IREN posts record $184.1 million annual bitcoin mining revenue as capacity nearly doubles

IREN, formerly Iris Energy, reported its financial results for the year ending June 30 on Wednesday — posting record bitcoin mining revenue as its self-mining capacity nearly doubled.

IREN generated $184.1 million in bitcoin mining revenue for the 2024 fiscal year, up 144% from the $75.5 million the firm generated in the 2023 fiscal year, driven by hashrate growth and higher bitcoin prices.

The company increased its self-mining capacity from 5.6 EH/s to 10 EH/s during the period, mining a record 4,191 BTC compared to 3,259 BTC in the prior fiscal year. As of Aug. 28, IREN has a total capacity of 15 EH/s installed. The firm expects to reach 20 EH/s next month and 30 EH/s by the end of 2024, supported by the purchase of 10.5 EH/s worth of the latest-generation Bitmain S21 XP miners due to be shipped by November.

“We are pleased to report our full year FY24 results, which highlights continued growth across revenue, earnings and cashflow,” IREN co-founder and co-CEO Daniel Roberts said. “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.”

IREN adds AI revenue as costs grow

IREN also reported AI cloud revenue of $3.1 million for the first time, as the company diversifies its service offerings amid its data center expansion plans.

The firm’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came in at $54.7 million for the 2024 financial year, up significantly from $1.4 million for the year ending June 30, 2023.

Amid the growth in hashrate, IREN’s electricity costs unsurprisingly rose from $35.8 million in the 2023 fiscal year to $76 million in 2024. The company’s other costs also grew from $38.4 million to $56.5 million, including the procurement of renewable energy credits in line with IREN’s commitment to utilizing 100% renewable energy, additional head office resources and increased site expenses.

After income tax, depreciation and finance expenses, IREN posted a net loss of $29 million for the 2024 fiscal year, reduced from a $171.9 million loss the prior year. The firm reported audited cash and cash equivalents of $404.6 million as of June 30, 2024, and no debt facilities.

Following the results, IREN is up 5.5% in pre-market trading at $7.83, according to TradingView. The firm's stock has gained nearly 25% over the past six months despite the broader cryptocurrency market decline but remains 5.6% down year-to-date.

IREN/USD price chart. Image: TradingView.