Bitcoin miner turned AI play Iren soared during Friday's stock market after reporting better-than-expected fiscal 2025 fourth-quarter profit and that it has been designated an "Nvidia preferred partner."
Iren, previously called Iris Energy, reported Q4 2025 earnings of 70 cents per share, up from a 27-cent loss a year ago, with revenue growing 228% to $187.3 million. Analysts expected quarterly EPS of 18 cents and sales totaling $188.9 million, according to FactSet.
Bitcoin mining revenue grew 233% to $180.3 million, slightly below analyst expectations. Iren also reported that its bitcoin mining power increased to 50 exahash per second (EH/s) in fiscal 2025, up 400% from around 31 EH/s for 2024.
Meanwhile, its AI cloud capacity increased 132% to 1,900 Nvidia H100 and H200 GPUs installed in the fiscal year.
Iren, like several other bitcoin miners, is opening its data center capacity to the massive demand for AI computing. Bitcoin miners often have surplus processing capacity and existing power connections that can speed up data center buildouts.
But bitcoin mining remains the bulk of Iren's business.
Along with its Q4 and full-fiscal year financials, Iren reported late Thursday it now has Nvidia preferred partner status. The bitcoin miner said it has procured an additional 1,200 air-cooled Nvidia B300s and 1,200 liquid-cooled Nvidia GB300s for approximately $168 million, expanding its total GPU fleet to 10,900 Nvidia GPUs.
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Iren's cofounder and Co-CEO Dan Roberts told analysts on Thursday's conference call that the Nvidia preferred partner status "enhances supply access and helps broaden our customer pipeline, supporting expansion across both existing relationships and new end users platforms and demand partners."
"So the market is large. It's accelerating. Supply is constrained. And we have the platform to meet market demand for AI cloud and meet that reasonably quickly. That is why we are immediately scaling to more than 10,000 GPUs, but also now importantly focusing on what comes next," Roberts said.
Iren stock surged as high as 29.5o intraday before ending Friday's stock market up 15% to 26.48, adding to a 3% advance from Thursday. Iren closed out Friday's stock market up 64.4% in August, its fifth consecutive monthly advance. The bitcoin miner has marched 334% higher since the end of March.
Bitcoin Prices And Crypto Stocks
While Iren stock has surged this month, peer CleanSpark has declined 16.7% in August's stock market. Mara Holdings finished Friday's stock market down 0.6% on the month while Hive Digital advanced 37.9%. Bit Digital fell 11.7% in August.
Meanwhile, bitcoin traded around $110,130 Friday, falling around 2.5%. The cryptocurrency is up almost 18% in 2025, but is trading below an Aug. 13 high of $123,339.
Ethereum fell around 5% Friday, trading near $4,354. ETH is up about 30% so far this year.
Nvidia Earnings: Stock Falls. CEO Upbeat About China Market
Among other crypto stocks, Coinbase swung 19.4% lower in August and Strategy declined 16.8%.
Iren stock has a a strong 96 Composite Rating. The bitcoin mining stock also has a robust 98 Relative Strength Rating with a 76 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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