Iris Energy’s Dual Engine Revolution: Can This Bitcoin Miner Outshine Rivals in 2025 and Beyond?
Iris Energy’s FY‑2025 results highlight how the company is transforming from a mid‑sized miner into a diversified digital‑infrastructure provider. Total revenue surged 168 % to US$501 m, driven by a 186 % jump in bitcoin mining revenue to US$484.6 m and a 430 % increase in AI cloud services revenue to US$16.4 m iren.gcs-web.com. The company mined 5,499 BTC for the year, up from 4,195 in FY‑2024, thanks to a quadrupling of its hash rate to 25.7 EH/s and a bitcoin price that averaged US$88.1k iren.gcs-web.com. Cost of revenue was US$159 m, mainly electricity, resulting in a gross margin over 70 % iren.gcs-web.com. Operating expenses of US$324.7 m included depreciation and stock‑based compensation, yet the business still delivered EBITDA of US$278.2 m and net income of US$86.9 m iren.gcs-web.com. Adjusted EBITDA grew 395 % to US$269.7 m iren.gcs-web.com.