Iren Limited · NASDAQ:IREN
Iren — Iris Energy — Q1 FY25 Earnings Presentation
25 slides from Iren's earnings presentation, Nov 26, 2024
Slide 1: Q1 FY25 Results Presentation
Q1 FY25 Results Presentation NASDAQ: IREN November 26, 2024 N = E a rRE
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements ‘This investor update includes “forward looking statements” within the meaning ofthe Private Securtes Ligation Reform Act of 1995 Forward looking statements generally flats to future events or IREN'sfunare Ananda or operating performance. For example, forward. l
Slide 3: The Bitcoin Mining sector is reaching an inflection point
Fae * Bitcoin Miners are commodity producers — Gold Mining 2.0 The Bitcoin * Business fundamentals are coming into focus: Mining sector . “romero costs is reaching an pre® = Operational performance = Capital allocation inflection point + Growth oooh * IREN is well positioned for market leadership
Slide 4: Business Priorities
BUSINESS PRIORITIES Bitcoin Mining + 31 EH/s next month + 50 EH/s expansion accelerated from H2 to H1 2025 AI /HPG Measured growth of Al Cloud Services Negotiations with parties on additional Al monetization opportunities Liquid cooling infrastructure for Blackwell GPUs Corporate & Funding Focused o
Slide 5: Bitcoin Mining
Bitcoin Mining i F) q iit > rae Si we
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Slide 8: Note: Refer to assumptions and notes on page
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Slide 9: 02 AI / HPC
Slide 10: AI/HPC Update
Al/HPC UPDATE AI Cloud Services * 1,896 NVIDIA H100 & H200 GPUs installed * Contracting of existing capacity ongoing * Focusing on measured growth, only in response to customer demand Other * Growing interest in large scale sites, with West Texas in focus * Continuing to advance negotiations with pa
Slide 11: 03 Power & Land
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Slide 13: Power Portfolio
POWER PORTFOLIO ge” Mackenzie | 8OMW Childress | 7SOMW contracted power Sweetwater | 1400MW Canal Flats | 30MW
Slide 14: 04 Financial Results
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Slide 16: Note: Refer to assumptions and notes on page THE ABOVE INFORMATION IS FOR GENERAL
Note: Refer to assumptions and notes on page 23 THE ABOVE INFORMATION IS FOR GENERAL INFORMATION AND ILLUSTRATIVE PURPOSES ONLY. THE ILLUSTRATIVE ADJUSTED EBITDA OUTPUTS ARE FOR ILLUSTRATIVE PURPOSES ONLY AND SHOULD NOT BE CONSIDERED PROJECTIONS OF IREN’S OPERATING PERFORMANCE. SUCH OUTPUTS ARE BASE
Slide 17: Adjusted EBITDA — Q1 FY25 vs. Q4 FY24
ADJUSTED EBITDA — Q1 FY25 vs. Q4 FY24 + Adjusted EBITDA of $2.6m for the quarter ended September 30, 2024 + Bitcoin mining revenue decreased from $64.3m to $49.6m_ + 34% increase in average operating hashrate (9.0 EH/s to 12.1 EH/s)° + 10% decrease in BTC mined due to increase in network difficulty
Slide 18: Consolidated Statement of Cashflows — Q1 FY25 vs. Q4 FY24
CONSOLIDATED STATEMENT OF CASHFLOWS — Q1FY25 vs. Q4 FY24 + Cash and cash equivalents of $98.6m as at September 30, 2024 + Decrease in net cash from operating activities of $(8.6)m + ${4.6)m decrease in bitcoin mining proceeds due to lower average price realized per BTC mined partially offset by incr
Slide 19: Balance Sheet
BALANCE SHEET As at September 30, 2024 Cash and cash equivalents of $98.6m Total assets of $1.28 No debt facilities Strong balance sheet to fund future growth Total equity increased to $1.1b with 9:1m shares sold under the ATM during the three months ended September 30, 2024 Assets Cash and cash equ
Slide 20: Additional Information
Additional Information
Slide 21: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q1FY26 Loss after income tax of $(61.7)m + Increased loss primarily due to impairment recorded on $19j Pros and increase in electricity charges Key non-cash items in the QI FY25 loss after income tax of $(51.7)m: + Depreciation of $(34.0)m including $(15.3)m
Slide 22: Net Electricity Costs
NET ELECTRICITY COSTS Reconciliation of Electricity charges to Net electricity costs Q1FY25 vs. Q4 FY24 Uni Electricity charges $m ‘Add/(deduct) the following: Realized gair/oss) on financial asset $m One of liquidation payment (included in Realized gain/loss) on financial asset) Reversal of unreali
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Slide 24: Q&A
Slide 25: Thank You