10-K: IREN Returns to Profitability, Expands AI Cloud Services

Sentiment:

Annual Report 28 August 2025 8:11 PM

IREN Limited reported a significant return to net income in fiscal year 2025, driven by increased Bitcoin mining revenue and strategic expansion into high-performance computing and AI cloud services.

Delay expectedSweetwater 1 grid connection and substation energization is targeted for Q2 calendar year 2026, which may be a delay from initial expectations.Sweetwater 2 grid connection and substation energization is targeted for Q4 calendar year 2027, also indicating a potentially extended timeline.Termination of the Canadian Bankruptcy Proceedings requires extensive procedural steps expected to take around six months to finalize, and potentially longer.

Capital raiseIssued $440 million aggregate principal amount of 3.25% Convertible Senior Notes due 2030 on December 6, 2024.Issued $550 million aggregate principal amount of 3.50% Convertible Senior Notes due 2029 on June 13, 2025.Sold 57,542,602 Ordinary shares under the At Market Sales Agreement (ATM) for aggregate gross proceeds of $635.1 million as of August 15, 2025, with $364.9 million remaining available.Secured $102 million in 36-month equipment lease financing for 1.0k NVIDIA B200 and 1.2k NVIDIA B300 GPUs.Secured $96 million in 24-month equipment lease financing for 1.2k NVIDIA GB300 GPUs.

Better than expectedThe company achieved a net income of $86.9 million in fiscal year 2025, a significant improvement from net losses in previous years.Total revenue increased substantially to $501.0 million, indicating strong operational performance and market conditions for Bitcoin mining and AI services.EBITDA and Adjusted EBITDA showed strong growth, reflecting improved profitability before non-cash and non-recurring items.

Summary

Achieved net income of $86.9 million for the fiscal year ended June 30, 2025, a substantial improvement from a net loss of $28.9 million in fiscal year 2024.
Total revenue surged to $501.0 million in fiscal year 2025, up from $187.2 million in fiscal year 2024, primarily due to higher Bitcoin prices and increased operating hashrate.
Bitcoin mining revenue increased to $484.6 million in fiscal year 2025, compared to $184.1 million in fiscal year 2024, with 5,499 Bitcoin mined.
AI Cloud Services revenue grew to $16.4 million in fiscal year 2025, up from $3.1 million in fiscal year 2024, reflecting the segment's launch and expansion.
Operating data center capacity reached 810MW with an installed hashrate of approximately 50 EH/s across sites in British Columbia (160MW) and Texas (650MW).
Procured approximately 5.5k NVIDIA B200, 2.3k NVIDIA B300, and 1.2k NVIDIA GB300 GPUs, bringing the total GPU fleet to approximately 10.9k NVIDIA GPUs by the end of calendar year 2025.
Secured $102 million and $96 million in equipment leasing for new NVIDIA GPUs, supported by parent guarantees.
Entered into a settlement agreement on August 12, 2025, to resolve legal proceedings related to defaulted equipment financing, involving a $20 million payment to NYDIG.
The company's functional currency changed from Australian dollars (AUD) to U.S. dollars (USD) effective July 1, 2024.

Sentiment

Score: 8

Explanation: The company demonstrated a strong financial turnaround to profitability, significant revenue growth, and aggressive expansion into the high-growth AI cloud services market. While facing legal and regulatory challenges, and increased costs per Bitcoin, the strategic diversification and robust capital raising activities indicate a positive outlook and strong execution.

Positives

Returned to net income of $86.9 million in fiscal year 2025, a significant turnaround from prior year losses.
Experienced a substantial increase in total revenue to $501.0 million, driven by strong Bitcoin mining performance and growth in AI Cloud Services.
Adjusted EBITDA improved significantly to $269.7 million in fiscal year 2025 from $54.4 million in fiscal year 2024.
Successfully launched and expanded AI Cloud Services, contributing $16.4 million in revenue and diversifying revenue streams.
Expanded GPU fleet to approximately 10.9k NVIDIA GPUs, demonstrating commitment to high-performance computing.
Maintains a non-HODL strategy, liquidating Bitcoin daily to mitigate price volatility and fund operations.
Owns proprietary data centers, electrical infrastructure, and freehold land, providing operational control and sustainable cash flows.
Focuses on grid-connected power access and renewable energy sources, with 100% renewable energy usage at Childress (via RECs) and British Columbia sites (hydroelectric, wind, solar, biomass, and RECs).
Management team has extensive experience in infrastructure development and renewable energy projects.
Successfully remediated a material weakness in internal control over financial reporting as of June 30, 2025.

