Welcome to our dedicated page for IREN Ordinary Shares news (Ticker: IREN), a resource for investors and traders seeking the latest updates and insights on IREN Ordinary Shares stock.
Iris Energy Limited Ordinary Shares (symbol: IREN) is a standout in the data center and Bitcoin mining industry, dedicated to leveraging renewable energy for high-performance computing applications. Based in Sydney, Australia, IREN focuses on building, owning, and operating state-of-the-art data centers and electrical infrastructure powered exclusively by renewable energy sources.
Core Business
The company's primary operation revolves around Bitcoin mining, generating revenue by earning Bitcoin through block rewards and transaction fees. Their specialized computers, known as Application-specific Integrated Circuits (ASICs), are critical for these mining activities. IREN then exchanges the earned Bitcoin for currencies like USD or CAD.
Recent Achievements
- Record Growth: IREN recently surpassed its 10 EH/s milestone ahead of schedule and is on track to expand to 30 EH/s by the end of 2024.
- AI Cloud Services: The company has expanded its AI cloud services agreement with poolside, increasing its NVIDIA H100 GPU cluster size significantly. This partnership showcases the robust performance and reliability of IREN's AI technology stack.
- Financial Performance: IREN reported record revenue and Adjusted EBITDA for the third quarter of FY24, with $47.9 million in operating cashflow.
Current Projects and Expansion
IREN's expansion plans are well underway, with the company aiming to increase its data center capacity to 510MW by the end of 2024. The Childress site has been pivotal in this growth, with innovative substation designs boosting capacity. Additionally, the company is exploring further growth options to achieve 40 EH/s by mid-2025.
Partnerships and Collaborations
IREN has solidified its position in the industry through strategic partnerships. Notably, its collaboration with Bitmain for the latest-generation S21 Pro miner has positioned IREN as one of the most efficient Bitcoin miners, with an overall nameplate fleet efficiency of 16 J/TH.
Financial Condition
As of April 30, 2024, IREN had $321.5 million in cash and no debt facilities, providing a strong financial foundation for its ambitious expansion plans. The company continues to explore various funding opportunities, including equity, corporate debt, and equipment financing, to support its growth objectives.
Additional Services
Beyond Bitcoin mining, IREN's data centers support a range of high-performance computing applications, such as artificial intelligence, machine learning, genomics research, and more. This diversification not only enhances revenue streams but also underscores the company's commitment to innovation and sustainability.
Conclusion
Iris Energy Limited is at the forefront of integrating renewable energy with cutting-edge technology to drive the future of Bitcoin mining and beyond. With a clear pathway to industry leadership, IREN is set to make significant strides in both financial performance and technological advancements.
IREN has successfully closed a $440 million convertible senior notes offering due 2030, which was oversubscribed and upsized from the initial $300 million. The notes carry a 3.25% coupon with a 30% conversion premium. The company received net proceeds of approximately $425.4 million after deducting costs.
The funds will be allocated as follows: $44.4 million for capped call transactions, $73.7 million for prepaid forward transactions, and the remainder for general corporate purposes. The capped call transactions, with an initial cap price of $25.86 per share (100% premium), are designed to reduce potential dilution and offset cash payments upon note conversion.
IREN has published its November 2024 monthly investor update, highlighting significant operational achievements. The company mined 379 Bitcoin with an average operating hashrate of 19.7 EH/s. Installed capacity reached 28 EH/s, a 33% increase from 21 EH/s, with plans to reach 50 EH/s by H1 2025.
Data center operations expanded to 460MW, up 28% from 360MW, with plans to reach 810MW by H1 2025. The company completed a $440 million convertible notes offering, upsized from $300 million. Mining revenue reached $32.6m with a hardware profit margin of 74%. AI Cloud Services generated $0.9m in revenue with a 97% hardware profit margin.
IREN has announced the pricing of its $400 million convertible senior notes offering, due 2030, with a 3.25% interest rate. The offering, upsized from the previously announced $300 million, includes notes convertible at an initial rate of 59.4919 ordinary shares per $1,000 principal amount, representing a conversion price of $16.81 per share.
The company expects net proceeds of approximately $386.5 million (or $425.4 million if additional options are exercised). These funds will be allocated as follows: $40.3 million for capped call transactions, $75.9 million for prepaid forward transactions, with the remainder for general corporate purposes and working capital.
