The following is a summary of the Iris Energy Limited (IREN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Iris Energy reported a Q3 net profit before tax of $12 million and net profit after tax of $8.6 million.

• The company had a record Adjusted EBITDA of $42.5 million for the nine months ended March 31st, 2024, marking a 32% increase YoY.

• Iris Energy had a closing cash balance of $260 million at the end of March, with no debt, which further strengthened to $322 million at April 30, 2024.

• The company is projecting a high gross margin of 95% plus on their operations driven by high-cost GPUs and heavy-duty data centers.

• Short-term contracts are also generating paybacks in less than 24 months.

Business Progress:

• Iris Energy surpassed its guidance goal by reaching 10 exahash in Bitcoin mining capacity in May and is planning to upgrade this to 30 exahash by the end of 2024.

• The company is expanding its AI cloud service business and has deployed NVIDIA H100s in their data centers for this.

• Iris Energy has secured more than 3,000 megawatts of power and land to support its organic growth and to bring forth the monetization of some of its portfolio.

• The company is exploring potential structures related to power and land portfolio, ranging from outright sales of development sites to joint-ventures.

• Iris Energy plans to further scale its BTC mining capacity to 40 exahash by the first half of 2025.

• The company is optimistic about the potential value creation and expansion marketplaces due to the increasing scarcity of land and power.

More details: Iris Energy IR

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