Core Viewpoint - The cryptocurrency market is experiencing a bullish trend following Donald Trump's election victory, with Bitcoin surpassing $90,000, positively impacting crypto-related stocks like Iris Energy, a sustainable Bitcoin mining company [1]. Company Performance - Iris Energy has leveraged 100% renewable energy, resulting in a stock price increase of over 49% in the past month, closing at $13.51 with a year-to-date increase of 98% [2]. - In October, Iris Energy mined 439 Bitcoin, leading to a 32% increase in monthly revenue to $28.2 million, while reducing electricity costs per Bitcoin mined by 12% [3]. Growth Strategy - The company plans to increase its operating hash rate from 21 EH/s to 31 EH/s by year-end and aims for 50 EH/s by mid-2025, indicating significant growth potential [4]. - Iris Energy is set to generate $32 million annually in AI hardware profits by 2024, utilizing its data center infrastructure for new revenue streams [4][5]. Analyst Upgrades - Cantor Fitzgerald raised Iris Energy's price target to $23 from $20, citing the company's lower enterprise-value-to-hash-rate multiple and potential to become the lowest-cost miner [7]. - Canaccord Genuity increased its price target to $17 from $15, highlighting competitive power costs and favorable hash rate ramp during Bitcoin's rally [8]. - HC Wainwright & Co. raised its price target from $13 to $16, indicating an 18.43% upside, while Needham maintained a Hold rating [8]. Investor Sentiment - The upgrades from analysts reflect growing confidence in Iris Energy's dual focus on sustainable Bitcoin mining and AI cloud services, positioning the company for long-term growth [9]. - Iris Energy has indicated potential shareholder distributions by 2025, including the possibility of a Bitcoin dividend, which enhances investor interest [9].

Iris Energy Limited (NASDAQ: IREN ) continues at the forefront of sustainable innovation in its three business areas: Bitcoin mining, high-performance computing [HPC], and artificial intelligence [AI] cloud services. The company has successfully expanded its operations across North America and Australia, using exclusively renewable energy. IREN’s main focusMy name is Myriam Hernandez Alvarez. I received the Electronics and Telecommunication Engineering degree from the Escuela Politecnica Nacional, Quito, Ec ...

Financial Data and Key Metrics Changes - The company achieved an adjusted EBITDA of $2.6 million with Bitcoin mining revenue of $54.3 million and AI Cloud services revenue of $3.2 million [67] - The average operating cash rate increased from 9 exahash to 12.1 exahash during the quarter [68] - Closing cash at the bank was reported as $98.6 million, with cash increasing to $182.4 million by October 31, 2024 [70][72] Business Line Data and Key Metrics Changes - The company mined 821 Bitcoin at an average realized price of $66,000 [68] - Net electricity costs increased by $4.6 million to $28.7 million, primarily due to increased usage at the Childress site [69] - The transition to a spot pricing strategy for electricity procurement at Childress is expected to reduce the cost of Bitcoin mined to $26,700 if applied for the entire quarter [69] Market Data and Key Metrics Changes - The company is positioned as a low-cost commodity producer, with an expected cash cost of $29,000 per Bitcoin [9][22] - The average power cost at Childress is reported to be over $0.03 per kilowatt-hour, contributing to lower overall costs [30] Company Strategy and Development Direction - The company plans to accelerate its expansion to 50 exahash in the first half of next year, previously targeted for the second half [12] - The strategy focuses on large-scale projects to provide lower execution risk and rapid expansion at low cost [13][25] - The company aims to transition to a U.S. domestic issuer status in 2025 and is working towards inclusion in major U.S. indices [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the Bitcoin mining sector is at an inflection point, with institutional interest returning to the space [7] - The company is optimistic about generating substantial operating cash flows in the near term, supporting potential investor distributions in 2025 [22][63] - Management emphasized the importance of prudent capital management and generating strong cash-on-cash shareholder returns [23] Other Important Information - The company has secured 2.3 gigawatts of contracted capacity, with a focus on sites with executed interconnection agreements [55][58] - The Sweetwater Data Center project is expected to be one of the largest Bitcoin mining facilities or AI factories in the world, capable of supporting over 90 exahash of Bitcoin mining or over 800,000 GPUs [54] Q&A Session Summary Question: Strategic process versus organic opportunity at Sweetwater - Management is preparing for both Bitcoin mining and AI-related opportunities, comparing each pathway as an opportunity cost [76][79] Question: Capital intensity on the Bitcoin Mining business - The funding requirement to go from 30 to 50 exahash is approximately $400 million, with ongoing discussions about capital needs [81] Question: Bitcoin price and self-funded growth - Operating cash flows are expected to be substantial, allowing for potential distributions to investors while maintaining a focus on reinvestment [87][89] Question: Long-lead time items for Sweetwater - Long-lead procurement is set up to enable full capacity on the high-voltage substation by April 2026, with a progressive build-out of data center capacity [92] Question: Fiber interconnect at Sweetwater - Access to fiber is not an issue, with multiple Tier-1 carriers available, ensuring low latency suitable for both AI applications and Bitcoin mining [94] Question: Demand post-FERC announcement - There is perceived increased demand, but management emphasizes the importance of closing deals to create tangible value for shareholders [117] Question: Future plans for AI cloud business - The company is taking a measured approach to GPU investments, focusing on Bitcoin opportunities while monitoring market conditions for AI [120]

