IREN : Q3 FY25 Presentation vF

Q3 FY25 Results Presentation

NASDAQ: IREN May 14, 2025

HIGHLIGHTS

Q3 Highlights

• Consecutive Quarters of Profit After Tax

• Record Revenue of $148.1m

• Record Adj. EBITDA of $83.3m

• Record EBITDA of $82.7m

• Profit After Tax of $24.2m

• Avg. Operating Hashrate of 29.4 EH/s

  Growth Outlook

• Bitcoin Mining

  • 50 EH/s installed capacity by June 30

  • Pausing further mining expansion at 50 EH/s to focus on AI opportunities

• AI Cloud

  • Revenues increasing with new contracts

• AI Data Centers

  • Horizon 1 - Up to 50MW (IT load) liquid-cooled capacity targeting Q4 2025 delivery

  • Sweetwater 1 - 1.4GW April 2026 energization

    Corporate & Funding

• Disciplined capital allocation amid macroeconomic volatility

• Advisors engaged across multiple debt financing workstreams, anticipating execution in coming months as markets continue to stabilize

• Transition to US domestic issuer status

  with US GAAP reporting from July 1, 2025

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  Bitcoin Mining

  
  
  

  SETTING THE BENCHMARK FOR PERFORMANCE

  
  
  

  • Record earnings

    • 29.4 EH/s average operating hashrate for the quarter

    • 326% YoY hashrate growth, relative to 40% increase in network difficulty

      All-in Margin Profile

      (Includes all direct and indirect cash costs for all business verticals - does not net-off AI cloud revenues)

  • Strong and resilient margins

    Per PH/s

    $23

    vs.

    $54

    • Best-in-class fleet efficiency (15 J/TH)

    • Low electricity costs, optimized by energy market expertise (3.3 c/kWh Childress power price)

    • Operational leverage with scale

      Per Day

      All-in hash cost Avg. hash price

  • Minimizing dilution

    Per BTC

    $41k

    vs.

    $93k

    • Daily Bitcoin liquidation delivering strong cashflows to support growth in AI verticals

mined

All-in cash cost Revenue

Revenue ($m)

Adj. EBITDA ($m)

EBITDA ($m)

Profit After Tax ($m)

$119.6m

$148.1m

Q2 FY25 Q3 FY25

Note: Refer to assumptions and notes on page 24

$83.3m

$62.6m

Q2 FY25 Q3 FY25

$82.7m

$62.7m

Q2 FY25 Q3 FY25

$24.2m

$18.9m

Q2 FY25 Q3 FY25

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