Q4 2024 Iris Energy Ltd Earnings Call Transcript
Key Points
- Iris Energy Ltd (IREN) increased its installed Bitcoin mining capacity to 15 exahash, with plans to reach 20 exahash by the end of next month and 30 exahash by the end of the year.
- The company reported significant year-on-year growth in adjusted EBITDA, reaching $54.7 million, the highest recorded EBITDA for the company.
- Iris Energy Ltd (IREN) has expanded its data center capacity to 300 megawatts, with a target of 510 megawatts by the end of December.
- The AI cloud service business is showing strong momentum with month-on-month revenue growth and a fully utilized fleet.
- The company has a strong balance sheet with $404.6 million in cash and no external debt, providing flexibility for future growth.
- Average net electricity cost per Bitcoin mined increased from $11,000 to $18,100, primarily due to the increase in global hash rate and the impact of the halving event in April 2024.
- Operating expenses increased from $38 million to $56 million, reflecting a larger business and expanded risk compliance and reporting obligations.
- Depreciation costs rose from $30.9 million to $51 million due to the commissioning of new assets and accelerated depreciation for older miners.
- The company incurred a one-off cost of around $7 million to close out existing power hedges.
- There were performance issues with the T21 miners, affecting approximately 1.5 exahash of capacity, which are being replaced.
Good day and welcome to Iren's fiscal year 2024 results conference call. (Operator instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker, Mr. Lincoln Tan, Director of Investor Relations. Please go ahead.
Good afternoon to all of our North American participants and good morning to those joining us from Australia. Welcome to Iren's FY24 results conference call. I'm Lincoln Tan, Director of Investor Relations, and I'm joined today by Daniel Roberts, Co-Founder and Co-CEO; and Belinda Nuclifora, CFO. Please note that certain statements that we make during this call may constitute forward-looking statements.
These statements are based on certain assumptions and risk factors that could cause actual results to differ materially from our expectations. Listeners should not place undue reliance on forward-looking information or statement. For further details, please refer to the disclaimer on slide 2 of the
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