Negatives

Net electricity costs per Bitcoin mined increased to $25.6 in fiscal year 2025 from $18.1 in fiscal year 2024, primarily due to the Bitcoin halving event and increased global hashrate.
Ongoing legal proceedings include a putative securities class action and a tax dispute with the Canada Revenue Agency.
Received a Notice of Action from U.S. Customs and Border Protection challenging the country of origin of Bitcoin miners, potentially leading to $100 million in additional tariffs.
The company has limited experience in developing and offering HPC and AI services, facing established competitors and rapid technological changes.
Significant customer concentration in HPC and AI services, with many customers being early-stage or private companies, increasing counterparty credit risk.
Future capital expenditures for hardware upgrades and expansion are substantial, with no assurance of sufficient funding on favorable terms.
The dual-class share structure concentrates voting control with Co-Founders, potentially limiting influence of other shareholders.
Sweetwater 1 and 2 data center development projects face delays, with grid connection targeted for Q2 CY2026 and Q4 CY2027, respectively.

Risks

Bitcoin price and foreign currency exchange rate fluctuations can significantly impact financial results.
Ability to obtain additional capital on commercially reasonable terms and in a timely manner for expansion plans is uncertain.
Indebtedness and liabilities could limit cash flow and expose the company to risks affecting financial condition.
Increased focus on HPC and AI services may not be successful and could result in adverse consequences due to limited experience and intense competition.
Changing political and geopolitical conditions, including tariffs and trade restrictions, could adversely impact business and increase costs (e.g., proposed 100% tariff on semiconductors).
Electricity outages, non-supply, or limitations of electricity supply, or increases in electricity costs, may materially impact operations and financial performance.
Government regulators and utilities may restrict electricity supply to Bitcoin miners or HPC/AI service providers, or impose new operational requirements (e.g., ERCOT voltage ride-through standards).
Critical failure of key electrical or data center equipment could result in lengthy outages due to long lead times for replacement parts.
Serial defects in ASICs, GPUs, and other equipment may lead to underperformance or failure.
Vulnerability to climate-related risks, severe weather conditions, and natural disasters could disrupt operations and damage property.
Bitcoin network's potential transition from proof-of-work to proof-of-stake could significantly impact the value of capital expenditures in mining hardware.
Increased Bitcoin mining capacity from competitors could increase global hashrate and decrease the company's effective market share.
Bitcoin technology may become redundant or obsolete in the future, affecting its value.
Bitcoin block reward halvings will reduce mining rewards, requiring value adjustments to compensate.
Reliance on third-party mining pool service providers (Antpool, Foundry) carries risks of downtime, termination, or inaccurate record-keeping.
Digital asset trading platforms (Kraken, Coinbase) are subject to varying levels of regulation, hacking, and fraud risks, potentially leading to loss of assets.
Regulatory environment for digital assets and mining is in flux, potentially leading to new laws, regulations, or enforcement actions.
Uncertainty regarding Bitcoin's status as a security could lead to regulatory scrutiny and impact its value.
Failure to comply with anti-corruption and anti-money laundering laws could result in penalties and adverse consequences.
Cybersecurity incidents or data breaches could disrupt operations, lead to financial losses, and damage reputation.
Failure to protect trade secrets and intellectual property rights could harm competitive position.
The market price of Ordinary shares may be highly volatile, influenced by Bitcoin price, industry factors, and company-specific events.
Future sales of a substantial number of Ordinary shares could adversely affect the price due to dilution.
Australian insolvency laws may offer less protection to shareholders compared to U.S. laws.
Future changes to tax laws, including those related to digital assets, could adversely affect the company and shareholder returns.

Future Outlook

The company plans to continue expanding and diversifying revenue streams into high-performance computing (HPC) and AI services, including developing purpose-built AI data centers and liquid cooling deployments. It will also explore additional sites with attractive energy arrangements and monitor Bitcoin mining expansion opportunities. The company aims to potentially build and operate its own renewable generation and energy storage assets in the future. Sweetwater 1 and 2 sites are targeting grid connection in Q2 CY2026 and Q4 CY2027, respectively, with Horizon 1 at Childress targeting energization by end of CY2025.

