Slide 1: Q3 FY25 Results Presentation
Q3 FY25 Results Presentation NASDAQ: IREN May 14, 2025
Slide 2: Disclaimer: Forward-Looking Statements
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 example
Slide 3: Highlights
HIGHLIGHTS Growth Outlook • Bitcoin Mining • 50 EH/s installed capacity by June 30 • Pausing further mining expansion at 50 EH/s to focus on AI opportunities • AI Cloud • Revenues increasing with new contracts • AI Data Centers • Horizon 1 - Up to 50MW (IT load) liquid-cooled capacity targeting Q4 2
Slide 4: Bitcoin Mining
Bitcoin Mining _ g
Slide 5: Setting the Benchmark for Performance
SETTING THE BENCHMARK FOR PERFORMANCE • Record earnings • 29.4 EH/s average operating hashrate for the quarter • 326% YoY hashrate growth, relative to 40% increase in network difficulty • Strong and resilient margins • Best-in-class fleet efficiency (15 J/TH) • Low electricity costs, optimized by en
Slide 6: Delivering 50 EH/s by June
DELIVERING 50 EH/S BY JUNE 30 6 • Installed capacity increased to 40 EH/s on April 16, 2025 • On track for 50 EH/s by June 30 • Data Centers - Phase 5 (150MW) nearing completion • Primary Substation - Phase 5 nearing energization, with 138kV/34.5kV transformer on site • Bulk Substation - upgrade nea
Slide 7: AI Cloud Services
AI Cloud Services
Slide 8: IREN Cloud – Proven AI Infrastructure & Expertise
IREN CLOUDTM – PROVEN AI INFRASTRUCTURE & EXPERTISE • $75m NVIDIA GPU cluster • IREN Cloud launched in August 2023 as proof of concept to scale AI infrastructure • Initial deployment of 248 H100 GPUs, now scaled to 1,896 H100 & H200 GPUs • GPUs installed at IREN’s 50MW Prince George data center • Se
Slide 9: Strong Growth, High Margins, Capital Discipline
STRONG GROWTH, HIGH MARGINS, CAPITAL DISCIPLINE • Fleet near full utilization, with new contract wins post quarter-end • GPU demand growing post DeepSeek release • Contract terms ranging from on-demand to 3 years • Run-rate revenue now $28m annually • Now supplying white-labeled compute to leading U
Slide 10: AI Data Centers
| Al Data Centers 1 1
Slide 11: The Coming Wave of AI Infrastructure Demand
THE COMING WAVE OF AI INFRASTRUCTURE DEMAND • Rapid AI infrastructure buildout at massive scale seems inevitable • Inference workloads will also drive massive ongoing compute needs • By 2030, AI workloads are expected to drive: • ~3x increase in users • ~3.5x in data center demand Forecast global AI
Slide 12: Solving Bottlenecks for AI at Scale
Operating 80MW Mackenzie, BC 50MW Prince George, BC 30MW Canal Flats, BC 2,000MW Sweetwater 1 & 2, TX 750MW Childress, TX SOLVING BOTTLENECKS FOR AI AT SCALE Under Development Leading in-house development and construction team supported by trusted delivery partners • IREN’s structural advantages L
Slide 13: Horizon – 50MW Liquid-Cooled AI Data Center
HORIZON 1 – 50MW LIQUID-COOLED AI DATA CENTER • Scarcity of liquid-cooled AI data centers • Growing AI demand and scarcity of liquid-cooled capacity • Horizon 1 is future-ready; catered to liquid-cooled NVIDIA Blackwell and beyond • Confidence in contracting capacity: • Several customers undergoing
Slide 14: Horizon – Future Expansion
HORIZON – FUTURE EXPANSION • Horizon represents the ongoing AI liquid-cooling transformation of Childress • Customer interest exceeds Horizon 1 (50MW) • Site design underway for full 750MW transformation • Future-proofing: 200kW rack density for next-gen GPUs Rendering of Project Horizon concept – l
Slide 15: Sweetwater: 2GW Flagship AI & Compute Hub
SWEETWATER: 2GW FLAGSHIP AI & COMPUTE HUB • Unmatched scale in emerging AI hub • 2GW of high-voltage power across >1,800 acres • Capacity for >700,000 liquid-cooled Blackwell GPUs • Substation and general site works underway; enabling accelerated data center construction upon signing of customer con
Slide 16: Capex & Funding
CAPEX & FUNDING Bitcoin Price $33k $60k $95k $125k $150k $200k Mining Revenue $326m $595m $942m $1,058m $1,269m $1,692m Net Electricity Costs ($235m) ($235m) ($235m) ($235m) ($235m) ($235m) Overheads ($104m) ($104m) ($104m) ($104m) ($104m) ($104m) Renewable Energy Certificates ($16m) ($16m) ($16m) (
Slide 17: Financial Update
Financial Update
Slide 18: Adjusted EBITDA – Q3 FY25 vs. Q2 FY25
ADJUSTED EBITDA – Q3 FY25 vs. Q2 FY25 1. For further detail, see our unaudited interim consolidated financial statements for the period ended March 31, 2025, included in our Form 6-K filed with the SEC on May 14, 2025. 2. Other income excludes ERS revenue which is included in total net electricity c
Slide 19: Consolidated Statement of Cashflows – Q3 FY25 vs. Q2 FY25
CONSOLIDATED STATEMENT OF CASHFLOWS – Q3 FY25 vs. Q2 FY25 1. The statements of cash flows for the three months ended December 31, 2025 have been restated to classify the cash proceeds from the sale of Bitcoin mined, which are accounted for as intangible assets under IAS 38, "Intangible Assets" ("IAS
Slide 20: Balance Sheet
BALANCE SHEET US$m As at March 31, 2025 As at June 30, 2024 Assets Cash and cash equivalents 184.3 404.6 Other receivables 21.0 29.4 Financial asset at fair value through profit and loss 11.7 6.5 Prepayments and other assets 37.6 11.9 Assets held for sale 1.3 - Total current assets 255.9 452.4 Prope
Slide 21: Additional Information
Additional Information
Slide 22: Consolidated Statement of Profit or Loss – Q3 FY25 vs. Q2 FY25
CONSOLIDATED STATEMENT OF PROFIT OR LOSS – Q3 FY25 vs. Q2 FY25 US$m Three months ended Three months ended March 31, 2025 December 31, 2024 Revenue Bitcoin mining revenue 141.2 113.5 AI cloud service revenue 3.6 2.7 Other income 3.3 3.4 Total Revenue 148.1 119.6 Expenses Depreciation (47.4) (36.2) El
Slide 23: Reconciliation
RECONCILIATION Units Three months ended Three months ended March 31, 2025 December 31, 2024 Electricity charges $’m (39.4) (30.2) Add/(deduct) the following: ERS revenue (included in Other income) $’m 3.1 1.4 ERS fees (included in Other operating expenses) $’m (0.2) (0.1) Total net electricity costs
Slide 24: Assumptions and Notes
Page 5 • 326% YoY hashrate growth and 40% increase in network difficulty reflects increase in installed capacity and difficulty from April 30, 2024 to April 30, 2025, respectively. Source: Blockchain.com • 3.3 c/kWh Childress power price reflects net electricity costs, calculated as electricity char
Slide 25: Q&A
25 Q&A
Slide 26: Thank You
Thank You 26