The notes will mature on June 15, 2030, with interest payable semi-annually. IREN has implemented capped call transactions with a cap price of $25.86 per share to reduce potential dilution and offset potential cash payments upon conversion.
IREN announces its plan to offer $300 million in convertible senior notes due 2030, with an additional $45 million option for initial purchasers. The notes will be senior, unsecured obligations with semi-annual interest payments, convertible to cash, ordinary shares, or a combination. The company plans to use proceeds for capped call transactions, prepaid forward transaction, and general corporate purposes.
The company will enter into capped call transactions to reduce potential dilution and offset potential cash payments beyond principal amount. Additionally, IREN will enter a prepaid forward share purchase transaction for up to $100 million of its ordinary shares, settling near the notes' maturity date.
IREN has increased its installed self-mining capacity by 33% from 21 EH/s to 28 EH/s following the energization of its Childress Phase 3 substation. The company expects to reach 31 EH/s of installed capacity this month, with sufficient miner inventory on-site. Four data center buildings are complete and operational, with two remaining buildings expected to be completed this month. IREN is accelerating its expansion target to 50 EH/s and 810MW of data centers in H1 2025, ahead of the previous H2 2025 timeline. The company maintains an all-in cash cost per Bitcoin of approximately $29k.
IREN reported Q1 FY25 financial results with Bitcoin mining revenue of $49.6 million, down from $54.3 million in Q4 FY24, and AI Cloud Services revenue of $3.2 million, up 28% from Q4. The company mined 2,813 Bitcoin and reported a net loss of $51.7 million. IREN has accelerated its expansion plans to reach 50 EH/s in H1 2025, earlier than previously planned H2 2025. The company maintains $98.6 million in cash with no debt, increasing to $182.4 million by October 31, 2024. Operating with ~$29k all-in cash cost per Bitcoin, IREN is focusing on alternative funding instruments and potential investor distributions in 2025.
Iris Energy (NASDAQ: IREN) has announced it will release its financial results for Q1 FY25 (three months ended September 30, 2024) on Tuesday, November 26, 2024, followed by a conference call at 5:00 p.m. New York time. The company, a leading data center business focused on Bitcoin mining and AI cloud services, operates with 100% renewable energy. IREN currently operates 360MW of data centers, with plans to expand to 510MW in 2024. Their Bitcoin mining capacity is expanding to 31 EH/s in 2024, and they provide AI cloud services with 1,896 NVIDIA H100 & H200 GPUs.
IREN released its October 2024 investor update highlighting significant operational progress. The company's Bitcoin mining revenue increased 32% to $28.2m, with 439 BTC mined at an average operating hashrate of 19.9 EH/s. AI Cloud Services generated $1.0m in revenue with a 197% hardware profit margin. The company is expanding its infrastructure with 1,080 NVIDIA H200 GPUs being commissioned and preparations for Blackwell GPUs. The Childress data center expansion continues with a 1.4GW site target energization moved to April 2026. IREN maintains ongoing discussions with hyperscalers regarding various monetization structures.
Iris Energy (NASDAQ: IREN) has provided a business update highlighting the growth of its AI Cloud Services division and progress on its 1.4GW data center project. The AI operations are expected to generate approximately $32 million in annualized hardware profit by the end of December 2024, contributing about 10% to overall earnings. IREN's current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with plans to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024.
The company has accelerated the target energization date for its 1.4GW substation in West Texas to April 2026, earlier than the original October 2026 date. IREN has engaged an EPC contractor for substation infrastructure development and is procuring key electrical items. The company has also expanded its landholding to over 1,300 acres and is planning for both Bitcoin mining and HPC/AI pathways.
IREN (NASDAQ: IREN) released its September 2024 investor update, highlighting significant progress in Bitcoin mining and AI Cloud Services. Key achievements include:
1. Bitcoin Mining: 347 Bitcoin mined at $23.6k electricity cost per Bitcoin, with 21 EH/s installed capacity and plans for 31 EH/s by Q4 2024.
2. AI Cloud Services: 1,896 NVIDIA H100 & H200 GPUs deployed, expected to contribute ~10% to run-rate earnings by year-end.
3. Data Centers: 360MW operating, with plans for 510MW by end of 2024.
4. Financial Performance: Bitcoin mining revenue increased 42% to $21.4m, with a 21% reduction in electricity cost per Bitcoin to $23.6k.
5. Expansion: Additional 1,080 NVIDIA H200 GPUs purchased for Q4 2024 delivery, supporting $32m illustrative annualized hardware profit.
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