Slide 1: Business Update and FY23 Results
SEPTEMBER 2023 | NASDAQ: IREN 1.4c power30 EH/s Bitcoin mining Business Update and FY23 Results
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy’s future financial or operating performance. For examp
Slide 3: Why Iris Energy?
3 Executional excellence Why Iris Energy? 3 Ultra-low cost, primed for significant growth 1.4 cent power (slide 4) 30 EH/s Bitcoin mining program (slide 6) Next-gen compute / generative AI (slide 8)
Slide 4: 1.4c power at Childress
4 1.4c power at Childress 2.6 (0.6) 1.4 Reflects average all-in power price achieved at Childress between May 2023 and August 2023 (based on monthly electricity invoices received as well as internal estimates). Excludes April 2023 as this represented a partial period (reflecting initial ramp-up in o
Slide 5: Mining revenue and profit per Bitcoin
5 Although, it may vary $28k per Bitcoin in mining revenue4 $56k per Bitcoin in mining profit5 August 2023 $4.4k per Bitcoin cost of power3 $28k per Bitcoin to take power2 …previous slide Reflects average all-in power price achieved at Childress between May 2023 and August 2023 (based on monthly ele
Slide 6: 30 EH/s program
30 EH/s program 6 As of June 30, 2023. In addition to the $300m ATM, the shelf filing includes capacity for up to an additional $200m of other securities (e.g. debt, hybrid and/or equity). Sales of any securities under the ATM or otherwise are subject to market conditions and there are no assurances
Slide 7: Iris Energy is a high-quality sector exposure
Iris Energy is a high-quality sector exposure 7 Source: Nasdaq market data and public company filings. Market data as of September 12, 2023. Based on available peer public disclosures as of September 12, 2023. Represents actual Bitcoin production for the month of August 2023. Represents disclosed se
Slide 8: Next-gen compute and generative AI
8 Next-gen compute and generative AI NVIDIA H100 GPUs on order Initial delivery expected in the coming months Customer conversations underway Forecast growth in generative AI (US$bn)2 Source: Images are sourced from NVIDIA, OpenAI, Google, Anthropic and Midjourney respectively as at September 12, 20
Slide 9: Financial Summary
Financial Summary
Slide 10: Adjusted EBITDA
Adjusted EBITDA 10 $16.5m (28%) increase in Bitcoin mining revenue year on year Self-mining operating capacity increased by 380% from 1.2 EH/s to 5.6 EH/s (from June 2022 to June 2023) Additional 1,860 BTC mined in FY23 with total BTC mined of 3,259 (FY23) Average price realized per BTC mined of $23
Slide 11: Consolidated statement of profit or loss
Consolidated statement of profit or loss 11 FY23 loss after income tax of $171.9m FY23 loss includes significant non-cash items such as: Impairment of assets of $105.2m (predominately relates to impairment of the Non-Recourse SPVs of $66.5m and the impairment of mining hardware of $25.7m) Share-base
Slide 12: Balance sheet
Balance sheet 12 Total net assets of $305.4m Cash and cash equivalents of $68.9m Bitmain mining hardware prepayments fully utilized during FY23 No debt facilities Current Asset ratio of 3.7x underpinning our future growth strategy Liabilities to Assets ratio of 8.0% providing flexibility with no deb
Slide 13: Appendix: Additional Information
Appendix: Additional Information
Slide 14: Site summary
Site summary 14 Site Capacity (MW) Capacity (EH/s)1 Status Canal Flats (BC, Canada) 30 0.8 Operating Mackenzie (BC, Canada) 80 2.6 Operating Prince George (BC, Canada) 50 1.6 Operating Total (BC, Canada) 160 5.0 Childress (Texas, US) 20 0.6 Operating Total Operating (Canada & USA) 180 5.6 Childress
Slide 15: Management team
15 Will Roberts Co-Founder and Co-CEO 12+ years’ experience across resources, commodities & real assets Previously Vice President at Macquarie in Commodities & Global Markets Chris Guzowski Non-Executive Director 15+ years’ experience in renewables development across Europe & Australia Founded Mithr
Slide 16: Long-term alignment
Long-term alignment Founders, Board & management own ~20% of IREN, promoting alignment of interest 16 Significant institutional & HNW investor representation on the register1 Broad sell-side research coverage Firm Analyst Lucas Pipes Joseph Vafi Chase White Josh Siegler Reginald Smith Mike Colonnese
Slide 17: Thank You
Thank You