IREN Reports Q1 FY25 Results
IREN reported Q1 FY25 financial results with Bitcoin mining revenue of $49.6 million, down from $54.3 million in Q4 FY24, and AI Cloud Services revenue of $3.2 million, up 28% from Q4. The company mined 2,813 Bitcoin and reported a net loss of $51.7 million. IREN has accelerated its expansion plans to reach 50 EH/s in H1 2025, earlier than previously planned H2 2025. The company maintains $98.6 million in cash with no debt, increasing to $182.4 million by October 31, 2024. Operating with ~$29k all-in cash cost per Bitcoin, IREN is focusing on alternative funding instruments and potential investor distributions in 2025.
IREN ha riportato i risultati finanziari del primo trimestre dell'anno fiscale 2025, con ricavi dal mining di Bitcoin pari a 49,6 milioni di dollari, in calo rispetto ai 54,3 milioni di dollari del quarto trimestre dell'anno fiscale 2024, e ricavi dai servizi cloud di intelligenza artificiale di 3,2 milioni di dollari, in aumento del 28% rispetto al quarto trimestre. L'azienda ha estratto 2.813 Bitcoin e ha riportato una perdita netta di 51,7 milioni di dollari. IREN ha accelerato i suoi piani di espansione per raggiungere 50 EH/s nel primo semestre del 2025, anticipando i tempi rispetto al secondo semestre del 2025 precedentemente previsto. L'azienda mantiene 98,6 milioni di dollari in cassa senza debiti, che dovrebbero aumentare a 182,4 milioni di dollari entro il 31 ottobre 2024. Operando con un costo totale in contante di circa 29.000 dollari per Bitcoin, IREN si sta concentrando su strumenti di finanziamento alternativi e potenziali distribuzioni agli investitori nel 2025.
IREN reportó los resultados financieros del primer trimestre del año fiscal 2025, con ingresos por minería de Bitcoin de 49,6 millones de dólares, una disminución respecto a los 54,3 millones de dólares del cuarto trimestre del año fiscal 2024, y ingresos por servicios en la nube de inteligencia artificial de 3,2 millones de dólares, un incremento del 28% en comparación con el cuarto trimestre. La compañía extrajo 2.813 Bitcoin y reportó una pérdida neta de 51,7 millones de dólares. IREN ha acelerado sus planes de expansión para alcanzar 50 EH/s en el primer semestre de 2025, adelantando la fecha inicialmente prevista para el segundo semestre de 2025. La empresa mantiene 98,6 millones de dólares en efectivo sin deudas, aumentando a 182,4 millones de dólares para el 31 de octubre de 2024. Operando con un costo total en efectivo de aproximadamente 29.000 dólares por Bitcoin, IREN se está enfocando en instrumentos de financiamiento alternativos y posibles distribuciones a inversores en 2025.
IREN은 2025년 회계연도 1분기 재무 결과를 보고했으며, 비트코인 채굴 수익은 4960만 달러로 2024년 회계연도 4분기의 5430만 달러에서 감소했습니다. 인공지능 클라우드 서비스 수익은 320만 달러로 4분기 대비 28% 증가했습니다. 회사는 2813 비트코인을 채굴했으며 5170만 달러의 순손실을 보고했습니다. IREN은 2025년 상반기까지 50 EH/s에 도달하기 위한 확장 계획을 가속화했으며, 이는 이전에 계획된 2025년 하반기보다 더 이른 시점입니다. 이 회사는 9860만 달러의 현금을 유지하고 있으며 부채는 없으며, 2024년 10월 31일까지 1억 8240만 달러로 증가할 것으로 예상됩니다. 비트코인당 약 2만9000달러의 총 현금 비용으로 운영되고 있는 IREN은 2025년에 대체 자금 조달 수단 및 잠재적인 투자자 배분에 초점을 맞추고 있습니다.
IREN a publié les résultats financiers du premier trimestre de l'exercice 2025, avec des revenus de l'exploitation minière de Bitcoin s'élevant à 49,6 millions de dollars, en baisse par rapport à 54,3 millions de dollars au quatrième trimestre de l'exercice 2024, et des revenus de 3,2 millions de dollars provenant des services cloud d'IA, en hausse de 28 % par rapport au quatrième trimestre. L'entreprise a extrait 2 813 Bitcoin et a enregistré une perte nette de 51,7 millions de dollars. IREN a accéléré ses plans d'expansion pour atteindre 50 EH/s au premier semestre 2025, plus tôt que prévu au second semestre 2025. L'entreprise maintient 98,6 millions de dollars en liquidités sans dettes, montant qui devrait atteindre 182,4 millions de dollars d'ici le 31 octobre 2024. Fonctionnant avec un coût total d'environ 29 000 dollars par Bitcoin, IREN se concentre sur des instruments de financement alternatifs et des répartitions potentielles d'investisseurs en 2025.
