Financial Data and Key Metrics Changes - Revenue for Q1 FY 2026 reached $240 million, representing a 28% increase quarter-over-quarter and a 355% increase year-over-year [18] - Adjusted EBITDA was $92 million, reflecting continued margin strength despite higher payroll tax expenses of $33 million due to strong share price performance [18][19] - Operating expenses increased primarily due to higher depreciation and SG&A expenses, largely driven by a higher share price [18] Business Line Data and Key Metrics Changes - The company announced a significant $9.7 billion AI Cloud contract with Microsoft, expected to generate approximately $1.94 billion in annual recurring revenue [6][7] - The expansion plan includes scaling the GPU fleet from 23,000 GPUs to 140,000 GPUs by the end of 2026, which is projected to support an annualized run rate revenue of approximately $3.4 billion [8][10] Market Data and Key Metrics Changes - The AI Cloud strategy is driving strong growth, with the company positioned as a trusted provider of AI Cloud services to major technology firms [6][8] - Demand for air-cooled variants of NVIDIA's GPUs is strong, with expectations for continued growth in AI workloads across various customer segments [11][51] Company Strategy and Development Direction - The company emphasizes its vertically integrated model, controlling the entire stack from power generation to GPU deployment, which is seen as a key differentiator in the market [9][10] - Future expansions will leverage existing data centers to maintain capital efficiency while accommodating increasing customer demand for AI compute [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the AI Cloud strategy and the ability to meet customer demand, highlighting the strategic value of the Microsoft contract [8][19] - The company is focused on maintaining a strong balance sheet while exploring various funding options to support ongoing capital expenditures [22][24] Other Important Information - The company has secured $1.8 billion in cash as of the end of October, which will support upcoming capital expenditures related to the Microsoft contract [23] - The design enhancements for data centers are aimed at ensuring long-term value protection and accommodating future generations of GPUs [14][15] Q&A Session Summary Question: Can you expand on the strategic value of the Microsoft deal? - Management highlighted the significance of servicing a major technology company and the validation of their proprietary data center design [28] Question: What is the expected return profile of the Microsoft deal? - The expected unlevered annual recurring revenue (ARR) is in the low double digits, with a levered ARR potentially reaching 25%-30% [30][32] Question: How many GPUs will be deployed as part of the Microsoft deal? - Each phase of the Horizon project will accommodate 19,000 GPUs, with four phases planned [39] Question: What are the pricing dynamics in the cloud market? - Management noted increasing demand and pricing per GPU hour, indicating a robust market environment [44][51] Question: What is the level of interest in the Sweetwater site? - There is strong interest across all sites, including Sweetwater, with significant capacity available [56] Question: How does the company view risk in cloud deals versus colocation deals? - Management believes cloud deals present a better risk proposition compared to colocation, especially with a strong counterparty like Microsoft [84][86] Question: What is the status of contracting the remaining GPUs in British Columbia? - The company has contracted 12,000 out of the initial 23,000 GPUs, with strong demand continuing [78]

