IREN reported record revenue and earnings for FY24, with plans to expand mining capacity.

From GlobeNewswire: 2024-08-28 16:33:00

IREN (Iris Energy Limited) reported a record Adjusted EBITDA of $54.7 million for FY24 and remains on track to achieve 30 EH/s in 2024. The company saw significant growth in Bitcoin mining revenue, with 4,191 Bitcoins mined. Additional capacity commissioned during the year contributed to higher net electricity costs.

Operational highlights include expanding data centers, securing more grid-connected power, and increasing self-mining capacity. IREN successfully transitioned to spot pricing for power, allowing optimization of costs in real-time. The company is on track to reach 30 EH/s, with plans to expand to 50 EH/s using Bitmain S21 Pro miners.

On the AI front, IREN’s AI Cloud Services revenue continues to scale with 816 NVIDIA H100 GPUs servicing multiple customers. The company aims to launch a Childress GPU pilot in the second half of 2024. Other developments include discussions on colocation, AI Cloud Services, and structures with prospective partners, along with new data center expansions.

IREN’s full year FY24 results showcased growth in revenue, earnings, and cash flow, with EBITDA at $19.6 million and adjusted EBITDA at $54.7 million. The company reported continued progress in its business strategy update, emphasizing its commitment to renewable energy. As of June 30, 2024, IREN had operating cash inflow of $52.7 million and cash reserves of $404.6 million.



Read more at GlobeNewswire:: IREN Reports Full Year FY24 Results