IREN Announces Monthly Investor Update for February 2024

SYDNEY, Australia, March 06, 2024 (GLOBE NEWSWIRE) — IREN (Iris Power Restricted) (NASDAQ: IREN) (along with its subsidiaries, “IREN” or “the Firm”), a number one next-generation knowledge middle enterprise powering the way forward for Bitcoin, AI and past, immediately printed a month-to-month investor replace for February 2024.

Key Highlights

Key Metrics

Bitcoin Mining

February operations

• Working hashrate elevated to 7 EH/s (Feb 29, 2024)
• Month-to-month mining income elevated to $15.2m primarily as a consequence of greater common hashrate of 6.3 EH/s and better Bitcoin worth of $49.1k

Growth to twenty EH/s in 2024

• H1 2024 (10 EH/s) – 7 EH/s put in, remaining 3 EH/s to be commissioned
• H2 2024 (20 EH/s) – 10 EH/s of latest miners secured through mounted worth contracts4, single website enlargement at Childress

AI Cloud Providers

GPU cloud service contract signed

• Contract secured with main AI firm, poolside, following rigorous buyer testing necessities
• Preliminary 3-month time period and extension choice for a further 3-months on the buyer’s election
• Further buyer conversations ongoing

Tripling AI cloud providers enterprise

• Quick-tracking AI cloud providers enterprise to 816 NVIDIA H100 GPUs with the acquisition of 568 extra GPUs
• Supply and commissioning of extra GPUs anticipated throughout Q2 2024
• Financing workstreams underway to assist progress

^{IREN’s Prince George NVIDIA H100 cluster}

Knowledge Facilities

Development replace

• Childress Part 1 (first 100MW)
  • Helps enlargement to 10 EH/s in H1 2024
  • 60MW energized, 40MW to be commissioned within the coming months
• Childress Phases 2 & 3 (subsequent 200MW)
  • Helps enlargement to twenty EH/s in H2 2024
  • Web site civils & procurement underway. Part 2 substation building to start this month

^{Childress Part 1 (100 MW) building progress}

Company

Rebrand from Iris Power to IREN

• Official identify change to IREN, to higher mirror our increasing next-generation knowledge middle enterprise
• Similar enterprise. Similar objectives. Totally different identify.

Second Quarter FY24 Monetary Outcomes

• On February 15, 2024, IREN reported monetary outcomes for the three and 6 months ended December 31, 2023
• The earnings webcast and accompanying investor presentation can be found right here

Upcoming occasions

• thirty sixth Annual ROTH Convention (March 17 – 19, 2024)
• NVIDIA GTC (March 18 – 21, 2024)
• Bitcoin Alive (March 23, 2024)