Management Comments

We believe data center ownership allows our business to benefit from more sustainable cash flows and operational flexibility.
We believe grid-connected power access not only helps facilitate a more reliable, long-term supply of power, but also provides us with the ability to support the energy markets in which we operate.
We believe it is important to support the local communities in which we operate. Our strategy is based upon entering markets that have a high penetration of renewables and where our operations can help provide benefits to the local energy markets and communities and establish a social license.
We believe we have limited exposure to fluctuations in the value of Bitcoin with respect to the Bitcoin that we mine once we have mined such Bitcoin, due to our daily liquidation strategy.
We believe we are well-positioned to execute our strategy, given the Board and management team's extensive track record in financing, developing, building, operating, maintaining and managing large-scale greenfield and brownfield renewable energy projects, data center development and associated grid connections.

Industry Context

The company operates in the rapidly evolving and competitive Bitcoin mining and HPC/AI services industries. The increasing demand for AI/ML capabilities is driving growth in HPC and AI cloud services, leading to high demand for GPUs and specialized data centers. The Bitcoin mining industry faces ongoing challenges from network difficulty increases, halving events, and regulatory scrutiny regarding energy consumption. The company's strategy to diversify into HPC/AI leverages its existing data center infrastructure and renewable energy focus, positioning it to capitalize on the growing AI market while navigating the volatility of the Bitcoin sector. Regulatory developments in the U.S. (e.g., CLARITY Act, GENIUS Act, Project Crypto, Executive Orders on digital assets) and Canada (e.g., BC Hydro moratorium, GST legislation) indicate an evolving and uncertain regulatory landscape for digital assets and energy-intensive operations.

Comparison to Industry Standards

The company's installed hashrate capacity of 50 EH/s positions it among the larger Bitcoin mining operators, competing with public companies like Bitdeer Technologies Group, Bitfarms Ltd., Cipher Mining Inc., CleanSpark, Inc., Core Scientific Inc., Hut 8 Corp., MARA Holdings, Inc., and Riot Platforms, Inc.
In the HPC and AI services industry, the company competes with major cloud providers such as Amazon Web Services, Google Cloud, Microsoft Azure, and specialized providers like CoreWeave and Crusoe Cloud, as well as colocation providers like Digital Realty and Equinix.
The company's focus on 100% renewable energy for its data centers aligns with growing industry and stakeholder expectations for sustainable computing, potentially offering a competitive advantage over less environmentally conscious operators.
The increase in net electricity costs per Bitcoin mined to $25.6 in FY2025, compared to $18.1 in FY2024, indicates a rising cost of production per Bitcoin, which is a common industry challenge post-halving and with increasing global hashrate, impacting profitability relative to peers with lower energy costs or more efficient hardware.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Share Structure	The company operates with a dual-class share structure, including Ordinary shares and B Class shares. B Class shares, held by the Co-Founders, confer 15 votes per Ordinary share, granting them approximately 35.4% of the total voting power as of August 15, 2025.	2021-10-07	Concentrates voting control with Co-Founders, potentially influencing corporate matters like director elections and major transactions, and may affect the trading price of Ordinary shares.
B Class Share Redemption	B Class shares are redeemable by the company for A$1.00 per share upon the earlier of the holder's voluntary retirement as a director, a transfer in breach of the Constitution, company liquidation, or 12 years after the company's listing on a recognized stock exchange (November 17, 2033).	2021-10-07	The redemption mechanism could, over time, increase the relative voting power of remaining B Class shareholders and impacts long-term capital structure.
Constitution Amendment	The company's Constitution can only be amended by a special resolution passed by at least 75% of the votes cast by shareholders entitled to vote at a general meeting.		Requires a high threshold for constitutional changes, providing significant protection against unilateral amendments by a simple majority.
Proportional Takeover Bid Provisions	The Constitution contains provisions requiring shareholder approval for proportional takeover bids, which were renewed by special resolution at the most recent general meeting.		Acts as an anti-takeover measure, requiring broad shareholder consent for partial acquisitions, potentially protecting against coercive bids but also limiting shareholder ability to accept certain offers.
Functional Currency Change	The Parent Entity changed its functional currency from Australian dollars (AUD) to U.S. dollars (USD).	2024-07-01	Reflects increased USD-denominated activities and investments, potentially simplifying financial reporting for U.S. investors but introducing new foreign exchange translation impacts on non-USD subsidiaries.
Internal Control Over Financial Reporting	Management concluded that a material weakness in internal control over financial reporting, reported in the FY2024 20-F/A, has been remediated.	2025-06-30	Enhances reliability of financial reporting and investor confidence, reducing risks of misstatements and regulatory scrutiny.
Insider Trading Compliance Policy	The Insider Trading Compliance Policy was updated to reflect the company's transition to a Domestic Issuer and includes new guidelines for Rule 10b5-1 trading plans, cooling-off periods, and restrictions on certain transactions like short sales and hedging.	2025-07-01	Strengthens corporate governance and compliance with U.S. securities laws, aiming to prevent insider trading and enhance market integrity, but imposes stricter trading rules on insiders.

