SYDNEY, Australia, April 29, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update. IREN is pleased to announce that its expansion is ahead of schedule and operating hashrate has increased to 9 EH/s. The Company now also expects to achieve 10 EH/s in May 2024. IREN's fully funded expansion to 20 EH/s in 2024 rema ...

SYDNEY, Australia, April 08, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update. Key Highlights Previously announced 3-month AI cloud services agreement with leading AI company, poolsideAgreement is now upsized from 248 to 504 NVIDIA H100 GPUs following successful initial deploymentAdditional 4-month term comm ...

Summary of Iris Energy Investor Update Conference Call Company Overview - **Company**: Iris Energy (IREN) - **Industry**: Bitcoin Mining and Data Centers Key Points Current Operations and Expansion - Iris Energy currently operates **180 megawatts** of next-generation data centers, with an additional **80 megawatts** expected to come online in January 2024, primarily for Bitcoin mining [6][12] - The company aims to increase its operating capacity from **5.6 exahash** to approximately **10 exahash** around the Bitcoin halving event in April 2024 [6][7] - The expansion at the Childress site in Texas has demonstrated competitive power pricing, which is expected to improve further with the new capacity [7][11] Financial Position - As of October 31, 2023, Iris Energy holds **$71 million** in cash and has no debt on its balance sheet [39] - The company reported **$34.5 million** in total mining revenue for the period from July to September 2023, with associated electricity costs of approximately **$60.3 million**, resulting in a net contribution of **$18.2 million** [40] Development Activities - Iris Energy has secured a **1,400 megawatt** site in West Texas, with plans for various data center computing applications, targeting a late **2026** service date [9][10] - The total portfolio now includes **2,160 megawatts** either operating or under late-stage development [9] Bitcoin Mining Strategy - The company is focused on expanding its Bitcoin mining operations, with a significant emphasis on cost efficiency and power management [11][12] - The purchase of **1.4 exahash** of latest generation Bitmain miners is expected to enhance operational efficiency [14][38] - The company is exploring cloud and colocation strategies, which involve non-Bitcoin mining applications, particularly for generative AI and other high-performance computing needs [19][31] Market Dynamics and Future Outlook - The management believes in the long-term growth potential of Bitcoin and the demand for power-dense computing, driven by trends such as generative AI [20][63] - The company is positioned to leverage its infrastructure for various computing applications beyond Bitcoin mining, including machine learning and genomics [93] - The upcoming Bitcoin halving and ETF discussions are seen as potential catalysts for market demand [92] Operational Efficiency - Iris Energy employs an automated technology solution to manage electricity costs by curtailing mining production during high energy price periods, optimizing overall power expenses [41][74] - The company has designed its data centers for high efficiency, with a focus on low-cost renewable energy sources [25][24] Partnerships and Collaborations - Iris Energy is in discussions with various suppliers and system integrators to explore partnerships for GPU and AI chip supply [87] - The company has a history of strategic partnerships, including an MOU with Dell for power-dense computing applications [21][22] Challenges and Considerations - The management acknowledges the uncertainty in the macroeconomic environment and the need for careful capital allocation in hardware procurement [57][58] - The company is assessing the demand for high-performance computing and the potential for additional data center capacity based on market conditions [78] Conclusion Iris Energy is strategically positioned in the Bitcoin mining and data center industry, with a robust expansion plan and a focus on operational efficiency. The company is exploring new revenue streams through cloud and colocation services while maintaining a strong financial position. The upcoming Bitcoin halving and the growing demand for power-dense computing applications present significant opportunities for growth.