^{Occasions Sq., February 16, 2024}

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 contains “forward-looking statements” throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements typically relate to future occasions or IREN’s future monetary or working efficiency. For instance, forward-looking statements embody however will not be restricted to the Firm’s enterprise technique, anticipated operational and monetary outcomes, and anticipated enhance in energy capability and hashrate. In some instances, you possibly can determine forward-looking statements by terminology akin to “anticipate,” “imagine,” “could,” “can,” “ought to,” “might,” “would possibly,” “plan,” “attainable,” “venture,” “attempt,” “price range,” “forecast,” “anticipate,” “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 shouldn’t be forward-looking. Such forward-looking statements are topic to dangers, uncertainties, and different components which might trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. As well as, any statements or data that seek advice from 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 based mostly on administration’s present expectations and beliefs. These statements are neither guarantees nor ensures, however contain recognized and unknown dangers, uncertainties and different essential components 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 trying statements, together with, however not restricted to: Bitcoin worth and international foreign money alternate price fluctuations; IREN’s skill to acquire extra capital on commercially affordable phrases and in a well timed method to satisfy its capital wants and facilitate its enlargement 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 skill to service its debt obligations; IREN’s skill to efficiently execute on its progress methods and working plans, together with its skill to proceed to develop its present knowledge middle websites and its skill 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 presents; IREN’s skill to safe and retain prospects on commercially affordable phrases or in any respect, significantly because it pertains to its technique to increase into HPC options; IREN’s skill to handle counterparty danger (together with credit score danger) related to any present or future prospects and different counterparties; IREN’s skill to safe renewable power, renewable power certificates, energy capability, amenities and websites on commercially affordable phrases or in any respect; the danger that any present or future prospects 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 initiatives; our reliance on energy utilities suppliers, third occasion mining swimming pools, exchanges, banks, insurance coverage suppliers and our skill to keep up relationships with such events; expectations relating to availability and pricing of electrical energy; IREN’s participation and skill to efficiently take part in demand response services and products and different load administration applications run, operated or supplied by electrical energy community operators, regulators or electrical energy market operators; the provision, reliability and/or price of electrical energy provide, {hardware} and electrical and knowledge middle 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 skill to curtail its electrical energy consumption and/or monetize electrical energy relying on market circumstances, together with modifications 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 by which IREN operates; the provision, suitability, reliability and value of web connections at IREN’s amenities; IREN’s skill to safe extra {hardware}, together with {hardware} for Bitcoin mining and HPC options it might provide, 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 provide); delays, will increase in prices or reductions within the provide of apparatus utilized in IREN’s operations; IREN’s skill to function in an evolving regulatory atmosphere; IREN’s skill to efficiently function and preserve its property and infrastructure; reliability and efficiency of IREN’s infrastructure in comparison with expectations; malicious assaults on IREN’s property, infrastructure or IT programs; IREN’s skill to keep up in good standing the working and different permits and licenses required for its operations and enterprise; IREN skill to acquire, preserve, shield and implement its mental property rights and different confidential data; whether or not the secular developments IREN expects to drive progress 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 danger that any insurance coverage IREN maintains could not absolutely cowl all potential exposures; ongoing proceedings referring to the default by two of IREN’s wholly-owned particular function autos beneath restricted recourse tools financing amenities; ongoing securities litigation relating partly to the default; and any future litigation, claims and/or regulatory investigations, and the prices, bills, use of assets, diversion of administration time and efforts, legal responsibility and damages which will consequence therefrom; IREN’s failure to adjust to any legal guidelines together with the anti-corruption legal guidelines of the USA and numerous worldwide jurisdictions; any failure of IREN’s compliance and danger 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 business and those who relate to every other options we could provide (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 skill 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 sudden regulatory and financial sanctions modifications, amongst different issues; local weather change, extreme climate circumstances 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 business measures taken in response; our skill 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 essential components mentioned beneath the caption “Danger Elements” in IREN’s annual report on Type 20-F filed with the SEC on September 13, 2023 as such components could also be up to date on occasion 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 essential components 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 because of new data, future occasions or in any other case.

Preliminary Monetary Info

The preliminary monetary data for the month of February 2024 included on this investor replace shouldn’t 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 data included on this investor replace doesn’t signify a complete assertion of our monetary outcomes or monetary place and shouldn’t be seen as an alternative to unaudited monetary statements ready in accordance with Worldwide Monetary Reporting Requirements. Accordingly, you shouldn’t place undue reliance on the preliminary monetary data included on this investor replace.

¹ Bitcoin and Bitcoin mined on this investor replace are offered in accordance with our income recognition coverage which is decided on a Bitcoin acquired foundation (submit deduction of mining pool charges as relevant).
² Includes 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 power since inception of which roughly 98% is straight from renewable power sources; roughly 2% is from the acquisition of RECs. The Firm’s Childress website has been powered by 100% renewable power since inception through 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 beneath hedge contracts. February 2024 electrical energy price contains internet income generated from participation in ERCOT demand response program. Figures are based mostly on present inner estimates and exclude REC purchases.
⁴ Comprised of miner buy choices with Bitmain for 9 EH/s of T21 miners plus extra miner purchases of 1 EH/s. Selections with respect to Childress enlargement and exercising all, some or not one of the miner buy choices will probably be made throughout 2024, taking into account market circumstances, shareholder worth and funding availability. As well as, the Firm retains flexibility to make the most of miner buy choices for functions of upgrading some or all of its present fleet.
⁵ Displays estimated hashrate capability by website assuming full utilization of present accessible knowledge middle capability with present mining fleet, besides the place in any other case said.
⁶ Displays estimated hashrate capability of the beforehand introduced purchases of Bitmain S21 miners and T21 miners.
⁷ Displays estimated hashrate capability with extra 1 EH/s Bitmain T21 miner buy and assuming the total train of the beforehand introduced 9 EH/s Bitmain T21 miner buy choices.

Pictures accompanying this announcement can be found at
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