On May 15, 2024, Iris Energy Limited, a leading data center business focused on Bitcoin mining and AI cloud services, reported its financial results for the third quarter of fiscal year 2024. The company announced record revenue, Adjusted EBITDA, and operating cash flow, with a significant increase in operating cash inflow to $47.9 million year-to-date. Iris Energy's net profit after tax (NPAT) for the quarter was $8.6 million, a notable improvement from a loss in the previous quarter. The company's Bitcoin mining revenue rose to $53.4 million, driven by an increase in operating hashrate and higher Bitcoin prices. Additionally, Iris Energy expanded its AI Cloud Services with the commissioning of NVIDIA GPUs for a leading AI company, Poolside AI. The company mined...Show More

On May 15, 2024, Iris Energy Limited, a leading data center business focused on Bitcoin mining and AI cloud services, reported its financial results for the third quarter of fiscal year 2024. The company announced record revenue, Adjusted EBITDA, and operating cash flow, with a significant increase in operating cash inflow to $47.9 million year-to-date. Iris Energy's net profit after tax (NPAT) for the quarter was $8.6 million, a notable improvement from a loss in the previous quarter. The company's Bitcoin mining revenue rose to $53.4 million, driven by an increase in operating hashrate and higher Bitcoin prices. Additionally, Iris Energy expanded its AI Cloud Services with the commissioning of NVIDIA GPUs for a leading AI company, Poolside AI. The company mined 1,003 Bitcoin during the quarter, despite a global increase in hashrate. Iris Energy also provided an update on its expansion plans, increasing its 2024 expansion target from 20 EH/s to 30 EH/s, enabled by new agreements with Bitmain and the construction of additional data center capacity. The company's cash and cash equivalents stood at $259.7 million as of March 31, 2024, with no debt facilities. Iris Energy's operational highlights included reaching an operating capacity of 10 EH/s, securing latest-generation Bitmain miners, and planning for 510MW of data center capacity by the end of 2024.