Core Insights - IREN (Iris Energy Limited) is a leading next-generation data center business focused on Bitcoin and AI, utilizing 100% renewable energy [3][4]. Financial Position - The company has $425.3 million in cash and no debt, fully funding its 2024 expansion plans [2][11]. - The 2024 expansion includes 30 EH/s and 510 MW of data centers [2]. Expansion and Development Plans - IREN has a secured development portfolio of 2,160 MW of power capacity across North America and over 1,000 acres of property [4]. - The company is exploring monetization opportunities for its power and land portfolio, including a 1,400 MW project in West Texas [2]. Operational Focus - The company aims to accelerate monetization opportunities through various strategies, including asset sales, colocation deals, and joint ventures [2]. - IREN is expanding its AI Cloud Services, currently utilizing 816 NVIDIA H100 GPUs [4].

Core Insights - The company reported record revenue, adjusted EBITDA, and operating cash flow for 3Q FY24, with $322 million in cash and no debt [1][7] - The company is expanding its Bitcoin mining operations and AI Cloud Services, with a focus on renewable energy usage [3][18] Financial Performance - The average operating hashrate increased to 9.4 EH/s, with a 14% rise from the previous month [18] - Bitcoin mined decreased to 230 in May due to reduced block subsidy, while mining revenue was $15.079 million [3][18] - AI Cloud Services revenue reached $892,000, reflecting a significant increase from previous months [3] Operational Highlights - The company secured latest-generation Bitmain S21 Pro miners, enhancing efficiency to 15 J/TH [4] - Childress Phase 1 (100 MW) was completed ahead of schedule, with ongoing construction for Phases 2 and 3 [9][21] - The company has a total operating capacity of 260 MW and plans to expand to 510 MW in 2024 [20][21] AI Cloud Services - The company operates 816 NVIDIA H100 GPUs, generating an estimated annualized hardware profit of $14-$17 million [2][19] - There are ongoing customer conversations regarding cloud and colocation solutions, indicating potential growth opportunities [19] Future Plans - The company aims to increase its Bitcoin mining capacity to 30 EH/s by the end of 2024 [8][21] - Additional development sites are planned, with a total power and land portfolio exceeding 3,000 MW [9][21]

Achieved record revenue, Adjusted EBITDA and operating cashflow $47.9 million operating cash inflow in FY24 YTD Quarterly NPAT of $8.6 million Expansion to 30 EH/s in 2024 SYDNEY, Australia, May 15, 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 reported its financial results for the three-months and nine-months ended March 31, 2024 ...

SYDNEY, Australia, May 15, 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 2024 expansion plans increased to 30 EH/s The Company's previously announced 2024 expansion plan to 20 EH/s has been increased to 30 EH/s. This accelerated growth is enabled through amended and new agreements with Bit ...

Iris Energy Limited (IREN) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Indiv ...

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 ...