IREN Limited Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Company Overview & Strategic Vision
  • Iris Energy is positioning itself as a leading, institutional-grade Bitcoin miner.
  • Strong belief in Bitcoin’s long-term value and the ability to mine in a socially and environmentally responsible way.
  • Focus on liquidating mined Bitcoin daily to reduce balance sheet risk and reinvest into infrastructure instead of holding coins.
  • Targeting low-cost excess renewable energy sources, such as hydro and wind, to minimize operational costs.
Key Operational Highlights (FY Ended June 30, 2022)
  • Mined 1,398 Bitcoins, an increase of 422 Bitcoins YoY.
  • Revenue grew to $59 million (from $7.9 million in FY2021).
  • Adjusted EBITDA of $26.2 million, 44% margin, up from $1.4 million and 18% margin in FY2021.
  • Achieved 3.7 exahash capacity by end of September 2022, up from 0.7 exahash about a year ago.
  • Goal to reach 4.7 exahash by end of calendar Q4 2022; 6 exahash capacity targeted using secured hardware from Bitmain.
  • No corporate debt; $110 million in cash on balance sheet as of June 30, 2022.
  • Estimated $76 million remaining CapEx to reach 6 exahash fully deployed.
Site Updates
  • Canal Flats (BC): Center of excellence performing above nameplate capacity.

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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 Earnings Conference Call for the Fiscal Year Ended June 30, 2022. My name is Lincoln Tan, Senior Manager of Corporate Finance and with me on the call today is Daniel Robert, Co-Founder and Co-CEO; Lindsay Ward, President; and Belinda Nucifora, Chief Financial Officer. Before we begin, please note, this call is being webcast live with an accompanying presentation. There will also be an opportunity for some Q&A following the main presentation. I would like to remind you that certain statements that we make during this 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 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. Dan? Daniel Roberts: Thanks Lincoln. Good morning. Good afternoon, everyone. Thanks for joining us for our inaugural annual earnings call, we've done a couple of quarterlies already, but this is the first annual and appreciate everyone's support and time to dial in today. Very excited to go through. A quick update on the bu

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