April 2024 Monthly Investor Update

SYDNEY, Australia, Could 06, 2024 (GLOBE NEWSWIRE) — IREN (NASDAQ: IREN) (along with its subsidiaries, “IREN” or “the Firm”), a number one next-generation knowledge heart enterprise powering the way forward for Bitcoin, AI and past, right this moment printed a month-to-month investor replace for April 2024.

Key Highlights

Key Metrics

Bitcoin Mining

April operations

• Common working hashrate of 8.2 EH/s
  (now expanded to 9.4 EH/s)
• Month-to-month mining income was flat vs. March with greater working hashrate offset by barely decrease Bitcoin value, enhance in community hashrate and reduce in block subsidy post-halving

2024 growth to twenty EH/s

• Enlargement totally funded and forward of schedule
• H1 2024 (10 EH/s) – 9.4 EH/s working, 10 EH/s anticipated in coming weeks

• H2 2024 (20 EH/s) – 10 EH/s of latest miners secured⁴

AI Cloud Companies

IREN GPU deployment at Prince George knowledge heart

AI Cloud Companies

• 816 NVIDIA H100 GPUs
  • Upsized (doubled to 504 GPUs) and prolonged AI cloud companies settlement with Poolside
  • Testing on-demand cloud market
• 816 GPUs generates an estimated ~$14-$17m of annualized {hardware} revenue (~24 month payback)⁵

Knowledge Facilities

Childress (April 2024)

510MW of knowledge facilities in 2024

• Childress Part 1 (first 100MW) – H1 2024
  • Helps growth to 10 EH/s
  • 85MW working, 15MW below building
• Childress Part 2 & 3 (subsequent 250MW) – H2 2024
  • Further 50MW now to be commissioned as a part of Childress Part 3
  • Enabled by means of new substation design, and ongoing enchancment and optimization of building and procurement processes
• Knowledge heart growth plan elevated from 460MW to 510MW in 2024, supporting development past 20 EH/s

Company

IREN Co-Founder & Co-CEO Will Roberts presenting at CheatCode Bedford

3Q FY24 outcomes launch (Could 15, 2024)

• IREN to launch its 3Q FY24 monetary outcomes and host a convention name on Wednesday, Could 15, 2024 starting at 5.00pm USA EDT (Thursday, Could 16, 7.00am AEST time)
• Register for the webcast right here

Upcoming occasions

• Needham Tech & Media Conf. (Could 16, 2024)
• Dell Applied sciences World (Could 20 – 23, 2024)
• B Riley Annual Investor Conf. (Could 22 – 23, 2024)
• GenAI Summit San Francisco (Could 29 – 31, 2024)

Assumptions and Notes

1. Bitcoin and Bitcoin mined on this investor replace are introduced in accordance with our income recognition coverage which is set on a Bitcoin acquired foundation (submit deduction of mining pool charges as relevant).
2. Contains precise energy utilization for Canal Flats, Mackenzie, Prince George, and Childress. The Firm’s Canal Flats, Mackenzie and Prince George websites have been powered by 100% renewable vitality since inception of which roughly 98% is instantly from renewable vitality sources; roughly 2% is from the acquisition of RECs. The Firm’s Childress web site has been powered by 100% renewable vitality since inception by way of the acquisition of RECs.
3. Represents electrical energy prices internet of realized acquire on monetary asset. Realized acquire on monetary asset represents unaudited energy credit (primarily pushed by voluntary curtailment) earned below hedge contracts. Electrical energy price consists of internet income generated from participation in ERCOT demand response program. Figures are primarily based on present inner estimates and exclude REC purchases.
4. Further capability to be put in contains Bitmain T21 miner purchases of 1.6 EH/s and miner buy choices of 9 EH/s. Last choices with respect to exercising miner buy choices will probably be made throughout 2024 making an allowance for market and funding situations.
5. Illustrative Annualized {Hardware} Revenue = income much less assumed electrical energy prices (excludes all different web site, overhead and REC prices). GPU calculations assume 1.25kW energy draw required for 1 GPU, $0.05/kWh electrical energy prices and $2.00-2.50 per GPU hour income assumption. {Hardware} capex assumes ~$40k per GPU.

