Iris Energy Limited (NASDAQ:IREN) shares are trading higher Thursday after the company posted better-than-expected third-quarter financial results.

The Details:

Quarterly revenue came in at $54.349 million, beating the analyst consensus estimate of $51.496 million by 5.54% and representing a 231.76% increase over revenue from the same period last year.

Iris Energy reported quarterly earnings of 8 cents per share which beat the analyst consensus estimate of 7 cents by 10%.

Bitcoin (CRYPTO: BTC) mining revenue clocked in at $53.4 million, as compared to $42 million in the second quarter of fiscal year 2024, driven by growth in operating hashrate and higher Bitcoin prices.

The company mined 1,003 Bitcoin, as compared to 1,144 Bitcoin in the second quarter of our fiscal year 2024. Iris Energy said lower Bitcoin production was primarily driven by higher global hashrate rate during the period.

The company also announced it has achieved its operating hashrate goal of 10 EH/s ahead of schedule and its 2024 expansion plans have increased to 30 EH/s. Iris Energy plans to fund the expansion to 30 EH/s through existing cash and other sources. As of April 30, 2024, the company had $321.5 million cash and no debt facilities.

"We are pleased to report our third quarter FY24 results, where we achieved record revenue and Adjusted EBITDA. Additionally, we have generated a record $47.9 million in operating cashflow so far this financial year, reflecting the quality of our underlying operations," said Daniel Roberts, Co-CEO of IREN.

"Our team continues to execute, achieving our 10 EH/s milestone ahead of schedule and now increasing our 2024 expansion plans from 20 EH/s to 30 EH/s. We believe the strategic investments we have made in land, power and infrastructure provide a clear pathway to industry leadership."

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IREN Price Action: According to Benzinga Pro, Iris Energy shares are up 9.33% at $5.68 at the time of publication Thursday.

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