Iris Energy Limited (IREN) announced strong financial results for its fiscal year, exceeding expectations with a record-breaking Bitcoin mining revenue of $184.1 million, a significant jump from $75.5 million in the previous year. This impressive growth was attributed to the company’s expanded operating hash rate, which increased from 5.6 EH/s to 10 EH/s, and the surge in Bitcoin prices throughout the year.
As a result of the increased hash rate, Iris Energy successfully mined a record 4,191 Bitcoin, surpassing the 3,259 Bitcoin mined in the previous fiscal year. The company also reported a modest $3.1 million in revenue from its AI cloud services.
While Iris Energy experienced a substantial increase in net electricity costs from $35.8 million in fiscal year 2023 to $76 million this year, this was primarily due to the expansion of its operations with the commissioning of 80MW of additional capacity. The company ended the year with 816 NVIDIA H100 GPUs, which are utilized to power its AI cloud services, serving a diverse range of clients.
“We are delighted to announce our full-year FY24 results, which reflect consistent growth across revenue, earnings, and cashflow,” remarked 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.”
Looking forward, Iris Energy remains steadfast in its 2024 targets. The company is on track to achieve the 20 EH/s milestone next month and reach a significant 30 EH/s by the end of the year. Following the announcement, Iris Energy shares surged 5.12% after-hours, trading at $7.80 at the time of publication.
Iris Energy’s strong performance underscores the growing demand for Bitcoin mining and the company’s ability to capitalize on this trend. With its commitment to expanding its operations and optimizing its infrastructure, Iris Energy is well-positioned to continue its success in the Bitcoin mining sector.
