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]

Core Insights - IREN Limited reported a significant increase in Bitcoin mining performance and revenue in March 2025, with a focus on scaling AI Cloud Services and AI Data Center businesses [1][7][11] Bitcoin Mining Performance - The average operating hashrate increased to 30.3 EH/s in March from 28.7 EH/s in February, with Bitcoin mined rising to 533 BTC from 459 BTC [4] - Revenue per Bitcoin decreased to $85,012 in March from $95,570 in February, while electricity costs per Bitcoin dropped to $20,460 from $28,341 [4] - Total revenue for March was $45.3 million, up from $43.9 million in February, with hardware profit reaching $34.4 million, an increase from $30.9 million [4][11] Capacity and Expansion Plans - Operating data center capacity increased to 660 MW, with Bitcoin mining capacity now at 37 EH/s, up from 31 EH/s, and on track for 50 EH/s in H1 2025 [5][11] - A new 600 MW grid connection agreement was signed, bringing total secured power capacity in West Texas to 2.75 GW [5][8] AI Cloud Services - Revenue from AI Cloud Services grew to $1.6 million in March from $1.2 million in February, with a hardware profit margin of 97% [6] - The company is prioritizing customer prepayments and various debt financing solutions to support AI opportunities [8][11] Management Commentary - Management emphasized the strategic pause in Bitcoin mining expansion to focus on scaling AI Cloud Services and AI Data Center businesses [7][11] - The company is closely monitoring tariff changes and their potential impact on supply chains [8] Financial Metrics - The hardware profit margin for Bitcoin mining was reported at 76% in March, up from 70% in February [4][6] - Annualized run-rate revenue for AI Cloud Services is now $26 million, reflecting strong customer onboarding [11]

[Business Update and Strategic Outlook](index=1&type=section&id=Business%20Update%20and%20Strategic%20Outlook) This section covers IREN's strategic shift from Bitcoin mining expansion to AI/HPC, outlining capital reallocation and financing priorities [Executive Summary](index=1&type=section&id=Executive%20Summary) IREN announced a strategic shift, pausing Bitcoin mining expansion at 52 EH/s to reallocate capital and focus on AI/HPC segments. The company is progressing debt financing workstreams and leveraging existing Bitcoin mining cashflows for AI growth - Bitcoin Mining expansion paused at **52 EH/s**[1](index=1&type=chunk)[4](index=4&type=chunk) - Strategic focus shifting to **AI/HPC segments** (AI Cloud Services and AI Data Centers)[2](index=2&type=chunk)[3](index=3&type=chunk)[5](index=5&type=chunk) - Capital strategy prioritizes customer prepayments and debt financing, with **ATM facility** providing a strategic backstop[4](index=4&type=chunk) [Strategic Shift: Bitcoin Mining Expansion Pause](index=1&type=section&id=Strategic%20Shift%3A%20Bitcoin%20Mining%20Expansion%20Pause) IREN will halt further Bitcoin mining expansion after reaching 52 EH/s, redirecting capital and management focus towards AI data centers and cloud infrastructure, while utilizing strong cashflows from existing mining operations - All further Bitcoin Mining expansion will pause upon completion of its **52 EH/s** buildout[4](index=4&type=chunk) - Capital and management focus reallocated toward **AI data centers and cloud infrastructure**[5](index=5&type=chunk) - Existing **Bitcoin mining business cashflows** will be leveraged to support growth of AI Cloud Services and AI Data Center businesses[5](index=5&type=chunk) [Core Business Overview](index=1&type=section&id=Core%20Business%20Overview) This section details IREN's Bitcoin mining capacity, AI Cloud Services operations, and AI Data Center development, including financial metrics and expansion plans [Bitcoin Mining](index=1&type=section&id=Bitcoin%20Mining) IREN's Bitcoin mining capacity increased to 35 EH/s and is on track to reach 50 EH/s soon, with a target of 52 EH/s. The company expects significant annualized net cashflow from this segment and plans to reinvest these cashflows into its AI businesses Bitcoin Mining Capacity Expansion | Metric | Current (as of report) | Target | | :----- | :--------------------- | :----- | | Installed Capacity | 35 EH/s (from 31 EH/s) | 50 EH/s (in coming months), 52 EH/s (final buildout) | Expected Annualized Illustrative Net Cashflow | Metric | Amount | | :----- | :----- | | Annualized Illustrative Net Cashflow | $528 million | - Intends to reinvest **mining cashflows** to support growth of its AI Cloud Services and AI Data Center businesses[8](index=8&type=chunk) [AI Cloud