Aug 29, 06:30 AM

Iris Energy Soars on Record Quarter, Eyes $1 Billion Mining Revenue

Bitcoin miner Iris Energy Ltd. reported record second-quarter revenue of $187.3 million and net income of $176.9 million, propelled by higher bitcoin production and an expansion of its data-center capacity into artificial-intelligence workloads. The results sent the stock up about 14% in after-hours trading. The Sydney-based company said the stronger operating performance puts it on pace to generate roughly $1 billion in annualized bitcoin-mining revenue. To diversify earnings, Iris is rolling out a full-stack AI cloud service and expects to deploy about 10,900 GPUs that can also be used for high-performance computing colocation clients. Following the quarterly update, Roth MKM raised its price target on the shares to $35, citing the new AI offering and the flexibility it provides to meet demand across the firm’s portfolio.

#Sydney #Iris #Roth MKM

Written with ChatGPT .

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