- Iris reports revenue from Bitcoin mining of $49.6M, also from AI Cloud Services of $3.2M
- Q1 FY25 turned out to be a good one, and the company is gearing up for an even better performance
Iris reports revenue from Bitcoin mining of $49.6M and from AI Cloud Services of $3.2M, and has almost reached its target of 31 EH/s. This has been good for the company’s financials, and analysts are predicting further upside for the stock to $16-$17.
More About Iris’ Rise
Iris has already been performing well at 21 EH/s and is on track to reach its target of 31 EH/s and later 50 EH/s. This helped the company to achieve good financial performance, with Bitcoin mining revenue of $49.6M in the first quarter. Another compute-intensive area also saw AI Cloud Services revenue of $3.2M.
Daniel Roberts, co-founder and co-CEO of Iris Energy, said:
“We are pleased to report our Q1 FY25 results and reiterate our focus on low-cost Bitcoin mining, operating cashflows, and shareholder returns. We are just weeks away from achieving our 31 EH/s milestone and are excited to announce the acceleration of our growth trajectory to 50 EH/s in H1 2025, which was previously H2 2025.”
Assuming Bitcoin stays no lower than $94K or further breaks records, this could be a pretty realistic outcome. In response to this, some analysts are raising their Iris stock price forecasts, such as Canaccord Genuity from $15 to $17 and HC Wainwright & Co. from $13 to $16.
Conclusion
Clearly, with Bitcoin and other cryptocurrencies growing as fast as we are seeing right now and continued investment in AI – companies like Iris, especially if they align themselves effectively – are growing.
This has been most clearly demonstrated by Nvidia, but as you may remember, this doesn’t guarantee that volatility will not change the picture, so we need to remain cautious.
