Iren Sees Record Revenues, But Bitcoin Mining Shift Costs Big

Australia's Iren reported its fiscal year to June saw revenues grow by 41% to AUD 707 million, thanks in part to expansion into AI cloud services.

This growth was not enough to offset significant costs associated with transitioning its bitcoin mining business to AI infrastructure, however. The company took an impairment charge of AUD 639 million due to this shift, leading to a net loss of AUD 703 million for the year.

Iren's adjusted EBITDA fell by AUD 24 million from the previous year, coming in at AUD 246 million. This decline was attributed to an increase in employee numbers and costs related to the transition away from bitcoin mining.