Services](index=1&type=section&id=AI%20Cloud%20Services) IREN operates 1,896 NVIDIA H100 and H200 GPUs, generating an annualized run-rate revenue of $26 million. The company is seeing increased engagement for large-scale AI cloud infrastructure, particularly for Blackwell B200 GPU clusters, and is pursuing GPU financing to support expansion AI Cloud Services Key Metrics (as of March 31, 2025) | Metric | Value | | :----- | :---- | | GPUs Operating | 1,896 (NVIDIA H100 and H200 hardware) | | Annualized Run-Rate Revenue (utilized GPUs) | $26 million | - Seeing increased engagement around large-scale **AI cloud infrastructure** opportunities, particularly for multi-thousand air-cooled **Blackwell B200 GPU clusters**[8](index=8&type=chunk) - Progressing **GPU financing workstreams** to support potential expansion, optimize capital efficiency, and deliver attractive risk-adjusted returns[8](index=8&type=chunk) [AI Data Centers](index=2&type=section&id=AI%20Data%20Centers) IREN is developing AI Data Centers, with Horizon 1 targeting 50MW IT load, expected to be funded by customer prepayments and debt. Discussions have expanded beyond 50MW, and the company has started placing long-lead equipment deposits. The Sweetwater Data Center Hub has 2GW power capacity, with early-stage infrastructure investment to secure time-to-power advantage Horizon 1 AI Data Center Project | Metric | Details | | :----- | :------ | | IT Load Target | 50MW (initial discussions, now evolving to larger volumes) | | Estimated Capex | $300-$350 million | | Funding Sources | Primarily colocation customer prepayments and debt financing | - Commenced placing **long-lead equipment deposits** for capacity beyond the initial **50MW** to preserve execution speed and maintain time-to-market advantage[11](index=11&type=chunk) - Sweetwater Data Center Hub has **2GW power capacity**, with investment in substations and early-stage infrastructure to preserve time-to-power advantage[11](index=11&type=chunk) [Financing Strategy](index=1&type=section&id=Financing%20Strategy) This section outlines IREN's capital allocation priorities, emphasizing customer prepayments and diverse debt financing solutions, supported by its ATM facility and institutional appetite for credit [Capital Allocation Priorities](index=1&type=section&id=Capital%20Allocation%20Priorities) IREN's capital strategy prioritizes customer prepayments and various debt financing solutions. The existing ATM facility provides a strategic backstop, having raised $111 million to date at an average share price of $11.07 - Capital strategy prioritizes **customer prepayments** and a range of **debt financing solutions**[4](index=4&type=chunk) ATM Facility Utilization (as of March 28, 2025) | Metric | Value | | :----- | :---- | | Gross Proceeds Raised | $111 million | | Average Share Price | $11.07 | | Ordinary Shares Outstanding | 224,458,888 | - The existing **ATM facility** provides a strategic capital backstop to complement other financing sources[11](index=11&type=chunk) [Debt Financing Workstreams](index=2&type=section&id=Debt%20Financing%20Workstreams) IREN is focused on optimizing its capital structure, utilizing customer prepayments, project-level and corporate debt, convertible notes, asset-backed financing, and reinvestment of cashflows from Bitcoin Mining and AI Cloud Services. The company believes there is strong institutional appetite for credit and infrastructure lending, supported by its assets and track record - Financing sources include **customer prepayments**, **project-level and corporate debt instruments**, **convertible notes**, **asset-backed financing and leasing**, and reinvestment of **Bitcoin Mining and AI Cloud Service cashflows**[11](index=11&type=chunk) - IREN believes there is strong institutional appetite for **credit and infrastructure lending**, even ahead of contracted revenue, supported by its substantial real asset base, proven execution track record, and robust cashflows[11](index=11&type=chunk) [Company Information](index=10&type=section&id=Company%20Information) This section provides an overview of IREN's business, its renewable energy focus, operational history in Bitcoin mining and AI, and key contact details [About IREN](index=10&type=section&id=About%20IREN) IREN is a leading data center business utilizing 100% renewable energy to power Bitcoin, AI, and other high-performance computing. The company has been operating Bitcoin mining since 2019, AI Cloud Services since 2024, and manages 660MW of operating data centers, expanding to 910MW in 2025 - IREN is a leading data center business powering the future of **Bitcoin, AI and