SYDNEY, July 01, 2024 (GLOBE NEWSWIRE) — IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its subsidiaries, “IREN” or the “Company”), a leading next-generation data center company powering the future of Bitcoin, AI and more, today announced an update on its business.
About IREN
IREN is a leading company in the next-generation data center business, utilizing 100% renewable energy to support the future of Bitcoin, AI, and more.
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Bitcoin Mining: It provides security for the Bitcoin network and will scale to 30 EH/s in 2024. It has been in operation since 2019.
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AI Cloud Services: 816 NVIDIA H100 GPUs to provide cloud computing for AI customers, operational from 2024.
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Next-Generation Data Centers: 260MW operational data center, expanding to 510MW in 2024. Purpose-built infrastructure specifically designed for high-performance, power-dense computing applications.
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technology: A technology stack for optimizing the performance of AI cloud services, Bitcoin mining, and energy trading operations.
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Development Portfolio: 2,160 MW of power capacity across North America, a real estate portfolio of over 1,000 acres and additional development pipeline.
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100% renewable energy (from clean or renewable sources or through purchasing RECs)It targets locations with low-cost, underutilized renewable energy, supporting the grid and local communities.
contact address
media John Snowball Daniel Ghigliera |
Investor Lincoln Tan |
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Forward-Looking Statements
This Investor Update contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. For example, forward-looking statements include, but are not limited to, our business strategy, expected operating and financial performance, and expected increases in power capacity and hash rate. In some cases, forward-looking statements can be identified by terms such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “project,” “expect,” “intend,” “target,” “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled,” or the negative or variations of these terms or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. These include, but are not limited to, fluctuations in the price of Bitcoin and foreign exchange rates, IREN’s ability to raise additional capital in a timely manner on commercially reasonable terms to meet its capital needs and facilitate its expansion plans, the terms of any future financing arrangements or that may require IREN to comply with onerous covenants or restrictions, and IREN’s ability to meet its indebtedness, any of which may restrict the Company’s business operations and adversely affect its financial condition, cash flows and results of operations. IREN’s ability to successfully execute its growth strategy and operating plans, including its ability to continue to develop its existing data center sites and diversify into the market for high performance computing (“HPC”) solutions, particularly the current or future AI Cloud (“AI Cloud”) services that the Company offers. IREN’s limited experience with new markets it has entered or is seeking to enter, including the market for AI cloud services; expectations regarding the continued profitability, viability, operability, security, popularity and public perception of the Bitcoin network; expectations regarding the profitability, viability, operability, security, popularity and public perception of current or future AI cloud services offered by IREN; IREN’s ability to secure and retain customers on commercially reasonable terms, particularly in connection with its strategy to expand into AI cloud services; IREN’s ability to manage counterparty risk (including credit risk) related to current or future customers, including customers of our AI cloud services and other counterparties; IREN’s ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; the risk that current or future customers, including customers of our AI cloud services, or other counterparties will terminate, default or underperform their contractual obligations; fluctuations in Bitcoin’s global hash rate.delays relating to, or failure to obtain or complete, permit approvals, grid connections and other development activities typically required for greenfield or brownfield infrastructure projects; the Company’s reliance on power and utility providers, third party mining pools, exchanges, banks and insurers and the Company’s ability to maintain relationships with these parties; expectations regarding the availability and pricing of electricity; IREN’s participation in, and its ability to participate successfully in, demand response products and services and other load management programs implemented, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of power supply, hardware, electrical and data center infrastructure, including with respect to power outages and laws and regulations that may limit the power supplies available to IREN; differences between the actual operating performance and nameplate performance, including hash rate, of IREN’s miner hardware; IREN’s ability to reduce its electricity consumption and/or monetize its electricity in response to market conditions, including changes in the economics of Bitcoin mining and prevailing electricity rates; actions taken by electricity network and market operators, regulators, governments or communities in the regions in which IREN operates; the availability, suitability, reliability and cost of Internet connectivity at IREN’s facilities; IREN’s ability to secure additional hardware, including hardware for Bitcoin mining and any AI cloud services now or in the future offered, on commercially reasonable terms or at all and delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; expectations regarding the useful life and obsolescence of hardware (including not only hardware for Bitcoin mining but also hardware for other applications, including any current or future AI cloud services offered by IREN); delays, increases in the cost of, or reductions in the supply of equipment used in IREN’s business; and IREN’s ability to operate in a changing regulatory environment. IREN’s ability to successfully operate and maintain its assets and infrastructure; the reliability and performance of IREN’s infrastructure compared to expectations; malicious attacks on IREN’s assets, infrastructure or IT systems; IREN’s ability to maintain in good standing trade licenses and other permits necessary for the operation of its business; IREN’s ability to obtain, maintain, protect and enforce its intellectual property rights and confidential information; intellectual property infringement and product liability claims; whether the long-term trends that IREN expects to drive the growth of its business will materialize as expected, or at all; the occurrence of environmental, health and safety incidents at IREN’s facilities and significant costs associated with environmental, health and safety requirements or liabilities; damages to IREN’s assets and infrastructure and the risk that insurance maintained by IREN may not fully cover all potential risks; and ongoing litigation related to the default of two of IREN’s wholly-owned special purpose entities under limited recourse equipment financing facilities.ongoing securities litigation related in part to the default, and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and effort, liabilities and damages that may result therefrom; IREN’s failure to comply with laws, including anti-corruption laws, of the United States and various international jurisdictions; failure of IREN’s compliance and risk management methodologies; laws, regulations and ethical standards that may relate to IREN’s business, including those related to the Bitcoin and Bitcoin mining industry and other services offered by the Company (such as AI cloud services), including regulations related to data privacy, cybersecurity, and the storage, use and processing of information; our ability to attract, motivate and retain senior management and talented employees; increased risks to our global operations, including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyber-attacks and other cybersecurity incidents, and unexpected changes to regulations and economic sanctions. Risks and uncertainties that could have a material adverse effect on our business, financial condition and results of operations include climate change, severe weather, natural and man-made disasters, public health crises, including infectious disease outbreaks (such as COVID-19) and responsive governmental or industry actions, our ability to remain competitive in a dynamic and rapidly evolving industry, damage to our brand and reputation, expectations regarding environmental, social and governance issues or reporting, the costs of being a public company, and other important factors discussed under the heading “Risk Factors” in IREN’s Annual Report on Form 20-F filed with the SEC on September 13, 2023, as such factors may be updated from time to time in IREN’s other filings with the SEC, which can be accessed on the SEC’s website at www.sec.gov and under the Investor Relations section of IREN’s website at https://investors.iren.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this Investor Update. Any forward-looking statements made by IREN in this Investor Update speak only as of the date of such statements. Except as required by law, IREN undertakes no obligation to update or revise any forward-looking statements or to publicly release any updates or revisions to them, whether as a result of new information, future events or otherwise.
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1 The cash of $425.3 million reflects the U.S. dollar equivalents of unaudited reserve cash, cash equivalents and time deposits as of June 28, 2024, plus ATM proceeds to be received in the first week of July 2024 from shares sold prior to June 28, 2024. Between May 15, 2024 and June 28, 2024, the Company raised aggregate proceeds of $413.4 million from the sale of 39.8 million shares. The remaining ATM capacity is $223.2 million. The total number of common shares outstanding as of June 28, 2024 was 186,830,776, which includes shares sold through ATMs prior to June 28, 2024.
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