IREN Ltd (IREN.US) announced its financial results for the three months ended September 30, 2025, after market close on November 6. The company reported total revenue of $240.3 million, a 355% year-over-year increase from $52.8 million in Q1 FY2025, surpassing analyst expectations of $235.5 million by 2.04%. Net profit swung to $384.6 million, compared to a net loss of $51.7 million in the same period last year. Adjusted EBITDA surged 3,568% to $91.7 million (up from $2.5 million YoY), while EBITDA reached a record $662.7 million (versus -$18.8 million YoY).

Revenue breakdown showed significant divergence: Bitcoin mining contributed $232.9 million, while AI cloud services generated $7.3 million. The company mined 2,039 Bitcoin during the quarter, up 150% from 813 Bitcoin in the prior-year period, driven by increased average operational hashrate scaling to 45.3 EH/s.

Operating expenses rose to $236 million, primarily due to higher depreciation, stock-based compensation, and impairment charges. The quarter also included $665 million in unrealized gains from financial instruments tied to convertible note transactions.

As of October 31, 2025, IREN held $1.8 billion in cash and equivalents, maintaining strong liquidity. The company successfully issued $1 billion in zero-coupon convertible bonds on October 14, 2025, and secured an additional $200 million in GPU financing, bringing total financing to $400 million.

Looking ahead, IREN is expanding its AI cloud services, including a recent $9.7 billion contract with Microsoft for GPU services at its Childress, Texas facility. The company has secured multiple AI cloud contracts covering approximately 5,000 GPUs and maintains $1.03 billion in cash and equivalents.

For 2026, IREN targets $3.4 billion in annualized recurring revenue (ARR) from AI cloud services by year-end, with GPU capacity scaling to 140,000 units. Through multi-year contracts with partners like Together AI, Fluidstack, and Fireworks AI, the company aims to exceed $500 million in AI cloud ARR by Q1 2026, establishing sustainable growth momentum.