Iron's Strong Quarter Driven by Bitcoin Mining and AI Cloud Services
According to a report from Investing.com Deutsch, Iron has reported robust financial performance for the quarter, largely fueled by its activities in Bitcoin mining and AI cloud services. The company announced an impressive operational cash flow of $48 million for the nine-month period ending March 31, 2024. With ambitious plans to expand its Bitcoin mining capacity to 30 Exahash by the end of 2024—and potentially reaching up to 40 Exahash in early 2025—Iron is aggressively pursuing growth.
The company's pre-tax profit stood at $12 million with an adjusted EBITDA of $21.8 million. Revenue from Bitcoin mining surged to $53.4 million, while their cash reserves increased significantly from $260 million at the end of the quarter to $322 million by April 30th. Additionally, Iron launched a new AI cloud service business leveraging existing data center infrastructure.
This strategic expansion positions Iron as a leader in both sectors, focusing on efficiency and cost-effective operations through agreements like those with Bitmain for S21 Pro Miners aimed at reducing electricity costs per bitcoin mined.
iRen Reports Strong First Quarter Growth in Bitcoin Mining and AI Sector
As detailed by Investing.com Deutsch, iRen showcased significant progress during its first fiscal quarter of 2025 within both its core areas: Bitcoin mining and artificial intelligence (AI) cloud services. The firm aims to scale up its mining capabilities dramatically—to reach around 50 Exahash during H1-2025—all while maintaining low-cost operations.
The financial highlights include an adjusted EBITDA amounting to CAD$2.6M alongside revenues generated via BTC mining totaling CAD$54M; meanwhile, earnings derived specifically from their burgeoning AI cloud division hit the USD$3-million mark respectively! Notably too was how they concluded this particular timeframe holding onto nearly USD$98 million dollars worth of liquid assets sans any debt obligations whatsoever!
A forward-looking strategy sees them exploring alternative financing instruments plus potential investor distributions come next year whilst transitioning towards becoming a domestic issuer under U.S GAAP reporting standards—possibly even joining the Russell 2000 index soon enough given current trajectory...
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