What’s going on with Iris Energy share price?

Iris Energy, now known as IREN (NASDAQ), recently reported its second-quarter earnings for fiscal year 2024, with mixed results compared to analyst estimates.

While the company’s EPS of $0.01 fell short of the consensus estimate of $0.02, its revenue of $42 million exceeded expectations, coming in higher than the consensus estimate of $38.09 million.

Share price surges in past 3 months

Despite the mixed earnings report, Iris Energy’s stock price closed at $7.74. Over the last three months, the stock has witnessed a remarkable surge, soaring by 173.50%. Similarly, in the past 12 months, the stock has seen a significant uptrend, rising by 106.40%.

AI cloud service business plans

Iris Energy’s Q2 FY2024 results were accompanied by strategic announcements aimed at expanding its operations and enhancing its competitive position.

The company unveiled plans to triple its AI cloud services business and achieve a formidable 20 EH/s in Bitcoin mining by the end of the year. This ambitious growth trajectory underscores Iris Energy’s commitment to innovation and sustainability, as it aims to deliver high-performance computing solutions powered entirely by renewable energy sources.

Sustainable Bitcoin mining

With the procurement of 568 NVIDIA H100 GPUs for $22 million, Iris Energy is poised to bolster its Bitcoin mining capabilities significantly.

This expansion, coupled with the company’s focus on renewable energy, positions it as a leader in the burgeoning field of sustainable Bitcoin mining. Furthermore, the tripling of its AI cloud services business reflects Iris Energy’s proactive approach to meeting the growing demand for AI-driven solutions in various industries.

Strategic development in West Texas

Iris Energy’s announcement of a new 1,400MW data center development site in West Texas marks a pivotal moment in its growth trajectory.

The strategic location in West Texas, renowned for its favorable conditions for renewable energy generation, aligns with Iris Energy’s sustainability goals and underscores its commitment to eco-friendly business practices.

This development is expected to significantly enhance the company’s operational capacity and solidify its position as a leading provider of high-performance computing facilities.

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