IREN's strategic transformation: From Bitcoin mining to high-profit AI cloud leadership

IREN's strategic transformation from Bitcoin mining to AI cloud infrastructure has driven dual engine growth, with mining revenues growing 129% year-on-year to $113.5 million in fiscal 2025, and AI cloud hardware profit margins reached 98%. The company is expanding AI capacity with 2,400 NVIDIA Blackwell GPUs and liquid-cooled data centers, with the goal of achieving $200 million to $250 million in annualized AI revenue by December 2025, with funds coming from non-dilution financing and operational efficiency improvements.