Iris Energy Limited (NASDAQ:IREN) Q2 2023 Earnings Conference Call February 15, 2023 5:00 PM ET

Company Participants

Lincoln Tan - Senior Manager, Corporate Finance

Daniel Roberts - Co-Founder & Co-Chief Executive Officer

Belinda Nucifora - Chief Financial Officer

Conference Call Participants

Mike Colonnese - H.C. Wainwright

Joseph Vafi - Canaccord

Josh Siegler - Cantor Fitzgerald

Chase White - Compass Point Trading & Research

Reggie Smith - JPMorgan

Operator

Greetings. Welcome to Iris Energy Second Quarter Results Conference Call. At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Lincoln Tan. You may begin.

Lincoln Tan

Thank you. Good afternoon for those of you in North America and good morning for those of you in Australia and welcome to the Iris Energy second quarter FY 2023 results presentation. My name is Lincoln Tan, Senior Manager of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; and Belinda Nucifora, CFO.

Before we begin, please note, this call is being webcast live with an accompanying presentation. For those that have dialed by a phone, you can elect to ask a question by the moderator after our presentation.

I would like to remind you that certain statements that we make during the conference call may constitute forward-looking statements. And Irish 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 2 within the accompanying presentation.

Thank you. And I will now turn the call over to Dan Roberts.

Daniel Roberts

Thanks Lincoln. Welcome everyone. Thanks for dialing in to our results presentation. Very pleased to be speaking with you today. So I guess, jumping right in to it. And we've just got a new technology, so I'm making sure the slides scroll correctly.

So straight into the business update. Many of you would have seen our announcements on Monday, we have successfully increased our operating capacity from 2 exahash to 5.5 exahash as a result of a transaction that we made in a third party. This brings to a head, to a conclusion and outcome around the 10 exahash contract we have had on foot with Bitmain over the last 18 months or so. It was fair to say it was a good result. We're very pleased with the relationship and the partnership we have with Bitmain. That 5.5 exahash hatch will be installed progressively. It will all be shipped is our expectation in February. And then it's a matter of getting it to site, managing the 44,000 odd machines, which the 4.5 exahash represents and installing them from there. So in terms of specific guidance, on that ramp up, look, we expect to start installing machines in March and then it will take -- however long it takes, but rest assured, we're all motivated to get them installed in that full capacity in the very short term.