How did IREN's Q3 2024 earnings surprise investors?

Iris Energy Limited (IREN) surprised investors with strong Q3 2024 earnings, reflecting significant growth and operational improvements: 1. **Record Bitcoin Mining Revenue**: IREN's Bitcoin mining revenue surged to $184.1 million, up from $75.5 million in the previous year, driven by an increased hashrate and higher Bitcoin prices. The company mined a record 4,191 Bitcoins, a significant increase from 3,259 Bitcoins mined in FY23. 2. **EBITDA Turnaround**: The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) recovered sharply to $19.6 million, a stark contrast to the $(123.2) million loss in FY23. Adjusted EBITDA reached $54.7 million, up from $1.4 million in the prior year, indicating a strong operational performance. 3. **Operational Upgrades**: IREN is set to expand its data centers, increasing power capacity from 300 MW to 510 MW in 2024. This expansion, along with plans to reach 30 EH/s by the end of the year, underscores the company's commitment to scaling up its mining operations. 4. **AI Cloud Services Growth**: The introduction of AI Cloud Services contributed $3.1 million in revenue, demonstrating the company's successful expansion into the AI sector. With strong consumer demand and a pipeline of contracts, this segment is expected to continue growing. 5. **Financial Stability**: IREN's net loss after tax reduced to $29 million from $171.9 million in the previous year, showing improved financial stability. The company maintained strong cash reserves at $404.6 million with no debt. Overall, IREN's Q3 2024 earnings showcased the company's strategic growth initiatives in Bitcoin mining and AI cloud services, leading to impressive revenue increases and operational profitability.