Financial Performance - The Group reported a loss of $171,871,000 for the year ended 30 June 2023, a significant improvement from a loss of $419,770,000 in the previous year[15] - The company reported a loss after income tax expense of $171,871,000 for the year, a reduction in loss compared to $419,770,000 in the previous year[36] - Total comprehensive loss for the year was $185,512,000, compared to $443,323,000 in the prior year, reflecting an improvement of approximately 58%[36] - Loss before income tax expense for the year ended 30 June 2023 was $169,481,000, a significant improvement from a loss of $417,046,000 in the previous year[150] - The income tax expense for the year ended 30 June 2023 was $2,390,000, compared to $2,724,000 for the year ended 30 June 2022[150] - Basic and diluted earnings per share for the year ended 30 June 2023 were both (313.77) cents, compared to (1,025.30) cents in 2022[199] Revenue and Mining Operations - Bitcoin mining revenue increased to $75,509,000 for the year ended June 30, 2023, compared to $59,037,000 for the previous year, representing a growth of approximately 28%[36] - For the year ended 30 June 2023, Iris Energy Limited reported receipts from Bitcoin mining activities of $78,423,000, an increase of 33% from $59,037,000 in 2022[40] - The number of Bitcoins earned from mining rose to 3,259, up from 1,398 in the prior year, indicating a significant increase of about 133%[36] - The Group generated 100% of Bitcoin mining revenues through two Bitcoin mining pools for the year ended June 30, 2023[142] Financial Position and Assets - Cash and cash equivalents decreased to $68,894,000 as of June 30, 2023, down from $109,970,000 in the previous year[37] - Total assets decreased to $332,074,000 from $570,460,000, indicating a decline of about 42%[37] - Total liabilities were reduced to $26,713,000 from $133,098,000, showing a decrease of approximately 80%[37] - As of 30 June 2023, the Group had net current assets of $65,229,000, compared to $75,148,000 in 2022, reflecting a decrease of 13%[48] - Non-current assets in North America decreased from US$406,820,000 in 2022 to US$241,969,000 in 2023, a decline of approximately 40.5%[143] Capital Management and Financing - The company raised gross proceeds of $41,581,452.20 by issuing 11,454,324 shares under a committed equity facility with B. Riley Principal Capital II, LLC[17] - A total of $1,802,218.80 was raised through the sale of 388,845 shares in June 2023, settled in July 2023[17] - The Group raised $41,581,000 through the issuance of shares under a committed equity facility during the year[189] - The Group's net debt position is calculated as total borrowings less cash and cash equivalents, reflecting ongoing capital management strategies[194] Operational Developments - Iris Energy developed and operated Bitcoin mining data centers at three sites in British Columbia, Canada, and one in Childres, Texas, USA[13] - Iris Energy continues to explore market expansion opportunities and new strategies in the renewable energy sector[13] - The Group aims to expand its operations with the continued development of a 600MW site at Childress, Texas[59] - The strategy to mitigate risks includes improving operational efficiency and securing additional financing through debt and equity capital raisings[50] Impairments and Provisions - An impairment of $12,961,000 was recorded for mining hardware prepayments, with $11,301,000 related to the utilization of prepayments under a contract with Bitmain[156] - Total impairment expense for the year ended June 30, 2023 amounted to $105,172,000, including $25,700,000 related to mining hardware[173] - Non-refundable sales tax provisions rose to $6,172,000 from $2,469,000 year-over-year, reflecting ongoing audits by the Canada Revenue Agency[180] Market and Risk Factors - The Group's financial position reflects ongoing challenges in the cryptocurrency market, impacting overall performance[15] - The Group's future success is closely tied to Bitcoin's market value and mining difficulty, with potential impacts from the upcoming halving event expected in Q4 FY2024[49] - The Group is exposed to market risk from daily volatility in Bitcoin prices and variations in foreign exchange rates[200] - Liquidity and capital risk may arise due to the nature of operations and the need for capital expenditure[200] Other Financial Information - There were no dividends paid, recommended, or declared during the current or previous financial year[14] - The Group did not hold any Bitcoin as of June 30, 2023, compared to nil on June 30, 2022[75] - Other income increased significantly from US$12,000 in 2022 to US$3,137,000 in 2023, primarily due to a net gain on disposal of other assets of US$3,117,000[144] - Total other operating expenses increased from US$11,705,000 in 2022 to US$18,822,000 in 2023, reflecting a rise of about 60.5%[147]

Exhibit 99.1 Iris Energy Reports Full Year FY23 Results SYDNEY, AUSTRALIA, September 13, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, "Iris Energy" or "the Company"), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today reported its financial results for the full year ended June 30, 2023. All $ amounts are in United States Dollars ("USD") unless otherwise stated. "FY23 was a t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 D ...

