Iris Energy Stock Climbs After FY24 Results: 4,191 Bitcoin Mined, Record Mining Revenue And More

Iris Energy Limited IREN reported its fiscal-year financial results after Wednesday’s closing bell. Here’s a look at the key figures from the report.  

The Details: Iris Energy reported record fiscal-year Bitcoin BTC/USD mining revenue of $184.1 million, up from $75.5 million last year, driven by growth in operating hash rate and higher Bitcoin prices.

Iris Energy reported an increase in its self-mining capacity from 5.6 EH/s to 10 EH/s during the year.

• Iris Energy mined a record 4,191 Bitcoin, compared to 3,259 Bitcoin in fiscal year 2023, primarily driven by growth in operating hash rate.
• AI Cloud Services revenue was $3.1 million.
• Net electricity costs were $76 million, as compared to $35.8 million in fiscal year 2023, primarily driven by an increase in operating hash rate, with 80MW of additional capacity commissioned during the year.
• The company ended the year with 816 NVIDIA H100 GPUs, servicing multiple customers.

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

Outlook: The company left its 2024 guidance unchanged and said it is on track to achieve the 20 EH/s milestone next month and 30 EH/s this year.

IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 5.12% after-hours at $7.80 at the time of publication Wednesday.

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Image: Gerd Altmann from Pixabay