Bitcoin miner IREN surges 14% on BTC-driven quarter, AI play

IREN posted record quarterly revenue of $187.3 million and swung back to profitability, while ramping up GPU capacity through a new Nvidia partnership to fuel AI growth.

Bitcoin miner IREN posted its best quarterly earnings to date, bringing in $187.3 million in revenue last quarter, which contributed to a record $501 million revenue for the fiscal year, sending its stock up almost 14% in after-hours trading. 

Quarterly revenue for the period ended June 30 was up 226% year-on-year, helping the company swing back into profitability with $176.9 million in net income, IREN said in a report on Thursday. 

The surge was driven by growth in its Bitcoin (BTC) mining business, but the company has also made moves to deepen its footprint in the AI space as a new “Preferred Partner” to AI giant Nvidia.

Read more