Business Update

Core Viewpoint - IREN (Iris Energy Limited) is positioned as a leading next-generation data center business focused on Bitcoin and AI, with a strong emphasis on renewable energy and significant expansion plans for 2024 [1][3]. Financial Position - The company has $425.3 million in cash and no debt, indicating a robust financial position [2][11]. - The 2024 expansion plan includes 30 EH/s and 510 MW of data centers, which are fully funded [2]. Expansion and Development - 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 various monetization strategies for its power and land portfolio, including a 1,400 MW project in West Texas [2]. Operations and Services - IREN's operations include Bitcoin mining, AI cloud services with 816 NVIDIA H100 GPUs, and next-generation data centers designed for high-performance computing [4]. - The company utilizes 100% renewable energy, targeting sites with low-cost and underutilized renewable energy sources [4].