Legal Proceedings

Entered into a settlement agreement on August 12, 2025, with NYDIG, PwC, the Non-Recourse SPVs, and local representatives to fully resolve and terminate all existing and future claims related to defaulted equipment financing. The company agreed to pay a $20 million settlement amount, with $18.2 million exceeding previously accrued amounts.
Subject to a putative securities class action complaint filed on December 14, 2022, with a second amended complaint filed on November 12, 2024, alleging false or misleading statements in IPO documents and seeking unspecified damages. The company believes these claims are without merit and is vigorously defending the lawsuit, with a motion to dismiss pending.
Filed a Notice of Appeal with the Tax Court of Canada on June 23, 2025, to dispute the Canada Revenue Agency's determination that the company has a permanent establishment in Canada and the related GST assessment, totaling approximately $20.7 million.
Received a Notice of Action from U.S. Customs and Border Protection in April 2025, challenging the country of origin of Bitcoin miners imported between April 2024 and February 2025, asserting a 25% tariff of approximately $100 million. The company intends to contest this assessment.

Related Party Transactions

B Class shares are held by Awassi Capital Holdings 1 Pty Ltd and Awassi Capital Holdings 2 Pty Ltd (as trustees for Awassi Capital Trust #1 and #2, respectively), which together provide the Co-Founders and Co-Chief Executive Officers with approximately 35.4% of the voting power.
The 2021 Executive Director Liquidity and Price Target Options and $75 Exercise Price Options were granted to entities controlled by Daniel Roberts and William Roberts (Co-Founders and Co-CEOs).
Modification of 2,579,448 market-based RSUs in May 2025 was approved by the Board for two participants under the 2022 LTIP and 2023 LTIP, with new service-based vesting conditions.

Stakeholder Impact

Shareholders: Potential for increased returns due to profitability and growth in AI services, but also dilution risk from capital raises and volatility from Bitcoin price and legal proceedings.
Employees: Benefits from long-term and short-term incentive plans (LTIP, STIP) designed to align performance with shareholder value and retain talent, but subject to forfeiture conditions and clawback policies.
Customers (AI Cloud Services): Benefits from expanded GPU fleet and liquid-cooled data centers, but faces potential risks from customer concentration and counterparty credit risk.
Creditors/Noteholders: Convertible notes provide financing, but the company's ability to repurchase or pay upon maturity depends on future cash flows and market conditions. Equipment leases are supported by parent guarantees.
Local Communities: Benefits from economic activity, employment, and community grants/scholarships in regions of operation (e.g., British Columbia, Texas).
Regulatory Authorities: Increased scrutiny due to evolving digital asset and energy regulations, leading to compliance costs and potential enforcement actions.

Next Steps

Energize the Horizon 1 direct-to-chip liquid cooling deployment at the Childress site by the end of calendar year 2025.
Install approximately 10.9k NVIDIA GPUs at the Prince George site by the end of calendar year 2025.
Achieve grid connection and substation energization for Sweetwater 1 in Q2 calendar year 2026.
Achieve grid connection and substation energization for Sweetwater 2 in Q4 calendar year 2027.
Continue to evaluate Bitcoin mining capacity and potential for further GPU deployment across data centers.
Explore additional sites for global platform expansion with attractive energy arrangements.
Monitor and consider Bitcoin mining expansion opportunities, taking into account market conditions and shareholder value.
Potentially build and operate own renewable generation and energy storage assets.
Strategically assess acquisition opportunities and other value-enhancing opportunities.
Defend against the putative securities class action lawsuit and the Canada Revenue Agency GST assessment.

