Business
Iris Energy Limited Provides Updated Operating & Capital Expenditure Guidance
Operating Guidance Increased from 3.7 EH/s to 4.3 EH/s in 2022 Deferral of Additional Capital Expenditures Given Market Conditions SYDNEY, Australia, June 21,
About this update from Iren Limited
[{"type":"text","content":"Operating Guidance Increased from 3.7 EH/s to 4.3 EH/s in 2022 Deferral of Additional Capital Expenditures Given Market Conditions SYDNEY, Australia, June 21, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading sustainable Bitcoin miner, today re-iterated expected total online operating capacity of 3.7 EH/s by the end of Q3 2022.1 The Company also announced that the expansion from 50MW to 80MW at its Mackenzie site is progressing ahead of schedule, increasing expected total online operating capacity to 4.3 EH/s by the end of Q4 2022. Given current market conditions, the Company intends to defer additional major capital expenditure for work beyond the initial 4.3 EH/s of operating capacity to preserve balance sheet flexibility. The Company currently has no corporate debt on its balance sheet.2 Operations & Construction Update Industry-leading operational uptime and efficiency across a range of different weather conditionsStrong and ongoing track record of execution and project delivery: Existing projects delivered ahead of schedule at each of the Canal Flats (30MW of operating capacity) and Mackenzie (9MW of operating capacity) sitesConstruction remains on schedule for 50MW of operating capacity at each of the Mackenzie and Prince George sites in British Columbia, CanadaDevelopment has progressed ahead of schedule for expansion to 80MW at the Mackenzie site, now expected to be operating by the end of Q4 2022 Preparatory construction activities are intended to continue at the Childress project in Texas, USA, to preserve the opportunity to scale once market conditions improve The Company’s total online operating capacity is now expected to be 3.7 EH/s by the end of Q3 2022 and 4.3 EH/s by the end of Q4 2022. SiteCapacity (MW)Capacity(EH/s)TimingStatusCanal Flats (BC, Canada)300.8CompleteOperatingMackenzie (BC, Canada)90.3CompleteOperating411.2Q3 2022Under construction300.6Q4 2022Under constructionPrince George (BC, Canada)501.4Q3 2022Under constructionTotal (End of Q4 2022)1604.3 Funding & Capital Expenditure Deferral The Company has explored multiple financing options presented to it in recent months, and has determined that maintaining balance sheet flexibility is prudent having regard to market conditions and available financing terms. As market conditions have deteriorated, th...