Reported Quarterly Earnings vs. Consensus Estimates
Audited reported figures vs. Bloomberg/FactSet Wall St. Consensus
TOTAL REVENUE
+$2.00M (+1.48%)
$137.0M
vs. $135.0M est
DILUTED EPS (LOSS REDUCTION)
+$1.43 (+70.10% Beat)
-$0.61
vs. -$2.04 est
Key Takeaway: $IREN delivered top-line outperformance driven by fleet efficiency and energized power ramp, while net loss contracted by over 70% relative to analyst expectations on improved operational leverage and expanding AI Cloud margins.
Compute & Power Inputs
510 MW
Operational data center grid-connected load.
15% AI / 85% BTC
Power allocated to high-density AI GPU clusters vs. ASIC mining.
$65,000
16.0 J/TH
Latest generation Bitmain / WhatsMiner ASIC mix.
$35.00 / MWh
$1.80M / MW
Blended annualized gross contract rate per energized MW.
Run-Rate Economic Projections
Annualized Pro-FormaAnnual Gross Revenue
$642.4M
Mining: $504.7M | AI: $137.7M
Total Power Costs
-$156.4M
Blended @ $35.00/MWh
Adjusted EBITDA Run-Rate
$418.0M
65.1% EBITDA Margin
Cash Cost / BTC Mined
$20,132
7,764 BTC / Year Run-Rate
ANNUAL RUN-RATE EBITDA WATERFALL ($M USD)
Gross Mining Revenue
+$504.7M
Gross AI Cloud Services Revenue
+$137.7M
Direct Electricity & Transmission Expenses
-$156.4M
Site O&M, Security & Infrastructure Operations
-$38.0M
SG&A, Corporate Overhead & Cloud Software Stack
-$30.0M
Projected Annual Adjusted EBITDA
+$418.0M
Annual EBITDA Sensitivity: Bitcoin Price vs. Power Cost ($M)
Dynamic pro-forma matrix based on current MW allocation
| Power \ BTC | $50,000 | $65,000 | $80,000 | $95,000 | $110,000 |
|---|