Iris Energy Appoints Morgan Stanley as Advisor for AI Data Center Opportunities

Iris Energy appoints advisor for AI data center opportunities By Investing.com

SYDNEY - Iris Energy Limited (NASDAQ: IREN), a company engaged in next-generation data center operations for Bitcoin mining and AI applications, announced today the appointment of Morgan Stanley (NYSE:MS) & Co. LLC as its financial advisor. The collaboration is aimed at exploring monetization possibilities within the AI data center sector. The company, which has been operational since 2019, is expanding its Bitcoin mining capacity to 30 EH/s and has recently ventured into AI cloud services with 816 NVIDIA (NASDAQ:NVDA) H100 GPUs. Iris Energy's data centers, powered entirely by renewable energy, currently have a capacity of 260MW, with plans to increase to 510MW. Additionally, Iris Energy maintains a development portfolio with 2,160MW of secured power capacity across North America and over 1,000 acres of property. Their technology stack is designed for high-performance computing applications, including AI Cloud Services, Bitcoin mining, and energy trading operations. The use of 100% renewable energy is a cornerstone of the company's operations, targeting sites that offer low-cost and underutilized renewable resources. This approach not only supports the electrical grids but also benefits local communities. While the company has outlined ambitious growth strategies and operational plans, including the expansion into high-performance computing solutions, these forward-looking statements are subject to various risks and uncertainties that could affect actual results. Factors such as Bitcoin price volatility, the ability to secure additional capital, and the successful execution of growth strategies play a significant role in the company's future performance. The information for this update is based on a press release statement from Iris Energy Limited, which also includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the company's current expectations and are not guarantees of future performance, as they involve known and unknown risks and uncertainties. In other recent news, Iris Energy has reported substantial advancements in both revenue and earnings. The company noted a positive cash flow from operations at $48 million and a net profit before tax of $12 million. Bitcoin mining operations mined 233 Bitcoin in June, with an anticipated increase in hash rates in the upcoming quarters. Iris Energy's AI Cloud Services division also saw a 21% revenue increase in June. B.Riley adjusted its price target for Iris Energy from $18.00 to $17.00, while maintaining a Buy rating on the stock. Cantor Fitzgerald has given the company an Overweight rating and a price target of $23.00. Iris Energy's expansion plans for 2024 are fully funded, with a cash reserve of $425.3 million and no debt. The company's hash rate capacity is projected to surge from the current 9.4 EH/s to over 40 EH/s by mid-2025. Iris Energy is expected to reach 30 EH/s in Bitcoin mining capacity and grow its data center operations to 510MW by the year-end. These are recent developments, reflecting Iris Energy's commitment to driving shareholder value and positioning itself as a leading publicly listed miner. Iris Energy Limited (NASDAQ: IREN) is making significant strides in the data center and Bitcoin mining industry, with a keen eye on sustainability and growth. The company's recent collaboration with Morgan Stanley & Co. LLC underscores its commitment to exploring new opportunities in the AI data center sector. InvestingPro data indicates that Iris Energy has a market capitalization of $2.24 billion and boasts a remarkable gross profit margin of 88.16% for the last twelve months as of Q3 2024. This financial strength is further highlighted by the company's impressive revenue growth of 379.82% in Q3 2024, showcasing its rapid expansion and potential in the high-performance computing market. Despite the lack of profitability over the last twelve months, with an adjusted P/E ratio reported at -245.64, the company's stock has experienced a strong return over the last year, with a 68.0% price total return. This could be a reflection of investor confidence in the company's future prospects and its strategic initiatives. InvestingPro Tips for Iris Energy suggest analysts are optimistic about the company's trajectory. They predict not only sales growth in the current year but also anticipate the company will turn profitable. Moreover, Iris Energy is recognized for holding more cash than debt on its balance sheet, which is a reassuring sign of financial stability for investors. For those interested in deeper analysis and more InvestingPro Tips, visit https://www.investing.com/pro/IREN. There are additional insights available, including tips on the company's high return over the last three months and its liquid assets exceeding short-term obligations. To access these valuable tips and more, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

What's Going On With Bitcoin Mining Stock Iris Energy? - Iris Energy (NASDAQ:IREN)

