IREN Reports FullYear FY24 Financial Results
Intellectia.AI Updated: 2024-08-28
IREN Reports Full-Year FY24 Financial Results
Sydney, Aug. 28, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ: IREN), a leading next-generation data center business powering the future of Bitcoin, AI, and beyond, has announced its financial results for the full year ended June 30, 2024.
Key Financial Metrics
| Metric | FY24 | FY23 | YoY Change | Q4 FY24 | Consensus Estimates (Current Quarter) | Consensus Estimates (Current Year) |
|---|---|---|---|---|---|---|
| Total Revenue | $187.2M | $75.5M | ↑ 148% | $49.7M | $58.17M | $189.87M |
| Earnings Per Share (EPS) | $-0.10 | $-1.10 | ↑ 90.91% | $-0.03 | $0.03 | $-0.03 |
| EBITDA | $19.6M | $-123.2M | ↑ $142.8M | --- | --- | --- |
| Adjusted EBITDA | $54.7M | $1.4M | ↑ $53.3M | --- | --- | --- |
| Net Loss After Income Tax | $-29.0M | $-171.9M | ↑ $142.9M | --- | --- | --- |
IREN achieved significant financial performance improvements year-over-year, driven by a record increase in Bitcoin mining revenue and higher Bitcoin prices. The total revenue surged to $187.2 million from $75.5 million in FY23, marking a 148% increase. Adjusted EBITDA reached a record $54.7 million, up from $1.4 million, indicating substantial operational growth.
Segment Revenue Performance
| Segment | FY24 Revenue | FY23 Revenue | YoY Change | Comment |
|---|---|---|---|---|
| Bitcoin Mining | $184.1M | $75.5M | ↑ 143.68% | Record mining revenue driven by increased hashrate and Bitcoin prices |
| AI Cloud Services | $3.1M | --- | --- | Reflects new revenue stream servicing multiple customers |
The Bitcoin Mining segment's revenue jumped to $184.1 million due to expanded operating hashrate and higher Bitcoin prices. AI Cloud Services began contributing $3.1 million in revenue, indicating IREN's successful diversification into new markets.
Key Developments and Operational Highlights
- Data Centers :
- Morgan Stanley process to evaluate AI data center opportunities at 1.4GW West Texas site
- Expansion of grid-connected power capacity from 760MW to 2,310MW over the last 12 months
-
Childress Phase 2 & 3 expansions on track
-
Bitcoin Mining :
- Self-mining capacity increased from 5.6 EH/s to 10 EH/s
-
Transition to spot pricing for power from August 2024, optimizing power costs
-
AI Cloud Services :
- Launching Childress GPU pilot in H2 2024
Comments from Company Officers
Daniel Roberts, Co-Founder and Co-CEO of IREN, commented, “We are pleased with our FY24 financial results, showcasing continued growth across revenue, earnings, and cash flow. Our 2024 guidance remains unchanged, and we are on track to achieve our key milestones, such as 20 EH/s by next month and 30 EH/s within this year.”
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced.
Forward Guidance
IREN reaffirmed its guidance for achieving 30 EH/s in mining capacity by the end of 2024.
Stock Price Movement
Following the earnings release, IREN's stock price experienced a decline of 5.60%.
The robust financial improvements and strategic milestones underscore IREN's strong execution and potential for further growth in both its core Bitcoin mining and emerging AI Cloud Services segments.
