IREN Limited Reports Record Revenue and Strategic Progress

Economic Growth Highlighted by IREN Limited
IREN Limited (NASDAQ: IREN) has recently shared an exciting update reflecting its performance in May 2025. The company has achieved significant milestones that underline its robust growth trajectory and commitment to innovation in the cryptocurrency marketplace.
May Achievements Stand Out
During May, IREN experienced unprecedented financial success, showcasing record monthly revenue and hardware profit. Key highlights from this period included:
- A remarkable $1.6 million in daily hardware profits.
- Excellent progress towards a targeted mining capacity of 50 EH/s by the end of June.
- Continued scaling of AI Cloud Services revenue.
- The Horizon 1 AI Data Center project is on track for delivery in Q4 2025.
- Advancements in customer acquisition and financing operations.
- A planned transition to US domestic issuer status set to commence on July 1.
Financial Metrics: A Deep Dive
Key financial metrics further emphasize IREN's growth:
- Average Operating Hashrate: 38.4 EH/s, increased from 36.6 EH/s in April.
- Bitcoin Mined: 627 BTC for May, reflecting a substantial increase from the previous two months (579 BTC in April and 533 BTC in March).
- Revenue per Bitcoin: $103,345, a rise over the previous month's $86,522.
- Total Revenue: An impressive $64.7 million for May, compared to $50.1 million in April.
- Electricity Costs (per Bitcoin): $27,033, compared to $24,381 in April.
- Hardware Profit: $47.8 million, up from $36 million in April.
- Hardware Profit Margin: 74%, showcasing resilient operational efficiency.
Management Perspective
Management shared their enthusiasm over the results, particularly noting the positive impact of rising Bitcoin prices coupled with an increase in operational capacity. “Following record quarterly earnings reported earlier this month, we are thrilled to announce record revenue and hardware profit in May, demonstrating our platform's strength,” said Daniel Roberts, Co-Founder and Co-CEO.
Further acknowledging the forward momentum, Roberts mentioned, “We are advancing rapidly across our AI verticals, particularly at our Childress site, where subcontractors are now mobilized for the new installations. This project remains on schedule for a Q4 2025 delivery, and we are confident in securing more contracts given the ongoing customer engagement.”
Bitcoin Mining Insights
Through May, IREN benefited significantly from increased Bitcoin prices and a greater average operating hashrate, resulting in record monthly revenues. Management is committed to maintaining strong margins despite rising electricity costs, which have been offset by favorable market conditions.
Currently, the company has 41 EH/s installed and is on track to hit the 50 EH/s target soon. This enhanced capacity could potentially generate nearly $977 million in annualized mining revenues at current market dynamics.
Advancements in AI Cloud Services
The AI Cloud Services segment is also showing remarkable growth, driven by existing agreements and new contracts. The company reported a revenue increase to $2.2 million, emphasizing a near-full utilization of its GPU fleet.
These resources support extensive workloads, including white-labelled computing services to leading US AI cloud providers, which could yield an annualized run-rate revenue of $28 million.
Future Endeavors in Infrastructure Expansion
In addition to current operations, IREN is expanding its infrastructure for AI Data Centers. There is a noteworthy engagement in customer workflows for the Horizon 1 and Sweetwater projects, as procurement processes remain ongoing to ensure equipment delivery aligns with project timelines.
Projects Under Development: Childress and Sweetwater
Project updates indicate positive progress at both Childress and Sweetwater sites. Here are some highlights:
- Childress (750MW): The Phase 5 energization phase is set to commence soon, with long-lead equipment arriving as scheduled.
- Sweetwater 1 (1.4GW): Civil works are advancing toward energization expected in early 2026.
- Sweetwater 2 (600MW): Design work has been completed to enhance connectivity between the two Sweetwater centers.
Frequently Asked Questions
What are the key highlights for May 2025 for IREN Limited?
Key highlights include record revenue, a significant increase in hardware profits, and strong progress towards infrastructure capacity with planned transitions.
What is the projected revenue from the new AI Cloud Services?
The company anticipates an annualized run-rate revenue of $28 million from its GPU services supporting AI workloads.
How much Bitcoin did IREN mine in May 2025?
IREN successfully mined 627 BTC in May, representing a continued upward trend in production.
What are the future milestones for IREN's Childress project?
The Childress project is progressing well, with energization expected in Q4 2025 and substantive equipment arrivals already underway.
What is IREN Limited's commitment to sustainability?
IREN is actively pursuing renewable energy solutions and efficient technologies to enhance its operational sustainability and minimize environmental impacts.
About The Author
Contact Dylan Bailey privately here. Or send an email with ATTN: Dylan Bailey as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.