IREN berichtete über die finanziellen Ergebnisse des ersten Quartals des Geschäftsjahres 2025, mit Einnahmen aus dem Bitcoin-Mining von 49,6 Millionen Dollar, ein Rückgang von 54,3 Millionen Dollar im vierten Quartal des Geschäftsjahres 2024, und Einnahmen von 3,2 Millionen Dollar aus KI-Cloud-Diensten, was einem Anstieg von 28 % im Vergleich zum vierten Quartal entspricht. Das Unternehmen hat 2.813 Bitcoin geschürft und einen Nettoverlust von 51,7 Millionen Dollar gemeldet. IREN hat ihre Expansionspläne beschleunigt, um im ersten Halbjahr 2025 eine Leistung von 50 EH/s zu erreichen, was früher als ursprünglich geplant für das zweite Halbjahr 2025 ist. Das Unternehmen hält 98,6 Millionen Dollar in bar ohne Schulden, was bis zum 31. Oktober 2024 auf 182,4 Millionen Dollar ansteigen soll. Bei einem durchschnittlichen Gesamtkosten von etwa 29.000 Dollar pro Bitcoin konzentriert sich IREN auf alternative Finanzierungsinstrumente und potenzielle Anlegerverteilungen im Jahr 2025.
- 28% increase in AI Cloud Services revenue to $3.2 million
- Accelerated expansion to 50 EH/s moved forward to H1 2025
- Strong cash position of $182.4 million as of October 31, 2024 with no debt
- Low-cost Bitcoin mining operations at ~$29k all-in cash cost per Bitcoin
- Bitcoin mining revenue decreased to $49.6 million from $54.3 million in Q4 FY24
- Net loss increased to $51.7 million from $27.1 million in Q4 FY24
- Operating cash outflow of $3.8 million compared to $4.8 million inflow in Q4 FY24
- One-off cost of $7.2 million for closing out electricity hedges
Insights
Q1 FY25 results reveal significant operational challenges, with
The company's expansion to 50 EH/s by H1 2025 shows aggressive growth, but rising electricity costs (
The transition to spot electricity pricing at Childress facility marks a strategic shift in power cost management, though the
50 EH/s expansion accelerated to H1 2025
Focused on alternative funding instruments
Potential for investor distributions in 2025
Transition to U.S. domestic issuer
SYDNEY, Nov. 26, 2024 (GLOBE NEWSWIRE) -- IREN (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today reported its financial results for the first quarter ended September 30, 2024. All $ amounts are in United States Dollars (“USD”) unless otherwise stated.
“We are pleased to report our Q1 FY25 results and reiterate our focus on low-cost Bitcoin mining, operating cashflows and shareholder returns,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “We are just weeks away from achieving our 31 EH/s milestone and are excited to announce the acceleration of our growth trajectory to 50 EH/s in H1 2025, which was previously H2 2025. Our funding program is focused on alternative funding instruments and the strong operating cashflows we expect to generate enhances our flexibility to support potential distributions in 2025.”
