Iris Energy Ltd · Q2 2025 earnings

Briefing

IREN restates Q2 FY25 cash flows; operations unchanged at $119.6M revenue and $18.9M profit

IREN Limited filed a Form 6-K/A on March 20, 2025 to amend its Q2 FY25 interim report for the three and six months ended December 31, 2024. The restatement reclassifies proceeds from sales of Bitcoin mined from operating to investing cash flows under IAS 7.16(b); it does not change profit or loss, balance sheet, equity, or cash and cash equivalents at period end. Restated Q2 FY25 revenue was $119.6 million (bitcoin mining $113.5M plus AI cloud $2.7M), with net profit after tax of $18.9 million and Adjusted EBITDA of $62.6 million at a 52% margin. Operating cash flow metrics in the original release are superseded by the restated presentation.

• Restated Q2 FY25 revenue totaled $119.6 million, up sharply from $42.6 million in the prior-year quarter on expanded mining scale.
• Net profit after tax was $18.9 million versus a $5.2 million loss a year earlier; Adjusted EBITDA reached $62.6 million (52% margin).
• Cash-flow restatement moves Bitcoin sale proceeds to investing activities only; P&L and balance-sheet totals are unchanged.
• Average operating hashrate rose 85% sequentially while net electricity costs stayed flat at $28.9 million.
• Cash and cash equivalents were $427.3 million at December 31, 2024.

Headline financials

Revenue & EPS history