Iris Energy Ltd · Q1 2025 earnings

Briefing

IREN amends Q1 FY25 to restate cash flows; revenue $52.8M and $51.7M net loss unchanged

IREN Limited filed Form 6-K/A on March 20, 2025 amending its Q1 FY25 results for the quarter ended September 30, 2024. The amendment restates consolidated cash-flow classification for Bitcoin sale proceeds under IAS 7 without altering revenue, profitability, or balance-sheet totals. Restated Q1 FY25 revenue was $52.8 million, comprising $49.6 million of bitcoin mining revenue and $3.2 million from AI cloud services. The company reported a net loss after tax of $51.7 million, reflecting depreciation, share-based compensation, and a $9.5 million asset impairment. Adjusted EBITDA was $2.6 million (5% margin) as scale investments weighed on near-term profitability while hashrate expanded toward the 31 EH/s target.

• Restated Q1 FY25 total revenue was $52.8 million, with bitcoin mining at $49.6 million and AI cloud at $3.2 million.
• Net loss after tax was $51.7 million, driven by $34.0 million depreciation and $9.5 million asset impairment.
• Adjusted EBITDA was $2.6 million (5% margin), down from $12.2 million in the prior quarter on higher operating costs.
• Cash-flow restatement reclassifies Bitcoin sale proceeds to investing activities; P&L figures are unchanged.
• Cash and cash equivalents were $98.6 million at September 30, 2024 with no debt facilities outstanding.

Headline financials

Revenue & EPS history