IREN March 2025 Monthly Update

Core Insights - IREN Limited reported a significant increase in Bitcoin mining performance and revenue in March 2025, with a focus on scaling AI Cloud Services and AI Data Center businesses [1][7][11] Bitcoin Mining Performance - The average operating hashrate increased to 30.3 EH/s in March from 28.7 EH/s in February, with Bitcoin mined rising to 533 BTC from 459 BTC [4] - Revenue per Bitcoin decreased to $85,012 in March from$95,570 in February, while electricity costs per Bitcoin dropped to $20,460 from$28,341 [4] - Total revenue for March was $45.3 million, up from$43.9 million in February, with hardware profit reaching $34.4 million, an increase from$30.9 million [4][11] Capacity and Expansion Plans - Operating data center capacity increased to 660 MW, with Bitcoin mining capacity now at 37 EH/s, up from 31 EH/s, and on track for 50 EH/s in H1 2025 [5][11] - A new 600 MW grid connection agreement was signed, bringing total secured power capacity in West Texas to 2.75 GW [5][8] AI Cloud Services - Revenue from AI Cloud Services grew to $1.6 million in March from$1.2 million in February, with a hardware profit margin of 97% [6] - The company is prioritizing customer prepayments and various debt financing solutions to support AI opportunities [8][11] Management Commentary - Management emphasized the strategic pause in Bitcoin mining expansion to focus on scaling AI Cloud Services and AI Data Center businesses [7][11] - The company is closely monitoring tariff changes and their potential impact on supply chains [8] Financial Metrics - The hardware profit margin for Bitcoin mining was reported at 76% in March, up from 70% in February [4][6] - Annualized run-rate revenue for AI Cloud Services is now $26 million, reflecting strong customer onboarding [11]