding to 50 EH/s over the next four months, expected to generate approximately $600M in annualized operating cashflows at current market conditions.

The company's AI Cloud Service is approaching full utilization, driven by demand for NVIDIA H100/H200s and next-generation Blackwells. The Horizon 1 data center development is progressing with strong customer interest exceeding its initial 75MW capacity.

Key infrastructure developments include:

• Commencement of site-works at 1.4GW Sweetwater 1 project, targeting April 2026 energization
• Finalizing 600MW Sweetwater 2 connection agreement
• AI Cloud Services revenue increased by 39% with new contract wins in February

IREN reported strong Q2 FY25 results with record revenue and operating cashflow. Key highlights include:

- Bitcoin mining revenue increased 129% to $113.5 million
- 1,347 Bitcoin mined (up from 813 in Q1)
- Net profit of $18.9 million (vs $51.7M loss in Q1)
- Operating cash inflow of $53.7 million
- Cash position of $427.3 million

The company announced two major growth initiatives:
1. Horizon 1: A new 75MW liquid-cooled data center at Childress for AI/HPC, targeting completion in H2 2025
2. Sweetwater 2: Development of a new 600MW site to create a 2GW data center hub

IREN plans to expand Bitcoin mining from 31 EH/s to 52 EH/s, with fleet efficiency at 15 J/TH and power costs at 3c/kWh at Childress. The company will transition to US domestic issuer status in H2 2025.

IREN has released its January 2025 monthly update, highlighting strong performance in Bitcoin mining operations. The company achieved an average operating hashrate of 29.0 EH/s, mining 1,521 BTC with revenue per Bitcoin of $99,789. Total revenue reached $52.0m with electricity costs of $12.9m, maintaining a robust hardware profit margin of 75%.

The company's AI Cloud Services generated revenue of $0.8m with a 96% hardware profit margin. IREN is progressing with significant infrastructure projects, including the 750MW Childress Project expansion and the 1.4GW Sweetwater Project, where construction of the substation is set to commence in early 2025. The company is on track to achieve 50 EH/s in 5 months and is implementing direct-to-chip liquid cooling for AI/HPC operations.

IREN (NASDAQ: IREN) has announced it will release its Q2 FY25 financial results on Wednesday, February 12, 2025. The company will host a conference call at 5:00 p.m. New York time (9:00 a.m. Sydney time, Thursday, February 13, 2025).

The event will include a Q&A session following the financial results presentation. Participants can join via phone dial-in or live webcast, with options to submit questions either during pre-registration or during the live session. The webcast will be recorded and available for replay on IREN's investor relations website.

IREN announced significant business updates, including a $1bn at-the-market facility to support expansion plans. The company aims to increase capacity to 57 EH/s by H2 2025, with 50 EH/s targeted for H1 2025. At a $100k Bitcoin price, this expansion could support run-rate Illustrative Adjusted EBITDA of $716m at 50 EH/s and $826m at 57 EH/s.

The company is implementing direct-to-chip liquid cooling systems in existing data centers to accommodate liquid-cooled NVIDIA Blackwell GPUs and meet growing demand for liquid-cooled data center capacity. IREN is also advancing its 1,400MW Sweetwater project, scheduled for energization in April 2026, with ongoing substation procurement and construction activities.

Additionally, IREN is developing a multi-gigawatt data center pipeline, focusing on securing land and negotiating new grid-interconnection agreements. The company maintains low power costs of 2.8c/kWh at Childress and a leading fleet efficiency of <15 J/TH.

IREN has released its December 2024 monthly update, highlighting significant achievements in Bitcoin mining and AI/HPC operations. The company mined 529 Bitcoin in December, contributing to a total of 3,984 Bitcoin mined in 2024. December's operations generated record revenue of $52.1m and hardware profit of $40m with a 77% profit margin.

The company achieved its year-end target of 31 EH/s mining capacity, representing a 450% increase from 5.6 EH/s. Operating hashrate averaged 28.1 EH/s in December. Data center capacity reached 510MW at month-end, with plans to expand to 810MW by H1 2025.

In AI/HPC operations, IREN has deployed 1,896 NVIDIA H100 & H200 GPUs and is advancing negotiations for additional AI opportunities. The company's Childress facility expanded to 350MW operating capacity, with construction progressing on Phases 4-5 (+300MW) to support expansion to 50 EH/s in H1 2025.

IREN has achieved its year-end target of 31 EH/s installed self-mining capacity, surpassing its original goal of 20 EH/s. The company expanded its Childress operating data centers from 20MW to 350MW, representing a 17-fold increase. Operating with 510MW of data centers at 15 J/TH efficiency, IREN is progressing toward 50 EH/s in H1 2025.

The Childress facility now supports 350MW of operating capacity with an additional 400MW available for expansion in 2025. Construction is ongoing for Phases 4 & 5 (2 x 150MW), with electrical equipment secured and S21 Pro Miners pre-purchased at $18.9/TH. The company maintains a construction pace of ~50MW of data centers monthly.

IREN has successfully closed a $440 million convertible senior notes offering due 2030, which was oversubscribed and upsized from the initial $300 million. The notes carry a 3.25% coupon with a 30% conversion premium. The company received net proceeds of approximately $425.4 million after deducting costs.

The funds will be allocated as follows: $44.4 million for capped call transactions, $73.7 million for prepaid forward transactions, and the remainder for general corporate purposes. The capped call transactions, with an initial cap price of $25.86 per share (100% premium), are designed to reduce potential dilution and offset cash payments upon note conversion.

IREN has published its November 2024 monthly investor update, highlighting significant operational achievements. The company mined 379 Bitcoin with an average operating hashrate of 19.7 EH/s. Installed capacity reached 28 EH/s, a 33% increase from 21 EH/s, with plans to reach 50 EH/s by H1 2025.

Data center operations expanded to 460MW, up 28% from 360MW, with plans to reach 810MW by H1 2025. The company completed a $440 million convertible notes offering, upsized from $300 million. Mining revenue reached $32.6m with a hardware profit margin of 74%. AI Cloud Services generated $0.9m in revenue with a 97% hardware profit margin.