Poolside upsizes and extends AI Cloud Services contract

SYDNEY, Australia, April 08, 2024 (GLOBE NEWSWIRE) — IREN (Iris Power Restricted) (NASDAQ: IREN) (along with its subsidiaries, “IREN” or “the Firm”), a number one next-generation information heart enterprise powering the way forward for Bitcoin, AI and past, immediately supplied a enterprise replace.

Key Highlights

• Beforehand introduced 3-month AI cloud companies settlement with main AI firm, poolside
• Settlement is now upsized from 248 to 504 NVIDIA H100 GPUs following profitable preliminary deployment
• Further 4-month time period commencing mid-April 2024, and extension choice for an extra 2 months on the buyer’s election

IREN has upsized and prolonged its AI cloud companies settlement with poolside, greater than doubling the contracted cluster measurement from 248 to 504 NVIDIA H100 GPUs.

The contract is for an extra 4-month time period commencing mid-April, 2024, with an extension choice for an extra 2 months on the buyer’s election.

Eiso Kant, CTO and Co-Founding father of poolside, commented:

“We’ve been very impressed with the outperformance of IREN’s NVIDIA H100 GPU cluster because it sits amongst the best-in-class in reliability and efficiency, in addition to the IREN staff’s dedication to buyer help. Our enterprise has rising demand for GPU compute and we’re happy to develop our partnership with IREN to help our development.”

Daniel Roberts, Co-Founder and Co-CEO of Iris Power, commented:

“The enlargement of our partnership with poolside highlights the standard of our AI Cloud Companies enterprise, together with our performance-focused know-how stack for AI and next-generation information facilities powered by renewable vitality.”

About IREN

IREN is a number one next-generation information heart enterprise powering the way forward for Bitcoin, AI and past using 100% renewable vitality.

• Bitcoin Mining: offering safety to the Bitcoin community, increasing to twenty EH/s in 2024. Operations since 2019.
• AI Cloud Companies: offering cloud compute to AI prospects, 816 NVIDIA H100 GPUs. Operations since 2024.
• Subsequent-Technology Knowledge Facilities: 220MW of working information facilities, increasing to 460MW in 2024. Particularly designed and purpose-built infrastructure for high-performance and power-dense computing purposes.
• Know-how: know-how stack for efficiency optimization of AI Cloud Companies, Bitcoin Mining and vitality buying and selling operations.
• Improvement Portfolio: 2,160MW of secured energy capability throughout North America, >1,000 acre property portfolio and extra growth pipeline.
• 100% Renewable Power (from clear or renewable vitality sources or by means of the acquisition of RECs): targets websites with low-cost & underutilized renewable vitality, and helps electrical grids and native communities.

Contacts

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Ahead-Trying Statements

This press launch contains “forward-looking statements” inside 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 embrace 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 circumstances, you may establish forward-looking statements by terminology akin to “anticipate,” “consider,” “could,” “can,” “ought to,” “may,” “would possibly,” “plan,” “attainable,” “mission,” “try,” “funds,” “forecast,” “count on,” “intend,” “goal”, “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 just isn’t 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 confer with expectations, beliefs, plans, projections, goals, 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 identified and unknown dangers, uncertainties and different necessary elements that 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 change fee fluctuations; IREN’s capacity to acquire further 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 may require IREN to adjust to onerous covenants or restrictions, and its capacity to service its debt obligations; IREN’s capacity to efficiently execute on its development methods and working plans, together with its capacity to proceed to develop its current information heart websites and its capacity to diversify into the marketplace for AI Cloud Companies (“AI Cloud”) options; IREN’s restricted expertise with respect to new markets it has entered or could search to enter, together with the marketplace for AI Cloud 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 AI Cloud options that IREN provides; IREN’s capacity to safe and retain prospects on commercially affordable phrases or in any respect, significantly because it pertains to its technique to develop into AI Cloud options; IREN’s capacity to handle counterparty threat (together with credit score threat) related to any present or future prospects and different counterparties; IREN’s capacity to safe renewable vitality, renewable vitality certificates, energy capability, services and websites on commercially affordable 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 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; IREN’s reliance on energy utilities suppliers, third get together mining swimming pools, exchanges, banks, insurance coverage suppliers and its capacity to take care of 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 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 price of electrical energy provide, {hardware} and electrical and information heart infrastructure, together with with respect to any electrical energy outages and any legal guidelines and laws that will limit the electrical energy provide obtainable 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 capacity 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 through which IREN operates; the supply, suitability, reliability and price of web connections at IREN’s services; IREN’s capacity to safe further {hardware}, together with {hardware} for Bitcoin mining and AI Cloud 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 AI Cloud options IREN could provide); delays, will increase in prices or reductions within the provide of kit utilized in IREN’s operations; IREN’s capacity to function in an evolving regulatory setting; IREN’s capacity 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 techniques; IREN’s capacity to take care of in good standing the working and different permits and licenses required for its operations and enterprise; IREN capacity to acquire, preserve, defend and implement its mental property rights and different confidential data; whether or not the secular traits 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 its 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 goal 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 sources, diversion of administration time and efforts, legal responsibility and damages that will end result therefrom; IREN’s failure to adjust to any legal guidelines together with the anti-corruption legal guidelines of the US and varied worldwide jurisdictions; any failure of its compliance and threat administration strategies; any legal guidelines, laws and moral requirements that 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 AI Cloud options), together with laws associated to information privateness, cybersecurity and the storage, use or processing of knowledge; any mental property infringement and product legal responsibility claims; IREN’s capacity to draw, encourage and retain senior administration and certified staff; elevated dangers to its 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 modifications, amongst different issues; local weather change, extreme climate situations and pure and man-made disasters that will materially adversely have an effect on its 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; IREN’s capacity to stay aggressive in dynamic and quickly evolving industries; injury to its model and popularity; 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 Elements” in IREN’s annual report on Kind 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 press launch. Any forward-looking assertion that IREN makes on this press launch speaks solely as of the date of such assertion. Besides as required by legislation, 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.