$IREN (+2.25%) IREN Corp reported earnings
Q1 FY2025 results ended September 30th, 2024
- Revenue: $52.8M ($49.6M from Bitcoin mining, $3.2M from AI services)
- Net Loss: $51.7M vs $27.1M loss in prior quarter
- Bitcoin Mined: 813 vs 821 in prior quarter
- Cash: $98.6M, increased to $182.4M by October 31st
CEO Daniel Roberts: "We are pleased to report our Q1 FY25 results and reiterate our focus on low-cost Bitcoin mining, operating cashflows and shareholder returns."
Revenue & Growth
- Bitcoin mining revenue: $49.6M, down from $54.3M QoQ
- AI Cloud Services revenue: $3.2M, up 28% QoQ
- Mining capacity: 21 EH/s installed
- AI capacity: 1,896 NVIDIA H100 & H200 GPUs deployed
Profits & Financials
- Adjusted EBITDA: $2.6M vs $12.2M QoQ
- Adjusted EBITDA margin: 5% vs 21% QoQ
- Net electricity costs: $28.7M vs $24.1M QoQ
- Operating cash outflow: $3.8M vs $4.8M inflow QoQ
Business Highlights
- On track for 31 EH/s next month
- Accelerated expansion to 50 EH/s in H1 2025
- Transitioning to spot electricity pricing at Childress
- Focused on alternative funding instruments
- Planning transition to U.S. domestic issuer status in 2025
Future Outlook
- Targeting 50 EH/s mining capacity in H1 2025
- 1.4GW Sweetwater site energization by April 2026
- Potential investor distributions in 2025
- Continuing development of >1GW pipeline
- Installing liquid cooling for NVIDIA Blackwell GPUs
