IREN May 2025 Monthly Update

Core Insights - IREN Limited reported record monthly revenue and hardware profit for May 2025, driven by increased Bitcoin prices and a rise in average operating hashrate [5][6][11] - The company is on track to achieve a hashrate of 50 EH/s by June 30, 2025, with ongoing customer engagement and financing workstreams [5][11] - AI Cloud Services revenue is continuing to scale, with the Horizon 1 AI Data Center project on schedule for delivery in Q4 2025 [5][7] Bitcoin Mining Performance - Average operating hashrate increased to 38.4 EH/s in May from 36.6 EH/s in April and 30.3 EH/s in March [4] - Bitcoin mined reached 627 BTC in May, up from 579 BTC in April and 533 BTC in March [4] - Revenue per Bitcoin increased to $103,345 in May from$86,522 in April [4] - Total revenue from Bitcoin mining was $64.7 million in May, compared to$50.1 million in April [4] - Electricity costs per Bitcoin rose to $27,033 in May from$24,381 in April [4] - Hardware profit for Bitcoin mining was $47.8 million in May, with a profit margin of 74$2.2 million in May, up from $2.0 million in April [4] - Hardware profit margin for AI Cloud Services remained high at 98$28 million [11] Project Updates - The Childress project is progressing, with Phase 5 (150MW) energization expected in the coming weeks [10][14] - The Horizon 1 AI Data Center is on track for Q4 2025 delivery, with equipment arriving as planned [7][14] - The company is transitioning to US domestic issuer status starting July 1, 2025 [5]