IREN Limited Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Q3 FY2022 Earnings Summary – Iris Energy Limited

  • Quarter Ending: March 31, 2022
  • Revenue: $15.2 million (up significantly vs. same quarter in 2021)
  • Adjusted EBITDA: $7.3 million (48% margin in Q3; 60% on a 9-month YTD basis)
  • Bitcoin Mined: 357 BTC (up 449% year-over-year)
  • Operating Hash Rate: Increased 686% YoY due to new site activations
  • Cash and Equivalents: $158 million
  • Total Assets: $557 million
  • CapEx Invested To-Date: Over $400 million; ~$400 million remaining to reach full 15 EH/s capacity

Operational Highlights

  • Current Operational Capacity: 1.1 EH/s
  • Near-Term Vision: Deploy 15 EH/s by Q3 2023
  • Canal Flats: Operating at 0.85 – 0.87 EH/s (above initial 0.7 EH/s forecast)
  • Mackenzie: 0.3 EH/s commissioned in April 2022; total 2.4 EH/s expected by 2023
  • Prince George: On target for Q3 2022 commissioning; 1.5 EH/s by 2022, +1 EH/s in 2023
  • Childress, Texas: Long-term transformational site with 600MW capacity, aimed to support 9 EH/s (up to 23 EH/s future expansion); to be energized Q1 2023

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Operator: Thank you for standing by and welcome to the Iris Energy Limited March Quarter Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by question-and-answer session. [Operator Instructions] I'd now like to hand the conference over to Mr. Kane Doyle, Senior Manager, Investor Relations. Please go ahead. Kane Doyle: Thank you. Good afternoon for those of you in North America and good morning for those of you in Australia and welcome to the Iris Energy earnings conference call for the third quarter ended March 31, 2022. I am Kane Doyle, Senior Manager, Investor Relations and with me on the call today is Daniel Roberts, Co-Founder and Co-CEO; Lindsay Ward, President; and Anne Hayes, our Interim Vice President of Finance. Before we begin, please note this call is being webcast live with an accompanying presentation and includes ability for participants to ask a question via the live chat box. For those that have dialed in by phone, you can elect to ask a question via the moderator after our presentation. I'd like to remind you that certain statements that we make during the conference 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 are not place undue reliance on forward-looking information

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