IREN Reports Third Quarter FY24 Results

Core Insights - The company reported record revenue and Adjusted EBITDA for the third quarter of FY24, with a significant operating cash inflow of $47.9 million year-to-date [2][3] - The expansion plans for 2024 have been increased from 20 EH/s to 30 EH/s, indicating strong operational execution and strategic investments [3][6] Financial Performance - Bitcoin mining revenue reached $53.4 million, up from $42.0 million in the previous quarter, driven by increased operating hashrate and higher Bitcoin prices [6][7] - The net profit after income tax was $8.6 million, a turnaround from a loss of $5.2 million in the second quarter of FY24 [6][8] - Adjusted EBITDA for the quarter was $21.8 million, compared to $13.9 million in the previous quarter, reflecting a margin increase to 40% from 33% [7][8] Operational Highlights - The company mined 1,003 Bitcoin during the quarter, down from 1,144 Bitcoin in the previous quarter, primarily due to a higher global hashrate [6][8] - Net electricity costs increased to $19.4 million from $16.1 million in the previous quarter, attributed to the rise in operating hashrate [6][10] - The company has secured the latest-generation Bitmain S21 Pro miners, aiming for a nameplate fleet efficiency of 16 J/TH [6][11] Capacity and Infrastructure - The operating capacity as of May 2024 is 10 EH/s, an increase from 5.6 EH/s in December 2023 [6][11] - The planned data center capacity has been increased to 510 MW by the end of 2024, up from a previous target of 460 MW [11][24] - The company has secured 2,160 MW of power capacity across North America, supporting its expansion and operational needs [11][24] AI Cloud Services - AI Cloud Services revenue was reported at $0.6 million, following the commissioning of 248 NVIDIA H100 GPUs for a customer [6][24] - The company has doubled its AI Cloud Services agreement with Poolside AI, increasing GPU capacity to 504 [6][24]