Core Viewpoint - IREN Limited has announced a private offering of $500 million in convertible senior notes with a 3.50% interest rate, due in 2029, aimed at qualified institutional buyers [1][8]. Transaction Details - The offering size was increased from a previously announced $450 million [8]. - The notes will accrue interest at a rate of 3.50% per annum, payable semi-annually starting December 15, 2025, and maturing on December 15, 2029 [5]. - The initial conversion rate is set at 73.3229 ordinary shares per $1,000 principal amount of notes, equating to an initial conversion price of approximately $13.64 per share, representing a 30% premium over the last reported sale price of $10.49 on June 10, 2025 [5][8]. Use of Proceeds - IREN estimates net proceeds from the offering to be approximately $486.1 million, or $534.9 million if the initial purchasers fully exercise their option to purchase additional notes [3]. - The company plans to allocate $48.9 million for capped call transactions, approximately $92.5 million for a prepaid forward transaction, and the remainder for general corporate purposes and working capital [4]. Capped Call Transactions - IREN entered into capped call transactions to hedge against potential dilution upon conversions, with an initial cap price of $20.98 per share, representing a 100% premium over the last reported sale price [8][10]. - The capped call transactions are expected to reduce potential dilution to IREN's ordinary shares upon conversion of the notes [11]. Prepaid Forward Transaction - IREN has also entered into a prepaid forward share purchase transaction for approximately $92.5 million of its ordinary shares, which will settle shortly after the maturity date of the notes [14]. - This transaction is intended to facilitate privately negotiated derivative transactions, allowing investors to establish short positions related to IREN's ordinary shares [16]. Company Overview - IREN is a vertically integrated data center business focused on Bitcoin, AI, and renewable energy, with facilities strategically located in renewable-rich regions across the U.S. and Canada [23]. - The company operates 660MW of data centers, expanding to 885MW in 2025, and is one of the largest Bitcoin producers globally with a capacity of 41 EH/s, set to expand to 50 EH/s [23].

Core Insights - IREN Limited reported record monthly revenue and hardware profit for May 2025, driven by increased Bitcoin prices and a rise in average operating hashrate [5][6][11] - The company is on track to achieve a hashrate of 50 EH/s by June 30, 2025, with ongoing customer engagement and financing workstreams [5][11] - AI Cloud Services revenue is continuing to scale, with the Horizon 1 AI Data Center project on schedule for delivery in Q4 2025 [5][7] Bitcoin Mining Performance - Average operating hashrate increased to 38.4 EH/s in May from 36.6 EH/s in April and 30.3 EH/s in March [4] - Bitcoin mined reached 627 BTC in May, up from 579 BTC in April and 533 BTC in March [4] - Revenue per Bitcoin increased to $103,345 in May from $86,522 in April [4] - Total revenue from Bitcoin mining was $64.7 million in May, compared to $50.1 million in April [4] - Electricity costs per Bitcoin rose to $27,033 in May from $24,381 in April [4] - Hardware profit for Bitcoin mining was $47.8 million in May, with a profit margin of 74% [4][11] AI Cloud Services - Revenue from AI Cloud Services was $2.2 million in May, up from $2.0 million in April [4] - Hardware profit margin for AI Cloud Services remained high at 98% in May [4] - The GPU fleet is nearing full utilization, supporting training and inference workloads, generating an annualized run-rate revenue of $28 million [11] Project Updates - The Childress project is progressing, with Phase 5 (150MW) energization expected in the coming weeks [10][14] - The Horizon 1 AI Data Center is on track for Q4 2025 delivery, with equipment arriving as planned [7][14] - The company is transitioning to US domestic issuer status starting July 1, 2025 [5]

IREN (IREN) Q3 2025 Earnings Call May 14, 2025 05:00 PM ET Company Participants Mike Power - Director- Investor RelationsDaniel Roberts - Co-Founder, Co-CEO & DirectorKent Draper - Chief Commercial OfficerBelinda Nucifora - Chief Financial OfficerReginald Smith - Senior Associate Conference Call Participants Nick Giles - Senior Research AnalystDarren Aftahi - Senior Research Analyst-Internet, Media and Enabling Technologies Operator I would now like to hand the conference over to your speaker today, Mike Po ...

