Sydney-based data centre group Iren, listed on the Nasdaq, has announced a significant increase in its quarterly revenue. The company reported a 355 per cent year-over-year increase, reaching $US240.3 million ($370.8 million). Iren specialises in providing cloud computing services and data centre solutions, catering to the growing demand for AI and high-performance computing. The company operates data centres and offers cloud-based AI infrastructure.
The financial results for the three months ended September 30, reveal a substantial turnaround for Iren. The company moved from a loss of $US51 million in the previous year to a profit of $US348.6 million this quarter. This shift reflects the increasing demand for Iren’s services and the impact of strategic partnerships and expansions.
Contributing to this growth, Iren recently signed a $15 billion agreement to sell computing power to Microsoft. This deal has significantly boosted Iren’s market capitalisation, pushing it well over $27 billion. The partnership solidifies Iren’s position in the AI cloud services sector.
Daniel Roberts, co-founder and co-CEO of Iren, commented on the company’s performance. “Iren continues to execute with discipline, delivering record results this quarter and meaningful progress in our AI cloud expansion,” he said. He also noted the acquisition of several new multi-year contracts, including the landmark partnership with Microsoft, expanding Iren’s reach into new hyperscale customer segments.
