IREN Ltd

Listed Company

IRENCIK 0001878848NasdaqLarge AcceleratedFinance ServicesC3AUFY ends Jun 30

Period

FY 2025

Revenue

$501.02M

Net Income

$86.94M

Total Assets

$2.94B

Equity

$1.82B

Shares Out

332.28M

Op. Cash Flow

$245.89M

Business

IREN Ltd operates and owns purpose-built, vertically integrated data centers powered by 100% renewable energy that are designed for power-dense computing applications. It offers Bitcoin mining using ASIC miners and HPC and AI services through deployed GPU infrastructure, including AI Cloud Services that provide cloud-based GPU access for training and inference, and potential colocation services. The company’s business is organized around two principal activities—Bitcoin mining and HPC/AI services—supported by proprietary data center ownership and operations. Its sites and customers are primarily in the United States and Canada (notably Texas and British Columbia), with mining participation through global mining pools and daily Bitcoin liquidation via digital asset trading platforms and over-the-counter channels and cloud access for AI customers.

Summary from filing dated 2025-08-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30
Total revenue	501	187	76
Total cost of revenue	−159	−87	−39
Selling, general and administrative expenses	−136	−70	−49
Depreciation and amortization	−181	−50	−31
Impairment of assets	−7	0	−105
Gain (loss) on disposal of property, plant and equipment	4	43,000	−7
Other operating expenses	−13	−8	−5
Other operating income	9	2	3
Total operating (expenses) income	−325	−127	−193
Operating (loss) income	17	−27	−157
Finance expense	−11	−98,000	−16
Interest income	8	6	924,000
Increase (decrease) in fair value of assets held for sale	−2	0	0
Realized gain (loss) on financial assets	−4	4	0
Unrealized gain (loss) on financial instruments	78	−3	0
Gain on partial extinguishment of financial liabilities	9	0	0
Gain (loss) on disposal of subsidiaries	0	0	3
Foreign exchange gain (loss)	−1	−5	−191,000
Other non-operating income	817,000	108,000	20,000
Total other (expense) income	76	2	−12
Income (loss) before taxes	94	−25	−169
Income tax (provision) benefit	−7	−3	−2
Net income (loss)	87	−29	−172
Basic net income (loss) per share of Ordinary shares ( in USD per share)	0.41	−0.29	−3.14
Basic weighted-average shares used in computing net income loss per share of Ordinary shares (in shares)	215	100	55
Diluted net income (loss) per share of Ordinary shares (in USD per share)	0.39	−0.29	−3.14
Diluted weighted-average shares used in computing net income loss per share of Ordinary shares (in shares)	223	100	55
Change in foreign currency translation adjustments	5	−339,000	−14
Total comprehensive income (loss)	92	−29	−185

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30
Cash and cash equivalents	565	405	—	—
Accounts receivable, net	2	152,000	—	—
Deposits and prepaid expenses	46	12	—	—
Derivative assets	6	0	—	—
Financial assets	0	7	—	—
Income taxes receivable	3	0	—	—
Other receivables	21	29	—	—
Total current assets	641	452	—	—
Property, plant and equipment, net	1,931	441	—	—
Operating lease right-of-use asset, net	1	1	—	—
Deposits and prepaid expenses	33	257	—	—
Financial assets	212	0	—	—
Derivative assets	122	0	—	—
Other non-current assets	486,000	427,000	—	—
Total non-current assets	2,299	700	—	—
Total assets	2,940	1,153	—	—
Accounts payable and accrued expenses	144	45	—	—
Operating lease liability, current portion	404,000	289,000	—	—
Income taxes payable	0	1	—	—
Deferred revenue	884,000	3	—	—
Other liabilities, current portion	4	1	—	—
Total current liabilities	149	51	—	—
Operating lease liability, less current portion	1	1	—	—
Convertible notes payable	963	0	—	—
Deferred tax liabilities	8	3	—	—
Income taxes payable, less current portion	1	0	—	—
Other liabilities, less current portion	234,000	117,000	—	—
Total non-current liabilities	973	4	—	—
Total liabilities	1,123	55	—	—
Commitments and contingencies (See Note 23)	—	—	—	—
Additional paid-in capital	89	51	—	—
Retained earnings (accumulated deficit)	−596	−683	—	—
Accumulated other comprehensive income (loss)	−30	−35	—	—
Total stockholders' equity	1,817	1,097	305	437
Total liabilities and stockholders' equity	2,940	1,153	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30
Other non-operating income	0	−108,000	0
Other (income) expense	12	0	−3
Other finance expense	586,000	0	0
Foreign exchange loss (gain)	4	−4	5
Accrued interest related to hardware financing	0	0	11
Amortization of debt issuance costs	1	0	1
Stock-based compensation expense	43	24	14
Accounts receivable and other receivables	−10	−6	18
Financial asset, current	7	0	0
Accounts payable and accrued expenses	17	10	−2
Tax related receivables	−3	0	0
Tax related liabilities	5	1	2
Other liabilities	3	409,000	−1
Deferred revenue	−2	3	0
Prepayments and deposits	−22	3	−7
Operating lease liabilities	−146,000	−384,000	−321,000
Net cash used in operating activities	246	52	6
Payments for property, plant and equipment net of hardware prepayments	−573	−142	−116
Payments for computer hardware prepayments	−799	−338	0
Repayments/(advancement) of loan proceeds	0	0	2
Payments for prepayments and other assets	−20	−19	−7
Proceeds from disposal of property, plant and equipment	11	43,000	32
Deconsolidation of Non-Recourse SPVs	0	0	−1
Proceeds from release of deposits	470,000	0	18
Net cash from (used in) investing activities	−1,380	−498	−71
Repayment of borrowings	0	0	−9
Proceeds from loan funded shares	876,000	503,000	0
Proceeds from convertible notes	701	0	0
Payment of borrowing transaction costs	−8	0	−250,000
Net cash from (used in) financing activities	1,295	783	29
Net increase (decrease) in cash and cash equivalents	160	336	−37
Effects of exchange rate changes on cash and cash equivalents	−209,000	−672,000	−4
Cash paid for interest	−8	−213,000	−4
Cash paid for income taxes	0	−1	0
Mining hardware finance prepayments made directly by third party financier	0	0	−3
Additions to right of use assets in exchange for an operating lease liability	2	347,000	373,000
Unrealized gain (loss) on financial instruments	27	0	0
ATM agent fees	18	23	0
Stock-based compensation - third party issuance	0	319,000	0
Reclassification of property and equipment to equipment held for sale	23	0	0
Property and equipment obtained in exchange transactions	49	0	0

Filings

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