Bitcoin (BTC) miner IREN (IREN) posted its first full-year profit as the company founded in 2018 expanded into AI cloud computing and ramped up production capacity with more efficient rigs. The stock climbed in pre-market trading.

Net income in the year ended June 30 rose to $86.9 million from a loss of $28.9 million the year before, IREN said on its website on Thursday. Revenue more than doubled to a record $501 million as the Sydney-based company increased production capacity to 50 exahashes per second (EH/s). Adjusted earnings before interest, tax, depreciation and amortization (Ebitda) surged to $269.7 million, nearly five times last year’s level,

With nearly 3 gigawatts of contracted power and expansion in both bitcoin mining and AI infrastructure, IREN has positioned itself as one of the sector’s fastest-growing participants. Market cap, currently $5.3 million, is on the verge of overtaking its largest rival, MARA Holdings ( MARA ) , which is valued at under $6 billion, Farside Investors data shows.

The Nasdaq-traded stock rose 13% before the market opening, adding to the year's existing gain of more than 120%.

Mining operations generated more than $1 billion in annualized revenue, while the AI cloud unit is on track for as much as $250 million in annualized revenue by December, the company said. It has 10,900 NVIDIA GPUs already deployed and capacity for more than 60,000 GPUs across existing sites.