Financial Data and Key Metrics Changes - Revenue for Q1 FY26 reached $240 million, representing a 28% increase quarter over quarter and a 355% increase year over year [18] - Adjusted EBITDA was $92 million, reflecting continued margin strength despite higher payroll tax expenses [18][19] - Operating expenses increased primarily due to higher depreciation and SG&A expenses, with $63 million attributed to unrealized gains on financial instruments [18][19] Business Line Data and Key Metrics Changes - The company announced a significant $9.7 billion AI cloud contract with Microsoft, expected to generate approximately $1.94 billion in annual recurring revenue [6][7] - The expansion plan includes scaling the GPU fleet from 23,000 to 140,000 GPUs by the end of 2026, which is projected to support an annualized run rate revenue of approximately $3.4 billion [8][10] Market Data and Key Metrics Changes - The demand for AI cloud services is increasing, with strong interest from various customer segments, including hyperscalers and AI enterprises [51][52] - The company is experiencing robust pricing dynamics in the cloud market, with expectations of rising pricing per GPU hour [44][50] Company Strategy and Development Direction - The company is focused on vertical integration, controlling the entire stack from power generation to GPU deployment, which is seen as a key competitive advantage [9][10] - Future expansions will leverage existing data centers to maintain capital efficiency while meeting growing customer demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on the Microsoft contract and highlighted the strategic value of the partnership [19][20] - The company is optimistic about future growth opportunities, with plans to monetize substantial power and land capacity available [101] Other Important Information - The company has secured $1 billion in zero-coupon convertible notes and an additional $200 million in GPU financing to support its expansion [23] - The construction of data centers is designed to meet hyperscale requirements, ensuring long-term operational efficiency and reliability [13][14] Q&A Session Summary Question: Can you expand on the strategic value of the Microsoft deal? - Management highlighted the validation of their proprietary data center design and the ability to service a major technology company as significant strategic value [28][29] Question: What is the expected return profile of the Microsoft deal? - The unlevered IRR is expected to be in the low double digits, with a levered IRR potentially reaching 25-30% depending on financing structures [31][32] Question: How many GPUs will be deployed as part of the Microsoft deal? - Each phase of the Horizon project will accommodate 19,000 GPUs, with four phases planned [39] Question: What are the pricing dynamics in the cloud market? - There is a strong demand for GPU services, leading to increased pricing per GPU hour, with a focus on risk-adjusted returns [44][50] Question: What is the level of interest in the Sweetwater site? - There is strong interest across all sites, including Sweetwater, with discussions ongoing about various service offerings [55] Question: How does the company view risk in cloud deals versus colocation deals? - Management believes cloud deals present a better risk proposition compared to colocation, especially with the backing of a strong counterparty like Microsoft [82][84]

Financial Data and Key Metrics Changes - Revenue for Q1 FY26 reached $240 million, representing a 28% increase quarter over quarter and a 355% increase year over year [16] - Adjusted EBITDA was $92 million, reflecting continued margin strength despite higher payroll tax expenses of $33 million accrued in the quarter [16][17] - Operating expenses increased primarily due to higher depreciation and SG&A expenses, largely driven by a higher share price [16] Business Line Data and Key Metrics Changes - The company announced a significant $9.7 billion AI cloud contract with Microsoft, expected to generate approximately $1.94 billion in annual recurring revenue [5][17] - The expansion plan includes scaling the GPU fleet from 23,000 GPUs to 140,000 GPUs by the end of 2026, which is projected to support an annualized run rate revenue of approximately $3.4 billion [6][10] Market Data and Key Metrics Changes - The AI cloud services market is experiencing strong demand, with the company positioned as a strategic partner for major technology firms, including Microsoft [6][9] - The company is seeing increased demand for air-cooled variants of NVIDIA's GPUs, indicating robust market interest [10][33] Company Strategy and Development Direction - The company is focused on vertical integration, controlling the entire stack from power supply to GPU deployment, which is seen as a key differentiator in the AI cloud services market [7][8] - Future expansions will leverage existing data centers to maintain capital efficiency while accommodating growing customer demand [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the Microsoft contract and the overall growth strategy, emphasizing the importance of maintaining a strong balance sheet and access to capital markets [20][21] - The company anticipates continued strong demand for its services, particularly in AI workloads, and is actively engaging with various customer segments [32][44] Other Important Information - The company has secured $1.8 billion in cash as of the end of October, which will support upcoming capital expenditures [20] - The design enhancements for data centers are aimed at ensuring long-term value protection and accommodating future generations of GPUs [12][30] Q&A Session Summary Question: Can you expand on the strategic value of the Microsoft deal? - The deal demonstrates the company's capability to service a major technology firm and validates its proprietary data center design, enhancing its market credibility [22][23] Question: What is the expected return profile of the Microsoft deal? - The unlevered IRR is expected to be in the low double digits, while the levered IRR could reach 25-30% depending on financing structures [24][25] Question: How is the company addressing GPU demand and future-proofing? - The design accommodates future generations of GPUs with higher rack densities, ensuring scalability and efficiency [29][30] Question: What is the level of interest in the Sweetwater site? - There is strong interest across all sites, including Sweetwater, with significant capacity available for future service offerings [35] Question: How does the company view risk in cloud deals versus colocation? - The company believes cloud deals present a better risk proposition compared to colocation, especially with the backing of a strong credit profile like Microsoft's [46][47] Question: What are the dynamics of pricing in the cloud market? - The company is experiencing increasing demand and pricing per GPU hour, indicating a robust market environment [31][32] Question: Can you provide an update on the contracting of GPUs in British Columbia? - The company has contracted 12,000 out of the initial 23,000 GPUs, with ongoing strong demand and late-stage discussions for the remaining capacity [43][44]