beyond** utilizing **100% renewable energy**[21](index=21&type=chunk) IREN Business Operations Overview | Business Vertical | Operations Since | Key Metric | | :---------------- | :--------------- | :--------- | | Bitcoin Mining | 2019 | Expanding to 52 EH/s in 2025 | | AI Cloud Services | 2024 | 1,896 NVIDIA H100 & H200 GPUs | | Next-Generation Data Centers | N/A | 660MW operating, expanding to 910MW in 2025 | - Development portfolio includes **2,910MW of grid-connected power** secured across North America, a **>2,000 acre property portfolio**, and a **multi-gigawatt development pipeline**[23](index=23&type=chunk) [Contacts](index=10&type=section&id=Contacts) Provides contact information for media inquiries (Jon Snowball, Gillian Roberts) and investor relations (Lincoln Tan) - Media contacts: **Jon Snowball** (Sodali & Co, +61 477 946 068, +61 423 136 761) and **Gillian Roberts** (Aircover Communications, +1 818 395 2948, gillian.roberts@aircoverpr.com)[22](index=22&type=chunk) - Investor contact: **Lincoln Tan** (IREN, +61 407 423 395, lincoln.tanairen.com)[22](index=22&type=chunk) [Important Disclosures](index=4&type=section&id=Important%20Disclosures) This section presents critical assumptions for financial figures and a comprehensive disclaimer regarding forward-looking statements, outlining inherent risks and uncertainties [Assumptions and Notes](index=4&type=section&id=Assumptions%20and%20Notes) This section provides important disclaimers and assumptions for the illustrative net cashflow calculations and other financial figures presented in the report. It clarifies that illustrative net cashflow is not a projection and is based on specific assumptions that may differ in the future - Illustrative Net Cashflow is based on assumptions (e.g., **100% uptime**, **815 EH/s global hashrate**, **$0.035/kWh electricity**, **$85k Bitcoin price**) and should not be considered projections[13](index=13&type=chunk) - AI Cloud Services annualized run-rate revenue is for **utilized GPUs** as of **March 31, 2025**[13](index=13&type=chunk) - ATM facility figures (**$111 million gross proceeds**, **$11.07 average share price**, **224,458,888 ordinary shares outstanding**) are as of **March 28, 2025**[13](index=13&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains a comprehensive disclaimer regarding forward-looking statements, highlighting that such statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from expectations. It lists numerous potential risks, including Bitcoin price fluctuations, capital access, execution of growth strategies, regulatory environment, and operational challenges - Forward-looking statements are subject to **risks, uncertainties, and other factors** which could cause actual results to differ materially from those expressed or implied[15](index=15&type=chunk) - Key risks include **Bitcoin price and foreign currency exchange rate fluctuations**, ability to obtain additional capital, successful execution of growth strategies (including HPC solutions), and operating in an evolving regulatory environment[16](index=16&type=chunk) - IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, except as required by law[19](index=19&type=chunk)

Group 1: Market Overview - The recent stock market comeback and subsequent selloff illustrate the difficulties of market timing, making it nearly impossible to accurately predict market tops or bottoms [1] - The Nasdaq has experienced a remarkable 95% increase since early 2020, encompassing both the rapid COVID bear market and the extended bear market of 2022 [1] - The recent rally emphasizes the importance of maintaining consistent exposure to the stock market, regardless of potential future drawdowns [1] Group 2: IREN Limited (IREN) - IREN Limited's stock is currently priced at $7 per share, trading 185% below its average Zacks price target, and offers exposure to Bitcoin mining, AI data center expansion, and renewable energy growth [3][10] - The company operates data centers powered entirely by renewable energy, with Bitcoin mining currently driving most of its sales, while significant growth potential exists in AI data centers and high-performance computing [4][5] - IREN reported a 150% revenue growth in FY24, with Q2 FY25 sales increasing by 125%, largely due to a 129% surge in Bitcoin mining [8] - The company is projected to transition from an adjusted loss of -$0.29 per share last year to a profit of +$0.38 in FY25, with anticipated sales growth of 200% in FY25 and 85% in FY26, reaching $1.04 billion in FY26 [9][10] - IREN has a robust balance sheet, with $456 million in cash and equivalents, $1.85 billion in