Financial Data and Key Metrics Changes - The company reported a net profit of $24 million for Q3 FY 2025, reflecting a 28% growth quarter on quarter [5][18] - Revenue reached a record $148 million for the quarter, up 24% from approximately $120 million in Q2 [5][18] - Adjusted EBITDA increased from $62 million to $83 million, marking a 32% rise [18][71] - The average operating hash rate grew to 29.4 exahash, a 30% increase from the previous quarter [14][71] Business Line Data and Key Metrics Changes - The Bitcoin mining segment averaged 29.4 exahash of operating capacity, representing a nearly 5x uplift year on year [6][14] - The AI cloud segment saw a 33% quarter on quarter revenue growth, with hardware profit margins of 97% [35] - The company is on track to reach 50 exahash of installed capacity by June 30, 2025, a 4x increase from 10 exahash in June 2024 [7][20] Market Data and Key Metrics Changes - The company noted a 326% year on year hash rate growth against a 40% increase in network difficulty, indicating market share gains [14] - The global AI data center demand is projected to grow three and a half times in the next five years, necessitating new infrastructure [40] Company Strategy and Development Direction - The company is focusing on value-accretive investments in both Bitcoin mining and AI infrastructure, pausing further mining expansion to allocate capital towards AI [7][25] - Significant build-outs are underway for AI data centers, including a 50 megawatt liquid cooled data center and a 2 gigawatt flagship hub in West Texas [9][62] - The company aims to transition to U.S. domestic issuer status to align reporting with U.S. GAAP and reflect its increased U.S. asset footprint [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued earnings momentum into fiscal Q4, driven by key growth initiatives [6] - The company is practicing disciplined capital allocation amid broader market volatility, emphasizing the importance of cash flow from Bitcoin mining to fund AI growth [11][25] - Management highlighted the competitive advantage in securing large-scale sites and power capacity to meet rising AI infrastructure demand [44][62] Other Important Information - The company is transitioning to U.S. GAAP reporting from July 1, 2025, which will impact the accounting for convertible notes and other financial instruments [74] - The company has $160 million in cash on the balance sheet, supporting its growth plans [67] Q&A Session Summary Question: How should we think about your appetite to fill out the available capacity of Prince George and growth beyond that? - The company is focused on capital and risk-adjusted returns, looking to match debt with customer contracts for growth in AI cloud services [79] Question: At what stage could it make sense to bring a partner in for joint ventures? - The company may need to bring in partners for project financing and debt, especially for large-scale developments like Sweetwater [81] Question: How is the AI cloud business performing in terms of uptime and utilization? - The company tracks a full range of metrics and receives positive feedback from customers, indicating strong performance compared to industry norms [90] Question: What milestones are you looking for to indicate progress towards formal agreements at Horizon One? - The company is in advanced negotiations with several customers and expects to finalize contracts ahead of commissioning in Q4 [94]

Q3 FY25 Results Presentation DISCLAIMER Forward-Looking Statements 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, forward- looking statements include but are not limited to the Company's business strategy, expected operational and financial results, and expected increase in power capacity and has ...

28% Growth in Profit After Tax Horizon 1 AI Data Center on Track for H2 2025 Pausing Mining Expansion at 50 EH/s to Focus on AI Opportunities SYDNEY, May 14, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today reported its financial results for the three and nine months ended March 31, 2025. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “We’re pleased to report another quarter of strong EBITDA and net profit,” s ...

Core Viewpoint - IREN Limited is expected to report its third-quarter fiscal 2025 results on May 14, with a consensus estimate of 17 cents per share, a decrease from the previous estimate, and projected revenues of $155.69 million, indicating a significant year-over-year improvement of 186.45% [1][2]. Group 1: Financial Performance Expectations - The fiscal third-quarter performance is anticipated to benefit from increased bitcoin revenues, with reported monthly revenues of $52 million, $43.9 million, and $45.3 million for January, February, and March respectively [3]. - However, the revenue per Bitcoin mined has shown a decline, with March's revenue at $85,012, down from $95,570 in February and $99,789 in January, which may pressure both topline and margins for the upcoming quarter [4]. Group 2: Additional Revenue Streams - AI Cloud services revenues have shown a gradual increase, with $0.8 million in January, $1.2 million in February, and $1.6 million in March [5]. Group 3: Earnings Expectations and Model Insights - According to the Zacks model, IREN Limited currently has an Earnings ESP of -40.00% and a Zacks Rank of 4 (Sell), indicating a lower likelihood of an earnings beat compared to other companies [6].

SYDNEY, May 06, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today published its monthly update for April 2025. April Highlights Mining capacity increased to 40 EH/s mid-monthOn track for 50 EH/s by June 30Miners scheduled to ship from Southeast Asia (during 90-day pause on reciprocal tariffs)AI Cloud Services revenue continuing to growHorizon 1 AI Data Center on track for H2 2025 deliveryCustomer and financing workstreams progressing Key M ...

Core Viewpoint - IREN Limited will release its financial results for the three and nine months ended March 31, 2025, on May 14, 2025, and will host a conference call for investors [1][2]. Company Overview - IREN is a leading data center business focused on Bitcoin and AI, utilizing 100% renewable energy [3]. - The company has been operational in Bitcoin mining since 2019, expanding its capacity to 52 EH/s in 2025 [4]. - IREN provides AI cloud services with 1,896 NVIDIA H100 & H200 GPUs, having started operations in 2024 [4]. - The company operates 660MW of data centers, with plans to expand to 910MW in 2025, designed for high-performance computing [4]. - IREN has secured a development portfolio of 2,910MW of grid-connected power across North America and holds over 2,000 acres of property for future development [4]. - The company targets sites with low-cost renewable energy and supports local electrical grids and communities [4].

Company Overview - IREN Limited is focused on Bitcoin mining and AI cloud services, utilizing 100% renewable energy [8] - The company has been operational since 2019 for Bitcoin mining and since 2024 for AI cloud services [10] Bitcoin Mining Expansion - IREN has successfully increased its self-mining capacity from 37 EH/s to 40 EH/s, achieving an efficiency of 15 J/TH [2] - The company is on track to reach its target of 50 EH/s by the first half of 2025 [1][3] - The expansion is supported by the commissioning of additional mining hardware at its Childress Phase 4 data centers, which have a capacity of 150 MW [2] Operational Efficiency - IREN is positioned as one of the largest and lowest-cost Bitcoin producers due to its efficient data center operations and low electricity costs [2] - The company aims to maintain its momentum in scaling mining capacity towards the 50 EH/s target [2] Future Development - IREN has a development portfolio that includes 2,910 MW of grid-connected power secured across North America and a multi-gigawatt development pipeline [10] - The company is expanding its data center capacity from 660 MW to 910 MW in 2025, specifically designed for high-performance computing applications [10]