IREN Limited Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company: Iris Energy
  • Period Covered: Fiscal Year ending June 30, 2023 (FY '23)
  • Date of Call: Not specified
  • Presentation Team: Dan Roberts (Co-Founder & Co-CEO), Belinda Nucifora (CFO), Lincoln Tan (Investor Relations)

Key Business Highlights

  • Strategic Position: Transitioning from a crypto miner to a next-gen computing platform with focus on both Bitcoin mining and generative AI compute.
  • Growth Platform: Iris has established 600MW of scalable power at Childress, TX — targeting up to 30 exahash (EH/s) mining capacity from the current 5.6 EH/s.
  • A.I. Expansion: Purchased 250 NVIDIA H100 chips for generative AI computing. Anticipated launch later in 2023 or early 2024. Engaged in multiple customer conversations.
  • Lowest Power Costs in Sector: Achieved average electricity costs as low as $0.014/kWh at Childress. In August, realized an effective negative cost of -$0.08/kWh due to market volatility and load balancing.

Financial Performance (Compared to FY '22)

  • Adjusted EBITDA: $1.4 million (up from a loss in FY '22).
  • Bitcoin Mined: 3,259 BTC (up +133%, from 1,399 in FY '22).

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Operator: Welcome to the Iris Energy Fiscal Year 2023 Results Conference Call. At this time all participants’ are in a listen-mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Robert Lincoln. Please go ahead. Robert Lincoln: Good afternoon to those of you in North America, and good morning to those of you in Australia. Welcome to the Iris Energy FY '23 Earnings Conference Call. My name is Lincoln Tan, Senior Manager of Investor Relations. And with 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 Irish 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 two within the accompanying presentation. Thank you, and I will now turn the call over to Dan Roberts. Daniel Roberts: Thank you, Lincoln. Dan Roberts, Co-Founder, Co-CEO, welcome back to another results presentation. We're thrilled to be here. It's been a year of consolidation building and pu

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