IREN Ltd Stock Price, News & Analysis

Iris Energy Limited (NASDAQ: IREN) announced an agreement with Bitmain Technologies to ship an additional 1.7 EH/s of S19j Pro miners in August 2022. This increases the total operating capacity from 4.3 EH/s to 6.0 EH/s. The Company made $130 million in prior payments for miners, utilizing $46.7 million and an additional $5.9 million for the new shipment. The remaining obligations for miners above 6.0 EH/s stand at $83.3 million, pending discussions with Bitmain. Iris Energy focuses on sustainable Bitcoin mining powered by 100% renewable energy.

Iris Energy (NASDAQ: IREN), a leader in sustainable Bitcoin mining, announced its participation in the Canaccord Genuity 42nd Annual Growth Conference from August 8-11, 2022 in Boston. Co-CEO Daniel Roberts will present on August 9 at 1:00 PM ET, with a webcast available for registration. The company emphasizes its commitment to operating efficient Bitcoin mining data centers powered entirely by renewable energy. Iris Energy's focus includes leveraging low-cost renewable sources, maintaining infrastructure security, and utilizing a seasoned management team with extensive industry experience.

Iris Energy (NASDAQ: IREN) has increased its operating capacity guidance from 3.7 EH/s to 4.3 EH/s by the end of Q4 2022. In June 2022, the company mined 148 Bitcoin and generated US$3.5 million in revenue. Development at the Mackenzie site is ahead of schedule, now expected to be operational by Q4 2022. The company aims to defer major capital expenditures to maintain balance sheet flexibility amid deteriorating market conditions. By achieving 4.3 EH/s, Iris anticipates an annualized profit of US$67 million under current Bitcoin prices.

Iris Energy Limited (NASDAQ: IREN) announces an increase in its expected total online operating capacity from 3.7 EH/s to 4.3 EH/s by the end of Q4 2022. The expansion at its Mackenzie site is ahead of schedule. In light of current market conditions, the company will defer additional major capital expenditures to maintain balance sheet flexibility, holding $454 million in equity and $93 million in cash as of May 31, 2022. The company aims to continue operations and construction across its various sites while monitoring market conditions closely.

Iris Energy Limited (NASDAQ: IREN) reported an average operating hashrate of 1,165 PH/s, up 12% from the previous month. In May 2022, the company mined 151 Bitcoin, generating $4.9 million in revenue. Electricity costs totaled $21.4 million, with a revenue per Bitcoin of $32,264. The company is on track to achieve 15 EH/s of operating capacity by early 2023, with Mackenzie and Prince George sites progressing in construction. Iris Energy welcomed Belinda Nucifora as Chief Financial Officer and is exploring additional funding options to strengthen its capital structure.

Iris Energy Limited (NASDAQ: IREN) reports strong operational progress for May 2022, increasing average operating hashrate to 1,165 PH/s, resulting in mining revenue of $4.9 million from 151 Bitcoins mined. Key updates include ongoing construction at Mackenzie and Prince George sites, targeting a total of 15 EH/s capacity by early 2023. The company holds $454 million in total equity with no corporate-level debt and is exploring funding options for further growth. Newly appointed CFO Belinda Nucifora brings extensive experience, enhancing financial leadership.

Iris Energy Limited (NASDAQ: IREN), a sustainable Bitcoin miner, has appointed Ms. Belinda Nucifora as Chief Financial Officer (CFO) effective immediately. Nucifora, a Chartered Accountant with significant experience in financial leadership, replaces Anne Hayes, who served in an interim capacity. The company aims to enhance its operational and strategic initiatives aimed at achieving its hashrate growth targets, leveraging its 15 EH/s infrastructure platform. Iris Energy focuses on low-cost renewable energy and aims to support local communities while contributing to decarbonization efforts.

Iris Energy reported robust third-quarter results for FY22, with revenue soaring to $15.2 million (A$20.2 million), a 445% increase year-over-year. Adjusted EBITDA reached $7.3 million (A$9.8 million), up 358% year-over-year, reflecting strong operational performance. Despite an IFRS net loss of $2.7 million (A$3.6 million), driven by unrealized foreign exchange losses of $5.8 million (A$7.8 million), the company generated positive cash flow from operations of $4.6 million (A$6.1 million). Expansion efforts are on track, with an increase in Bitcoin mined to 357 units (+449% YoY).

On May 9, 2022, Iris Energy Limited (NASDAQ: IREN) announced its participation in upcoming investor conferences. The management team will attend the 2022 EIC Investor Conference on May 16, followed by the H.C. Wainwright Global Investment Conference from May 23-26, which will be virtual. The company aims to lead in sustainable Bitcoin mining with a planned capacity of 15 EH/s, emphasizing operations in markets with low-cost renewable energy and supporting local communities. Investors interested in participating should contact their sales representatives for registration.