Summary by Moomoo AI
On November 26, 2024, Iris Energy announced its Q1 FY25 financial results, highlighting a focus on low-cost Bitcoin mining and shareholder returns. The company reported Bitcoin mining revenue of $49.6 million, down from $54.3 million in Q4 FY24, due to increased network difficulty and lower Bitcoin prices. AI Cloud Services revenue rose 28% to $3.2 million. Adjusted EBITDA was $2.6 million, compared to $12.2 million in Q4 FY24.Iris Energy is accelerating its expansion to 50 EH/s by H1 2025, earlier than previously planned. The company is focusing on alternative funding instruments and expects strong operating cashflows to support potential investor distributions in 2025. Iris Energy is transitioning to U.S. domestic issuer status in 2025, including U.S. GAAP reporting.The company mined 813 Bitcoin in Q1 FY25, with net electricity costs rising to $28.7 million. A net loss after income tax of $51.7 million was reported, compared to a $27.1 million loss in Q4 FY24. Cash and cash equivalents increased to $182.4 million by October 31, 2024.