Business Update
Bitcoin Mining
- 21 EH/s installed, on-track for 31 EH/s next month
- Accelerating expansion to 50 EH/s in H1 2025
- Previously H2 2025
- Single site expansion at Childress
- S21 Pro miners previously secured (fixed price,
$18.9 /TH)
- Institutional-grade mining exposure
- Vertically integrated, large scale and low-cost producer
- ~
$29 k all-in cash cost per Bitcoin1 - Non-HODL approach and prudent capital stewardship through the cycle
- Commitment to
100% renewable energy, supporting energy grids and local communities
AI/HPC Update
- AI Cloud Services
- 1,896 NVIDIA H100 & H200 GPUs
- Focus on measured growth, only in response to customer demand
- Other
- Continuing to advance negotiations with parties on a range of structures in relation to IREN sites – any transaction would need to reflect strategic value of IREN assets
- Installing liquid cooling infrastructure at Childress and Prince George to support NVIDIA Blackwell GPUs
Power & Land
- IREN 1.4GW Sweetwater site located 60 miles from Abilene, Texas
- Procurement underway to support IREN-owned 1.4GW substation energization by April 2026
- Construction planning for multiple pathways
- Continuing to prioritize development activities for >1GW pipeline
Corporate & Funding
- Focused on alternative funding instruments
- Strong operating cashflows to support potential investor distributions in 2025
- Transition to U.S. domestic issuer status in 2025 (including U.S. GAAP reporting)
- The Q1 FY25 Results webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations
First Quarter FY25 Results
- Bitcoin mining revenue of
$49.6 million , as compared to$54.3 million in Q4 FY24, driven by increase in network difficulty and lower Bitcoin prices, offset by growth in operating hashrate during the month of September 2024 28% increase in AI Cloud Services revenue of$3.2 million , as compared to$2.5 million in Q4 FY24, driven by revenue for additional GPU’s commissioned in April 2024- Adjusted EBITDA of
$2.6 million , as compared to$12.2 million in Q4 FY242 - 813 Bitcoin mined, as compared to 821 Bitcoin in Q4 FY24, driven primarily by increase in network difficulty and halving event in Q4 FY24
- Net electricity costs3 of
$28.7 million , as compared to$24.1 million in Q4 FY24, primarily driven by an increase in operating capacity- Successful transition to spot electricity pricing at Childress from August 1, 2024
- One-off cost of
$7.2 million to close out August and September 2024 hedges
- Other costs of
$21.4 million , as compared to$20.5 million in Q4 FY244- Reflects a business today that is delivering significant growth, and projecting continued expansion over the coming years
- Includes
$2.7 million provision for Canadian non-refundable sales tax, as compared to$2.0 million in Q4 FY24.
- Net loss after income tax of
$51.7 million , as compared to a loss of$27.1 million in Q4 FY24 - Q1 FY25 Operating cash outflow of
$3.8 million , as compared to cash inflow of$4.8 million in Q4 FY24 - Cash and cash equivalents of
$98.6 million as of September 30, 2024 and no debt facilities, increasing to$182.4 million as of October 31, 20245
Assumptions and Notes
- All-in cash cost per Bitcoin at 31 EH/s reflects total net electricity costs, overheads and Renewable Energy Certificate (REC) cash costs and includes benefit of
$32m illustrative contribution from AI Cloud Services, on a per Bitcoin mined basis. Calculations assume hardware operates at100% uptime, nameplate fleet efficiency of 15 J/TH, weighted average power cost of$0.03 6, overheads of$81m , REC costs of$9m , power consumption of 484MW, network hashrate of 732 EH/s, block reward of 3.125 BTC per block, transaction fees of 0.1 BTC per block, pool fees of0.15% .$32m illustrative contribution from AI Cloud Services calculated as illustrative revenue less assumed electricity costs (excludes all other site, overhead and REC costs) and assumes hardware is fully utilized by customers and operating at100% uptime, 1.25kW power draw per GPU,$0.04 5/kWh electricity costs and$2.00 per GPU hour revenue assumption. REC costs at 31 EH/s assume$3 /MWh pricing based on historical purchases. Weighted average power cost assumption reflects$0.04 5/kWh costs in British Columbia and$0.03 25/kWh costs in Texas - latter in line with actual net electricity costs of$0.03 1,$0.03 2 and$0.03 06 in Aug, Sep and Oct 2024, respectively. Historical power prices achieved and power price assumptions may or may not materialize in the future. This press release should be read strictly in conjunction with the forward-looking statements disclaimer on page 6. - EBITDA and Adjusted EBITDA are non-IFRS metrics. See page 4 for a reconciliation to the nearest IFRS metric.
- Net electricity cost is a non-IFRS metric. See page 5 for a reconciliation to the nearest IFRS metric.
- Other costs exclude one-off other expense items. See page 4 for a reconciliation to the nearest IFRS metric.
- Reflects USD equivalent, unaudited cash and cash equivalents as of September 30, 2024 and October 31, 2024 respectively.
