IREN January 2025 Monthly Update

Core Insights - IREN Limited reported strong performance in its Bitcoin mining operations for January 2025, with an average operating hashrate of 29.0 EH/s, an increase from 28.1 EH/s in December 2024 and 19.7 EH/s in November 2024 [3] - The company mined 521 BTC in January 2025, slightly down from 529 BTC in December 2024, but significantly up from 379 BTC in November 2024 [3] - Revenue per Bitcoin increased to $99,789 in January 2025 from $98,524 in December 2024, while electricity costs per Bitcoin rose to $24,683 from $22,799 [3] - Total revenue for January 2025 was $52.0 million, compared to $52.1 million in December 2024 and $32.6 million in November 2024 [3] - Hardware profit for January 2025 was $39.2 million, with a hardware profit margin of 75%, down from 77% in December 2024 [3] Bitcoin Mining Performance - The average operating hashrate for January 2025 was 29.0 EH/s, reflecting improvements from previous months [3] - The company achieved a hardware profit margin of 75% in January 2025, maintaining robust mining unit economics [3][9] - Revenue per Bitcoin mined increased to $99,789, indicating a positive trend in Bitcoin pricing [3] AI Cloud Services - Revenue from AI Cloud Services remained stable at $0.8 million in January 2025, with a slight increase in electricity costs attributed to new NVIDIA H200 contracts [5] - The hardware profit margin for AI Cloud Services was 96%, showcasing strong profitability in this segment [5] Strategic Developments - IREN is on track to reach a hashrate of 50 EH/s within five months, supported by the installation of direct-to-chip liquid cooling for AI and high-performance computing (HPC) [4] - The company is advancing construction on its 1.4GW Sweetwater Project and progressing a multi-GW development pipeline [4][10] - Management highlighted the strategic value of IREN's 2,310 MW grid-connected power portfolio, with increased demand for cloud and colocation services [7] Management Commentary - Management expressed confidence in the Bitcoin mining business's strong hardware profits and announced a new at-the-market facility to fund growth initiatives [6] - The company is exploring alternative funding options to accelerate its growth trajectory [6]