Iren continues to deliver exceptional financial results with consecutive quarters of profitability while strategically expanding from Bitcoin mining to AI infrastructure development. Their record revenues and EBITDA reached $148 million and $183 million respectively, all while maintaining an impressive $41,000 all-in cost to mine Bitcoin.

• Iren achieved 28% growth in quarter-on-quarter net income
• Currently at 40 exahash with plans to reach 50 exahash in the coming weeks
• Average energy costs of 3.3 cents per kilowatt-hour, with recent improvements to 2.5-2.9 cents
• AI cloud services revenue increased 33% to $3.6 million
• Horizon One, a 50-megawatt liquid-cooled data center, scheduled to come online in Q4 2025
• Sweetwater development planned with up to 2 gigawatts of capacity for AI infrastructure
• Company requires approximately $250 million in additional funding through year-end
• Pursuing multiple financing options including convertible notes, corporate bonds, and GPU-specific financing
• Transitioning to US domestic issuer status in July 2025
• Management confident in signing AI infrastructure customers before completion of Horizon One

Join us next time as we continue tracking Iron's expansion and the evolving landscape of digital infrastructure. Like, subscribe, and let us know in the comments if you're currently holding Iron shares and what you thought about their Q3 results.

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