DISCLAIMER Q1 FY26 Results Presentation NASDAQ: IREN November 6, 2025 Forward-Looking Statements These and other important factors could cause actual results to differ materially by the forward-looking statements made in this investor update. Any forward-looking statement that IREN makes in this investor update speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward- look ...

Core Insights - Cipher Mining's shares surged 22% to a 52-week high of $25.11 following the announcement of a $5.5 billion high-performance computing deal with Amazon Web Services (AWS) [1][6] - The company has transitioned from Bitcoin mining to providing data center space and power for AI workloads, with a 15-year agreement with AWS starting in 2026 [2][3] - Cipher's market cap is approximately $9.8 billion, with shares increasing by 210% over the past year and 610% in the last six months [5] Company Overview - Cipher Mining, founded in 2021, operates industrial-scale data centers for Bitcoin mining and high-performance computing (HPC) hosting [4] - The company is positioned at the intersection of transformative technologies, focusing on mining growth, data center construction, and HPC hosting for major tech firms [5] Financial Performance - Cipher's Q3 earnings report for fiscal 2025, released on November 3, indicated a miss on Wall Street expectations, yet the market reacted positively [6]

Core Viewpoint - Equinix, Inc. (NASDAQ:EQIX) is considered expensive by market analysts, with a preference for alternative investments in the cloud and data center sectors that offer better certainty and value [1][2]. Company Analysis - Equinix provides digital infrastructure and data center services that facilitate global connectivity and digital experiences [2]. - The stock is viewed as being on the commodity side of the business, which is not favored by analysts [2]. Investment Perspective - There is a belief that certain AI stocks present greater upside potential and carry less downside risk compared to Equinix [2]. - A suggestion is made that if Equinix's stock price were to decrease significantly, it would warrant a reevaluation for investment [2].

Core Insights - Soluna Holdings, Inc. has completed Phase 3 of Project Dorothy 2 and is beginning development on Project Kati-2 for AI applications, while expanding its board with the appointment of Agnes Budzyn [1][7][17] Corporate Highlights - Soluna has announced a partnership with KULR Technology Group for a 3.3 MW hosting project at Project Sophie, enhancing its renewable-powered data center capabilities in Texas [7][18] - The company has been featured in various media outlets, highlighting its advancements in Renewable Computing [7] - A new podcast discusses how Soluna's recent $100 million credit facility will accelerate renewable-powered computing [7] Key Project Updates - Project Dorothy 1A and 1B are operational with 25 MW each for Bitcoin hosting and prop-mining, respectively [5] - Project Dorothy 2 is under construction with a capacity of 48 MW for Bitcoin hosting, with substantial completion of Phase 3 expected by mid-November [6][13] - Project Kati 1 is under construction with 83 MW for Bitcoin hosting, while Project Kati 2 is in development for AI and high-performance computing (HPC) with a similar capacity [9][10] - Project Grace, a 2 MW AI/HPC hosting project at Dorothy 2, is also under development [11] Operational Metrics - The deployment of new customers and upgraded units is ongoing, with a 3.3 MW customer deployment completed at the end of October and another expected in early November [8] - Coordination efforts are in place for a 20 MW deployment of next-generation miners in January [7] - Investment in fleet upgrades continues, with 900 new S19 XP miners expected to replace the current fleet at Project Dorothy 1B [7]

