Core Insights - IREN Limited reported strong performance in its Bitcoin mining operations for January 2025, with an average operating hashrate of 29.0 EH/s, an increase from 28.1 EH/s in December 2024 and 19.7 EH/s in November 2024 [3] - The company mined 521 BTC in January 2025, slightly down from 529 BTC in December 2024, but significantly up from 379 BTC in November 2024 [3] - Revenue per Bitcoin increased to $99,789 in January 2025 from $98,524 in December 2024, while electricity costs per Bitcoin rose to $24,683 from $22,799 [3] - Total revenue for January 2025 was $52.0 million, compared to $52.1 million in December 2024 and $32.6 million in November 2024 [3] - Hardware profit for January 2025 was $39.2 million, with a hardware profit margin of 75%, down from 77% in December 2024 [3] Bitcoin Mining Performance - The average operating hashrate for January 2025 was 29.0 EH/s, reflecting improvements from previous months [3] - The company achieved a hardware profit margin of 75% in January 2025, maintaining robust mining unit economics [3][9] - Revenue per Bitcoin mined increased to $99,789, indicating a positive trend in Bitcoin pricing [3] AI Cloud Services - Revenue from AI Cloud Services remained stable at $0.8 million in January 2025, with a slight increase in electricity costs attributed to new NVIDIA H200 contracts [5] - The hardware profit margin for AI Cloud Services was 96%, showcasing strong profitability in this segment [5] Strategic Developments - IREN is on track to reach a hashrate of 50 EH/s within five months, supported by the installation of direct-to-chip liquid cooling for AI and high-performance computing (HPC) [4] - The company is advancing construction on its 1.4GW Sweetwater Project and progressing a multi-GW development pipeline [4][10] - Management highlighted the strategic value of IREN's 2,310 MW grid-connected power portfolio, with increased demand for cloud and colocation services [7] Management Commentary - Management expressed confidence in the Bitcoin mining business's strong hardware profits and announced a new at-the-market facility to fund growth initiatives [6] - The company is exploring alternative funding options to accelerate its growth trajectory [6]

Core Viewpoint - IREN Limited will release its financial results for the three and six months ended December 31, 2024, on February 12, 2025, and will host a conference call for investors [1]. Group 1: Financial Results Announcement - IREN Limited will announce its financial results on February 12, 2025, at 5:00 p.m. New York time [1]. - A conference call will follow the announcement, allowing participants to engage in a Q&A session [3]. Group 2: Company Overview - IREN is a leading data center business focused on Bitcoin and AI, utilizing 100% renewable energy [4]. - The company operates Bitcoin mining with an expansion to 57 EH/s in 2025 and has been operational since 2019 [5]. - IREN provides AI cloud services with 1,896 NVIDIA H100 & H200 GPUs, having started operations in 2024 [5]. - The company has 510MW of operating data centers, with plans to expand to 910MW in 2025 [5]. - IREN has secured a development portfolio of 2,310MW of grid-connected power across North America and has a multi-gigawatt development pipeline [5]. - The company targets sites with low-cost renewable energy and supports local communities through its operations [5].

Group 1 - IREN Limited (IREN) shares have increased by 1.5% over the past four weeks, closing at $10.09, with a mean price target of $20.55 indicating a potential upside of 103.7% [1] - The mean estimate consists of 11 short-term price targets with a standard deviation of $4.08, where the lowest estimate suggests a 48.7% increase and the highest predicts a 157.7% surge to $26 [2] - Analysts show strong agreement on IREN's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock price increases [4][9] Group 2 - The Zacks Consensus Estimate for IREN's current year has risen by 9.7% over the past month, indicating positive sentiment among analysts [10] - IREN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, suggesting a strong potential upside [11] - While consensus price targets may not be entirely reliable, the direction they imply appears to be a useful guide for potential price movements [12]