total assets, and $566 million in total liabilities, leading to a strong buy recommendation from 11 of 12 tracked brokerages [10] Group 3: Opera Limited (OPRA) - Opera Limited focuses on AI-driven content discovery and privacy tools, positioning itself to capture a growing share of the online ecosystem as traditional search engines decline [15] - The company reported 296 million average monthly active users in 2024, with total FY24 revenue increasing by 21% to $480.7 million [19] - Opera's FY25 consensus earnings estimate increased by 32%, with projected revenue growth of 18% in 2025 and 16% in 2026, leading to adjusted earnings growth of 39% and 29%, respectively [20] - Despite a 37% decline from summer 2023 peaks, OPRA stock has matched the Tech sector's performance over the past year and significantly outperformed it over the last five years [21] - The stock trades at a 44% discount to the Tech sector, with a forward P/E ratio of 14.1X and offers a dividend yield of approximately 4.4% [23]

Core Viewpoint - IREN Limited announced the need to amend and restate its consolidated financial statements for the fiscal years ended June 30, 2024, 2023, and 2022, due to a reclassification of Bitcoin mining proceeds from operating to investing activities in accordance with IAS 7.16(b) [1] Financial Restatement - The restatement affects the classification of cash flows from Bitcoin mining, which were previously classified as operating activities [2] - The restatements do not impact the Company's consolidated statements of profit or loss, financial position, changes in equity, or cash equivalents for the periods being restated [3] - IREN plans to classify Bitcoin mining proceeds as operating activities under U.S. GAAP once it transitions to U.S. domestic filer status in 2025 [4] Regulatory Filings - Detailed summaries of the restatements are available in the Company's Form 20-F/A for the year ended June 30, 2024, and Form 6-K/A for Q1 and Q2 FY25 interim results [5]

Core Insights - IREN Limited has signed a 600MW grid connection agreement for its Sweetwater 2 data center hub, which is part of a larger 2GW project in West Texas, enhancing its competitive position in scalable data center infrastructure [1] - The company emphasizes that its 2.75GW capacity in West Texas is fully contracted, reducing development risk and ensuring deliverable capacity [2] - IREN is focusing on aligning its infrastructure with the demands of global AI and cloud computing firms, with plans for fiber interconnections and data center colocation agreements [3] Company Overview - IREN operates one of the world's largest renewable energy markets, providing scalable and low-cost electricity [5] - The company has secured 600MW of power under a binding grid connection agreement, ensuring real, contracted capacity [5] - IREN's strategic location includes over 500 acres near existing facilities, with a direct fiber loop being designed to connect Sweetwater 1 and 2 [5] Future Developments - The energization of Sweetwater 1 is scheduled for April 2026, while Sweetwater 2 is expected to be energized in 2027 [3] - IREN's development portfolio includes 2,910MW of grid-connected power across North America and a multi-gigawatt development pipeline [12] - The company is expanding its data center capacity from 510MW to 910MW by 2025, specifically designed for high-performance computing applications [10]

Core Viewpoint - IREN Ltd's stock is experiencing an upward movement following an upgrade from J.P. Morgan Securities, which believes the stock has been excessively punished this year, presenting a favorable entry point for investors, despite a reduction in the price target from $15 to $12 [1]. Group 1: Stock Performance - IREN shares were observed to be 0.9% higher at $7.10 ahead of the market opening, indicating a potential recovery [2]. - The stock has faced significant pressure in 2024, with a year-to-date loss of 28.3%, and is trading near its lowest levels since early September [2]. Group 2: Market Sentiment - The crypto mining sector is under pressure due to bitcoin volatility and regulatory concerns, negatively impacting investor sentiment [2]. - Short interest in IREN has increased by 8.1% over the last two reporting periods, with 22.25 million shares sold short, representing 11.1% of the stock's available float [3]. Group 3: Options Trading - Options traders are currently leaning bearish, as indicated by IREN's Schaeffer's put/call open interest ratio, which is in the 80th percentile of annual readings [3]. - A potential unwinding of this bearish sentiment could act as a bullish catalyst for the stock [3].

