What's Going On With Iris Energy Stock Today?
Portfolio Pulse from Adam Eckert
Iris Energy Limited (NASDAQ:IREN) shares are trading higher after the company announced an increase in power capacity by 150MW at its Childress site, bringing the total to 750MW. This expansion raises the company's total secured grid-connected power capacity to 2,310MW. Iris Energy also provided a business update, highlighting a strong cash position and zero debt, and noted that its 2024 expansion is fully funded. The company is set to report its Q2 financial results on August 5.
July 24, 2024 | 1:24 pm
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POSITIVE IMPACT
Iris Energy's stock is trading higher following the announcement of a 150MW increase in power capacity at its Childress site, bringing the total to 750MW. The company also highlighted a strong cash position and zero debt, with its 2024 expansion fully funded.
The increase in power capacity is a significant operational improvement, likely to enhance Iris Energy's mining capabilities and revenue potential. The strong financial position with zero debt and fully funded 2024 expansion further supports a positive outlook for the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100