Contacts

To maintain up to date on IREN’s information releases and SEC filings, please subscribe to e-mail alerts at
https://iren.com/investor/ir-resources/email-alerts.

Ahead-Wanting Statements

This investor replace consists of “forward-looking statements” throughout the that means of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements usually relate to future occasions or IREN’s future monetary or working efficiency. For instance, forward-looking statements embody however usually are not restricted to the Firm’s enterprise technique, anticipated operational and monetary outcomes, and anticipated enhance in energy capability and hashrate. In some circumstances, you may establish forward-looking statements by terminology akin to “anticipate,” “consider,” “could,” “can,” “ought to,” “might,” “may,” “plan,” “doable,” “venture,” “try,” “finances,” “forecast,” “count on,” “intend,” “goal”, “will,” “estimate,” “predict,” “potential,” “proceed,” “scheduled” or the negatives of those phrases or variations of them or comparable terminology, however the absence of those phrases doesn’t imply that assertion will not be forward-looking. Such forward-looking statements are topic to dangers, uncertainties, and different elements which might trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. As well as, any statements or info that confer with expectations, beliefs, plans, projections, targets, efficiency or different characterizations of future occasions or circumstances, together with any underlying assumptions, are forward-looking.

These forward-looking statements are primarily based on administration’s present expectations and beliefs. These statements are neither guarantees nor ensures, however contain recognized and unknown dangers, uncertainties and different necessary elements which will trigger IREN’s precise outcomes, efficiency or achievements to be materially totally different from any future outcomes efficiency or achievements expressed or implied by the ahead wanting statements, together with, however not restricted to: Bitcoin value and international foreign money trade price fluctuations; IREN’s capability to acquire further capital on commercially affordable phrases and in a well timed method to satisfy its capital wants and facilitate its growth plans; the phrases of any future financing or any refinancing, restructuring or modification to the phrases of any future financing, which might require IREN to adjust to onerous covenants or restrictions, and its capability to service its debt obligations; IREN’s capability to efficiently execute on its development methods and working plans, together with its capability to proceed to develop its present knowledge heart websites and its capability to diversify into the marketplace for Excessive Efficiency Computing (“HPC”) options; IREN’s restricted expertise with respect to new markets it has entered or could search to enter, together with the marketplace for HPC options; expectations with respect to the continuing profitability, viability, operability, safety, recognition and public perceptions of the Bitcoin community; expectations with respect to the profitability, viability, operability, safety, recognition and public perceptions of any HPC options that IREN affords; IREN’s capability to safe and retain clients on commercially affordable phrases or in any respect, significantly because it pertains to its technique to increase into HPC options; IREN’s capability to handle counterparty threat (together with credit score threat) related to any present or future clients and different counterparties; IREN’s capability to safe renewable vitality, renewable vitality certificates, energy capability, amenities and websites on commercially affordable phrases or in any respect; the chance that any present or future clients or counterparties could terminate, default on or underperform their contractual obligations; Bitcoin world hashrate fluctuations; delays related to, or failure to acquire or full, allowing approvals, grid connections and different growth actions customary for greenfield or brownfield infrastructure tasks; our reliance on energy utilities suppliers, third occasion mining swimming pools, exchanges, banks, insurance coverage suppliers and our capability to keep up relationships with such events; expectations concerning availability and pricing of electrical energy; IREN’s participation and talent to efficiently take part in demand response services and different load administration packages run, operated or supplied by electrical energy community operators, regulators or electrical energy market operators; the supply, reliability and/or price of electrical energy provide, {hardware} and electrical and knowledge heart infrastructure, together with with respect to any electrical energy outages and any legal guidelines and rules which will limit the electrical energy provide accessible to IREN; any variance between the precise working efficiency of IREN’s {hardware} achieved in comparison with the nameplate efficiency together with hashrate; IREN’s capability to curtail its electrical energy consumption and/or monetize electrical energy relying on market situations, together with adjustments in Bitcoin mining economics and prevailing electrical energy costs; actions undertaken by electrical energy community and market operators, regulators, governments or communities within the areas during which IREN operates; the supply, suitability, reliability and