$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