Business Update

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].