Iren, stock rises in pre-market trading on AI cloud growth outlook

Australia-based Bitcoin (BTC) mining company and transitioning AI infrastructure firm **Iren(IREN)** recorded record quarterly results and saw its stock rise in pre-market trading.

On the 7th (local time), according to CoinDesk, Iren said that in the fiscal 2025 first quarter ended September 30 it posted net income of $384,600,000, turning profitable from a $51,700,000 loss in the same period last year. Total revenue was $340,300,000, up 355% year-on-year.

Of that, Bitcoin mining segment revenue was $232,900,000, increasing more than 50-fold and driving the results. The company said, "Alongside strong mining performance, AI cloud computing revenue is growing rapidly."

Iren has been pursuing a strategy in recent years to convert large-scale power infrastructure and data center assets used for Bitcoin mining into GPU clouds for AI computation. Marathon Digital Holdings (MARA), which is pursuing the same strategy, also reported this week a turnaround to profit and a 92% increase in revenue in its third-quarter results.

Iren said alongside the results that a five-year $9,700,000,000 AI cloud contract with Microsoft would be a key growth driver. The contract includes a 20% upfront payment and is scheduled to be phased in and completed in the Childress, Texas (Childress) area by 2026. The contract is expected to generate $1,900,000,000 in annual AI cloud revenue (ARR).