Iren Limited · NASDAQ:IREN
Iren — Iris Energy — Q3 FY2022 Earnings Presentation
23 slides from Iren's earnings presentation, May 11, 2022
Slide 1: FY22 Third Quarter Results
FY22 Third Quarter Results MAY 2022 | NASDAQ: IREN Bitcoin mining. Done Sustainably.
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: Hashrate Deployment Schedule
Hashrate Deployment Schedule 3 15 EH/s contracted, on schedule to install ~10 EH/s by early 2023 Reflects anticipated hashrate based on current binding hardware purchase contracts. There can be no assurance that Iris Energy’s contracted hardware will become fully operational on the anticipated sched
Slide 4: Board & Management Team
Board & Management Team David Bartholomew Independent Chair 30+ years’ experience across energy utilities, transportation and industrials Former CEO of DUET Group (sold to CKI for $5bn in 2017) Daniel Roberts Co-Founder and Co-CEO 15 years’ experience across finance, infrastructure and renewables Pr
Slide 5: Quality, Sustainable Assets
Industry leading data centers Proprietary designs, optimizing operational performance Longer hardware life Building a multi-decade, institutional grade, data center platform Canal Flats, British Columbia, Canada: Aerial view 5 Quality, Sustainable Assets
Slide 6: Financing Update
~$750m Funding secured1 ~10 EH/s remain unencumbered (~$350m of financing capacity2) Multiple formal debt processes underway Nasdaq IPO * * * * * * (*) Iris Energy research coverage Funding Indicative estimate assuming $40k Bitcoin price, ~213 EH/s global hashrate (implied by network difficulty) inc
Slide 7: Hashrate Growth and Market Cap per Hashrate vs Peers
1.1 3.9 4.7 2.6 3.3 1.6 10.0 23.3 12.8 6.0 7.2 5.5 Iris Energy Marathon Riot Hut 8 Bitfarms Argo April '22 Hashrate End of '22 or Early '23 Market capitalization2 $420M $1,250M $880M $490M $420M $320M Peer Average Market cap per hashrate (Early ’23)3 0.4x 0.5x 0.7x 0.8x 0.6x 0.6x 0.6x 7 o One of the
Slide 8: Illustrative Mining Economics Notes
Notes: Please see the Coinwarz Bitcoin Mining Calculator (https://www.coinwarz.com/mining/bitcoin/calculator): Inputs for 10 EH/s: 10,000 PH/s (hashrate), 335MW (power consumption) and $0.04 /kWh (electricity costs) – prefilled link here Inputs for 15 EH/s: 15,000 PH/s (hashrate), 495MW (power consu
Slide 9: Current Sites
Current Sites
Slide 10: Site Progress
Site Progress 10 Site Overview Capacity (MWs) Miners (EH/s) Timing Status Canal Flats (BC, Canada) 30 0.8 Complete Operating Mackenzie (BC, Canada) 9 0.3 Complete Operating Mackenzie (BC, Canada) 41 1.2 Q3 CY22 Under Construction 30 0.9 CY23 Under Construction Prince George (BC, Canada) 50 1.4 Q3 CY
Slide 11: Canal Flats, British Columbia, Canada
Canal FlatsBritish Columbia, Canada Land: 100% owned Power Source: 100% renewable energy1 Power Capacity: 30MW Miners: 0.8 EH/s Status: Operating Timing: Complete Onsite fabrication facility supports BC build out Center of excellence for research and development Proprietary design; optimized ventila
Slide 12: Mackenzie, British Columbia, Canada
Land: 100% ownedPower Source: 100% renewable energy1Power Capacity: 80MWMiners: 2.4 EH/sStatus: Operating and under constructionExpected Timing: 1.2 EH/s Q3 CY22 + 0.9 EH/s CY23First 0.3 EH/s operating since April 12, 2022 (ahead of schedule) Need more photos from Mackenzie Video – to come from Jess
Slide 13: Prince George, British Columbia, Canada
Land: 50-year lease1Power Source: 100% renewable energy2Power Capacity: 85MWMiners: 2.4 EH/sStatus: Under constructionExpected Timing: 1.4 EH/s Q3 CY22 + 1.0 EH/s CY23 Prince GeorgeBritish Columbia, Canada 2 30 year lease including 2 x 10 year extensions plus option to purchase within first 10 years
Slide 14: Childress County, Texas, USA
Land: 100% owned >300 AcresPower Source: Excess/under-utilized renewable energy1 Power Capacity: 600MWMiners: 9.6 EH/s + 8 EH/s2Status: Construction underwayExpected Timing: Data center buildings for the initial 3 EH/s (100MW) targeted for completion by the end of 2022 and energization Q1 CY23Remain
Slide 15: Executional Excellence
Our team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centersExtensive in-house construction management and operational expertiseWorld class engineering and construction partnersRapidly expanding operational team in Canada and
Slide 16: Supply Chain Management
Early procurement of long lead items to de-risk constructionLeveraging relationships with key suppliers to expedite manufacture and deliveryMultiple projects allow optimization of standardized equipment deliveryConstant review of supply chain improvement opportunities by internal logistics teamSourc
Slide 17: Social License to Operate
100% renewable energy1 Solving problems in renewable energy markets Social licence to operate Supports local communities via community grants, sponsorship and local employment We target markets with excess and under-utilized renewables We support local communities We have a strong emphasis on proper
Slide 18: Financial Summary
Financial Summary
Slide 19: Q3 FY22 Quarterly Results (YoY)
Q3 FY22 Quarterly Results (YoY) +686% 449% 358% 445% 1 Adjusted EBITDA is a non-IFRS measure. Please refer to page 20 for reconciliation to the comparable IFRS measure. 19
Slide 20: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation USD'000 Three months ended Three months ended Nine months ended Nine months ended 31 March 2022 31 March 2021 31 March 2022 31 March 2021 Bitcoin mining revenue 15,178 2,787 45,565 4,818 Electricity and other site costs(1) (3,523) (811) (8,499) (2,232) Other corporate
Slide 21: Statement of Profit or Loss
USD'000 Three months ended 31 March 2022 Three months ended 31 March 2021 Nine months ended 31 March 2022 Nine months ended 31 March 2021 Revenue Bitcoin mining revenue 15,178 2,787 45,565 4,818 Other income 13 59 13 583 Expenses Depreciation and amortization (2,286) (290) (4,247) (942) Electricity
Slide 22: Financial Position
Financial Position USD'000 31 March 2022 30 June 2021 Assets Cash and cash equivalents 157,993 38,990 Other receivables 18,764 794 Prepayments and other assets 25,150 648 Total current assets 201,907 40,432 Property, plant and equipment 168,146 15,952 Right-of-use assets 1,009 1,405 Goodwill 656 660
Slide 23: Questions
Questions