Iris Energy (IREN) Issues Monthly Investor Update for March 2024

IREN (NASDAQ: IREN) right this moment printed a month-to-month investor replace for March 2024.

Key Highlights

Key Metrics

Bitcoin Mining

March operations

• Common working hashrate of seven.1 EH/s (now expanded to eight EH/s)
• Month-to-month mining income elevated by 56% to $23.7m, as a result of elevated hashrate and better Bitcoin value

2024 enlargement to twenty EH/s, now absolutely funded

• H1 2024 (10 EH/s) – 8 EH/s working, remaining 2 EH/s to be commissioned
• H2 2024 (20 EH/s) – 10 EH/s of latest miners secured4
• 20 EH/s generates ~$269m of annualized {hardware} revenue (post-halving)5

AI Cloud Companies

• Lately offered at NVIDIA GTC, with poolsideAI’s Co-Founder & CTO becoming a member of the stage to focus on the power of IREN’s cloud companies capabilities
• NVIDIA H100 GPUs:
  • Positioned at our Prince George knowledge middle
  • 248 GPUs working
  • 568 GPUs present process commissioning
• Buyer negotiations for brand spanking new capability in progress
• 816 GPUs generates an estimated ~$14-$17m of annualized {hardware} revenue (~24 month payback)5

poolsideAI’s CTO & Co-Founder presenting alongsideIREN CEO & Co-Founder at NVIDIA GTC

Knowledge Facilities

460MW of information facilities

• Childress Section 1 (first 100MW) – H1 2024
  • Helps enlargement to 10 EH/s
  • 60MW working, 40MW beneath development
• Childress Section 2 & 3 (subsequent 200MW) – H2 2024
  • Helps enlargement to twenty EH/s
  • Development underway with ~180 personnel on website
  • New and optimized knowledge middle design expediting development timelines by way of elevated energy density per constructing and constructability enhancements

Childress (March 29, 2024)

Company

Funding & company

• $301m cash6, no debt
• Enlargement to 460MW of information facilities and 20 EH/s of Bitcoin mining in 2024 now absolutely funded, following completion of a focused ATM fairness elevating program
• Quarterly reporting to begin from the quarter ending March 31, 2024

Upcoming occasions

• CG Digital Property Symposium (April 11, 2024)
• London non-deal roadshow (April 8 – 11, 2024)
• CheatCode UK (April 12 – 13, 2024)

IREN Co-Founder & Co-CEO Daniel Roberts presenting at NVIDIA GTC

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-Trying Statements

This investor replace contains “forward-looking statements” throughout the which 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 embrace however should not restricted to the Company’s enterprise technique, anticipated operational and monetary outcomes, and anticipated improve in energy capability and hashrate. In some circumstances, you may determine forward-looking statements by terminology equivalent to “anticipate,” “consider,” “could,” “can,” “ought to,” “may,” “would possibly,” “plan,” “potential,” “venture,” “attempt,” “price range,” “forecast,” “count on,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “proceed,” “scheduled” or the negatives of those phrases or variations of them or related terminology, however the absence of those phrases doesn’t imply that assertion is just not forward-looking. Such forward-looking statements are topic to dangers, uncertainties, and different elements which may trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. As well as, any statements or data that check 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 based mostly on management’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 overseas forex change fee fluctuations; IREN’s capability to acquire further capital on commercially cheap phrases and in a well timed method to fulfill 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 may 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 progress methods and working plans, together with its capability to proceed to develop its current knowledge middle 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, reputation and public perceptions of the Bitcoin community; expectations with respect to the profitability, viability, operability, safety, reputation and public perceptions of any HPC options that IREN presents; IREN’s capability to safe and retain prospects on commercially cheap phrases or in any respect, significantly because it pertains to its technique to increase into HPC options; IREN’s capability to handle counterparty danger (together with credit score danger) related to any present or future prospects and different counterparties; IREN’s capability to safe renewable power, renewable power certificates, energy capability, services and websites on commercially cheap phrases or in any respect; the chance that any present or future prospects or counterparties could terminate, default on or underperform their contractual obligations; Bitcoin international 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 take care of 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 packages run, operated or provided by electrical energy community operators, regulators or electrical energy market operators; the supply, reliability and/or value 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 laws which will limit the electrical energy provide out there 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 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 wherein IREN operates; the supply, suitability, reliability and price of web connections at IREN’s services; IREN’s capability to safe further {hardware}, together with {hardware} for Bitcoin mining and HPC options it could provide, on commercially cheap 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 functions, together with HPC options IREN could provide); 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 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 capability to take care of in good standing the working and different permits and licenses required for its operations and enterprise; IREN capability to acquire, preserve, defend 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 prevalence 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 absolutely cowl all potential exposures; ongoing proceedings referring to the default by two of IREN’s wholly-owned particular objective automobiles beneath restricted recourse tools financing services; ongoing securities litigation relating partially 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, laws 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 some other options we could provide (equivalent to HPC options), together with laws associated to knowledge privateness, cybersecurity and the storage, use or processing of data; any mental property infringement and product legal responsibility claims; our capability to draw, encourage and retain senior administration and certified staff; elevated dangers to our international 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 modifications, 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 some other outbreak of an infectious illness and any governmental or business measures taken in response; our capability to stay aggressive in dynamic and quickly evolving industries; injury to our model and status; expectations referring to Environmental, Social and Governance points or reporting; the prices of being a public firm; and different necessary elements mentioned beneath the caption “Danger Factors” 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 every so often 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://traders.iren.com.

