Iris Energy Limited (NASDAQ:IREN) Q3 2024 Earnings Conference Call May 15, 2024 5:00 PM ET

Company Participants

Lincoln Tan - Senior Manager of IR
Daniel Roberts - Co-Founder & Co-CEO
Belinda Nucifora - CFO

Conference Call Participants

Lucas Pipes - B. Riley
Joseph Vafi - Canaccord Genuity
Mike Colonnese - H.C. Wainwright
Joe Flynn - Compass Point Research & Trading
Paul Golding - Macquarie Capital
Josh Siegler - Cantor Fitzgerald

Operator

Good day and thank you for standing by. Welcome to IREN's Third Quarter FY 2024 Investor Update. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Lincoln Tan, Director of Investor Relations.

Lincoln Tan

Thank you. Good afternoon all to those of you in North America and good morning to those of you in Australia and welcome to IREN Third Quarter FY’24 Results Presentation. My name is Lincoln Tan, Director of Investor Relations and joining me on the call today are Daniel Roberts, Co-Founder and Co-CEO and Belinda Nucifora, CFO.

Before we begin, please note that this call is being webcast live with an accompanying presentation. For those that have dialed-in via phone, you can elect to ask a question via the moderator after our presentation. I would like to remind you that certain statements that we make during this call may constitute forward-looking statements and IREN cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results different 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. Over to you, Dan.

Operator

[technical difficulty] Please stand by, your conference will begin momentarily.

Lincoln Tan

The connection will be reconnecting very shortly.

Operator

Dan, you may begin whenever you're ready.

Daniel Roberts

Excellent. I think we're back on. Apologies for that technical issues but we're ready to go. So thanks everyone for dialing in, thanks Lincoln for the introduction. We're thrilled to be here for our quarterly earnings call. There's a little bit to get through, so let's jump straight into it. So first of all, it's probably worth recapping where we're at in terms of our business and our priorities for 2024 and beyond. And I think working from left to right on the slide deck in front of you, the big news is we're now going to 30 exahash this calendar year. So we're now at 10 exahash of current Bitcoin mining operating capacity. We told guidance and provided guidance around 30 June for that milestone. We've hit it in mid-May and we're now upgrading our end of year. So over the next seven months and a bit we're going to 30 exahash. That's as a result of bringing forward the construction of some infrastructure, so some additional data centers that we will build by the end of this year, along with a transaction that we're pleased to announce today recently completed with Bitmain.