IREN reported a significant growth in FY24, with record Bitcoin mining revenue and improved profitability.
The company is on track to expand its operations in both Bitcoin mining and AI cloud services.
IREN
(NASDAQ: IREN) just became yet another publicly-listed Bitcoin (BTC) miner from
Wall Street, which significantly increased its revenue over the last year,
benefiting from higher cryptocurrency prices. According to the results for the
fiscal year ended June 30, 2024, revenues grew by 145%, and the number of mined
BTC increased by 30%.
IREN Reduces Net Loss by
Sixfold in 2024
The company
reported record Bitcoin mining revenue of $184.1 million, up from $75.5 million
in the previous fiscal year. This substantial increase was driven by growth in
operating hashrate and higher Bitcoin prices. IREN mined 4,191 Bitcoin during
the year, compared to 3,259 in fiscal year 2023.
Adjusted
EBITDA also saw a strong improvement, reaching $54.7 million, up from $1.4
million in the prior year. The company's EBITDA turned positive at $19.6
million, compared to a loss of $123.2 million in fiscal year 2023.
As a
result, the net loss of nearly $172 million from the previous year was reduced
to $29 million.
“We are
pleased to report our full year FY24 results, which highlights continued growth
across revenue, earnings and cashflow,” said Daniel Roberts, Co-Founder and
Co-CEO of IREN. “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.”
Among
the companies that recently reported revenue growth is also Argo Blockchain. Its
financial results grew by 18% in H1 2024 despite a 50% drop in the number of
mined cryptocurrencies.
AI Move
Similarly
to a number of other companies in the sector recently, IREN also reported
progress in its AI Cloud Services business, generating $3.1 million in revenue
from multiple customers across reserved and on-demand markets.
The
company's expansion plans remain on track, with data center capacity expected
to reach 510MW by the end of 2024. IREN has also secured 2,310MW of
grid-connected power over the last 12 months, positioning it for future growth.
Looking
ahead, IREN is set to increase its Bitcoin mining capacity to 30 EH/s by the
end of 2024, with 15 EH/s already installed. The company has also secured a
pathway to reach 50 EH/s through existing purchase options for Bitmain S21 Pro
miners.
Good
results are one thing, however, Bitcoin mining gigants from Wall Street still feel the halving hangover. Their mining revenues in July fell by another 12%. This
continues the negative reaction to April's halving, which reduced block
rewards, coupled with low network fees and rising production costs. According
to the latest JPMorgan report, this is making it difficult for miners to
maintain profitability.
IREN
(NASDAQ: IREN) just became yet another publicly-listed Bitcoin (BTC) miner from
Wall Street, which significantly increased its revenue over the last year,
benefiting from higher cryptocurrency prices. According to the results for the
fiscal year ended June 30, 2024, revenues grew by 145%, and the number of mined
BTC increased by 30%.
IREN Reduces Net Loss by
Sixfold in 2024
The company
reported record Bitcoin mining revenue of $184.1 million, up from $75.5 million
in the previous fiscal year. This substantial increase was driven by growth in
operating hashrate and higher Bitcoin prices. IREN mined 4,191 Bitcoin during
the year, compared to 3,259 in fiscal year 2023.
Adjusted
EBITDA also saw a strong improvement, reaching $54.7 million, up from $1.4
million in the prior year. The company's EBITDA turned positive at $19.6
million, compared to a loss of $123.2 million in fiscal year 2023.
As a
result, the net loss of nearly $172 million from the previous year was reduced
to $29 million.
“We are
pleased to report our full year FY24 results, which highlights continued growth
across revenue, earnings and cashflow,” said Daniel Roberts, Co-Founder and
Co-CEO of IREN. “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.”
Among
the companies that recently reported revenue growth is also Argo Blockchain. Its
financial results grew by 18% in H1 2024 despite a 50% drop in the number of
mined cryptocurrencies.
AI Move
Similarly
to a number of other companies in the sector recently, IREN also reported
progress in its AI Cloud Services business, generating $3.1 million in revenue
from multiple customers across reserved and on-demand markets.
The
company's expansion plans remain on track, with data center capacity expected
to reach 510MW by the end of 2024. IREN has also secured 2,310MW of
grid-connected power over the last 12 months, positioning it for future growth.
Looking
ahead, IREN is set to increase its Bitcoin mining capacity to 30 EH/s by the
end of 2024, with 15 EH/s already installed. The company has also secured a
pathway to reach 50 EH/s through existing purchase options for Bitmain S21 Pro
miners.
Good
results are one thing, however, Bitcoin mining gigants from Wall Street still feel the halving hangover. Their mining revenues in July fell by another 12%. This
continues the negative reaction to April's halving, which reduced block
rewards, coupled with low network fees and rising production costs. According
to the latest JPMorgan report, this is making it difficult for miners to
maintain profitability.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
“Presumed Guilty by the Judge”: FTX Founder Sam Bankman-Fried Appeals $8B Fraud Conviction
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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