IREN Limited

IREN Limited (NASDAQ: IREN) is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and another power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs.

Recent Business and Financial Updates

• Financial Performance Overview: IREN Limited (NASDAQ: IREN) reported a record-breaking performance for May 2025, achieving USD64.7 million in Bitcoin mining revenue, a 29% increase from USD50.1 million in April 2025, driven by a higher average operating hashrate of 38.4 EH/s and elevated Bitcoin prices. The company also generated USD2.2 million in AI Cloud Services revenue, reflecting continued scaling with a 98% hardware profit margin. Adjusted EBITDA for Q3 FY25 reached USD83.3 million, up from USD62.6 million in Q2 FY25, underpinned by a 24% increase in Bitcoin mining revenue and a 33% rise in AI Cloud Services revenue. With USD184.3 million in cash and equivalents as of March 31, 2025, IREN maintains a strong financial position to support its growth initiatives.
• Bitcoin Mining Achievements: IREN’s Bitcoin mining operations demonstrated significant progress, with 627 Bitcoin mined in May 2025, compared to 579 in April, supported by a 5% increase in average operating hashrate to 38.4 EH/s. The company achieved a record hardware profit of USD47.8 million with a 74% margin, despite higher electricity costs of USD16.9 million. IREN is on track to reach 50 EH/s by June 30, 2025, which is projected to generate USD977 million in annualized mining revenue at current economics. By pausing further mining expansion at 50 EH/s, IREN is strategically shifting focus to capitalize on high-margin AI infrastructure opportunities.
• AI Cloud Services and Data Center Development: IREN’s AI Cloud Services segment continues to scale, generating USD2.2 million in May 2025 with near-full GPU fleet utilization, supporting training and inference workloads for leading U.S. AI cloud providers and yielding an annualized run-rate revenue of USD28 million. The Horizon 1 AI Data Center at Childress, with a 50MW liquid-cooled capacity, remains on track for Q4 2025 delivery, with ongoing customer negotiations and procurement of long-lead equipment to support expansion beyond the initial deployment. Additionally, the Sweetwater project, targeting a 2GW data center hub, is advancing with substation works underway for energization in April 2026 and late 2027, positioning IREN to meet growing demand for AI compute capacity.
• Strategic and Operational Outlook: IREN’s strategic pivot to prioritize AI data center development, while maintaining its position as a low-cost Bitcoin mining leader, underscores its adaptability to market trends. The company’s strong operating cash flow supports ongoing investments in the Childress and Sweetwater projects, with financing initiatives to fund further expansion. IREN’s transition to U.S. domestic issuer status from July 1, 2025, and its engagement in high-profile industry events reflect its commitment to enhancing visibility and stakeholder confidence. With a robust pipeline of customer contracts and a focus on liquid-cooled AI infrastructure, IREN is well-positioned to drive long-term growth in the AI and compute sectors.

Technical Observation (on the daily chart):

The 14-day Relative Strength Index (RSI) is currently at 72.86, inside over-bought zone, with the expectations of consolidation or some correction to the next important support level of USD10.50-USD 11.00. In addition, the current price is above both the 50-day Simple Moving Averages (SMAs) and 200-day SMA, which may work as medium to long term support levels.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘WATCH’ rating has been given IREN Limited (NASDAQ: IREN) at the closing price of USD11.87, as of June 25, 2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is June 25, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.