Fed Governor Adriana Kugler to resign
SYDNEY - IREN Limited (NASDAQ: IREN), a company specializing in Bitcoin mining and AI cloud services with a market capitalization of $2.37 billion, has released its January 2025 monthly update, noting significant progress in its operations and development projects. According to InvestingPro data, the company’s stock has delivered an impressive 188% return over the past year, reflecting strong investor confidence in its business model. The company reported an average operating hashrate of 29.0 EH/s for January, a slight increase from December’s 28.1 EH/s, and a substantial rise from November’s 19.7 EH/s. This improvement in hashrate led to the mining of 1,521 Bitcoins in January, compared to 529 in December and 379 in November.
The revenue per Bitcoin for January stood at $99,789, marking a steady climb from the previous two months. Correspondingly, IREN’s total revenue for January reached $52.0 million, marginally down from December’s $52.1 million but significantly higher than November’s $32.6 million. The company’s impressive performance is reflected in its exceptional gross profit margin of 87.67%, as reported by InvestingPro, which highlights 14 additional key insights about the company’s financial health and growth prospects. Despite the increase in electricity costs per Bitcoin to $24,683, the company achieved a hardware profit of $39.2 million and maintained a robust hardware profit margin of 75%.
IREN’s AI Cloud Services also showed positive results, with revenues of $0.8 million and a high hardware profit margin of 96%, despite slightly higher electricity costs due to the commissioning and customer testing of new NVIDIA (NASDAQ:NVDA) H200 contracts.
Daniel Roberts, IREN Co-Founder and Co-CEO, expressed confidence in the company’s strong hardware profits and the strategic value of their 2,310 MW grid-connected power portfolio. With analyst price targets ranging from $15 to $26, and a comprehensive Pro Research Report available on InvestingPro, investors can access detailed analysis of IREN’s growth trajectory and market position ahead of their Q2 FY25 earnings presentation on February 12, 2025.
The company is currently advancing the construction of the 1.4GW Sweetwater Project and progressing with its multi-GW development pipeline. The 750MW Childress Project is also expanding, with the final 400MW construction underway.
IREN’s announcements suggest a positive trend in demand for its cloud and colocation services, particularly following the release of DeepSeek. The company continues to explore alternative funding options to support its growth, including a new at-the-market facility announced in January.
This report is based on a press release statement from IREN Limited.
In other recent news, Iress Ltd has reported substantial growth in the first quarter of 2024. The company’s EBITDA grew by 8% to 924 million euros, while the net profit rose by 9%
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.