Non-IFRS metric reconciliation
| Adjusted EBITDA Reconciliation (USD$m)1 | 3 months ended Sep 30, 2024 | 3 months ended June 30, 2024 |
| Bitcoin mining revenue | 49.6 | 54.3 |
| AI cloud service revenue | 3.2 | 2.5 |
| Net electricity costs2 | (28.7) | (24.1) |
| Other costs3 | (21.4) | (20.5) |
| Adjusted EBITDA | 2.6 | 12.2 |
| Adjusted EBITDA Margin | 5% | 21% |
| Reconciliation to consolidated statement of profit or loss | ||
| Add/(deduct): | ||
| Unrealized loss on financial asset | - | (2.1) |
| Share-based payment expense - | (3.1) | (2.9) |
| Share-based payment expense - other | (5.1) | (3.1) |
| Impairment of assets | (9.5) | - |
| Foreign exchange loss | 1.2 | (7.0) |
| Gain on disposal of property, plant and equipment | 0.8 | 0.0 |
| Other expense items4 | (5.6) | (0.1) |
| EBITDA | (18.6) | (3.0) |
| Finance expense | (0.1) | (0.1) |
| Interest income | 2.3 | 3.0 |
| Depreciation | (34.0) | (26.8) |
| Loss before income tax expense for the period | (50.4) | (26.9) |
| Income tax expense | (1.3) | (0.2) |
| Loss after income tax expense for the period | (51.7) | (27.1) |
| 1) | For further detail, see our unaudited interim financial statements for the period ended September 30, 2024, included in our Form 6-K filed with the SEC on November 26, 2024. |
| 2) | Net electricity cost is a non-IFRS metric. See below table for a reconciliation to the nearest IFRS metric. |
| 3) | Other costs include employee benefits expense, professional fees, site expenses, Renewable Energy Certificates (RECs) and other operating expenses excluding one-off other expenses. |
| 4) | Other expense items include, a one-off liquidation payment incurred in August 2024 resulting from the transition to spot pricing at the Group's site at Childress, the reversal of the unrealized loss recorded on fixed price contracted amounts outstanding at June 30, 2024, professional fees incurred in relation to the securities class action and loss due to theft of mining hardware in transit. |
| Reconciliation of Electricity charges to Net electricity costs (USD$m) | 3 months ended Sep 30, 2024 | 3 months ended June 30, 2024 |
| Electricity charges | (29.8) | (25.7) |
| Add/(deduct) the following: | - | |
| Realized gain/(loss) on financial asset | (4.2) | 1.0 |
| One off liquidation payment (included in Realized gain/(loss) on financial asset)1 | 7.2 | - |
| Reversal of unrealized loss (included in Realized gain/(loss) on financial asset)2 | (3.4) | - |
| ERS revenue (included in Other income) | 1.6 | 0.6 |
| ERS fees (included in Other operating expenses) | (0.1) | (0.0) |
| Net electricity costs3 | (28.7) | (24.1) |
| 1) | One-off liquidation payment includes the amount paid to exit positions previously entered into under a fixed price and fixed quantity contract, on transition to a spot price and actual usage contract. |
| 2) | Reversal of unrealized loss is calculated as the unrealized loss on financial asset as at June 30, 2024. |
| 3) | Net electricity costs exclude the cost of RECs. |
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. For example, forward-looking statements include but are not limited to the Company’s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including, but not limited to: Bitcoin price and foreign currency exchange rate fluctuations; IREN’s ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet its capital needs and facilitate its expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require IREN to comply with onerous covenants or restrictions, and its ability to service its debt obligations, any of which could restrict its business operations and adversely impact its financial condition, cash flows and results of operations; IREN’s ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites and to diversify and expand into the market for high performance computing (“HPC”) solutions it may offer (including the market for AI Cloud Services); IREN’s limited experience with respect to new markets it has entered or may seek to enter, including the market for HPC solutions (including AI Cloud Services); expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current and future HPC solutions (including AI Cloud Services) that IREN offers; IREN’s ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to its strategy to expand into markets for HPC solutions (including AI Cloud Services); IREN’s ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of its HPC solutions (including AI Cloud Services) and other counterparties; the risk that any current or future customers, including customers of its HPC solutions (including AI Cloud Services), or other counterparties may terminate, default on or underperform their contractual obligations; Bitcoin global hashrate fluctuations; IREN’s ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; IREN’s reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and its ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; IREN’s participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to IREN; any variance between the actual operating performance of IREN’s miner hardware achieved compared to the nameplate performance including hashrate; IREN’s ability to curtail its electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which IREN operates; the availability, suitability, reliability and cost of internet connections at IREN’s facilities; IREN’s ability to secure additional hardware, including hardware for Bitcoin mining and any current or future HPC solutions (including AI Cloud Services) it offers, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; expectations with respect to the useful life and obsolescence of hardware (including hardware for Bitcoin mining as well as hardware for other applications, including any current or future HPC solutions (including AI Cloud Services) IREN offers); delays, increases in costs or reductions in the supply of equipment used