These and different necessary elements may 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 data, future occasions or in any other case.

Preliminary Monetary Data

The preliminary monetary data for the month of March 2024 included on this investor replace is just not topic to the identical closing procedures as our unaudited quarterly monetary outcomes and has not been reviewed by our unbiased 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 considered 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 data included on this investor replace.

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1. Bitcoin and Bitcoin mined on this investor replace are offered in accordance with our income recognition coverage which is set on a Bitcoin obtained foundation (publish deduction of mining pool charges as relevant).
2. Contains precise energy utilization for Canal Flats, Mackenzie, Prince George, and Childress. The Company’s Canal Flats, Mackenzie and Prince George websites have been powered by 100% renewable power since inception of which roughly 98% is instantly from renewable power sources; roughly 2% is from the acquisition of RECs. The Company’s Childress website has been powered by 100% renewable power since inception through the acquisition of RECs.
3. Represents electrical energy prices web of realized achieve on monetary asset. Realized achieve on monetary asset represents unaudited energy credit (primarily pushed by voluntary curtailment) earned beneath hedge contracts. February and March 2024 electrical energy value contains web income generated from participation in ERCOT demand response program. Figures are based mostly on present inner estimates and exclude REC purchases.
4. Further capability to be put in contains Bitmain T21 miner purchases of three EH/s and miner buy choices of 9 EH/s. Closing choices with respect to exercising miner buy choices might be made throughout 2024 making an allowance for market situations.
5. Illustrative Annualized {Hardware} Revenue = income much less assumed electrical energy prices (excludes all different website, overhead and REC prices). Bitcoin mining calculations assume {hardware} operates at 100% uptime and $0.04/kWh electrical energy prices. Supply: Coinwarz Bitcoin Mining Calculator. Inputs: 20,000 PH/s (hashrate), ~595 EH/s (international hashrate), $70,000 (BTC value), 3.125 BTC (block reward), 0.3 BTC (transaction charges), 0.2% (pool charges), 440MW (energy consumption). These inputs and assumptions are based mostly on present and historic market situations which can be totally different sooner or later. 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.
6. Money of $301m displays USD equal, unaudited preliminary money, money equivalents and time period deposits as of March 29, 2024 plus ATM proceeds to be obtained first week of April 2024 from shares bought on or previous to March 29, 2024. Between March 16, 2024 and March 29, 2024 the Firm raised $72m in gross proceeds from the sale of 13.6m shares. Remaining capability beneath current ATM of $166m. Whole variety of strange shares excellent as of March 29, 2024 is 141,094,782, together with shares bought by way of the ATM on or previous to March 29, 2024.

Photographs accompanying this announcement can be found at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/7b028c2d-e454-4406-a0ab-963fcfb2f959

https://www.globenewswire.com/NewsRoom/AttachmentNg/bb420b85-2c52-48b1-92a8-6bf4cf2e22e2

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf15bce4-4c29-43f0-86c2-22beed734adc

https://www.globenewswire.com/NewsRoom/AttachmentNg/bbd91d32-94e1-4368-9540-4203e4a5b30f

Determine 1

Enlargement Schedule

Determine 2

poolsideAI’s CTO & Co-Founder presenting alongside IREN CEO & Co-Founder at NVIDIA GTC

Determine 3

Childress (March 29, 2024)

Determine 4

IREN Co-Founder & Co-CEO Daniel Roberts presenting at NVIDIA GTC

Supply: IREN