Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached approximately $89 million, exceeding guidance of $80 million, marking a year-over-year growth of approximately 81% and the highest quarterly revenue in the past two years [13][54]. - For the full year, total revenue was nearly $270 million, up 27.4% year-over-year [13]. - Adjusted EBITDA for Q4 was a gain of $19.3 million, the first EBITDA profitability since the mining machine market downturn began two years ago [40][70]. Business Line Data and Key Metrics Changes - Mining machine sales contributed $73 million in revenue, up 64% year-over-year, with 9.1 million terahash per second of computing power sold, a record high [14][62]. - Mining revenue reached $15.3 million in Q4, an increase of 313% year-over-year, with 186 Bitcoins mined, up 84% year-over-year [20][60]. - The A15 series became the main product, with over 17,000 units delivered in Q4, primarily to North American public mining companies [57][64]. Market Data and Key Metrics Changes - North America accounted for approximately 40% of mining machine sales, reflecting successful expansion in the region [15][57]. - The average selling price (ASP) for mining machines remained stable at $8.1 per terahash, with expectations for a return to a more reasonable level in Q1 2025 [63] [64]. Company Strategy and Development Direction - The company aims to achieve 10 exahash per second in North America and 15 exahash per second globally by mid-2025, with recent agreements to expand mining capacity in Pennsylvania and Texas [25][56]. - The focus on R&D and product innovation continues, with the A16 series expected to reach nearly 300 terahash per second [37][56]. - The company is exploring local production to adapt to evolving compliance environments and remains committed to the long-term potential of Bitcoin [50][51]. Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for Q1 2025, expecting revenue of approximately $75 million due to seasonality and market volatility [45][81]. - For Q2 2025, revenue is estimated to be in the range of $120 million to $150 million, with a full-year guidance of $900 million to $1.1 billion [46][81]. - The management noted that the rising Bitcoin price and efficient mining operations contributed to improved margins and profitability [22][66]. Other Important Information - The company has established 26 service stations worldwide to enhance customer support and reduce parts delivery times [121]. - The total Bitcoin holding reached a record high of 1,293 by the end of Q4 2024, with a fair market value of approximately $123 million [78][79]. - The company has entered into an ATM agreement for fundraising, with net proceeds of $42.5 million utilized for expansion [75][76]. Q&A Session Summary Question: Update on site acquisition activity and power infrastructure - The company is actively seeking energy-rich regions in North America and has secured sufficient site resources to support its deployment plan [85]. Question: Demand outlook for the second half of the year - Management indicated strong demand in Q4 and expects significant sales growth in Q2 and Q3, contingent on Bitcoin prices and the economic environment [92][96]. Question: ASIC orders and foundry partner backlog - The company is gradually increasing production and managing inventory based on market demand, with flexibility to adjust orders as needed [104][106]. Question: Details on A16 ASIC improvements - The A16 ASIC utilizes cutting-edge technology and multiple technical advancements to achieve significant performance improvements [108][110]. Question: Customer service improvements in North America - The company has enhanced customer service through more service stations and improved product reliability, aiming to outperform competitors [121][124]. Question: North American customer pipeline and sales funnel - The company has secured major clients in North America, with a growing number of retail customers contributing to exceptional growth [128][130].

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached approximately USD 89 million, exceeding guidance of USD 80 million, resulting in year-over-year growth of approximately 81% [10][39] - For the full year, revenue was nearly USD 270 million, up 27.4% year-over-year [10] - Adjusted EBITDA for Q4 was USD 19.3 million, marking the first EBITDA profitability since the mining machine market downturn began two years ago [29][50] Business Line Data and Key Metrics Changes - Mining machine sales contributed USD 73 million in revenue, up 64% year-over-year, with 9,100,000 terahash per second of computing power sold, a record high [11][44] - Mining revenue reached USD 15.3 million in Q4, an increase of 313% year-over-year, with 186 Bitcoins mined, up 84% year-over-year [14][39] - The A15 series became the main product, with over 17,000 units delivered in Q4, primarily to North American public mining companies [41][44] Market Data and Key Metrics Changes - North America accounted for approximately 40% of mining machine sales, reflecting successful expansion in the region [11][12] - The price of Bitcoin rose from USD 61,000 at the beginning of the quarter to USD 93,000 at the end, positively impacting mining profitability [9][50] Company Strategy and Development Direction - The company aims to reach a mining capacity of 10 exahash per second in North America by mid-2025, with plans for further expansion [18][40] - The focus on R&D and product innovation continues, with the A16 series expected to achieve nearly 300 terahash per second [27][41] - The company is exploring local production to adapt to evolving compliance environments and strengthen its market position [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for Q1 2025, expecting revenue of approximately USD 75 million, with a stronger outlook for Q2 [32][57] - The company noted that recent volatility in Bitcoin prices could impact demand and revenue trajectory, but remains committed to annual targets [70][71] Other Important Information - The company has established 