Iren Limited · NASDAQ:IREN
Iren — Q4 2025 Earnings Presentation
31 slides from Iren's earnings presentation, Aug 28, 2025
Slide 1: FY25 Results Presentation
FY25 Results Presentation NASDAQ: IREN August 28, 2025
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements This investor update includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended to drive growth in our business materialize to the degree we expect them to, or at all; any pending or future acquisitions, dispo
Slide 3: FY25 Highlights
FY25 HIGHLIGHTS Record Results $501m $270m $278m $87m +168% +395% +1,344% +$116m Revenue Adj. EBITDA1 EBITDA1 Net Income Including record quarterly revenue of $187m in Q4 FY25 Operational Execution 2,910MW 810MW 50EH/s 1.9k GPUs +750MW +550MW +400% +132% Contracted Operating Bitcoin Mining AI Cloud
Slide 4: Existing Operations
EXISTING OPERATIONS ~$1.25bn1 annualized revenue with scope for further growth ahead AI Cloud Bitcoin Mining GPU-as-a-Service Large scale, low-cost Bitcoin production • Scaling from 1.9k to 10.9k GPUs in the coming months • 50EH/s installed mining capacity • Supported by approximately $200m of GPU f
Slide 5: Growth Outlook
GROWTH OUTLOOK AI Cloud AI Data Centers GPU-as-a-Service Solutions across the entire AI infrastructure stack • Path to >60k NVIDIA Blackwell GPUs at British Columbia sites1 • British Columbia (160MW): continued transition from mining to AI including new liquid-cooled data center for • Potential for
Slide 6: Q4 FY25 Results
Q4 FY25 Results
Slide 7: Q4 FY25 Results (US GAAP)
Q4 FY25 RESULTS (US GAAP) Record Revenues, Adj. EBITDA, EBITDA and Net Income Total Revenue ($m) Net Income ($m) • Driven by record revenue of $187.3m (Q3 FY24 $144.8m) comprising: $187.3m $176.9 m • Mining revenue of $180.3m (Q3 FY24 $141.2m) $144.8m • AI Cloud revenue of $7.0m (Q3 FY24 $3.6m) $116
Slide 8: AI Cloud Update
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Slide 9: Scaling into Growing AI Cloud Market
SCALING INTO GROWING AI CLOUD MARKET Market evolving as rapidly as it is growing IREN Cloud positioned to capture further market share • AI Cloud demand continues to outpace supply • Vertically integrated model with self-owned data centers delivering scalability, • Growth fueled by new model develop
Slide 10: 10,000+ GPU Expansion Underway
10,000+ GPU EXPANSION UNDERWAY Blackwell GPUs scheduled for delivery over the coming months IREN GPU Composition • Positions IREN at forefront of the Blackwell demand curve • Broadens addressable market and unlocks early-cycle pricing advantages 18% • Supported by non-dilutive financing Hopper • Ins
Slide 11: 20,000+ GPU Opportunity in Sight
20,000+ GPU OPPORTUNITY IN SIGHT Prince George anchors near-term growth • Approximately 25MW ASICs / 25MW GPUs following 10.9k GPU expansion: • 1.9k air-cooled H100 & H200s • 7.8k air-cooled B200s & B300s • 1.2k liquid-cooled GB300s • Capacity for >20k Blackwell GPUs,1 with construction underway for
Slide 12: 60,000+ GPU Pathway Set
60,000+ GPU PATHWAY SET Capacity for >60k Blackwell GPUs across all British Columbia sites1 Flexibility to deploy liquid cooling across existing data centers Dual, diverse fiber to both sites following Mackenzie upgrade (Tier 3 standard) High bandwidth, low latency to nearest hyperscale region
Slide 13: AI Data Center Update
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Slide 14: Childress (750MW)
CHILDRESS (750MW) Horizon 1 (50MW IT Load) on track for Q4 2025 • Construction of data center buildings and liquid cooling plant progressing to schedule • Engaging both hyperscaler and non-hyperscaler customers across cloud and colocation • Incremental capex expected for revised specifications, incl
Slide 15: Sweetwater Hub (2GW)
SWEETWATER HUB (2GW) Significant scale in emerging AI hub • 2GW of high-voltage power across >1,800 acres at two sites • Capacity for >600,000 liquid-cooled GB300s1 Sweetwater 1 (1.4GW) energization on track for April 2026 • Construction of 1.4GW high voltage bulk substation ongoing, with delivery o
Slide 16: Positioned for the AI Infrastructure Wave
