IREN Reports Full Year FY24 Financial Results
IREN (Iris Energy Limited) (NASDAQ: IREN), a prominent next-generation data center business focusing on Bitcoin mining and AI services, has announced its financial performance for the fiscal year concluded June 30, 2024. The company's results exhibit robust growth in revenue, earnings, and cash flow, emphasizing its strong position in the market.
Significant Financial Achievements
“We are pleased to report our full year FY24 results, showcasing significant developments across various financial metrics,” stated Daniel Roberts, Co-Founder and Co-CEO of IREN. “Our guidance for 2024 remains positive, with 15 EH/s currently operational, aiming for a 20 EH/s milestone next month and 30 EH/s within the year.”
Key Financial Metrics
For the fiscal year FY24, IREN reported several key financial highlights:
- EBITDA reached $19.6 million, a marked improvement from a $(123.2) million loss in fiscal year 2023.
- Adjusted EBITDA surged to $54.7 million compared to $1.4 million in the previous year.
- Record Bitcoin mining revenue totaled $184.1 million, a significant rise from $75.5 million in fiscal year 2023, largely attributed to increased operating hashrate and favorable Bitcoin prices.
- IREN mined a total of 4,191 Bitcoins, exceeding 3,259 Bitcoins from the prior year due to enhanced operational hashrate.
- AI Cloud Services generated $3.1 million in revenue, showcasing a growing demand for this sector.
Operational Expenditures and Costs
Net electricity costs amounted to $76.0 million, up from $35.8 million in the prior year, reflecting the increased operational capacity with 80MW of additional installations completed, as well as other costs rising to $56.5 million from $38.4 million, indicating IREN's expansion and operational growth.
Recent Developments and Projections
The latest operational developments reinforce IREN's commitment to scaling its data center capacity and enhancing its Bitcoin mining operations:
Data Center Expansion
IREN is actively pursuing an expansion of its data centers:
- The company has secured a process with Morgan Stanley to evaluate AI data center opportunities.
- Additionally, IREN has secured a significant increase in grid-connected power from 760MW to 2,310MW over the past year.
- Expansion plans are set for 510MW in 2024, with ongoing phases at Childress contributing towards these goals.
Advancements in Bitcoin Mining
IREN has also made significant strides in its Bitcoin mining strategy:
- Self-mining capacity increased from 5.6 EH/s to 10 EH/s through FY24.
- The transition to spot pricing effective August 2024 is expected to optimize power costs significantly.
- With 15 EH/s installed as of late August 2024, IREN is poised to meet its growth targets of 20 EH/s next month and 30 EH/s shortly thereafter.
AI Cloud Services Growth
In addition to its core Bitcoin operations, IREN is advancing its AI cloud services:
Demand for AI Services
With a deployment of 816 NVIDIA H100 GPUs, IREN is meeting rising demand in the AI sector. Furthermore, plans for a Childress GPU pilot in the second half of 2024 are underway, marking the company's strategic expansion into AI cloud services.
About IREN
IREN is a leading next-generation data center business that emphasizes the use of 100% renewable energy in its operations, significantly influencing the Bitcoin and AI cloud services markets. With ongoing commitments to sustainability and technological advancement, IREN is positioned to continue its growth trajectory in the evolving landscape of digital services.
- Bitcoin Mining: IREN enhances security for the Bitcoin network, targeting an expansion to 30 EH/s in 2024.
- AI Cloud Services: IREN provides cloud compute for AI initiatives, emphasizing advanced technology capabilities.
- Next-Generation Data Centers: The company operates with 300MW of data center capacity, expanding to 510MW in 2024 and designed for power-dense computing applications.
Frequently Asked Questions
1. What is IREN's Adjusted EBITDA for FY24?
IREN reported an Adjusted EBITDA of $54.7 million for the fiscal year ending June 30, 2024.
2. How has IREN's Bitcoin revenue changed in FY24?
Bitcoin mining revenue increased to a record $184.1 million in FY24, up from $75.5 million in FY23.
3. What are IREN's plans for AI Cloud Services?
IREN aims to enhance its AI Cloud Services expanding capabilities and customer reach with new deployments.
4. How much grid-connected power has IREN secured?
IREN has increased its grid-connected power from 760MW to 2,310MW over the last year.
5. Who to contact for investor relations at IREN?
Investor relations inquiries can be directed to Lincoln Tan at IREN, +61 407 423 395.
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