IREN Reports Financial Results for FY2024

IREN, formerly Iris Energy, announced its financial results for the year ending June 30 on Wednesday, featuring record bitcoin mining revenue as self-mining capacity nearly doubled.

Key Financial Highlights

• IREN generated $184.1 million in bitcoin mining revenue for FY2024, representing a 144% increase from $75.5 million in FY2023, driven by hashrate growth and rising bitcoin prices.
• The company increased its self-mining capacity from 5.6 EH/s to 10 EH/s, mining a record 4,191 BTC (+1.41%) compared to 3,259 BTC the previous fiscal year. As of Aug. 28, IREN has a total installed capacity of 15 EH/s, with plans to reach 20 EH/s next month and 30 EH/s by year-end following the purchase of 10.5 EH/s of Bitmain S21 XP miners.

“We are pleased to report our full year FY24 results, which highlight continued growth across revenue, earnings and cashflow,” said IREN co-founder and co-CEO Daniel Roberts. “Our 2024 guidance remains unchanged. With 15 EH/s installed, we are on track to achieve our 20 EH/s milestone next month and 30 EH/s this year.”

AI Revenue Growth

• For the first time, IREN also reported $3.1 million in AI cloud revenue as part of its diversification strategy amid data center expansion.
• The firm reported $54.7 million in adjusted EBITDA for FY2024, a significant increase from $1.4 million for the previous year.

Rising Costs

• IREN’s electricity costs rose from $35.8 million in FY2023 to $76 million in FY2024. Other costs increased from $38.4 million to $56.5 million to include renewable energy credits and increased operational expenses.
• After accounting for income tax, depreciation, and finance expenses, IREN posted a net loss of $29 million for FY2024, significantly reduced from a $171.9 million loss the prior year.
• As of June 30, 2024, the firm reported $404.6 million in cash and cash equivalents and no debt facilities.

Market Performance

• Following the results, IREN is up 5.5% in pre-market trading at $7.83, according to TradingView. Despite a broader cryptocurrency market decline, the firm’s stock has gained nearly 25% over the last six months but remains 5.6% down year-to-date.