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 provided a business update.
The Company is pleased to announce it has appointed Morgan
Stanley & Co. LLC as financial advisor in connection with
evaluating monetization opportunities in the AI data center
market.
About IREN
IREN is a leading next-generation data center business powering
the future of Bitcoin, AI and beyond utilizing 100% renewable
energy.
- Bitcoin Mining:
providing security to the Bitcoin network, expanding to 30 EH/s in
2024. Operations since 2019.
- AI Cloud Services:
providing cloud compute to AI customers, 816 NVIDIA H100 GPUs.
Operations since 2024.
- Next-Generation Data
Centers: 260MW of operating data centers, expanding to 510MW in
2024. Specifically designed and purpose-built infrastructure for
high-performance and power-dense computing applications.
- Technology:
technology stack for performance optimization of AI Cloud Services,
Bitcoin Mining and energy trading operations.
- Development
Portfolio: 2,160MW of secured power capacity across North America,
>1,000 acre property portfolio and additional development
pipeline.
- 100% Renewable
Energy (from clean or renewable energy sources or through the
purchase of RECs): targets sites with low-cost & underutilized
renewable energy, and supports electrical grids and local
communities.
Contacts
MediaJon Snowball Domestique +61 477 946
068Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln Tan IREN+61 407 423 395
lincoln.tan@iren.com |
|
To keep updated on IREN’s news releases and SEC filings, please
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https://iren.com/investor/ir-resources/email-alerts.
Forward-Looking Statements
This investor update includes “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
the Company’s business strategy, expected operational and financial
results, and expected increase in power capacity and hashrate. In
some cases, you can identify forward-looking statements by
terminology such as “anticipate,” “believe,” “may,” “can,”
“should,” “could,” “might,” “plan,” “possible,” “project,”
“strive,” “budget,” “forecast,” “expect,” “intend,” “target”,
“will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”
or the negatives of these terms or variations of them or similar
terminology, but the absence of these words does not mean that
statement is not forward-looking. Such forward-looking statements
are subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by 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 any
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 be materially
different from any future results performance or achievements
expressed or implied by the forward looking statements, including,
but not limited to: Bitcoin price and foreign currency exchange
rate fluctuations; IREN’s ability to obtain additional capital on
commercially reasonable terms and in a timely manner to meet its
capital needs and facilitate its expansion plans; the terms of any
future financing or any refinancing, restructuring or modification
to the terms of any future financing, which could require IREN to
comply with onerous covenants or restrictions, and its ability to
service its debt obligations, any of which could restrict our
business operations and adversely impact our financial condition,
cash flows and results of operations; IREN’s ability to
successfully execute on its growth strategies and operating plans,
including its ability to continue to develop its existing data
center sites and to diversify into the market for high performance
computing (“HPC”) solutions, and in particular any current or
future AI Cloud (“AI Cloud”) Services we offer; IREN’s limited
experience with respect to new markets it has entered or may seek
to enter, including the market for AI Cloud Services; expectations
with respect to the ongoing profitability, viability, operability,
security, popularity and public perceptions of the Bitcoin network;
expectations with respect to the profitability, viability,
operability, security, popularity and public perceptions of any
current or future AI Cloud Services that IREN offers; IREN’s
ability to secure and retain customers on commercially reasonable
terms or at all, particularly as it relates to its strategy to
expand into AI Cloud Services; IREN’s ability to manage
counterparty risk (including credit risk) associated with any
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 any current or future customers, including customers
of our AI Cloud Services, or other counterparties may terminate,
default on or underperform their contractual obligations; Bitcoin
global hashrate fluctuations; delays associated with, or failure to
obtain or complete, permitting approvals, grid connections and
other development activities customary for greenfield or brownfield
infrastructure projects; our reliance on power and utilities
providers, third party mining pools, exchanges, banks, insurance
providers and our ability to maintain relationships with such
parties; expectations regarding availability and pricing of
electricity; IREN’s participation and ability to successfully
participate in demand response products and services and other load
management programs run, operated or offered by electricity network
operators, regulators or electricity market operators; the
availability, reliability and/or cost of electricity supply,
hardware and electrical and data center infrastructure, including
with respect to any electricity outages and any laws and
regulations that may restrict the electricity supply available to
IREN; any variance between the actual operating performance of
IREN’s miner hardware achieved compared to the nameplate
performance including hashrate; IREN’s ability to curtail its
electricity consumption and/or monetize electricity depending on
market conditions, including changes in Bitcoin mining economics
and prevailing electricity prices; actions undertaken 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
connections at IREN’s facilities; IREN’s ability to secure
additional hardware, including hardware for Bitcoin mining and any
current or future AI Cloud Services it offers, on commercially
reasonable terms or at all, and any delays or reductions in the
supply of such hardware or increases in the cost of procuring such
hardware; expectations with respect to the useful life and
obsolescence of hardware (including hardware for Bitcoin mining as
well as hardware for other applications, including any current or
future AI Cloud Services IREN offers); delays, increases in costs
or reductions in the supply of equipment used in IREN’s operations;
IREN’s ability to operate in an evolving regulatory environment;
IREN’s ability to successfully operate and maintain its property
and infrastructure; reliability and performance of IREN’s
infrastructure compared to expectations; malicious attacks on
IREN’s property, infrastructure or IT systems; IREN’s ability to
maintain in good standing the operating and other permits and
licenses required for its operations and business; IREN ability to
obtain, maintain, protect and enforce its intellectual property
rights and confidential information; any intellectual property
infringement and product liability claims; whether the secular
trends IREN expects to drive growth in its business materialize to
the degree it expects them to, or at all; the occurrence of any
environmental, health and safety incidents at IREN’s sites, and any
material costs relating to environmental, health and safety
requirements or liabilities; damage to our property and
infrastructure and the risk that any insurance IREN maintains may
not fully cover all potential exposures; ongoing proceedings
relating to the default by two of IREN’s wholly-owned special
purpose vehicles under limited recourse equipment financing
facilities; ongoing securities litigation relating 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 efforts, liability and damages
that may result therefrom; IREN's failure to comply with any laws
including the anti-corruption laws of the United States and various
international jurisdictions; any failure of IREN's compliance and
risk management methods; any laws, regulations and ethical
standards that may relate to IREN’s business, including those that
relate to Bitcoin and the Bitcoin mining industry and those that
relate to any other services we offer (such as AI Cloud Services),
including regulations related to data privacy, cybersecurity and
the storage, use or processing of information; our ability to
attract, motivate and retain senior management and qualified
employees; increased risks to our global operations including, but
not limited to, political instability, acts of terrorism, theft and
vandalism, cyberattacks and other cybersecurity incidents and
unexpected regulatory and economic sanctions changes, among other
things; climate change, severe weather conditions and natural and
man-made disasters that may materially adversely affect our
business, financial condition and results of operations; public
health crises, including an outbreak of an infectious disease (such
as COVID-19) and any governmental or industry measures taken in
response; our ability to remain competitive in dynamic and rapidly
evolving industries; damage to our brand and reputation;
expectations relating to Environmental, Social and Governance
issues or reporting; the costs of being a public company; and other
important factors discussed under the caption “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 its
other filings with the SEC, accessible on the SEC’s website at
www.sec.gov and 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
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-looking
statements, whether as a result of new information, future events
or otherwise.
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