**Bullish Points:**
1. IREN Ltd reported a significant turnaround in net income, achieving $229.2 million for the six months ended December 31, 2025, compared to a net loss of $73.6 million in the same period in 2024.
2. Total revenue saw a substantial increase, reaching $425.0 million, up from $168.9 million in the same period in 2024.
3. Bitcoin mining revenue experienced a notable rise to $400.3 million from $163.1 million in the same period in 2024.
4. AI Cloud Services revenue also increased significantly to $24.6 million from $5.8 million in the same period in 2024.
5. The company reported an unrealized gain on financial instruments of $557.6 million, a significant improvement from an unrealized loss of $32.3 million in the same period in 2024.
6. Cash and cash equivalents increased dramatically to $3,260.6 million as of December 31, 2025, from $564.5 million as of June 30, 2025.
7. Total stockholders’ equity increased to $2,511.2 million as of December 31, 2025, from $1,817.5 million as of June 30, 2025.
**Bearish Points:**
1. The cost of revenue for Bitcoin mining increased to $143.3 million from $63.6 million in the same period in 2024, indicating rising operational costs.
2. Selling, general, and administrative expenses rose significantly to $239.1 million from $54.1 million in the same period in 2024.
3. Depreciation and amortization expenses increased to $184.4 million from $70.0 million in the same period in 2024.
4. Impairment of assets was $48.0 million, up from $6.9 million in the same period in 2024, suggesting potential issues with asset valuation.
5. Debt conversion inducement expense was $111.8 million, which could indicate financial restructuring costs.
6. Total liabilities increased significantly to $4,516.4 million as of December 31, 2025, from $1,122.8 million as of June 30, 2025, which may raise concerns about the company's debt levels.
**Summary:**
IREN Ltd has demonstrated a strong financial performance for the six months ended December 31, 2025, with significant increases in net income, total revenue, and cash reserves. The company has shown substantial growth in its Bitcoin mining and AI Cloud Services revenues, alongside a notable unrealized gain on financial instruments. However, the company faces challenges with rising operational costs, increased liabilities, and significant expenses related to debt conversion and asset impairments. While the financial results are promising, the increase in liabilities and expenses warrants careful monitoring. For more information, you can read the original text of IREN Ltd's financial report .
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