Key Dates

Date	Description
2018-11-06	IREN Limited incorporated under the laws of New South Wales, Australia.
2019	Commenced Bitcoin mining operations.
2020-01	Acquired Canal Flats data center site.
2021-01-20	Board approved grant of 1,000,000 options each to Daniel Roberts and William Roberts.
2021-07-28	Board approved Employee Option Plan and Non-Executive Director Option Plan.
2021-08-18	Shareholders approved grant of 2,400,000 long-term options each to Daniel Roberts and William Roberts with a $75 exercise price.
2021-10-07	Converted into a public company named Iris Energy Limited; B Class shares formally issued.
2021-11-17	Ordinary shares listed on the Nasdaq Global Select Market.
2021-11-19	Initial public offering (IPO) closed.
2022-04	Mackenzie data center site commenced operations.
2022-06	Board approved the 2022 Long-Term Incentive Plan (LTIP).
2022-09	Prince George data center site commenced operations.
2022-09-23	Entered into a committed equity facility with B. Riley Principal Capital II, LLC.
2022-11	Non-Recourse SPVs defaulted on limited recourse equipment financing agreements.
2022-12-14	Putative securities class action complaint filed against the company.
2023-02-03	PricewaterhouseCoopers Inc. (PwC) appointed as receiver for two Non-Recourse SPVs.
2023-04	Childress data center site commenced operations.
2023-06-28	Receiver filed an assignment in bankruptcy on behalf of the Non-Recourse SPVs.
2023-06-29	Board approved the 2023 Long-Term Incentive Plan (LTIP).
2023-08-10	B.C. Supreme Court issued a ruling affirming the company's position on NYDIG claims, dismissing substantive consolidation and oppression claims, but declaring certain transactions void as fraudulent conveyances.
2024-02-05	AI Cloud Services launched.
2024-02-15	Terminated the Committed Equity Facility.
2024-04	Bitcoin block reward halving occurred, reducing the reward to 3.125 Bitcoins.
2024-04	U.S. Customs and Border Protection issued a Notice of Action challenging the country of origin of Bitcoin miners imported between April 2024 and February 2025.
2024-06	British Columbia government extended the temporary 18-month suspension on new and early-stage BC Hydro connection requests from cryptocurrency mining projects.
2024-06-27	B.C. Court of Appeal allowed the company's appeal, setting aside the fraudulent conveyances declaration, and remitted oppression relief to the B.C. Supreme Court.
2024-07-01	Company changed its functional currency from Australian dollars (AUD) to U.S. dollars (USD).
2024-08	Closed out existing hedging arrangements for August and September 2024 at a cost of $7.2 million, transitioning to ERCOT wholesale spot energy market at Childress.
2024-09-27	Court granted the company's motion to dismiss the amended securities class action complaint without prejudice.
2024-11-12	Lead plaintiffs filed a second amended securities class action complaint.
2024-11-27	Company changed its name to IREN Limited.
2024-12-03	Pricing date for the 2030 Convertible Senior Notes.
2024-12-06	Issued $440 million aggregate principal amount of 3.25% Convertible Senior Notes due 2030.
2025-01	SEC launched a Crypto Task Force. President Trump issued an Executive Order outlining commitment to strengthening American leadership in digital financial technology.
2025-01-02	Exercised option to buy 48,030 Bitmain S21 Pro and 30,000 Bitmain S21 XP miners.
2025-01-21	Terminated existing At Market Sales Agreement (ATM) and filed a new ATM for $1 billion additional ordinary shares. Company served a motion to dismiss the second amended securities complaint.
2025-01-22	Entered into a miner upgrade agreement with Bitmain for 9,025 S21 XP miners.
2025-02	SEC entered court-approved joint stipulations to dismiss Binance, Coinbase, and Kraken complaints.
2025-02-12	Announced development of up to 50 MW IT load direct-to-chip liquid cooled data center (Horizon 1) at Childress site.
2025-03-06	President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a United States Digital Asset Stockpile.
2025-03-17	BC Hydro implemented a 3.42% general rate increase.
2025-03-24	Lead plaintiffs served opposition to the motion to dismiss the securities complaint.
2025-03-31	Received a Notice of Confirmation from the Canada Revenue Agency upholding a GST assessment.
