IREN Reports Full Year FY24 Results

Core Insights - IREN reported a record adjusted EBITDA of $54.7 million for FY24, a significant increase from $1.4 million in FY23, indicating strong operational performance and growth [2][6] - The company achieved record Bitcoin mining revenue of $184.1 million in FY24, up from $75.5 million in FY23, driven by increased operating hashrate and higher Bitcoin prices [2][6] - IREN is on track to reach a self-mining capacity of 30 EH/s by the end of 2024, with 15 EH/s already installed as of August 2024 [2][4] Financial Performance - Full Year FY24 results show an EBITDA of $19.6 million, compared to a loss of $123.2 million in FY23 [2][6] - Net loss after income tax for FY24 was $29.0 million, a significant improvement from a loss of $171.9 million in FY23 [2][6] - Operating cash inflow increased to $52.7 million in FY24 from $6.0 million in FY23, reflecting improved cash generation [2][6] Operational Highlights - The company increased its grid-connected power from 760 MW to 2,310 MW over the past year, supporting its data center expansion [3] - Childress Phase 2 and Phase 3 expansions are underway, with a total of 250 MW planned for completion in 2024 [3][4] - IREN has secured 10.5 EH/s of the latest-generation Bitmain S21 XP miners, with shipping scheduled for October and November 2024 [4] AI Cloud Services - AI Cloud Services revenue reached $3.1 million, servicing multiple customers in both reserved and on-demand markets [2][6] - The company operates 816 NVIDIA H100 GPUs, with plans to launch a Childress GPU pilot in H2 2024 [4][19] Renewable Energy Commitment - IREN is committed to utilizing 100% renewable energy, with procurement of Renewable Energy Certificates (RECs) in line with this strategy [2][19] - The company aims to support local communities and electrical grids through its renewable energy initiatives [19]