value of web connections at IREN’s amenities; IREN’s capability to safe further {hardware}, together with {hardware} for Bitcoin mining and HPC options it could supply, on commercially affordable phrases or in any respect, and any delays or reductions within the provide of such {hardware} or will increase in the price of procuring such {hardware}; expectations with respect to the helpful life and obsolescence of {hardware} (together with {hardware} for Bitcoin mining in addition to {hardware} for different purposes, together with HPC options IREN could supply); delays, will increase in prices or reductions within the provide of kit utilized in IREN’s operations; IREN’s capability to function in an evolving regulatory setting; IREN’s capability to efficiently function and keep its property and infrastructure; reliability and efficiency of IREN’s infrastructure in comparison with expectations; malicious assaults on IREN’s property, infrastructure or IT methods; IREN’s capability to keep up in good standing the working and different permits and licenses required for its operations and enterprise; IREN capability to acquire, keep, shield and implement its mental property rights and different confidential info; whether or not the secular developments IREN expects to drive development in its enterprise materialize to the diploma it expects them to, or in any respect; the incidence of any environmental, well being and security incidents at IREN’s websites, and any materials prices referring to environmental, well being and security necessities or liabilities; injury to our property and infrastructure and the chance that any insurance coverage IREN maintains could not totally cowl all potential exposures; ongoing proceedings referring to the default by two of IREN’s wholly-owned particular function automobiles below restricted recourse tools financing amenities; ongoing securities litigation relating partially to the default; and any future litigation, claims and/or regulatory investigations, and the prices, bills, use of sources, diversion of administration time and efforts, legal responsibility and damages which will outcome therefrom; IREN’s failure to adjust to any legal guidelines together with the anti-corruption legal guidelines of america and numerous worldwide jurisdictions; any failure of IREN’s compliance and threat administration strategies; any legal guidelines, rules and moral requirements which will relate to IREN’s enterprise, together with those who relate to Bitcoin and the Bitcoin mining trade and those who relate to every other options we could supply (akin to HPC options), together with rules associated to knowledge privateness, cybersecurity and the storage, use or processing of knowledge; any mental property infringement and product legal responsibility claims; our capability to draw, encourage and retain senior administration and certified workers; elevated dangers to our world operations together with, however not restricted to, political instability, acts of terrorism, theft and vandalism, cyberattacks and different cybersecurity incidents and surprising regulatory and financial sanctions adjustments, amongst different issues; local weather change, extreme climate situations and pure and man-made disasters which will materially adversely have an effect on our enterprise, monetary situation and outcomes of operations; the continuing results of COVID-19 or every other outbreak of an infectious illness and any governmental or trade measures taken in response; our capability to stay aggressive in dynamic and quickly evolving industries; injury to our model and repute; expectations referring to Environmental, Social and Governance points or reporting; the prices of being a public firm; and different necessary elements mentioned below the caption “Threat Elements” in IREN’s annual report on Type 20-F filed with the SEC on September 13, 2023 as such elements could also be up to date once in a while in its different filings with the SEC, accessible on the SEC’s web site at www.sec.gov and the Investor Relations part of IREN’s web site at https://buyers.iren.com.

These and different necessary elements might trigger precise outcomes to vary materially from these indicated by the forward-looking statements made on this investor replace. Any forward-looking assertion that IREN makes on this investor replace speaks solely as of the date of such assertion. Besides as required by regulation, IREN disclaims any obligation to replace or revise, or to publicly announce any replace or revision to, any of the forward-looking statements, whether or not on account of new info, future occasions or in any other case.

Preliminary Monetary Data

The preliminary monetary info for the month of April 2024 included on this investor replace will not be topic to the identical closing procedures as our unaudited quarterly monetary outcomes and has not been reviewed by our impartial registered public accounting agency. The preliminary monetary info included on this investor replace doesn’t symbolize a complete assertion of our monetary outcomes or monetary place and shouldn’t be seen as an alternative choice to unaudited monetary statements ready in accordance with Worldwide Monetary Reporting Requirements. Accordingly, you shouldn’t place undue reliance on the preliminary monetary info included on this investor replace.

Pictures accompanying this announcement can be found at

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