Bitcoin miner IREN reported its best quarter with $187.3 million in earnings, contributing to a record $501 million revenue for the fiscal year, boosting stock by 14%. Quarterly revenue was up 226% year-on-year, driven by Bitcoin mining growth and AI partnerships with Nvidia. Stock closed at $23.04, rising 13.9% in after-hours trading.

IREN exceeded MARA Holdings in BTC mining production in July, mining 728 BTC. The company recorded $1 billion in annualized revenue and paused expansion to focus on AI. IREN became a “Preferred Partner” with Nvidia, increasing GPU count to 1,900 and plans to boost to 10,900 GPUs to reach $200-250 million in annualized AI revenue.

IREN’s recent success contrasts Culper Research’s criticism in 2024, saying IREN was “wildly overvalued” and lacked investment in AI. IREN’s stock fell to $5.59 in April but has surged 312.2% since. A settlement was reached with NYDIG over defaulted equipment loans, ending a three-year legal battle.

Read more at Cointelegraph: Bitcoin Miner IREN Rises 12% On Record $501 Million Yearly Revenue