Slide 1: FY22 and Q4 FY22 Results
FY22 and Q4 FY22 Results SEPTEMBER 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: Who is Iris Energy?
3 Executional excellence Who is Iris Energy? 3 A leading owner and operator of highly efficient proprietary Bitcoin mining data centers 6.0 EH/s of expected capacity, powered by 100% renewable energy We believe: Bitcoin is here to stay Bitcoin mining can support the energy transition Bitcoin mining
Slide 4: We have been doing it the right way
4 Executional excellence We have been doing it the right way 75% higher realized price1 Non-HODL strategy Proven execution Delivered all projects on schedule Highest efficiency 16% more Bitcoin mined per EH/s than peers2 Strong balance sheet $110m cash3, no corporate debt3 and 6.0 EH/s of mine
Slide 5: 16% more Bitcoin mined per EH/s compared to peer average
Industry leading data centers 16% more Bitcoin mined per EH/s compared to peer average Bitcoin mined per EH/s (Jan – Aug 2022) Source: Available peer public disclosures as of September 9, 2022. Calculated as the average of monthly Bitcoin mined per EH/s between January 1, 2022 and August 31, 2022. B
Slide 6: IREN: Leading Nasdaq-listed Bitcoin miner
6 IREN: Leading Nasdaq-listed Bitcoin miner Source: Available peer public disclosures as of September 9, 2022. Installed hashrate as of August 31, 2022. 2.3 EH/s operating capacity and an additional 1.4 EH/s in commissioning phase. Installed hashrate1 (EH/s) 2
Slide 7: Track record of delivery, near-term growth pathway
7 Track record of delivery, near-term growth pathway Projects continue to be commissioned on schedule Under Construction Operating capacity 2.3 EH/s operating capacity and an additional 1.4 EH/s in commissioning phase. 1
Slide 8: Balance sheet and mining profitability
8 Balance sheet and mining profitability IREN equity value 45% discount to net assets Balance sheet (as of June 30, 2022) $110m cash, no corporate debt1 $462m net assets2 ~$76m net cash spend anticipated to fully fund 6.0 EH/s of operating capacity3 Existing equipment financing is limited recourse f
Slide 9: Site Overview
Site Overview Capacity (MW) Miners (EH/s)1 Timing Status Canal Flats (BC, Canada) 30 0.8 Complete Operating Mackenzie (BC, Canada) 50 1.5 Complete Operating 30 1.02 Q4 2022 Under construction Prince George (BC, Canada) 50 1.4 Q3 2022 Commissioning Sub-total 160 4.7 Q4 2022 Childress (Texas, US) 40 1
Slide 10: Experienced Board & management team
Experienced Board & management team 10 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 a
Slide 11: Capitalization structure
Capitalization structure Holder Shares (#m)1 Shares (% Total) Founders, board, key management and employees 13.6 24% Institutional (identified)2 16.7 29% Institutional (unidentified) / retail / other 26.7 47% Total3 57.0 100% Founders, board and key management retain a significant holding in Iris En
Slide 12: Operational update
Operational update
Slide 13: Executional excellence
Our team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers Extensive in-house construction management and operational expertise World class engineering and construction partners Rapidly expanding operational team in Canada a
Slide 14: Supply chain management
Early procurement of long-lead items to de-risk construction Leveraging relationships with key suppliers to expedite manufacture and delivery Multiple projects allow optimization of standardized equipment delivery Constant review of supply chain improvement opportunities by internal logistics team S
Slide 15: Technology-enabled business
Real-time monitoring of mining fleet to maximize uptime and efficiency In-house development team supported by leading service providers Several R&D initiatives underway to further optimize operations 15 Technology-enabled business TBU 15
Slide 16: Establishing a social license to operate and partnering with local communities
Establishing a social license to operate and partnering with local communities is a core focus Committed to working with and supporting local First Nations communities Recent initiatives include: Community Grants Program for Childress (Texas) and Mackenzie (BC) Donation to Raven’s Nest Resort, locat
Slide 17: 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 Currently approximately 97% from dire
Slide 18: Mackenzie, British Columbia, Canada
Land: 100% owned Power Source: 100% renewable energy1 Power Capacity: 80MW Miners: 2.5 EH/s Status: 1.5 EH/s (50MW) operating and 1.0 EH/s (30 MW) under construction Expected Timing: End of Q4 2022 MackenzieBritish Columbia, Canada Currently approximately 97% from direct renewable energy sources and
Slide 19: Prince George, British Columbia, Canada
Land: 50-year lease1 Power Source: 100% renewable energy2 Power Capacity: 50MW Miners: 1.4 EH/s Status: Commissioning phase Expected Timing: September 2022 Prince GeorgeBritish Columbia, Canada 30-year lease including 2 x 10-year extensions plus option to purchase within first 10 years. Currently ex
Slide 20: Childress County, Texas, USA
Land: 100% owned Power Source: Excess/under-utilized renewable energy1 Power Capacity: 40MW (initial), connection agreement for up to 600MW Miners: 1.3 EH/s (initial) Status: Preparatory construction and procurement activities ongoing; purchase orders placed on key long-lead items Expected Timing: 2
Slide 21: Financial Summary
Financial Summary
Slide 22: FY22 results – strong revenue and earnings growth YoY
FY22 results – strong revenue and earnings growth YoY +611% +422% +647% +1,791% Adjusted EBITDA is a non-IFRS measure. Please refer to page 23 for reconciliation to the comparable IFRS measure. 22
Slide 23: FY22 results – Adjusted EBITDA
FY22 results – Adjusted EBITDA 23 Non-cash. Founders primarily relate to $75 strike options ($370 - $1,850 initial share price vesting) Non-cash mark-to-market of convertible notes converted into equity at IPO Electricity and other site costs includes electricity charges, site employee benefits, rep
Slide 24: FY22 results – consolidated statement of profit or loss
FY22 results – consolidated statement of profit or loss 24 Non-cash. Primarily relates to founders’ $75 strike options ($370 - $1,850 initial share price vesting) Primarily non-cash mark-to-market of convertible notes converted into equity at IPO US$’000 Year ended June 30, 2022 Year ended June 30,
Slide 25: FY22 results – consolidated statement of financial position
FY22 results – consolidated statement of financial position 25 Primarily non-cash mark-to-market of convertible notes converted into equity at IPO US$’000 As at June 30, 2022 As at June 30, 2021 Assets Cash and cash equivalents 109,970 38,990 Other receivables 23,654 793 Prepayments and other as
Slide 26: Questions
Questions
Slide 27: Thank You
Thank You