IREN Limited Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Installed Bitcoin Mining Capacity: Increased to 15 EH/s, up from 10.5 EH/s last update (Q3 FY’24). On track to reach 20 EH/s by end of next month and 30 EH/s by end of calendar 2024.
  • Data Center Expansion: Operating 300 MW of data centers with target of 510 MW by December 2024. Building now focused on 25 MW modular data centers (previously 20 MW), targeting 50 MW of monthly capacity.
  • Build Cost Improvements: Reduced from $750,000 per MW to ~$650,000 per MW due to design and procurement efficiencies.
  • Fleet Efficiency Improvements: Acquired 10 EH/s of S21 XP miners from Bitmain (13.5 J/TH). This will reduce fleet efficiency to 15 J/TH.
  • Power Strategy Update: Transitioned to spot power pricing in August 2024 at Childress site. July power costs were high due to hedged contracts (terminated at a one-off cost of $7M). August power cost: 3.1¢/kWh (~$23,000/BTC mined).
  • AI Cloud Services Update: Revenue of $3.1M from February 2024 launch to 30 June 2024. 816 Nvidia H100 GPUs in operation. Preparing GPU pilot at Childress in H2 2024 (small-scale with ~16 H100 GPUs, ~$1M spend). Seeking sustainable growth with contract pre-payment and credit-worthiness controls.

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Operator: Good day and welcome to IREN's Fiscal Year 2024 Results Conference Call. At this time, all participants are in a listen-only 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 Mr. Lincoln Tan, Director of Investor Relations. Please go ahead. Lincoln Tan: Good afternoon to all of our North American participants and good morning to those joining us from Australia. Welcome to IREN's FY'24 Results Conference Call. I'm Lincoln Tan, Director of Investor Relations and I'm joined today by Daniel Roberts, Co-Founder and Co-CEO; and Belinda Nucifora, CFO. Please note that certain statements that we make during this call may constitute forward-looking statements. These statements are based on certain assumptions and risk factors that could cause actual results to differ materially from our expectations. Listeners should not place undue reliance on forward-looking information or statements. For further details, please refer to the disclaimer on Slide 2 of the accompanying presentation. Thank you for joining us. I'll now hand the call over to Dan Roberts. Daniel Roberts: Thank you, Lincoln. Welcome everyone and good afternoon. So moving through the presentation, obviously, this is our full-year results. We have a year end of 30 June, so very pleased to report on what's been an exciting 12 months for IR

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