Iris Energy appoints Morgan Stanley as a financial advisor as it evaluates opportunities in the AI data center market. Iris Energy Limited IREN shares are trading higher Tuesday after the company appointed Morgan Stanley as a financial advisor in connection with the evaluation of AI monetization opportunities. What Happened: Bitcoin BTC/USD miner Iris Energy provided a business update on Tuesday showing that it appointed Morgan Stanley as a financial advisor as it evaluates opportunities in the AI data center market. The news comes with Iris Energy shares down about 7% over the past week following a short report from Culper Research. The stock fell more than 13% last week after Culper argued shares were significantly overvalued. A spokesperson for Iren responded to the report saying, "As a public company we are limited in how much we can say about reports of a certain nature. We encourage debate and value intellectually honest discourse. However, not all engagement meets these standards." "We remain focused on our growth to 30 EH/s of mining capacity this year, serving our AI cloud service customers, and pursuing monetization opportunities for our broader power and land portfolio," the spokesperson added. Check This Out: Iris Energy's Bitcoin Mining Ventures: Overvalued Or Underestimated? At the beginning of the month, Iris Energy provided a business update and announced that its 2024 expansion was fully funded. The company highlighted its cash position of $425.3 million and zero debt and noted that it has an additional cash buffer that can provide flexibility related to procurement items for its 2025 expansion and beyond. Iris Energy mined 233 bitcoin in June, up from 230 mined in May. The company noted at the beginning of the month that its 21% revenue jump in June reflected higher utilization of its GPU fleet and onboarding of new customers. IREN Price Action: Iris Energy shares were up 3.21% at $12.38 at the time of publication, according to Benzinga Pro. Photo: Benjamin Nelan from Pixabay. Market News and Data brought to you by Benzinga APIs

IREN appoints Morgan Stanley as Financial Advisor

SYDNEY, July 16, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update. The Company is pleased to announce it has appointed Morgan Stanley & Co. LLC as financial advisor in connection with evaluating monetization opportunities in the AI data center market. About IREN IREN is a leading next-generation data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy. Contacts To keep updated on IREN's news releases and SEC filings, please subscribe to email alerts at https://iren.com/investor/ir-resources/email-alerts. Forward-Looking Statements This investor update includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN's future financial or operating performance. For example, forward-looking statements include but are not limited to the Company's business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "target", "will," "estimate," "predict," "potential," "continue," "scheduled" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. These forward-looking statements are based on management's current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN's actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including, but not limited to: Bitcoin price and foreign currency exchange rate fluctuations; IREN's ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet its capital needs and facilitate its expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require IREN to comply with onerous covenants or restrictions, and its ability to service its debt obligations, any of which could restrict our business operations and adversely impact our financial condition, cash flows and results of operations; IREN's ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites and to diversify into the market for high performance computing ("HPC") solutions, and in particular any current or future AI Cloud ("AI Cloud") Services we offer; IREN's limited experience with respect to new markets it has entered or may seek to enter, including the market for AI Cloud Services; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current or future AI Cloud Services that IREN offers; IREN's ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to its strategy to expand into AI Cloud Services; IREN's ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of our AI Cloud Services and other counterparties; IREN's ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; the risk that any current or future customers, including customers of our AI Cloud Services, or other counterparties may terminate, default on or underperform their contractual obligations; Bitcoin global hashrate fluctuations; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; our reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; IREN's participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to IREN; any variance between the actual operating performance of IREN's miner hardware achieved compared to the nameplate performance including hashrate; IREN's ability to curtail its electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which IREN operates; the availability, suitability, reliability and cost of internet connections at IREN's facilities; IREN's ability to secure additional hardware, including hardware for Bitcoin mining and any current or future AI Cloud Services it offers, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; expectations with respect to the useful life and obsolescence of hardware (including hardware for Bitcoin mining as well as hardware for other applications, including any current or future AI Cloud Services IREN offers); delays, increases in costs or reductions in the supply of equipment used in IREN's operations; IREN's ability to operate in an evolving regulatory environment; IREN's ability to successfully operate and maintain its property and infrastructure; reliability and performance of IREN's infrastructure compared to expectations; malicious attacks on IREN's property, infrastructure or IT systems; IREN's ability to maintain in good standing the operating and other permits and licenses required for its operations and business; IREN ability to obtain, maintain, protect and enforce its intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends IREN expects to drive growth in its business materialize to the degree it expects them to, or at all; the occurrence of any environmental, health and safety incidents at IREN's sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to our property and infrastructure and the risk that any insurance IREN maintains may not fully cover all potential exposures; ongoing proceedings relating to the default by two of IREN's wholly-owned special purpose vehicles under limited recourse equipment financing facilities; ongoing securities litigation relating in part to the default; and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; IREN's failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of IREN's compliance and risk management methods; any laws, regulations and ethical standards that may relate to IREN's business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other services we offer (such as AI Cloud Services), including regulations related to data privacy, cybersecurity and the storage, use or processing of information; our ability to attract, motivate and retain senior management and qualified employees; increased risks to our global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease (such as COVID-19) and any governmental or industry measures taken in response; our ability to remain competitive in dynamic and rapidly evolving industries; damage to our brand and reputation; expectations relating to Environmental, Social and Governance issues or reporting; the costs of being a public company; and other important factors discussed under the caption "Risk Factors" in IREN's annual report on Form 20-F filed with the SEC on September 13, 2023 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investor Relations section of IREN's website at https://investors.iren.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this investor update. Any forward-looking statement that IREN makes in this investor update speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.