IREN April 2025 Monthly Update

Core Insights - IREN Limited reported significant growth in Bitcoin mining operations, with an increase in average operating hashrate and Bitcoin mined in April 2025 compared to previous months [4][5][11] - The company is on track to expand its mining capacity to 50 EH/s by June 30, 2025, supported by hardware shipments from Southeast Asia [5][8] - AI Cloud Services revenue is also growing, indicating diversification in revenue streams [6][11] Bitcoin Mining Performance - Average operating hashrate increased to 36.6 EH/s in April from 30.3 EH/s in March and 28.7 EH/s in February [4] - Bitcoin mined rose to 579 BTC in April, up from 533 BTC in March and 459 BTC in February [4] - Revenue per Bitcoin increased to $86,522 in April from $85,012 in March, while electricity costs per Bitcoin rose to $24,381 from $20,460 [4] - Total revenue for Bitcoin mining reached $50.1 million in April, a 27% increase month-on-month [4][11] - Hardware profit margin for Bitcoin mining was 72% in April, down from 76% in March [4] AI Cloud Services - Revenue from AI Cloud Services grew to $2.0 million in April, up from $1.6 million in March [6] - Hardware profit margin for AI Cloud Services remained high at 98% in April [6] Future Outlook and Projects - The company is progressing on its Horizon 1 AI Data Center project, scheduled for delivery in H2 2025 [5][9] - IREN anticipates generating an illustrative adjusted EBITDA of $588 million at 50 EH/s based on current mining economics [11] - The Childress project is expected to energize in April 2026, with ongoing construction and site works [14][15]