in IREN’s operations; IREN’s ability to operate in an evolving regulatory environment; IREN’s ability to successfully operate and maintain its property and infrastructure; reliability and performance of IREN’s infrastructure compared to expectations; malicious attacks on IREN’s property, infrastructure or IT systems; IREN’s ability to maintain in good standing the operating and other permits and licenses required for its operations and business; IREN’s ability to obtain, maintain, protect and enforce its intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends IREN expects to drive growth in its business materialize to the degree it expects them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions; the occurrence of any environmental, health and safety incidents at IREN’s sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to IREN’s property and infrastructure and the risk that any insurance IREN maintains may not fully cover all potential exposures; ongoing proceedings relating in part to the default, and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; IREN's failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of IREN's compliance and risk management methods; any laws, regulations and ethical standards that may relate to IREN’s business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other services it offers, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; IREN’s ability to attract, motivate and retain senior management and qualified employees; increased risks to IREN’s global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect IREN’s business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease (such as COVID-19) and any governmental or industry measures taken in response; IREN’s ability to remain competitive in dynamic and rapidly evolving industries; damage to IREN’s brand and reputation; expectations relating to Environmental, Social or Governance issues or reporting; the costs of being a public company; the increased regulatory and compliance costs of IREN ceasing to be a foreign private issuer and an emerging growth company, as a result of which we will be required, among other things, to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC commencing with our next fiscal year, prepare our financial statements in accordance with U.S. GAAP rather than IFRS, and to modify certain of our policies to comply with corporate governance practices required of U.S. domestic issuers; and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on August 28, 2024 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this investor update. Any forward-looking statement that IREN makes in this investor update speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Non-IFRS Financial Measures
This press release includes non-IFRS financial measures, including Net electricity costs, Adjusted EBITDA and Adjusted EBITDA Margin. We provide these measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS.
There are a number of limitations related to the use of Net electricity costs, Adjusted EBTIDA and Adjusted EBITDA Margin. For example, other companies, including companies in our industry, may calculate these measures differently. The Company believes that these measures are important and supplement discussions and analysis of its results of operations and enhances an understanding of its operating performance.
EBITDA is calculated as our IFRS profit/(loss) after income tax expense, excluding interest income, finance expense and non-cash fair value loss and interest expense on hybrid financial instruments, income tax expense, depreciation and amortization, which are important components of our IFRS profit/(loss) after income tax expense. Further, “Adjusted EBITDA” also excludes share-based payments expense, which is an important component of our IFRS profit/(loss) after income tax expense, foreign exchange gains and losses, impairment of assets, certain other non-recurring income, loss on disposal of property, plant and equipment, gain on disposal of subsidiaries, unrealized fair value gains and losses on financial assets and certain other expense items.
Net electricity costs is calculated as our IFRS Electricity charges net of Realized gain/(loss) on financial asset, ERS revenue (included in Other income) and ERS fees (included in Other operating expenses), and excludes the cost of Renewable Energy Certificates (RECs).
About IREN
IREN is a leading data center business powering the future of Bitcoin, AI and beyond utilizing
- Bitcoin Mining: providing security to the Bitcoin network, expanding to 50 EH/s in H1 2025. Operations since 2019.
- AI Cloud Services: providing cloud compute to AI customers, 1,896 NVIDIA H100 & H200 GPUs. Operations since 2024.
- Next-Generation Data Centers: 360MW of operating data centers, expanding to 810MW in H1 2025. Specifically designed and purpose-built infrastructure for high-performance and power-dense computing applications.
- Technology: technology stack for performance optimization of AI Cloud Services and Bitcoin Mining operations.
- Development Portfolio: 2,310MW of grid-connected power secured across North America, >1,000 acre property portfolio and additional development pipeline.
100% Renewable Energy (from clean or renewable energy sources or through the purchase of RECs): targets sites with low-cost & underutilized renewable energy, and supports electrical grids and local communities.
Contacts
| Media | Investors | |
| Jon Snowball Sodali & Co +61 477 946 068 | Lincoln Tan IREN +61 407 423 395 lincoln.tan@iren.com | |
| Danielle Ghigliera Aircover Communications +1 510 333 2707 | ||
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FAQ
What was IREN's Bitcoin mining revenue in Q1 FY25?
How many Bitcoin did IREN mine in Q1 FY25?
When will IREN reach its 50 EH/s expansion target?
What is IREN's current cash position as of October 31, 2024?