Core Insights - IREN Limited reported a decline in Bitcoin mined and revenue for February 2025, attributed to fewer days in the month, but maintains a resilient hardware profit margin of 70% [3][4][8] - The company is ramping up its Bitcoin mining capacity to 50 EH/s over the next four months, projecting substantial annualized operating cash flows of approximately $600 million at current market conditions [4][6] - IREN's AI Cloud Services revenue increased by 39% in February, nearing full utilization, driven by strong demand for advanced hardware [5][8] Financial Performance - Average operating hashrate decreased to 28.7 EH/s in February from 29.0 EH/s in January [3] - Bitcoin mined fell to 459 BTC in February from 521 BTC in January [3] - Revenue per Bitcoin decreased to $95,570 in February from $99,789 in January, while electricity costs per Bitcoin increased to $28,341 from $24,683 [3] - Total revenue for February was $43.9 million, down from $52.0 million in January [3] Operational Updates - The company is actively working on the 1.4GW Sweetwater 1 project, on track for energization in April 2026, and finalizing a 600MW connection agreement for Sweetwater 2 [4][9] - Customer interest in the AI Data Center 'Horizon 1' is strong, with demand exceeding initial capacity [4][6] - Site works have commenced for the 75MW Liquid-Cooled Childress Data Center, designed for high-density rack usage [10] Market Outlook - Management expects that despite market volatility, the expansion in Bitcoin mining capacity will lead to significant cash flows [4][6] - The company is exploring alternative capital sources for AI colocation opportunities, indicating a flexible financing strategy [6][8] - The overall market for AI and high-performance computing (HPC) solutions is showing increased demand, which the company aims to capitalize on [6][8]

Core Viewpoint - IREN Limited is showing a significantly improving earnings outlook, making it a potentially solid investment choice as analysts continue to raise their earnings estimates for the company [1][2]. Estimate Revisions - The upward trend in earnings estimate revisions indicates growing analyst optimism regarding IREN Limited's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, IREN Limited is projected to earn $0.21 per share, reflecting a 162.5% increase from the previous year's reported figure, with a 24% increase in the Zacks Consensus Estimate over the last 30 days [4]. - For the full year, the earnings estimate has risen to $0.28 per share, representing a 196.55% increase from the prior year, with the consensus estimate increasing by 182.86% due to positive revisions [5]. Zacks Rank - IREN Limited currently holds a Zacks Rank 2 (Buy), indicating favorable conditions for investment based on promising estimate revisions, which historically lead to significant outperformance compared to the S&P 500 [6]. - Stocks with a Zacks Rank 1 (Strong Buy) and 2 (Buy) have shown a strong track record of outperforming the market, with Zacks 1 Ranked stocks averaging a 25% annual return since 2008 [3][6]. Market Performance - The stock has gained 8.5% over the past four weeks, driven by solid estimate revisions, suggesting that its earnings growth prospects may lead to further price increases [7].