26 service stations worldwide to improve customer service and support [91] - Cash flow from operations turned positive, generating USD 17 million in Q4, strengthening the cash balance to USD 96 million [52][51] Q&A Session Summary Question: Update on site acquisition activity and power infrastructure - Management is actively seeking sites in energy-rich regions across North America and has secured sufficient resources to support current deployment plans [61][62] Question: Demand outlook for the second half of the year - Management indicated strong sales performance in Q4 and expects significant inventory turnover in Q2 and Q3, with demand dependent on Bitcoin prices and the economic environment [66][68] Question: ASIC orders and production capacity - The company is gradually increasing production but is not placing orders at maximum capacity due to market conditions; production will continue through Q3 [78][80] Question: Details on the A16 ASIC improvements - The A16 ASIC will utilize advanced technology and design optimizations to achieve performance improvements, with production ramping up in Q2 and Q3 [81][83] Question: Customer service improvements in North America - The company has enhanced customer service through localized support and improved product reliability, aiming to outperform competitors [91][93] Question: North American customer pipeline and sales funnel - The company has secured major clients in North America, with a growing number of retail customers contributing to sales growth [95][96]

Financial Data and Key Metrics Changes - In Q4 2024, GAAP revenues increased by 29% quarter-over-quarter, reaching $35 million from $27.1 million in Q3 2024, and year-over-year increased by 102% from $69.2 million in 2023 to $140.1 million in 2024 [28] - The GAAP net loss in Q4 2024 was $29.2 million compared to a net loss of $22.7 million in Q3 2024, while the net loss for 2024 was $72.4 million compared to a net loss of $73.4 million in 2023 [39] - Non-GAAP adjusted EBITDA for Q4 2024 was $2.5 million, down from $6.3 million in Q3 2024, while adjusted EBITDA for 2024 was $60.4 million compared to $31.9 million in 2023 [39] Business Line Data and Key Metrics Changes - The WULF Mining business doubled revenue and adjusted EBITDA year-over-year, driven by higher Bitcoin production and favorable Bitcoin pricing [10] - In Q4 2024, the company mined 423 Bitcoin, a 24% decrease from 555 Bitcoin in Q3 2024, but stable when excluding the impact of the Nautilus sale [27] - The hash rate achieved by WULF Mining was 9.7 exahash per second, with expectations to increase to 13.1 exahash per second upon full deployment of new miners [10] Market Data and Key Metrics Changes - The company reported a 55% increase in realized power prices from $0.038 per kilowatt hour in Q3 2024 to $0.059 per kilowatt hour in Q4 2024 [29] - The power cost per Bitcoin mined was $46,328 in Q4 2024, compared to $30,448 in Q3 2024, reflecting increased energy costs [30] Company Strategy and Development Direction - The company aims to contract and deploy 100 to 150 megawatts of HPC hosting capacity annually over the next three years, with a focus on scaling WULF Compute to meet demand for high-density compute infrastructure [16] - TeraWulf is prioritizing the Cayuga site for expansion, expecting to add 150 megawatts of capacity in 2026, scalable to 400 megawatts by 2028 [19] - The company is actively evaluating additional site opportunities beyond the 750 megawatts available at Lake Mariner, leveraging its expertise in energy infrastructure [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for HPC and AI compute infrastructure, despite some headlines suggesting a slowdown in hyperscaler demand [15] - The company remains focused on optimizing its mining operations while transitioning to HPC hosting, driven by customer demand rather than solely by Bitcoin prices [110] - Management highlighted the importance of energy development and ownership as a competitive advantage in securing new sites [120] Other Important Information - The company repurchased $150 million of stock as part of a $200 million buyback authorization, marking the first return of capital by any public Bitcoin miner [21] - TeraWulf's cash balance as of December 31, 2024, was $274 million, with total assets amounting to $787 million and total liabilities of $543 million [40] Q&A Session Summary Question: How is Mariner positioned for inference given the current demand? - Management indicated that both training and inference capabilities are supported at the Lake Mariner site, with existing contracts in place [48] Question: What geographies are attractive for additional site acquisitions? - The company is prioritizing the Cayuga site and is also looking at opportunities in Montana, Maryland, and Virginia [50][75] Question: What is the status of the initial 72 megawatts at CB-1? - Management stated that the initial 72 megawatts will be available in 2026, with ongoing discussions with customers regarding deployment [60] Question: How does the company view the impact of Bitcoin pricing on mining plans? - Management confirmed that the focus remains on becoming a premier HPC AI data center company, with Bitcoin mining being a secondary consideration [110] Question: What is the current status of project financing efforts? - Management expressed high confidence in project financing, noting significant demand from lenders and ongoing discussions with potential financing partners [126][130]

