Core Viewpoint - IREN (Iris Energy Limited) is a leading next-generation data center business focused on Bitcoin mining and AI cloud services, announcing significant updates regarding its operational capacity and strategic growth plans [1][6]. Group 1: Business Operations - The company has secured an additional 150MW of immediately available power capacity at its Childress site, increasing its total secured grid-connected power capacity to 2,310MW [2][6]. - IREN plans to expand its data center operations to 510MW in 2024, with a target of achieving 30 EH/s in Bitcoin mining [3][6]. - The company is also developing AI cloud services, utilizing 816 NVIDIA H100 GPUs to support its operations [3]. Group 2: Future Growth Plans - IREN has outlined a development pipeline that includes 910MW of data centers planned for 2025 and an additional 1,400MW at a West Texas site scheduled for 2026 [6]. - The company anticipates over 1GW of additional development from 2027 to 2030, indicating a strong commitment to expanding its infrastructure [6]. - IREN's strategy emphasizes the use of 100% renewable energy, targeting sites with low-cost and underutilized renewable energy sources [3][6].

Business Overview - IREN is a next-generation data center business focused on Bitcoin mining, AI cloud services, and high-performance computing applications [1][7] - The company operates with 100% renewable energy, targeting low-cost and underutilized renewable energy sources [2][7] Bitcoin Mining Operations - IREN has been operating Bitcoin mining since 2019, providing security to the Bitcoin network [2] - The company plans to expand its Bitcoin mining capacity to 30 EH/s by 2024 [2] AI Cloud Services - IREN launched AI cloud services in 2024, offering cloud compute solutions powered by 816 NVIDIA H100 GPUs [2] - The company is evaluating monetization opportunities in the AI data center market with Morgan Stanley as its financial advisor [6] Data Center Infrastructure - IREN currently operates 260MW of data centers, with plans to expand to 510MW by 2024 [2] - The data centers are specifically designed for high-performance and power-dense computing applications [2] Development Portfolio - IREN has secured 2,160MW of power capacity across North America [2] - The company owns a property portfolio exceeding 1,000 acres, with additional development pipelines [2] Technology and Optimization - IREN has developed a technology stack to optimize performance for AI cloud services, Bitcoin mining, and energy trading operations [2] Renewable Energy Commitment - IREN utilizes 100% renewable energy, either directly from clean sources or through the purchase of Renewable Energy Certificates (RECs) [2] - The company supports electrical grids and local communities through its renewable energy initiatives [2]

Core Viewpoint - IREN (Iris Energy Limited) is a leading next-generation data center business focused on Bitcoin mining, AI cloud services, and renewable energy, with significant expansion plans for 2024 [1][10]. Business Update - Bitcoin Mining: The company aims to expand its Bitcoin mining operations to 30 EH/s in 2024, having been operational since 2019 [2]. - AI Cloud Services: IREN has begun providing cloud computing services to AI customers, utilizing 816 NVIDIA H100 GPUs since 2024 [2]. - Next-Generation Data Centers: The company currently operates 260 MW of data centers, with plans to expand to 510 MW in 2024, specifically designed for high-performance computing [2]. - Technology: IREN is developing a technology stack aimed at optimizing performance for AI cloud services, Bitcoin mining, and energy trading operations [2]. - Development Portfolio: The company has secured 2,160 MW of power capacity across North America, with a property portfolio exceeding 1,000 acres and additional development projects in the pipeline [2]. - Renewable Energy Commitment: IREN targets sites with low-cost and underutilized renewable energy, ensuring that its operations are powered by 100% renewable energy sources [2]. Strategic Developments - Financial Advisory: IREN has appointed Morgan Stanley & Co. LLC as a financial advisor to explore monetization opportunities in the AI data center market [7].

Core Insights - Holzer & Holzer, LLC is investigating Iris Energy Limited for potential non-compliance with federal securities laws following a report by Culper Research that claims Iris Energy is not a viable player in the high-performance computing (HPC) space due to its facilities being primarily designed for Bitcoin (BTC) mining [1] - The report suggests that Iris Energy would require billions in additional costs to adapt its facilities for HPC workloads, which has led to a decline in the company's stock price [1] Company Overview - Iris Energy Limited is publicly traded on NASDAQ under the ticker IREN and is involved in the cryptocurrency mining sector, specifically Bitcoin mining [1] - The company is facing scrutiny regarding its operational capabilities and market positioning in relation to HPC [1] Legal Context - Holzer & Holzer, LLC is a law firm that represents shareholders and investors in litigation, including class action and derivative lawsuits, and has a history of recovering significant amounts for shareholders affected by corporate misconduct [3]

Core Viewpoint - IREN (Iris Energy Limited) is positioned as a leading next-generation data center business focused on Bitcoin and AI, with a strong emphasis on renewable energy and significant expansion plans for 2024 [1][3]. Financial Position - The company has $425.3 million in cash and no debt, indicating a robust financial position [2][11]. - The 2024 expansion plan includes 30 EH/s and 510 MW of data centers, which are fully funded [2]. Expansion and Development - IREN has a secured development portfolio of 2,160 MW of power capacity across North America and over 1,000 acres of property [4]. - The company is exploring various monetization strategies for its power and land portfolio, including a 1,400 MW project in West Texas [2]. Operations and Services - IREN's operations include Bitcoin mining, AI cloud services with 816 NVIDIA H100 GPUs, and next-generation data centers designed for high-performance computing [4]. - The company utilizes 100% renewable energy, targeting sites with low-cost and underutilized renewable energy sources [4].

Core Insights - IREN (Iris Energy Limited) is a leading next-generation data center business focused on Bitcoin and AI, utilizing 100% renewable energy [3][4]. Financial Position - The company has $425.3 million in cash and no debt, fully funding its 2024 expansion plans [2][11]. - The 2024 expansion includes 30 EH/s and 510 MW of data centers [2]. Expansion and Development Plans - IREN has a secured development portfolio of 2,160 MW of power capacity across North America and over 1,000 acres of property [4]. - The company is exploring monetization opportunities for its power and land portfolio, including a 1,400 MW project in West Texas [2]. Operational Focus - The company aims to accelerate monetization opportunities through various strategies, including asset sales, colocation deals, and joint ventures [2]. - IREN is expanding its AI Cloud Services, currently utilizing 816 NVIDIA H100 GPUs [4].

Reported 3Q FY24 results Record revenue, adjusted EBITDA and operating cashflow $322m cash, no debt1 Watch the webcast replay here Partnered with the District of Mackenzie to bring high speed fibre-optic connectivity to Mackenzie Enhances connectivity for residents Provides dual redundancy to data center Key Highlights AI Cloud Services 816 NVIDIA H100 GPUs Currently servicing Poolside AI and on-demand customers Corporate | --- | --- | --- | --- | |-------------------------------------|--------|--------|--- ...

Achieved record revenue, Adjusted EBITDA and operating cashflow $47.9 million operating cash inflow in FY24 YTD Quarterly NPAT of $8.6 million Expansion to 30 EH/s in 2024 SYDNEY, Australia, May 15, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today reported its financial results for the three-months and nine-months ended March 31, 2024 ...

SYDNEY, Australia, May 15, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update. Key Highlights 2024 expansion plans increased to 30 EH/s The Company's previously announced 2024 expansion plan to 20 EH/s has been increased to 30 EH/s. This accelerated growth is enabled through amended and new agreements with Bit ...

Iris Energy Limited (IREN) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Indiv ...