Iren reports FY net loss on bitcoin assets writedown, revenues grow 41%

Iren reports FY net loss on bitcoin assets writedown, revenues grow 41%

Australian neocloud services provider Iren reported revenues of AUD 707 million for its fiscal year to June, up from AUD 501 million the previous year thanks to expansion into AI cloud services. The adjusted EBITDA fell to AUD 246 million from AUD 270 million after a significant increase in the number of employees and the costs of transitioning its bitcoin mining business to AI infrastructure, and the latter also led to an impairment charge of AUD 639 million, for a net loss of AUD 703 million for the year.