Iris Energy Limited, operating under the name IREN, reported its full-year financial results for the period ending June 30, 2024, on August 28, 2024. The company, which specializes in Bitcoin mining and AI cloud services using 100% renewable energy, announced significant growth in its operations and financial metrics. IREN recorded an Adjusted EBITDA of $54.7 million for FY24, a substantial increase from $1.4 million in the previous fiscal year. Bitcoin mining revenue reached a record $184.1 million, driven by an increase in operating hashrate and higher Bitcoin prices, resulting in 4,191 Bitcoin mined. AI Cloud Services also contributed with a revenue of $3.1 million. Despite higher net electricity costs of $76.0 million due to expanded capacity, the company achieved an operating cash inflow of $52.7 million and ended the year with $404.6 million...Show More

Iris Energy Limited, operating under the name IREN, reported its full-year financial results for the period ending June 30, 2024, on August 28, 2024. The company, which specializes in Bitcoin mining and AI cloud services using 100% renewable energy, announced significant growth in its operations and financial metrics. IREN recorded an Adjusted EBITDA of $54.7 million for FY24, a substantial increase from $1.4 million in the previous fiscal year. Bitcoin mining revenue reached a record $184.1 million, driven by an increase in operating hashrate and higher Bitcoin prices, resulting in 4,191 Bitcoin mined. AI Cloud Services also contributed with a revenue of $3.1 million. Despite higher net electricity costs of $76.0 million due to expanded capacity, the company achieved an operating cash inflow of $52.7 million and ended the year with $404.6 million in cash and cash equivalents, with no debt facilities. The net loss after income tax was reported at $29.0 million, an improvement from a loss of $171.9 million in FY23. Operational highlights include securing increased grid-connected power, expanding data center capacity, transitioning to spot pricing for electricity, and being on track to achieve 30 EH/s in Bitcoin mining hashrate by the end of 2024.