IREN Limited Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Earnings Summary - Iris Energy (Iren) Q2 FY24

  • Adjusted EBITDA: Rose to $20.7 million in H1 FY24 from a $6.4 million loss in H1 FY23, driven by a 167% increase in hashrate (from 2.1 EH to 5.6 EH) and a 62% increase in average Bitcoin price realized ($32,300).
  • Bitcoin Mining Highlights:
    • 2,367 Bitcoin mined (up 57%), despite a 6% quarter-over-quarter decline in BTC mined due to higher network hashrate.
    • Electricity cost per Bitcoin rose from $9,300 to $13,900 YoY, and $13,400 to $14,500 QoQ.
    • Annualized hardware profit at 20 EH projects ~$200 million with Bitcoin at current levels (~$52k).
    • Ramp to 10 EH underway (currently at 6.2 EH), on track to reach 10 EH by end of June 2024, and 20 EH by year-end.
    • Efficiency improvement expected: new T21 miners from Bitmain to lower portfolio to <22 J/TH.
    • Strong financial footing with ~$146M cash on hand as of Feb 9, 2024, and no debt.
    • Recent equity raises: $168M across 37.3 million shares between July 1, 2023, and February 2024.
  • AI Cloud Services Highlights:
    • GPU fleet expanded from 248 to 816 NVIDIA units in response to strong demand (notably from Poolside AI).

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Operator: [Call starts abruptly] [Operator Instructions] Please be advised that today's conference is being recorded. I would like now turn the conference over to your speaker today, Lincoln Tan, Director of Investor Relations. Please go ahead. Lincoln Tan: Good afternoon to those of you in North America and good morning to those of you in Australia. And welcome to the Iris Energy Second Fiscal Quarter Results Conference Call. My name is Lincoln Tan, Director of Investor Relations. And joining me on the call today is Daniel Roberts, co-Founder and co-CEO; and Belinda Nucifora, CFO. I would like to remind you that certain statements that we make during this call may constitute forward-looking statements and Iris Energy cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on Slide 2 within the accompanying presentation. Over to you, Dan. Daniel Roberts: Thank you, Lincoln. Good afternoon everyone and thank you for dialing-in for another earnings call and a business update. We're very pleased to be speaking to you today, particularly given the events of the past 6-12 months and the outlook from here. So jump in, straight in. Disclaimer, I encourage you all to read it. Jumping into who we are and what we do, th

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