Slide 1: Q2 FY25 Results Presentation
Q2 FY25 Results Presentation NASDAQ: IREN February 12, 2025
Slide 2: Disclaimer: Forward-Looking Statements
2 DISCLAIMER Forwa rd-Looking Sta tements This investor update 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 IREN’s future financial or operating performance. For examp
Slide 3: Highlights
HIGHLIGHTS 3 Growth Outlook • New 75MW liquid-cooled data center at Childress for AI / HPC (“Horizon 1”) • Developing new 600MW Sweetwater 2 site, to create 2GW Sweetwater Data Center Hub • 2,310MW of grid-connected power secured • 50 EH/s expansion on-track for H1 2025 Q2 Highlights • Mining capaci
Slide 4: Horizon - Overview
Horizon 1 HORIZON 1 - OVERVIEW 4 75MW gross (50MW IT load) Direct-to chip liquid cooling, power redundancy Designed to support NVIDIA Blackwell (200kW rack density) $300-350m illustrative capex (~$6-7m per IT MW) Target completion H2 2025 Childress Project (Feb 2025) 75MW Liquid-Cooled Chi
Slide 5: Horizon - Opportunity
HORIZON 1 - OPPORTUNITY 5 Scarcity of liquid-cooled data center capacity coupled with increasing demand from NVIDIA Blackwell coming to market Rapid execution uniquely positions IREN Construction plan providing enhanced delivery certainty for customers Design scalable across data center portfo
Slide 6: 2GW Sweetwater Data Center Hub
2GW SWEETWATER DATA CENTER HUB 6 New 600MW Sweetwater 2 site Finalizing 600MW grid-connection agreement Grid network studies complete Energization expected in 2028 >500 acres of land secured ~28 miles from Sweetwater 1 ~39 miles from Abilene Procuring key components to construct 1.4GW
Slide 7: Large-Scale, Low-Cost Bitcoin Miner
LARGE-SCALE, LOW-COST BITCOIN MINER Note: Refer to assumptions and notes on page 18. $10m $250m $400m $641m ($126m) $106m $219m $339m Q1 FY25 Q2 FY25 At 31 EH/s (Illustrative) At 50 EH/s (Illustrative) Adjusted EBITDA & EBIT (Annualized) Adjusted EBITDA Adjusted EBIT 31 EH/s installed Expansion
Slide 8: Expansion to EH/s
8 EXPANSION TO 52 EH/S Note: Refer to assumptions and notes on page 18. 675MW supporting Bitcoin mining 75MW dedicated to Horizon 1, adjusting prior mining expansion plan from 57 EH/s to 52 EH/s On-track for 52 EH/s in 2025 Single-site expansion (Childress project status) Assumes $100k Bitcoin
Slide 9: Escalating Power Shortage
0 20 40 60 80 100 120 Oracle Meta Google Microsoft Amazon Forecast as at Q1 2024 Forecasts as at Q1 2025 ESCALATING POWER SHORTAGE 9 Source: Morgan Stanley Research Available US Grid Capacity US DCs Under Construction Potential Shortfall US Power Needed '25-28 0 10 20 30 40 50 60 Estimated ~36GW sho
Slide 10: "Picks and Shovels" for the Digital Age
10 “PICKS AND SHOVELS” FOR THE DIGITAL AGE Continuing to execute the strategy we outlined 5 years ago 1. Build data centers powered by low-cost renewable energy 2. Bootstrap operations with Bitcoin mining 3. Leverage asset base into other high growth, energy-intensive computing applications Extract
Slide 11: Focused on Highest Value Monetization Pathways
11 FOCUSED ON HIGHEST VALUE MONETIZATION PATHWAYS Increase in observed demand for cloud and colocation services this year, and following DeepSeek release Stargate highlights the ongoing hyperscaler interest in large-scale (GW plus), grid-connected campuses Demand received across entire portfol
Slide 12: Adjusted EBITDA - Q2 FY25 vs. Q1 FY25
12 ADJUSTED EBITDA - Q2 FY25 vs. Q1 FY25 1. For further detail, see our unaudited interim consolidated financial statements for the period ended December 31, 2024, included in our Form 6-K filed with the SEC on February 12, 2025. 2. Other income excludes ERS revenue which is included in Net electric
Slide 13: Consolidated Statement of Cashflows - Q2 FY25 vs. Q1 FY25
13 CONSOLIDATED STATEMENT OF CASHFLOWS - Q2 FY25 vs. Q1 FY25 1. Subsequent to December 31, 2024, the Company sold a further 4,515,404 Ordinary shares for aggregate net proceeds of ~$50.4m with $948.1m remaining ATM capacity. The total number of Ordinary shares outstanding as of February 12, 2025, is
Slide 14: Balance Sheet
14 BALANCE SHEET US$m As at December 31, 2024 As at June 30, 2024 Assets Cash and cash equivalents 427.3 404.6 Other receivables 26.5 29.4 Financial asset at fair value through profit and loss 28.3 6.5 Prepayments and other assets 40.2 11.9 Assets held for sale 3.0 - Total current assets 525.2 452.4
Slide 15: Additional Information
Additional Information
Slide 16: Consolidated Statement of Profit or Loss - Q2 FY25 vs. Q1 FY25
16 CONSOLIDATED STATEMENT OF PROFIT OR LOSS - Q2 FY25 vs. Q1 FY25 US$m Three months ended Three months ended December 31, 2024 September 30, 2024 Revenue Bitcoin mining revenue 113.5 49.6 AI Cloud Service revenue 2.7 3.2 Other income 3.4 1.6 Total Revenue 119.6 54.4 Expenses Depreciation (36.2) (34.
Slide 17: Reconciliation of Electricity Charges to Net Electricity Costs
Reconciliation of Electricity charges to Net electricity costs 17 NET ELECTRICITY COSTS Units Three months ended Three months ended December 31, 2024 September 30, 2024 Electricity charges $’m (30.2) (29.8) Add/(deduct) the following: Realized gain/(loss) on financial asset $’m - (4.2) One off liqui
Slide 18: Assumptions and Notes
Page 7 • 15 J/TH nameplate fleet efficiency at 31 EH/s • 3 c/kWh Childress power price reflects average price since transition to spot pricing, calculated on a monthly average basis for the period from August 2024 to January 2025 • Reflects 75% hardware profit margin for the month of January 2025, c
Slide 19: Q&A
19 Q&A
Slide 20: Thank You
Thank You 20