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

92% of Bitcoin exchange inflows come from short-term holders

Data via 8 hours ago

Bitcoin is the best asset to protect against Brazil’s 13% yearly currency depreciation

17 hours ago

Bitcoin options volume shows short-term indecision, long-term optimism

Data via 21 hours ago

Latest Alpha Market Report

Available exclusively via

Bitcoin’s historical performance: September dips and year-end rallies

Andjela Radmilac · 5 days ago

CryptoSlate's latest market report dives deep into Bitcoin's historical monthly and quarterly returns, focusing on the period between 2013 and 2024 to assess the likelihood of a similar pattern unfolding in 2024.