NEW YORK, Nov. 27, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Iris Energy Limited (NASDAQ: IREN) between June 20, 2023 and July 11, 2024, both dates inclusive (the “Class Period”), of the important December 6, 2024 lead plaintiff deadline. SO WHAT: If you purchased Iris Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrange ...

Iris Energy Ltd IREN released results for the first quarter on Tuesday.Iris reported first-quarter Bitcoin BTC/USD mining revenue of $49.6 million. The company reported a 28% increase in AI Cloud Services revenue quarter-over-quarter to $3.2 million.Adjusted EBITDA was $2.6 million in the quarter. The company said it mined 813 bitcoin in the period and ended the quarter with $98.6 million in cash and cash equivalents. Iris noted that it had $182.4 million in cash as of Oct. 31."We are pleased to report our ...

50 EH/s expansion accelerated to H1 2025 Focused on alternative funding instruments Potential for investor distributions in 2025 Transition to U.S. domestic issuer SYDNEY, Nov. 26, 2024 (GLOBE NEWSWIRE) -- IREN (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today reported its financial results for the first quarter ended September 30, 2024. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “We are pleased to report our Q1 FY25 results and reiterate our fo ...

NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of Iris Energy Limited (NASDAQ: IREN). Shareholders who purchased shares of IREN during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/iris-energy-loss-submission-form/?id=113424&from=3 CLASS PERIOD: June 23, 2023 ...

SAN DIEGO, Nov. 25, 2024 /PRNewswire/ -- Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Iris Energy Limited (NASDAQ: IREN) securities between June 20, 2023 and July 11, 2024. Iris describes itself as a "leading next-generation data center business powering the future of Bitcoin, AI and beyond[.]"For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.The Allegations: Robbi ...

PHILADELPHIA, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Iris Energy Limited (“Iris” or the “Company”) (NASDAQ: IREN) on behalf of purchasers of Iris securities between June 20, 2023 and July 11, 2024, inclusive (the “Class Period”). Investor Deadline: Investors who purchased or acquired IRIS ENERGY securities during the Class Period may, no later than DECEMBER 6, 2024, seek to be appointed as a lead plaintiff represen ...

NEW YORK, Nov. 24, 2024 /PRNewswire/ --Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Iris Energy Limited (NASDAQ: IREN) between June 20, 2023 and July 11, 2024, both dates inclusive (the "Class Period"), of the important December 6, 2024 lead plaintiff deadline in the securities class action first filed by the Firm.So what: If you purchased Iris Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket ...