Core Viewpoint - IREN Limited has successfully increased its self-mining capacity to 28 EH/s and is on track to reach 31 EH/s this month, with plans to expand to 50 EH/s by H1 2025, leveraging low electricity costs and efficient operations [1][2][4]. Capacity Expansion - IREN's installed capacity has risen from 21 EH/s to 28 EH/s, achieving a 33% increase following the energization of the Childress Phase 3 substation [2][3]. - The company expects to complete the construction of its data centers and reach 31 EH/s of installed capacity within the month [2][3]. Operational Efficiency - IREN maintains a sufficient inventory of miners to support the 31 EH/s target, with four data center buildings already operational and two more nearing completion [3]. - The all-in cash cost per Bitcoin is approximately $29,000, reflecting the company's best-in-class fleet efficiency and low electricity costs [3][5]. Future Growth Plans - IREN is accelerating its expansion plans to achieve 50 EH/s and 810 MW of data centers by H1 2025, moving the timeline up from H2 2025 [4]. - The expansion includes ongoing construction of Childress Phase 4 and 5, which will add 300 MW of capacity [4]. Technological and Infrastructure Development - The company has secured 2,310 MW of grid-connected power across North America and has a property portfolio exceeding 1,000 acres, supporting its growth strategy [12]. - IREN utilizes 100% renewable energy for its operations, targeting sites with low-cost renewable energy to enhance sustainability [12].

Core Viewpoint - Iris Energy Limited is facing a class action lawsuit for allegedly making false statements regarding its business prospects and failing to disclose material deficiencies at its Texas site, leading to significant stock price declines [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Williams-Israel v. Iris Energy Limited and covers purchasers of Iris Energy securities from June 20, 2023, to July 11, 2024 [1]. - Investors have until December 6, 2024, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit alleges that Iris Energy overstated its capabilities in data centers and high-performance computing [3]. Group 2: Impact on Stock Price - Following the release of a report by Culper Research on July 11, 2024, which criticized Iris Energy, the company's stock price fell by more than 15% [4]. Group 3: Legal Process and Representation - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Iris Energy securities during the class period to seek lead plaintiff status [5]. - The lead plaintiff will represent the interests of all class members and can choose a law firm for litigation [5]. Group 4: About Robbins Geller - Robbins Geller Rudman & Dowd LLP is a prominent law firm specializing in securities fraud cases, having recovered $6.6 billion for investors in class action cases [6]. - The firm has been ranked 1 in securing monetary relief for investors in six out of the last ten years [6].

Core Viewpoint - The cryptocurrency market is experiencing a bullish trend following Donald Trump's election victory, with Bitcoin surpassing $90,000, positively impacting crypto-related stocks like Iris Energy, a sustainable Bitcoin mining company [1]. Company Performance - Iris Energy has leveraged 100% renewable energy, resulting in a stock price increase of over 49% in the past month, closing at $13.51 with a year-to-date increase of 98% [2]. - In October, Iris Energy mined 439 Bitcoin, leading to a 32% increase in monthly revenue to $28.2 million, while reducing electricity costs per Bitcoin mined by 12% [3]. Growth Strategy - The company plans to increase its operating hash rate from 21 EH/s to 31 EH/s by year-end and aims for 50 EH/s by mid-2025, indicating significant growth potential [4]. - Iris Energy is set to generate $32 million annually in AI hardware profits by 2024, utilizing its data center infrastructure for new revenue streams [4][5]. Analyst Upgrades - Cantor Fitzgerald raised Iris Energy's price target to $23 from $20, citing the company's lower enterprise-value-to-hash-rate multiple and potential to become the lowest-cost miner [7]. - Canaccord Genuity increased its price target to $17 from $15, highlighting competitive power costs and favorable hash rate ramp during Bitcoin's rally [8]. - HC Wainwright & Co. raised its price target from $13 to $16, indicating an 18.43% upside, while Needham maintained a Hold rating [8]. Investor Sentiment - The upgrades from analysts reflect growing confidence in Iris Energy's dual focus on sustainable Bitcoin mining and AI cloud services, positioning the company for long-term growth [9]. - Iris Energy has indicated potential shareholder distributions by 2025, including the possibility of a Bitcoin dividend, which enhances investor interest [9].

Core Insights - Iris Energy Limited (NASDAQ: IREN) is leading in sustainable innovation across Bitcoin mining, high-performance computing (HPC), and artificial intelligence (AI) cloud services [1] - The company has expanded its operations in North America and Australia, utilizing exclusively renewable energy sources [1] Group 1 - Iris Energy focuses on sustainable practices in its business operations [1] - The company is actively involved in three key areas: Bitcoin mining, HPC, and AI cloud services [1] - The expansion of operations is a strategic move to enhance its market presence in North America and Australia [1]

Financial Data and Key Metrics Changes - The company achieved an adjusted EBITDA of $2.6 million with Bitcoin mining revenue of $54.3 million and AI Cloud services revenue of $3.2 million [67] - The average operating cash rate increased from 9 exahash to 12.1 exahash during the quarter [68] - Closing cash at the bank was reported as $98.6 million, with cash increasing to $182.4 million by October 31, 2024 [70][72] Business Line Data and Key Metrics Changes - The company mined 821 Bitcoin at an average realized price of $66,000 [68] - Net electricity costs increased by $4.6 million to $28.7 million, primarily due to increased usage at the Childress site [69] - The transition to a spot pricing strategy for electricity procurement at Childress is expected to reduce the cost of Bitcoin mined to $26,700 if applied for the entire quarter [69] Market Data and Key Metrics Changes - The company is positioned as a low-cost commodity producer, with an expected cash cost of $29,000 per Bitcoin [9][22] - The average power cost at Childress is reported to be over $0.03 per kilowatt-hour, contributing to lower overall costs [30] Company Strategy and Development Direction - The company plans to accelerate its expansion to 50 exahash in the first half of next year, previously targeted for the second half [12] - The strategy focuses on large-scale projects to provide lower execution risk and rapid expansion at low cost [13][25] - The company aims to transition to a U.S. domestic issuer status in 2025 and is working towards inclusion in major U.S. indices [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the Bitcoin mining sector is at an inflection point, with institutional interest returning to the space [7] - The company is optimistic about generating substantial operating cash flows in the near term, supporting potential investor distributions in 2025 [22][63] - Management emphasized the importance of prudent capital management and generating strong cash-on-cash shareholder returns [23] Other Important Information - The company has secured 2.3 gigawatts of contracted capacity, with a focus on sites with executed interconnection agreements [55][58] - The Sweetwater Data Center project is expected to be one of the largest Bitcoin mining facilities or AI factories in the world, capable of supporting over 90 exahash of Bitcoin mining or over 800,000 GPUs [54] Q&A Session Summary Question: Strategic process versus organic opportunity at Sweetwater - Management is preparing for both Bitcoin mining and AI-related opportunities, comparing each pathway as an opportunity cost [76][79] Question: Capital intensity on the Bitcoin Mining business - The funding requirement to go from 30 to 50 exahash is approximately $400 million, with ongoing discussions about capital needs [81] Question: Bitcoin price and self-funded growth - Operating cash flows are expected to be substantial, allowing for potential distributions to investors while maintaining a focus on reinvestment [87][89] Question: Long-lead time items for Sweetwater - Long-lead procurement is set up to enable full capacity on the high-voltage substation by April 2026, with a progressive build-out of data center capacity [92] Question: Fiber interconnect at Sweetwater - Access to fiber is not an issue, with multiple Tier-1 carriers available, ensuring low latency suitable for both AI applications and Bitcoin mining [94] Question: Demand post-FERC announcement - There is perceived increased demand, but management emphasizes the importance of closing deals to create tangible value for shareholders [117] Question: Future plans for AI cloud business - The company is taking a measured approach to GPU investments, focusing on Bitcoin opportunities while monitoring market conditions for AI [120]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Iris Energy Limited during the specified Class Period of the upcoming lead plaintiff deadline on December 6, 2024 [1]. Group 1: Class Action Details - Investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting the law firm [3][6]. - The lawsuit alleges that Iris Energy made materially false and misleading statements regarding its business prospects, particularly related to its data centers and high-performance computing capabilities [5]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions of dollars for investors [4].

Company Performance - Iris Energy Ltd reported first-quarter Bitcoin mining revenue of $49.6 million and a 28% increase in AI Cloud Services revenue quarter-over-quarter to $3.2 million [1][2] - The company mined 813 Bitcoin during the quarter and ended with $98.6 million in cash and cash equivalents, with a total cash balance of $182.4 million as of October 31 [2] Financial Metrics - Adjusted EBITDA for the quarter was $2.6 million [2] - Following the earnings announcement, analysts adjusted their price targets for Iris Energy, with HC Wainwright & Co. raising it from $13 to $16, Canaccord Genuity from $15 to $17, and Cantor Fitzgerald from $20 to $23 [2] Growth Outlook - The company aims to achieve a mining capacity milestone of 31 EH/s shortly and plans to accelerate growth to 50 EH/s in the first half of 2025, previously set for the second half of 2025 [2] - Iris Energy shares increased by 29.1% to trade at $12.34 following the earnings report [2]

Core Insights - IREN is accelerating its Bitcoin mining expansion to 50 EH/s by H1 2025, previously planned for H2 2025, with a current operational hashrate of 21 EH/s and a target of 31 EH/s next month [2][3][20] - The company is focusing on alternative funding instruments to enhance operational flexibility and support potential investor distributions in 2025 [2][4] - IREN is transitioning to U.S. domestic issuer status in 2025, which includes adopting U.S. GAAP reporting [4] Financial Performance - Bitcoin mining revenue for Q1 FY25 was $49.6 million, down from $54.3 million in Q4 FY24, attributed to increased network difficulty and lower Bitcoin prices [5] - AI Cloud Services revenue increased by 28% to $3.2 million compared to $2.5 million in Q4 FY24, driven by additional GPU commissions [5] - Adjusted EBITDA for Q1 FY25 was $2.6 million, a significant decrease from $12.2 million in Q4 FY24, with a net loss after income tax of $51.7 million compared to a loss of $27.1 million in Q4 FY24 [5][8] Operational Updates - The company has secured S21 Pro miners at a fixed price of $18.9/TH and is committed to a non-HODL approach with a focus on prudent capital stewardship [3][20] - IREN is installing liquid cooling infrastructure to support NVIDIA Blackwell GPUs at its Childress and Prince George sites [4] - The company is advancing its development activities for a pipeline exceeding 1 GW of power capacity [4][20] Strategic Initiatives - IREN is committed to utilizing 100% renewable energy, supporting local communities and energy grids [3][20] - The company is focused on measured growth in AI Cloud Services, responding to customer demand [4] - IREN's development portfolio includes 2,310 MW of grid-connected power secured across North America [20]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Iris Energy Limited regarding a class action lawsuit due to alleged misleading statements and omissions related to the company's business prospects and operations [1][3]. Group 1: Class Action Details - The class period for the lawsuit is from June 23, 2023, to July 11, 2024 [3]. - Allegations include that Iris Energy overstated its prospects related to data centers and high-performance computing, particularly due to deficiencies at its Childress County, Texas site [3]. - The lawsuit claims that the defendants' statements about the company's business and operations were materially false and misleading [3]. Group 2: Shareholder Actions - Shareholders are encouraged to register for the class action by December 6, 2024, to potentially be appointed as lead plaintiffs [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's status [4]. - Participation in the case incurs no cost or obligation for the shareholders [4]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].

Core Viewpoint - A class action lawsuit has been filed against Iris Energy Limited (NASDAQ: IREN) for allegedly misleading investors about its data center and high-performance computing prospects [1][2]. Allegations - The lawsuit claims that Iris Energy overstated its prospects due to material deficiencies at its Childress County, Texas site [2]. - A report by Culper Research on July 11, 2024, titled "Iris Energy Ltd (IREN): A Prius at the Grand Prix," led to a stock price drop of over 15% [3]. Class Action Participation - Investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, may be eligible to participate in the class action [1][4]. - Shareholders interested in serving as lead plaintiffs must submit their applications by December 6, 2024 [4]. Legal Representation - Robbins LLP, a law firm specializing in securities class actions, is representing the shareholders on a contingency fee basis, meaning no fees or expenses are required upfront [5][6].