IREN shares rise 8% in pre-market trading following strong FY24 results and no debt

Quick Take

In 2024, IREN achieved a record Bitcoin mining revenue of $184.1 million, reflecting an increase in operating hashrate and Bitcoin prices. The company mined 4,191 BTC, a substantial rise from the 3,259 mined in FY23. As of Aug. 28, 2024, IREN has installed 15 EH/s in Bitcoin mining capacity, with plans to reach 30 EH/s by the end of the year. Daniel Roberts, Co-Founder and Co-CEO of IREN, said:

“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.”

In the AI sector, IREN’s AI Cloud Services generated $3.1 million in revenue, highlighting the company’s expanding footprint in this rapidly growing market. The launch of the Childress GPU pilot in H2 2024 is expected to bolster this segment further. IREN is focused on scaling its data center operations, with plans to expand to 510MW in 2024. The company confirmed it has secured 10.5 EH/s of the latest Bitmain S21 XP miners, positioning itself for continued growth and efficiency improvements.

IREN states it remains committed to its renewable energy goals, utilizing 100% renewable energy across its operations. The company closed FY24 with $404.6 million in cash and no debt facilities, ensuring a solid foundation for future expansion. As a result, IREN shares have risen 8% in pre-market trading.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

@jvs_btc LinkedIn Email James

Latest Insights

Bitcoin surges to $97k as market leverage hits historic $63 billion

Data via 4 hours ago

Memecoin revival drives Solana DEX Raydium past Tether in fees

24 hours ago

Ethereum falls to 4-year low against Bitcoin as BTC breaks above $94k

1 day ago