Core Insights - Hyperscale Data, Inc. has an estimated total asset value of $330 million, with cash and Bitcoin holdings of $122 million representing 37% of total assets and 97% of the company's market capitalization [1][2][3] Financial Position - As of October 31, 2025, the estimated net assets of the company are $150 million, equating to approximately $0.47 per share of Class A common stock [1] - The company has reduced its outstanding debt obligations by over $30 million year-to-date and invested $16 million in upgrading its Bitcoin mining fleet with 4,092 next-generation Bitmain S21+ miners [2][4] Market Valuation - Hyperscale Data's common stock has recently traded below $0.35 per share, which the company believes does not reflect its underlying asset value or growth potential [3][4] - The company anticipates that its Bitcoin holdings will exceed $100 million within the next quarter [4] Strategic Direction - The company is focused on expanding its Bitcoin treasury and building AI-optimized data center infrastructure [4] - Hyperscale Data expects to divest its subsidiary Ault Capital Group, Inc. in the second quarter of 2026, which will allow it to concentrate on high-performance computing services and digital asset holdings [7]

Core Viewpoint - The establishment of Qinghai Turing Town marks a significant step in the national strategy of "East Data West Calculation," focusing on AI and green future development [1][3]. Group 1: Project Overview - Qinghai Turing Town is positioned as a key player in the AI era, aiming to address the challenges of energy consumption, efficiency, and application in the computing power industry through a green and innovative approach [3]. - The project is expected to achieve a computing power scale of 20,000 PetaFLOPS by 2026, making it the largest green computing power project in Qinghai Province [3]. - The initiative aims to create a replicable model for a national integrated computing power system, showcasing Qinghai's advantages in energy resources and policies [3][6]. Group 2: Sustainable Business Model - Turing Town is designed as a cluster ecosystem that integrates services, research, innovation, education, and incubation, transitioning from "capacity supply" to "ecological empowerment" [3][4]. - The project emphasizes a collaborative approach involving government, enterprises, and innovation partners to address technical, application, talent, and industry coordination challenges [3][4]. Group 3: Economic Impact - The project is projected to contribute billions to Qinghai's GDP and attract AI industry chain enterprises, fostering a long-term economic growth environment [6][8]. - Turing Town aims to become a center for AI product quality inspection and application incubation, integrating mature AI applications with local industry development [6][8]. Group 4: Green Computing and Energy Integration - The project focuses on large-scale, low-cost intelligent computing infrastructure, leveraging Qinghai's clean energy resources to achieve a PUE value below 1.2, promoting sustainable development [7][10]. - By integrating power systems with computing power scheduling, Turing Town aims to create a new paradigm of "computing power and electricity integration" [7][10]. Group 5: Talent Development and Local Empowerment - The initiative includes plans for educational upgrades and AI talent cultivation, establishing a training base to support digital transformation and high-tech job creation in Qinghai [9][10]. - Turing Town will provide accessible AI solutions for local enterprises, addressing common challenges of technology adoption and cost barriers [10][11]. Group 6: Collaborative Ecosystem - The launch of Turing Town represents a collaborative effort among multiple stakeholders, including strategic partnerships with 12 organizations to promote green computing and AI integration [11]. - Qinghai's unique climate and energy advantages position it as a leader in the coordinated development of computing power and electricity, with Turing Town exemplifying this strategic direction [11].

Core Viewpoint - IREN Limited is experiencing a significant increase in its consensus price target, driven by its strategic initiatives and strong financial performance in the data center and Bitcoin mining sectors, particularly with a focus on renewable energy [1][6]. Price Target and Market Sentiment - Analysts have set an average price target of $78.50 for IREN, reflecting positive sentiment and expectations for strong stock performance [2][6]. - The average price target has risen from $57.17 three months ago, marking a 37.3% increase, and from $51.86 a year ago, representing a 51.3% increase [3][4]. Strategic Partnerships and Growth Prospects - IREN's recent $9.7 billion AI Cloud contract with Microsoft, which includes a 200MW capacity and a 20% upfront payment, is expected to significantly enhance its growth prospects in the AI industry [2][6]. - The company manages nearly 3GW of power, with 810MW operational in British Columbia and Texas, positioning it well for future growth [3]. Financial Performance Expectations - IREN is projected to achieve revenue of $231 million for the first fiscal quarter of FY26, which is a 325% increase from the previous year [4]. - The anticipated earnings per share (EPS) for this period is $0.13, indicating strong financial performance [4].