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    Home»Bitcoin»Iris Energy Stock Climbs After FY24 Results: 4,191 Bitcoin Mined, Record Mining Revenue And More – Iris Energy (NASDAQ:IREN)
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    Iris Energy Stock Climbs After FY24 Results: 4,191 Bitcoin Mined, Record Mining Revenue And More – Iris Energy (NASDAQ:IREN)

    August 28, 20242 Mins Read


    Iris Energy Limited IREN reported its fiscal-year financial results after Wednesday’s closing bell. Here’s a look at the key figures from the report.  

    The Details: Iris Energy reported record fiscal-year Bitcoin BTC/USD mining revenue of $184.1 million, up from $75.5 million last year, driven by growth in operating hash rate and higher Bitcoin prices.

    Iris Energy reported an increase in its self-mining capacity from 5.6 EH/s to 10 EH/s during the year.

    • Iris Energy mined a record 4,191 Bitcoin, compared to 3,259 Bitcoin in fiscal year 2023, primarily driven by growth in operating hash rate.
    • AI Cloud Services revenue was $3.1 million.
    • Net electricity costs were $76 million, as compared to $35.8 million in fiscal year 2023, primarily driven by an increase in operating hash rate, with 80MW of additional capacity commissioned during the year.
    • The company ended the year with 816 NVIDIA H100 GPUs, servicing multiple customers.

    Read Next: What’s Going On With Trump Media & Technology Stock After New Indictment Against Donald Trump?

    “We are pleased to report our full year FY24 results, which highlights continued growth across revenue, earnings and cashflow,” said Daniel Roberts, co-founder and co-CEO of Iris Energy. “Our 2024 guidance remains unchanged. With 15 EH/s installed, we are well on track to achieve our 20 EH/s milestone next month and 30 EH/s this year.”

    Outlook: The company left its 2024 guidance unchanged and said it is on track to achieve the 20 EH/s milestone next month and 30 EH/s this year.

    IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 5.12% after-hours at $7.80 at the time of publication Wednesday.

    Read Also:

    Image: Gerd Altmann from Pixabay

    Market News and Data brought to you by Benzinga APIs

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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