NASDAQ$IREN
Iris Energy Ltd · Q3 2025 earnings
Q3 2025 earnings · · After market close · Investor relations
Briefing
Iris Energy delivered a strong quarter with record revenue and EBITDA driven by growth in Bitcoin mining and AI services.
Iris Energy posted $148.1 million in revenue in Q3 FY25, with substantial contributions from Bitcoin mining and a 33% increase in AI cloud services. The company reported $24.2 million in net income and continued scaling its AI infrastructure while pausing mining expansion at 50 EH/s.
- Achieved record revenue of $148.1 million, up from $119.6 million in Q2.
- Bitcoin mining revenue rose to $141.2 million, with 1,514 BTC mined.
- AI cloud services revenue grew 33% QoQ to $3.6 million.
- Paused mining expansion at 50 EH/s to focus on liquid-cooled AI data centers.
Headline financials
Revenue & EPS history
IREN Ltd · Revenue · Quarterly
$148M
Revenue by segment
IREN Ltd · $145M total across 2 segments · Q3 2026
- Bitcoin mining$111M—76.8%
- AI Cloud Services$33.6M—23.2%
Forward guidance
IREN is pausing further mining expansion at 50 EH/s to focus on high-demand AI infrastructure projects, with Horizon 1 and Sweetwater positioned as future growth engines.
Tailwinds
- On track to reach 50 EH/s installed capacity by June 30, 2025.
- Expected $588M illustrative Adjusted EBITDA at 50 EH/s.
- AI run-rate revenue now at $28M annually.
- Strong customer demand for next-gen liquid-cooled GPUs.
- Site design underway for full 750MW transformation at Childress.
Headwinds
- Rising electricity costs due to increased hashrate.
- Ongoing debt financing efforts amid volatile macro conditions.
- GPU financing and scale-up dependent on external funding.
- Potential delays in AI data center commercialization timelines.
- Litigation and equipment financing defaults still pending resolution.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q3 2025
+10.4%
Avg return
Earnings day
+2.9%
Avg return
5 days after
-0.8%
Avg return
30 days after
69%
11 / 16 earnings
Positive
+62.1%
Q1 2023
Best reaction
-18.0%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +5.5% | -4.9% | -3.8% | |
| Q2 2026 | +5.1% | +7.2% | -7.8% | |
| Q1 2026 | -6.8% | -16.8% | -33.2% | |
| Q3 2025 | -3.1% | +8.0% | +23.3% | |
| Q1 2025 | +19.1% | +2.8% | -22.4% | |
| Q2 2025 | +0.5% | -6.9% | -22.5% | |
| Q4 2024 | +8.4% | +0.6% | +12.6% | |
| Q3 2024 | +19.7% | +30.6% | +171.5% | |
| Q2 2024 | -18.0% | -17.2% | -44.6% | |
| Q3 2023 | +13.9% | +8.2% | -30.9% | |
| Q4 2023 | +13.9% | +8.2% | -30.9% | |
| Q1 2023 | +62.1% | +9.2% | -2.0% | |
| Q2 2023 | +62.1% | +46.5% | +16.4% | |
| Q4 2022 | -4.1% | +8.4% | -21.8% | |
| Q3 2022 | -14.1% | -36.2% | -37.2% | |
| Q2 2022 | +2.6% | -1.8% | +20.7% | |
| Q1 2022 | — | — | — | |
| Q4 2021 | — | — | — | |
| Q3 2021 | — | — | — | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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