Core Insights - IREN Limited achieved its year-end target of 31 EH/s in Bitcoin mining, surpassing the original target of 20 EH/s [2][5][9] - The company reported significant growth in Bitcoin mining metrics, including a 450% increase in mining capacity and a record revenue of $52.1 million for December 2024, driven by higher Bitcoin prices and increased operating hashrate [7][9] - IREN is on track to expand its mining capacity to 50 EH/s by H1 2025, with ongoing construction and operational enhancements across its data centers [5][20] Bitcoin Mining Performance - Average operating hashrate increased to 28.1 EH/s in December 2024, up from 19.7 EH/s in November 2024 [3] - A total of 529 BTC was mined in December 2024, compared to 379 BTC in November 2024 [3] - Mining revenue for December reached $52.1 million, reflecting a 60% increase from the previous month [9] Financial Metrics - Revenue per Bitcoin mined increased to $98,524 in December 2024, up from $86,065 in November 2024 [3] - Electricity costs per Bitcoin mined were $22,799 in December 2024, slightly higher than $22,575 in November 2024 [3] - Hardware profit for December was $40.1 million, with a profit margin of 77% [3][9] AI Cloud Services - AI Cloud Services generated $0.8 million in revenue in December 2024, with a hardware profit margin of 98% [3] - The company has installed 1,896 NVIDIA H100 and H200 GPUs to support its AI Cloud Services business [6][13] Data Center Expansion - The Childress data center has expanded its operating capacity to 350 MW, with a total of 510 MW across all operating data centers [14][15] - The company is progressing with the construction of additional phases at Childress, aiming for a total capacity of 910 MW by H1 2025 [15][20] Corporate Developments - IREN completed a $440 million oversubscribed offering of convertible notes to support its expansion plans [7] - The company is actively negotiating additional AI and high-performance computing (HPC) opportunities [6][7]

Core Insights - IREN Limited has achieved a self-mining capacity of 31 EH/s, exceeding its initial target of 20 EH/s for the year [1][15] - The company is on track to reach a target of 50 EH/s by the first half of 2025 [3][11] Company Performance - The operating data center capacity at Childress has expanded from 20 MW to 350 MW, representing a growth of over 17 times [2] - Following the completion of Childress Phase 3, the installed self-mining capacity increased from 28 EH/s to 31 EH/s, achieving an efficiency of 15 J/TH with 510 MW of operating data centers [10][16] Future Growth Plans - IREN plans to expand its operating data centers to 810 MW in the first half of 2025 [8] - The company has secured a development portfolio of 2,310 MW of grid-connected power across North America, with additional expansion potential [8] Operational Efficiency - IREN is recognized as one of the fastest-growing and lowest-cost Bitcoin miners globally, supported by industry-leading efficiency and low electricity costs [16] - The company has a proven execution capability, with ongoing construction for Childress Phases 4 and 5, which will add 300 MW of capacity [17] Technology and Infrastructure - IREN utilizes 100% renewable energy for its operations, targeting sites with low-cost and underutilized renewable energy [7][8] - The company has a technology stack designed for performance optimization in both Bitcoin mining and AI cloud services [8]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Iris Energy Limited regarding a class action lawsuit due to alleged misleading statements and omissions related to the company's business prospects and operations [1][2]. Summary by Sections Class Action Details - The class period for the lawsuit is from June 23, 2023, to July 11, 2024 [2]. - Allegations include that defendants overstated Iris Energy's prospects related to data centers and high-performance computing, particularly due to deficiencies at the Childress County, Texas site [2]. Shareholder Actions - Shareholders are encouraged to register for the class action by December 6, 2024, to potentially be appointed as lead plaintiff [3]. - Registration allows shareholders to receive updates through portfolio monitoring software regarding the case's progress [3]. Law Firm Background - The Gross Law Firm is recognized nationally for class action lawsuits and aims to protect investors from deceit and fraud [4]. - The firm seeks recovery for investors who suffered losses due to misleading statements or omissions that inflated the company's stock price [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Iris Energy Limited securities during the specified Class Period of the upcoming lead plaintiff deadline on December 6, 2024 [1]. Group 1: Class Action Details - Investors who bought Iris Energy securities between June 20, 2023, and July 11, 2024, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by the December 6, 2024 deadline [3]. - The lawsuit alleges that defendants made materially false and misleading statements regarding Iris Energy's business prospects, particularly related to its data centers and high-performance computing capabilities [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured significant settlements for investors, including over $438 million in 2019 alone, and has been consistently ranked among the top firms for securities class action settlements [4].

