Iris Energy (IREN) Issues Business Update

IREN (Iris Energy Limited) (NASDAQ: IREN) today provided a business update.

• 2024 expansion fully funded
  • $425.3m cash1, no debt
  • 30 EH/s and 510MW of data centers in 2024 fully funded
  • Additional cash buffer, providing flexibility in respect of:
    • procurement items for 2025+ expansion;
    • prospective connection agreements for additional power capacity; and
    • other general purposes, e.g. in relation to potential power monetization activities (see below)

• Monetization program for power and land portfolio
  • Near-term focus on accelerating monetization opportunities for broader power and land portfolio, including the 1,400MW project in West Texas
  • All options under consideration, including asset sales, colocation deals, joint ventures, build-to-suit data centers, as well as expansion of existing GPU fleet
    

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