IREN, formerly known as Iris Energy, announced record-breaking financial results for the fiscal year ending June 30, 2024, with significant growth in bitcoin mining revenue and capacity expansion. The company reported $184.1 million in bitcoin mining revenue, marking a 144% increase from the $75.5 million generated in the previous fiscal year. This surge was driven by a combination of increased hashrate and higher bitcoin prices.
The company nearly doubled its self-mining capacity, growing from 5.6 exahashes per second (EH/s) to 10 EH/s during the period. As a result, IREN mined a record 4,191 BTC, up from 3,259 BTC in the prior fiscal year. As of August 28, the company had installed a total capacity of 15 EH/s and is on track to reach 20 EH/s by next month and 30 EH/s by the end of 2024. This growth is supported by the purchase of 10.5 EH/s worth of the latest-generation Bitmain S21 XP miners, which are expected to be delivered by November.
“We are pleased to report our full year FY24 results, which highlight continued growth across revenue, earnings, and cash flow,” said Daniel Roberts, co-founder and co-CEO of IREN. “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.”
AI Revenue and Rising Costs
In addition to its bitcoin mining operations, IREN reported $3.1 million in AI cloud revenue for the first time, reflecting the company’s efforts to diversify its service offerings amidst expanding data center operations.
IREN’s adjusted EBITDA for the 2024 fiscal year was $54.7 million, a significant increase from $1.4 million in the previous year. However, the company’s growth in hashrate led to a rise in electricity costs, which jumped from $35.8 million in 2023 to $76 million in 2024.
Other expenses also increased, growing from $38.4 million to $56.5 million, largely due to the procurement of renewable energy credits, additional head office resources, and increased site expenses. Despite these growing costs, IREN managed to reduce its net loss to $29 million, down from a $171.9 million loss in the prior year.
The company also reported audited cash and cash equivalents of $404.6 million as of June 30, 2024, with no outstanding debt.
Following the announcement of these results, IREN’s stock rose 5.5% in pre-market trading to $7.83, according to TradingView. Despite the broader cryptocurrency market decline, the stock has gained nearly 25% over the past six months, though it remains 5.6% down year-to-date.