Core Viewpoint - The Gross Law Firm is notifying shareholders of Iris Energy Limited regarding a class action lawsuit due to alleged misleading statements and omissions related to the company's business prospects and operations [1][3]. Group 1: Allegations - The complaint alleges that during the class period from June 23, 2023, to July 11, 2024, defendants overstated Iris Energy's prospects related to data centers and high-performance computing, primarily due to deficiencies at the Childress County, Texas site [3]. - As a result of these deficiencies, the statements made by the defendants about Iris Energy's business, operations, and prospects were materially false and misleading, lacking a reasonable basis throughout the relevant period [3]. Group 2: Class Action Details - Shareholders who purchased shares of Iris Energy during the specified class period are encouraged to contact the Gross Law Firm for potential lead plaintiff appointment, although this is not required for recovery [1][4]. - The deadline for shareholders to register for the class action and seek lead plaintiff status is December 6, 2024 [4]. - Once registered, shareholders will be enrolled in a portfolio monitoring software to receive updates on the case's status [4].

Core Viewpoint - The Iris Energy Limited class action lawsuit alleges that the company and its executives made misleading statements regarding its business prospects, particularly related to its data centers and high-performance computing capabilities, leading to significant stock price declines [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited and is filed in the Eastern District of New York [1]. - Investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, can seek appointment as lead plaintiff by December 6, 2024 [1][5]. - The lawsuit claims that Iris Energy overstated its prospects due to deficiencies at its Childress County, Texas site [3]. Group 2: Stock Price Impact - Following a report from Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price fell by more than 15% [4]. Group 3: Legal Representation - Robbins Geller Rudman & Dowd LLP is representing investors in this class action lawsuit and has a strong track record in securing monetary relief for investors in securities fraud cases [6].

Core Viewpoint - IREN Limited has announced a private offering of $400 million in convertible senior notes with a 3.25% coupon rate, aimed at qualified institutional buyers, with the offering size increased from a previously announced $300 million [1][2]. Transaction Details - The offering includes $400 million of convertible senior notes with a 3.25% coupon and a 30% conversion premium [2]. - The notes will settle on December 6, 2024, and initial purchasers have the option to buy an additional $40 million within 13 days of issuance [2]. - The notes will mature on June 15, 2030, and interest will be paid semi-annually starting June 15, 2025 [5]. Use of Proceeds - IREN estimates net proceeds of approximately $386.5 million, or $425.4 million if the option for additional notes is fully exercised [3]. - Approximately $40.3 million will fund capped call transactions, $75.9 million for a prepaid forward transaction, and the remainder for general corporate purposes and working capital [4]. Capped Call Transactions - IREN has entered capped call transactions to hedge against dilution upon conversion of the notes, with an initial cap price of $25.86 per share, representing a 100% premium over the last reported share price [9][10]. - The capped call transactions are expected to reduce potential dilution and offset cash payments required upon conversion [11]. Prepaid Forward Transaction - IREN has also entered a prepaid forward share purchase transaction for approximately $75.9 million of its ordinary shares, to be settled shortly after the notes' maturity [14]. - This transaction is intended to facilitate derivative transactions and allow investors to establish short positions related to IREN's ordinary shares [15]. Company Overview - IREN is a leading data center business focused on Bitcoin mining and AI cloud services, utilizing 100% renewable energy [22]. - The company operates data centers with a capacity of 460MW, expanding to 810MW in H1 2025, and has secured a development portfolio of 2,310MW of grid-connected power across North America [23].