IREN Limited Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Highlights
    • IREN reached 10 exahash of operating Bitcoin mining capacity ahead of schedule (originally guided for end of June; achieved in mid-May).
    • Ambitious guidance to reach 30 exahash by end of CY24, and 20 exahash by end of Q3 2024.
    • Announced fixed price options to reach up to 40 exahash in H1 2025.
    • Construction accelerated through a transaction with Bitmain for S21 Pro mining rigs with 15 joules/terahash efficiency at $18.90/terahash.
    • Fully funded CapEx to reach 20 exahash, and additional $300 million required to reach 30 exahash ($190M for mining hardware, $110M for data center infrastructure).
    • Has $322M cash as of April 30, 2024, with strong operating cash flow ($48M year-to-date).
    • Management estimates electricity cost per Bitcoin at $17,000 post-halving, with total annualized hardware profit of ~$408M at current prices.
    • Adjusted EBITDA for Q3 FY24: $21.8M, up from $13.9M QoQ. Positive net income of $8.6M.
    • Strong revenue generation from Bitcoin mining ($53.4M for the quarter), 1,003 BTC mined at average price of $53.2k.

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Operator: Good day and thank you for standing by. Welcome to IREN's Third Quarter FY 2024 Investor Update. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Lincoln Tan, Director of Investor Relations. Lincoln Tan : Thank you. Good afternoon all to those of you in North America and good morning to those of you in Australia and welcome to IREN Third Quarter FY’24 Results Presentation. My name is Lincoln Tan, Director of Investor Relations and joining me on the call today are Daniel Roberts, Co-Founder and Co-CEO and Belinda Nucifora, CFO. Before we begin, please note that this call is being webcast live with an accompanying presentation. For those that have dialed-in via phone, you can elect to ask a question via the moderator after our presentation. I would like to remind you that certain statements that we make during this call may constitute forward-looking statements and IREN cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results different 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 presen

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