POSITIONED FOR THE AI INFRASTRUCTURE WAVE 2,910MW of contracted grid-connected power, plus multi-GW development pipeline 80MW Track record of designing, building and operating power-dense data centers at scale Mackenzie, BC Positioned to meet accelerating demand across the entire AI infrastruc
Slide 17: Financing
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Slide 18: Near-Term Growth Capex Fully Funded
NEAR-TERM GROWTH CAPEX FULLY FUNDED Approaching ~$1.25bn total annualized 50EH/s Bitcoin Mining Annualized Illustrative Adj. EBITDA Sensitivities1 revenue: ~$1bn Bitcoin mining & $200-250m AI Cloud Overheads reflect growing business operating both Bitcoin mining and AI Network Hashrate 928 EH/s 1,00
Slide 19: Optimizing Capital Structure
OPTIMIZING CAPITAL STRUCTURE • Capital raising and allocation remains tightly aligned to risk-adjusted returns and long-term value creation • $200m GPU financing enables acceleration of AI Cloud growth 24-36 month term, aligning GPU costs with revenues Attractive cost of capital End of term op
Slide 20: Q&A
Q&A 20
Slide 21: Assumptions and Notes
ASSUMPTIONS AND NOTES Page 3 1. EBITDA and Adjusted EBITDA are non-GAAP financial measures. Refer to page 24 for a reconciliation to the nearest comparable GAAP financial measure. Page 4 1. $1.25bn annualized revenue is presented as an illustrative measure of potential annualized AI Cloud revenue an
Slide 22: Additional Information
Additional Information
Slide 23: Consolidated Statement of Operations - FY25 vs. FY24
CONSOLIDATED STATEMENT OF OPERATIONS - FY25 vs. FY24 1 Year ended Year ended • Net income of $86.9m US$m June 30, 2025 June 30, 2024 • 168% increase in total revenue to $501.0m Revenue • Bitcoin mining revenue increased from $184.1m to $484.6m Bitcoin Mining Revenue 484.6 184.1 AI Cloud Services Rev
Slide 24: EBITDA and Adjusted EBITDA - FY25 vs. FY24
EBITDA AND ADJUSTED EBITDA - FY25 vs. FY24 Year ended Year ended • EBITDA and Adjusted EBITDA of $278.2m and $269.7m, respectively US$m June 30, 2025 June 30, 2024 Net income (loss) 86.9 (28.9) 1. Other one-off income for FY25 include insurance proceeds relating to the theft of Income tax provision
Slide 25: Balance Sheet - FY25 vs. FY24
BALANCE SHEET - FY25 vs. FY24 As at June 30, 2025 US$m As at 30 June 2025 As at 30 June 2024 • Cash and cash equivalents of $564.5m Assets Cash and cash equivalents 564.5 404.6 • Total assets of $2.9bn Accounts receivable, net 1.6 0.2 • Strong balance sheet to support future growth Deposits and prep
Slide 26: Consolidated Statement of Cashflows - FY25 vs. FY24
CONSOLIDATED STATEMENT OF CASHFLOWS - FY25 vs. FY24 Year ended Year ended June 30, 2025 June 30, 2024 • Cash and cash equivalents of $564.5m as at June 30, 2025 Operating activities Net income (loss) 86.9 (28.9) • Record revenue resulted in strong operational cashflows with net cashflows Adjustments
Slide 27: Consolidated Statement of Operations - FY25 Quarterly
CONSOLIDATED STATEMENT OF OPERATIONS - FY25 QUARTERLY 1 Year ended Quarter ended Quarter ended Quarter ended Quarter ended US$m June 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Revenue Bitcoin Mining Revenue 484.6 180.3 141.2 113.5 49.6 AI Cloud Services Revenue 16.4 7
Slide 28: EBITDA and Adjusted EBITDA - FY25 Quarterly
EBITDA AND ADJUSTED EBITDA - FY25 QUARTERLY Quarter ended Quarter ended Quarter ended Quarter ended Year ended Year ended US$m June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2025 June 30, 2024 Net income (loss) 176.9 (16.3) (21.9) (51.7) 86.9 (28.9) Income tax provision (
Slide 29: Reconciliations – Q4 FY25
RECONCILIATIONS – Q4 FY25 Reconciliation of Electricity charges to Total net electricity costs and Net power price Quarter ended Units June 30, 2025 Total Electricity charges (included in Cost of revenue) $’m (48.7) Add (deduct) the following: $’m Realized gain (loss) on financial assets $’m - One o
Slide 30: Reconciliations (Continued) – Q4 FY25
RECONCILIATIONS (CONTINUED) – Q4 FY25 Reconciliation of All-in cash cost and Average Revenue per Bitcoin Mined Quarter ended Units June 30, 2025 Cost of revenue - Bitcoin Mining $’m (52.4) Cost of revenue - AI Cloud Services $’m (0.5) Other net costs1 $’m (12.4) All-in cash costs2 $’m (65.3) Bitcoin
Slide 31: Thank You
Thank You 31