Financial Data and Key Metrics Changes - The company reported a record net profit after tax (NPAT) of $18.9 million for Q2 FY 2025, with adjusted EBITDA increasing by $60 million to $62.6 million [5][41] - Bitcoin mining revenue reached $113.5 million, with operating cash flows of $53.7 million [41] - The average operating hash rate increased from 12.2 exahash to 22.6 exahash [41] - Net electricity costs remained flat at $28.9 million, with the average net electricity cost per Bitcoin mined decreasing from $35.4k to $21.4k [42] Business Line Data and Key Metrics Changes - The company is expanding its Bitcoin mining capacity from 31 exahash to a target of 50 exahash by mid-2025, with a revised target of 52 exahash due to the allocation of resources to the HorizonOne project [6][13][26] - The new HorizonOne project will be a 75 megawatt liquid cooled AI data center, expected to support a 50 megawatt IT load [7][15] - The Sweetwater 2 project is in late-stage development, aiming for a 600 megawatt capacity, which will create a two gigawatt data center hub alongside Sweetwater 1 [10][20] Market Data and Key Metrics Changes - The company noted a significant power scarcity in the U.S. data center market, with a projected 36 gigawatt shortage in data center capacity [30] - There is increasing demand from hyperscalers for large-scale data center campuses, with many expressing interest in one gigawatt plus capacities [52] Company Strategy and Development Direction - The company is focusing on capitalizing on the growing demand for liquid cooled data center capacity, particularly in light of the upcoming NVIDIA Blackwell GPUs [9][17] - The strategic focus includes leveraging existing infrastructure for both Bitcoin mining and AI cloud services, with a clear path for future growth in these areas [32][34] - The company aims to maintain long-term ownership of its sites while exploring various partnership opportunities for financing and development [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for AI and cloud services, noting an uptick in interest following recent market developments [28][29] - The management team acknowledged the challenges in securing grid connections but remains optimistic about the potential for future projects [60] - The company is committed to optimizing its capital structure and exploring alternative funding options to support growth initiatives [14] Other Important Information - The company has secured over 500 acres of land for the Sweetwater 2 project and is finalizing a grid connection agreement [10][20] - The balance sheet remains robust, with total assets increasing to approximately $1.9 billion [43][44] Q&A Session Summary Question: Update on HorizonOne project and CapEx - Management confirmed that they are utilizing existing data center architecture to deliver liquid cooled capacity at effective costs, with long lead items already ordered [47][48] Question: Demand for Sweetwater 2 and market interest - Management indicated that the demand for large data center capacities is realistic and that they are in active discussions with multiple hyperscalers [51][52] Question: Challenges in securing grid connections - Management highlighted the increasing difficulty in getting projects approved and the long timelines involved in the process [59][60] Question: Concerns about HPC monetization of Sweetwater 1 - Management addressed investor concerns, stating that the suitability of West Texas for AI applications is no longer in question and that they have been purposefully building data centers for multi-tenancy [86][88] Question: Financing options for remaining capacity at Childress - Management confirmed that they are exploring multiple financing avenues, including project debt financing once customer contracts are secured [95][96]

Summary of Iris Energy Investor Update - May 10, 2023 Company Overview - **Company**: Iris Energy (IREN) - **Industry**: Bitcoin Mining Key Points and Arguments 1. **Operational Capacity**: Iris Energy has completed the installation of 5.5 Exahash of operating capacity, generating approximately $7 to $8 million in monthly mining profit, with plans to expand to 6.5 Exahash [4][24] 2. **Financial Position**: The company has $55 million in cash and no debt, positioning it with one of the cleanest balance sheets in the sector, allowing for flexibility in growth and risk management [5][25] 3. **Expansion Plans**: Iris Energy aims to add 20% capacity by optimizing existing infrastructure and building an additional 20 megawatts at the Childress site, which has 580 megawatts of power ready [6][11] 4. **Market Conditions**: The company has seen a significant increase in Bitcoin transaction fees, with recent mining profits exceeding financial model expectations, reaching $24.25 Bitcoin in a 24-hour period [9][10] 5. **Childress Site**: The Childress site is highlighted as a transformational growth opportunity, with the ability to trade power between Bitcoin mining profitability and energy market pricing, providing flexibility and downside protection [11][15][18] 6. **Proprietary System**: Iris Energy has developed a proprietary system that allows real-time trading of power, enabling the company to adjust Bitcoin production based on market conditions, enhancing operational efficiency [17][20] 7. **Mining Efficiency**: The company has demonstrated consistent outperformance in Bitcoin mined per Exahash of capacity, reflecting the quality of its facilities and operational management [25] 8. **Future Outlook**: The management team remains committed to long-term growth, with a focus on building a multi-decade institutional-grade infrastructure business [27] Additional Important Information 1. **Annualized Mining Profits**: At a Bitcoin price of $30,000, annualized mining profits are projected to be approximately $90 million, increasing to $110 million post-expansion [23][24] 2. **Geographical Diversification**: Iris Energy has successfully commissioned 180 megawatts of data centers across North America, enhancing its operational footprint [28] 3. **Environmental Considerations**: All sites in British Columbia are powered by 100% renewable energy from BC Hydro, aligning with sustainability goals [32] 4. **Management Alignment**: Founders and management hold over 20% of the company, indicating strong alignment with shareholder interests [27] This summary encapsulates the key insights from the Iris Energy investor update, highlighting the company's operational achievements, financial health, strategic expansion plans, and commitment to sustainable practices in the Bitcoin mining industry.