Iren Limited · NASDAQ:IREN
Iren — Iris Energy — Investor Presentation (February 2024)
19 slides from Iren's investor presentation, Feb 15, 2024
Slide 1: Investor Update February 2024
FEBRUARY 2024 | NASDAQ: IREN Investor Update
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: Iris Energy: Next-Generation Data Centers
3 Iris Energy: Next-Generation Data Centers High performance compute Bitcoin Mining AI Cloud Services Business Bitcoin network security (Bitcoin rewards sold daily) GPU compute for AI customers Hardware Application-Specific Integrated Circuit (ASIC) Graphics Processing Unit (GPU) Monetization1, 2 Pe
Slide 4: Bitcoin Mining
Bitcoin Mining
Slide 5: Executional excellence: fastest growing miner in 2023
5 Executional excellence 5 Fastest growing miner in 2023 - on track for 20 EH/s in 2024 Self-mining capacity 20 EH/s Note 1: Refer to key assumptions on page 18 for further detail 1.5 EH/s 6.2 EH/s 10 EH/s Fixed price miner contracts1 Power available Single site expansion (Childress)
Slide 6: Well-positioned going into halving
Executional excellence Well-positioned going into halving Robust balance sheet Upgraded fleet efficiency Energy trading business $146m cash1, $863m market cap2, no debt Access to capital markets for growth Acquisition of new-generation Bitmain miners 21.9 J/TH efficiency at 20 EH/s3 Automated power
Slide 7: AI Cloud Services
AI Cloud Services
Slide 8: Expansion to triple AI cloud services business to NVIDIA H100 GPUs
Expansion to triple AI cloud services business to 816 NVIDIA H100 GPUs 248 GPUs: existing AI cloud services business 568 GPUs: purchased for delivery and installation in Q2 2024 Ongoing customer conversations Growth financing workstreams underway Dell Technologies Partner Program and NVIDIA Partner
Slide 9: Cost effective, fit for purpose capability
9 Executional excellence Cost effective, fit for purpose capability 9 Note: References current on-demand pricing of ~$12 per GPU hour for NVIDIA H100 GPUs (based on AWS EC2 p5.48xlarge instance) “An AI start-up could train their model with a hyperscaler for 2 months, or Iris Energy for a full year”
Slide 10: Presenting the next step in our journey…
10 Presenting the next step in our journey…
Slide 11: Introducing IREN
11 Next-generation data centers. Powered responsibly. Same business. Same goals. Different name. Introducing IREN
Slide 12: Financial Summary
Financial Summary
Slide 13: Illustrative comparative economics
Executional excellence Illustrative comparative economics Bitcoin price (US$) $40,000 $50,000 $60,000 10 EH/s (current network difficulty)2 $15m $47m $78m 10 EH/s (20% reduction in network difficulty)3 $47m $86m $125m 20 EH/s (current network difficulty)4 $57m $119m $182m 20 EH/s (20% reduction in n
Slide 14: Adjusted EBITDA - 1H FY24 vs. 1H FY23
14 Adjusted EBITDA - 1H FY24 vs. 1H FY23 For further detail, see our unaudited interim financial statements for the half-year ended December 31, 2023, included in our Form 6-K filed with the SEC on February 15, 2024. Electricity costs net of realized gain on financial asset was $(33.0) million in 1H
Slide 15: Adjusted EBITDA - 2Q FY24 vs. 1Q FY24
15 Adjusted EBITDA - 2Q FY24 vs. 1Q FY24 US$m1 3 months ended 3 months ended December 31, 2023 September 30, 2023 Bitcoin mining revenue 42.0 34.4 Other income 0.5 - Electricity charges2 (16.7) (19.4) Realized gain on finanical asset2 0.1 3.0 Other costs (11.9) (11.4) Adjusted EBITDA 14.0 6.8 Adjust
Slide 16: Consolidated statement of profit or loss - 1H FY24 vs. 1H FY23
16 Consolidated statement of profit or loss - 1H FY24 vs. 1H FY23 US$m 6 months ended 6 months ended December 31, 2023 December 31, 2022 Revenue Bitcoin mining revenue 76.4 30.0 Other income 0.5 - Total revenue 76.9 30.0 Expenses Depreciation (15.2) (19.0) Electricity charges1 (36.1) (13.9) Realized
Slide 17: Balance sheet - December 31, 2023
17 Balance sheet - December 31, 2023 US$m As at As at December 31, 2023 June 30, 2023 Assets Cash and cash equivalents 90.3 68.9 Financial asset at fair value through profit and loss 1.3 - Prepayments and other current assets 17.6 20.3 Total current assets 109.2 89.2 Property, plant & equipment 264.
Slide 18: Assumptions and notes
Assumptions and notes 18 Page 3 Electricity Cost per Bitcoin mined reflects historical 1H FY24 average (pre-halving). BTC price as of February 14, 2024. Electricity Cost per GPU hour assumes 1.25kW power draw required for 1 GPU and illustrative $0.05/kWh energy price. $2.50 AI Cloud Service illustra
Slide 19: Thank You
Thank You