Bitcoin BTC$109,887.45 Miner Iren (Iren) recorded its first full-year profit as the company, founded in 2018, expanded to AI cloud computing and increased production capacity with more efficient rigs. Stocks rose in pre-market trading.
Net income for the year ended June 30th rose to $86.9 million from a loss of $28.9 million the previous year, Aylen said on its website Thursday. Revenues more than doubled to a record $501 million as the Sydney-based company increased its production capacity to 50 exhaush per second (EH/S). Adjusted revenue before interest, tax, depreciation and amortization (EBITDA) surged to $269.7 million, nearly five times the previous year.
With around 3 gigawatts of contract power and expansion in both Bitcoin mining and AI infrastructure, Aylen has established himself as one of the fastest growing participants in the sector. Its market capitalization now at $5.3 million is overtaking its biggest rival, Mara Holdings (Mara), worth less than $6 billion.
Stocks that won NASDAQ rose 13% before the market opened, with existing existing profits increasing by more than 120% this year.
Mining operations generated annual revenues of over $1 billion, but AI Cloud Units were on track by December with up to $250 million in annual revenues. It has 10,900 NVIDIA GPUs already deployed and over 60,000 GPUs across existing sites.
