July 2024 Monthly Investor Update

Core Insights - IREN, a next-generation data center company, reported key operational metrics and financial performance for July 2024, highlighting its focus on Bitcoin mining and AI cloud services [1][2]. Bitcoin Mining - In July 2024, IREN mined 222 Bitcoin, a decrease from 233 Bitcoin in June 2024 [2]. - The average operating hashrate was 9,008 PH/s, down from 9,316 PH/s in June 2024 [2]. - Mining revenue for July was $13.592 million, a decline from $15.490 million in June 2024 [2]. - Electricity costs surged to $13.674 million in July, compared to $9.183 million in June 2024, leading to a hardware profit margin of -1% [2][3]. - The company plans to increase its hashrate to 20 EH/s by the end of August 2024 [3][4]. AI Cloud Services - AI Cloud Services revenue increased by 17% from June to July, reaching $1.266 million, and up 42% from May [2][4]. - The company is utilizing 816 NVIDIA H100 GPUs and has serviced six end-customers in the reserved and on-demand market [4][5]. Data Centers - IREN operates 260 MW of data center capacity and plans to expand to 510 MW by the end of 2024 [2][5]. - The Childress site’s power capacity increased from 600 MW to 750 MW, with additional 150 MW secured for immediate use [5][6]. - Childress Phase 2 (100 MW) is on track for completion in Q3 2024, while Phase 3 (150 MW) is expected to be completed in Q4 2024 [5][6]. Corporate Developments - Morgan Stanley has been appointed as a financial advisor to evaluate monetization opportunities in the AI data center market [7]. - Upcoming events include the Analyst & Investor Day in NYC and the CG Annual Growth Conference in Boston [7].