Key Points Company and Industry * **Company**: Iris Energy Limited (NASDAQ:IREN) * **Industry**: Bitcoin mining and data center operations Core Views and Arguments * **5.5 Exahash Fully Operational**: Iris Energy has successfully completed the construction of its 5.5 exahash mining facility, which is now fully operational and generating around $7 million to $8 million in monthly mining profit. * **Expansion Plans**: The company plans to add 20% capacity to its current 5.5 exahash, aiming to reach 6.5 exahash. This expansion will involve optimizing existing infrastructure and adding an additional 100 petahash to 0.1 exahash, as well as building out an additional 20 megawatts at Childress. * **BITMAIN S-19 XP Miners**: Iris Energy plans to prioritize the procurement of BITMAIN S-19 XP miners for its expansion, aiming to further reduce production costs and lower its cost curve. * **Liquidity and Funding**: The company has $55 million in cash and no debt, providing strong liquidity and flexibility for future growth. It is also fully funded for its expansion plans. * **Childress Site**: The Childress site in Texas represents a transformational growth opportunity for Iris Energy. The company owns 600 megawatts of power and has 580 megawatts of power ready to go, with 20 megawatts currently operating. It plans to expand the site over time as market conditions allow. * **Trading Power**: Iris Energy has developed a proprietary system that allows it to trade power live time in the ERCOT market, providing flexibility and downside protection. The company can choose to either use the power for mining or sell it back to the market, depending on market conditions. * **Financial Performance**: Iris Energy expects its annualized mining profits to increase from approximately $90 million to $110 million per annum with the expansion to 6.5 exahash. The company also expects its overheads to remain relatively stable as it scales up its operations. Other Important Content * **Management Team**: Iris Energy's management team remains highly aligned and committed to the future of the business, with the founders, board, and management team holding over 20% of the register. * **Geographically Diversified Platform**: Iris Energy has built a geographically diversified real asset platform across North America, with sites in British Columbia and Texas. * **In-House R&D and Engineering**: Iris Energy has an in-house R&D and engineering team that provides support to all of its sites, ensuring optimal efficiency and performance.

Summary of Iris Energy Investor Update - May 10, 2023 Company Overview - **Company**: Iris Energy (IREN) - **Industry**: Bitcoin Mining Key Points and Arguments 1. **Operational Capacity**: Iris Energy has completed the installation of 5.5 Exahash of operating capacity, generating approximately $7 to $8 million in monthly mining profit, with plans to expand to 6.5 Exahash [4][24] 2. **Financial Position**: The company has $55 million in cash and no debt, positioning it with one of the cleanest balance sheets in the sector, allowing for flexibility in growth and risk management [5][25] 3. **Expansion Plans**: Iris Energy aims to add 20% capacity by optimizing existing infrastructure and building an additional 20 megawatts at the Childress site, which has 580 megawatts of power ready [6][11] 4. **Market Conditions**: The company has seen a significant increase in Bitcoin transaction fees, with recent mining profits exceeding financial model expectations, reaching $24.25 Bitcoin in a 24-hour period [9][10] 5. **Childress Site**: The Childress site is highlighted as a transformational growth opportunity, with the ability to trade power between Bitcoin mining profitability and energy market pricing, providing flexibility and downside protection [11][15][18] 6. **Proprietary System**: Iris Energy has developed a proprietary system that allows real-time trading of power, enabling the company to adjust Bitcoin production based on market conditions, enhancing operational efficiency [17][20] 7. **Mining Efficiency**: The company has demonstrated consistent outperformance in Bitcoin mined per Exahash of capacity, reflecting the quality of its facilities and operational management [25] 8. **Future Outlook**: The management team remains committed to long-term growth, with a focus on building a multi-decade institutional-grade infrastructure business [27] Additional Important Information 1. **Annualized Mining Profits**: At a Bitcoin price of $30,000, annualized mining profits are projected to be approximately $90 million, increasing to $110 million post-expansion [23][24] 2. **Geographical Diversification**: Iris Energy has successfully commissioned 180 megawatts of data centers across North America, enhancing its operational footprint [28] 3. **Environmental Considerations**: All sites in British Columbia are powered by 100% renewable energy from BC Hydro, aligning with sustainability goals [32] 4. **Management Alignment**: Founders and management hold over 20% of the company, indicating strong alignment with shareholder interests [27] This summary encapsulates the key insights from the Iris Energy investor update, highlighting the company's operational achievements, financial health, strategic expansion plans, and commitment to sustainable practices in the Bitcoin mining industry.

Exhibit 99.1 Iris Energy Limited Consolidated Annual Financial Report - 30 June 2022 I r i s E n e r g y L i m i t e d Ta b l e o f c o n t e n t s 3 0 J u n e 2 0 2 2 | D | i | r | e | c | t | o | r | s' r | e | p | o | r | t | 3 | C | o | n | s | o | l | i | d | a | t | e | d | s | t | a | t | e | m | e | n | t | s | o | f | p | r | o | fi | t | o | r | l | o | s | s | a | n | d | o | t | h | e | r | c | o | m | p | r | e | h | e | n | s | i | v | e | i | n | c | o | m | e | 8 | | | | | | --- | --- | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 D ...