Iris Energy Ltd (NASDAQ:IREN) shares are trading higher Wednesday on the heels of the company's first-quarter financial results. Multiple analysts raised price targets following the print. Here's what you need to know.

What Happened: After the market close on Tuesday, Iris reported first-quarter Bitcoin (CRYPTO: BTC) mining revenue of $49.6 million. The company reported a 28% increase in AI Cloud Services revenue quarter-over-quarter to $3.2 million.

Adjusted EBITDA was $2.6 million in the quarter. The company said it mined 813 bitcoin in the period and ended the quarter with $98.6 million in cash and cash equivalents. Iris noted that it had $182.4 million in cash as of Oct. 31.

"We are pleased to report our Q1 FY25 results and reiterate our focus on low-cost Bitcoin mining, operating cashflows and shareholder returns," said Daniel Roberts, co-founder and co-CEO of Iris Energy.

"We are just weeks away from achieving our 31 EH/s milestone and are excited to announce the acceleration of our growth trajectory to 50 EH/s in H1 2025, which was previously H2 2025."

Iris said it had 21 EH/s installed in the quarter and remains on track to achieve 31 EH/s in December. The company currently has an all-in cash cost per bitcoin of approximately $29,000. Bitcoin was hovering around $94,000 at the time of publication, per Benzinga Pro.

Following the company's quarterly results, Canaccord Genuity analyst Joseph Vafi maintained Iris with a Buy and raised the price target from $15 to $17. HC Wainwright & Co. analyst Mike Colonnese maintained a Buy rating and raised the price target from $13 to $16, and Needham analyst John Todaro reiterated a Hold rating.

IREN Price Action: Iris Energy shares were up 9.52% at $10.47 at the time of publication Wednesday, according to Benzinga Pro.

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