Achieved record revenue, Adjusted EBITDA and operating cashflow $47.9 million operating cash inflow in FY24 YTD Quarterly NPAT of $8.6 million Expansion to 30 EH/s in 2024 SYDNEY, Australia, May 15, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today reported its financial results for the three-months and nine-months ended March 31, 2024. All $ amounts are in United States Dollars ("USD") unless otherwise stated. "We are pleased to report our third quarter FY24 results, where we achieved record revenue and Adjusted EBITDA. Additionally, we have generated a record $47.9 million in operating cashflow so far this financial year, reflecting the quality of our underlying operations," said Daniel Roberts, Co-Founder and Co-CEO of IREN. "Our team continues to execute, achieving our 10 EH/s milestone ahead of schedule and now increasing our 2024 expansion plans from 20 EH/s to 30 EH/s. We believe the strategic investments we have made in land, power and infrastructure provide a clear pathway to industry leadership." Third Quarter FY24 Results Bitcoin mining revenue of $53.4 million, as compared to $42.0 million in the second quarter of fiscal year 2024, driven by growth in operating hashrate and higher Bitcoin prices Net profit after income tax of $8.6 million, as compared to a loss of $5.2 million in the second quarter of our fiscal year 2024 AI Cloud Services revenue of $0.6 million, following the commissioning of 248 NVIDIA H100 GPUs during the quarter for our customer, Poolside AI, a leading AI company Mined 1,003 Bitcoin, as compared to 1,144 Bitcoin in the second quarter of our fiscal year 2024. Lower Bitcoin production was primarily driven by higher global hashrate rate during the period Net electricity costs of $19.4 million, as compared to $16.1 million in the second quarter of our fiscal year 2024, primarily driven by an increase in operating hashrate in the quarter1 Other costs of $12.9 million, as compared to $12.0 million in the second quarter of fiscal year 20242 Adjusted EBITDA of $21.8 million, as compared to $13.9 million in the second quarter of our fiscal year 20243 Year to date operating cash inflow of $47.9 million, as compared to an outflow of $1.0 million in the nine-months ended March 31, 2023 Cash and cash equivalents of $259.7 million as of March 31, 2024 and no debt facilities4 Recent Operational Highlights Bitcoin Mining Operating capacity currently 10 EH/s (May 2024) vs. 5.6 EH/s (December 2023) 2024 expansion plans increased to 30 EH/s Secured latest-generation Bitmain S21 Pro miners with nameplate efficiency of 15 J/TH Upon completion, nameplate fleet efficiency of 16 J/TH and indicative electricity cost per Bitcoin mined of $17k5 Funding through existing cash and other sources6 Additional Bitmain S21 Pro miner purchase options (10 EH/s) supporting expansion pathway to 40 EH/s in 1H 2025. AI Cloud Services 816 NVIDIA H100 GPUs Upsized (doubled to 504 GPUs) and extended our AI Cloud Services agreement with Poolside AI Testing on-demand market for our AI Cloud Services Data Centers 510MW of planned data center capacity by the end of 2024 Increase from previous planned data center capacity of 460MW, enabled partly through a new substation design, as well as ongoing improvement and optimization of the Company's construction and procurement process. 2,160MW of secured power capacity Corporate $321.5 million cash and cash equivalents as of April 30, 20244 The Third Quarter FY24 Results webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations Non-IFRS metric reconciliation Adjusted EBITDA Reconciliation(USD$m) 1 3 months endedMar 31, 2024 3 months endedDec 31, 2023 Bitcoin mining revenue 53.4 42.0 AI Cloud Services Revenue 0.6 - Other income 0.4 0.5 Electricity charges (19.8) (16.7) Realized gain/(loss) on financial asset 0.1 0.1 Other costs (12.9) (12.0) Adjusted EBITDA 21.8 13.9 Adjusted EBITDA Margin 40% 33%       Reconciliation to consolidated statement of profit or loss     Add/(deduct):     Reversal of impairment of assets - 0.1 Share-based payments expense - $75 exercise price options