2025-04-11	Full bench of the Australian Federal Court dismissed the application for leave to appeal the recognition of the Canadian Bankruptcy Proceedings.
2025-05	Board approved modification of 2,579,448 market-based RSUs to service-based conditions.
2025-05-09	Company served its reply in further support of its motion to dismiss the securities complaint.
2025-06-04	Entered into a supplemental agreement with Bitmain relating to outstanding payments under existing purchase option arrangements for mining hardware.
2025-06-10	Pricing date for the 2029 Convertible Senior Notes.
2025-06-13	Issued $550 million aggregate principal amount of 3.50% Convertible Senior Notes due 2029.
2025-06-23	Filed a Notice of Appeal with the Tax Court of Canada to dispute the Canada Revenue Agency's GST assessment.
2025-06-24	Board approved the 2025 Executive Short-Term Incentive Plan.
2025-06-30	Fiscal year ended.
2025-07	CLARITY Act passed by the House of Representatives. GENIUS Act became the first federal law regulating stablecoins. Chairman Atkins announced Project Crypto, a Commission-wide initiative to modernize securities rules for digital assets.
2025-07-03	Entered into an agreement to purchase approximately 1.3k NVIDIA B200 GPUs and 1.1k NVIDIA B300 GPUs for approximately $123.6 million.
2025-08-01	CFTC Acting Chairman Pham announced a crypto sprint to begin implementing recommendations of the working group report.
2025-08-07	United States proposed a 100% tariff on semiconductors imported to the U.S.
2025-08-12	Entered into a settlement agreement with NYDIG, PwC, the Non-Recourse SPVs, and their local representatives in Australia.
2025-08-15	As of this date, 271,980,494 Ordinary shares and two B Class shares were outstanding. Co-Founders and Co-Chief Executive Officers held approximately 35.4% of voting power.
2025-08-23	Secured $102 million in financing for 1.0k NVIDIA B200 and 1.2k NVIDIA B300 GPUs. Entered into agreements to acquire 4.2k NVIDIA B200 GPUs for approximately $192.9 million.
2025-08-28	Amended and restated the At Market Sales Agreement (ATM). Secured approximately $96 million in financing for 1.2k NVIDIA GB300 GPUs.
2025-12-31	Target energization date for Horizon 1 liquid cooling deployment at Childress. Expected installation completion for new NVIDIA GPUs at Prince George site.
2026-06-30	Sweetwater 1 grid connection and substation energization date targeted for Q2 calendar year 2026.
2027-12-31	Sweetwater 2 grid connection and substation energization date targeted for Q4 calendar year 2027.
2028-04	Next Bitcoin halving event expected.
2029-12-15	Maturity date for the 3.50% Convertible Senior Notes due 2029.
2030-06-15	Maturity date for the 3.25% Convertible Senior Notes due 2030.
2030-08-15	Contractual expiration date for the 2030 Prepaid Forward Contract.
2033-11-17	Redemption date for B Class shares (12 years after company's ordinary shares were first listed).
2140	Estimated year for the final Bitcoin block reward.

Recommendation

buy

IREN's strong return to profitability in fiscal year 2025, marked by a significant increase in net income and robust revenue growth, signals a positive inflection point. The strategic diversification into high-performance computing (HPC) and AI cloud services, coupled with substantial investments in advanced NVIDIA GPUs and liquid-cooled data centers, positions the company for future growth in a high-demand sector. While the company faces ongoing legal challenges and the inherent volatility of the Bitcoin market, its proactive capital raising through convertible notes and ATM facilities, along with a disciplined non-HODL strategy, demonstrates effective financial management. The remediation of internal control weaknesses further strengthens its operational foundation. The expansion into AI, leveraging existing infrastructure and renewable energy focus, provides a compelling growth narrative that could drive significant shareholder value, despite the increased cost per Bitcoin mined and regulatory uncertainties.

Keywords

Bitcoin mining, AI Cloud Services, High-Performance Computing, Data Centers, Renewable Energy, SEC Filing, 10-K, GPU, ASIC, Cryptocurrency, Financial Results, Corporate Governance, Capital Raise, Nasdaq

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