Business
IREN Reports Full Year FY24 Results
Record Adjusted EBITDA of $54.7 million in FY24 On track for 30 EH/s in 2024 AI business strategy update SYDNEY, Aug. 28, 2024 (GLOBE NEWSWIRE) -- IREN (Iris
About this update from Iren Limited
[{"type":"text","content":"Record Adjusted EBITDA of $54.7 million in FY24 On track for 30 EH/s in 2024 AI business strategy update SYDNEY, Aug. 28, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today reported its financial results for the full year ended June 30, 2024. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “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 IREN. “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.” Full Year FY24 Results EBITDA of $19.6 million, as compared to $(123.2) million in fiscal year 20231Adjusted EBITDA of $54.7 million, as compared to $1.4 million in fiscal year 20231Record Bitcoin mining revenue of $184.1 million, as compared to $75.5 million in fiscal year 2023, driven by growth in operating hashrate and higher Bitcoin pricesRecord 4,191 Bitcoin mined, as compared to 3,259 Bitcoin in fiscal year 2023, primarily driven by growth in operating hashrateAI Cloud Services revenue of $3.1 million, servicing multiple customers across the reserved and on-demand marketNet electricity costs2 of $76.0 million, as compared to $35.8 million in fiscal year 2023, primarily driven by an increase in operating hashrate, with 80MW of additional capacity commissioned during the yearOther costs of $56.5 million, as compared to $38.4 million in fiscal year 20233 Reflects a larger business today that is delivering significant growth, and projecting continued expansion over the coming yearsProcurement of RECs, consistent with our commitment to utilizing 100% renewable energyAdditional head office resources to support growth, and expanded risk, compliance and reporting obligationsIncreased site expenses to support design, management and delivery of our Childress operationsIncludes $6.3 million provision for Canadian non-refundable sales tax Net loss after income tax of $29.0 million, as compared to a loss of $171.9 million in fiscal year 2023Operating cash inflow of $52.7 million, as compared to $6.0 million in fiscal year 2023...