Iris Energy Q3 2025 Earnings Call Transcript

Quartr
Provided by Quartr
May 14, 2025
Skip to Participants
Operator

I would now like to hand the conference over to your speaker today, Mike Power, Director, Investor Relations.

Mike Power
Director- Investor Relations at IREN

Thank you, Josh. Good afternoon, and welcome to Iron's third quarter FY twenty twenty five results presentation. My name is Mike Power, Director of Investor Relations. And with me on the call today are Daniel Roberts, Co Founder and Co CEO Belinda Nussafora, CFO and Kent Draper, Chief Commercial Officer. Before we begin, please note this call is being webcast live with an accompanying presentation.

Mike Power
Director- Investor Relations at IREN

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 the conference call may constitute forward looking statements and Iron 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 two of the accompanying presentation for more information. Thank you, and I will turn the call over to Dan Roberts.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Thanks, Mike. Good afternoon, everyone, and thank you for joining third quarter FY 'twenty five earnings call. I'm Daniel Roberts, Co Founder, Co CEO of Iron. And today, we will provide an update on our financial results for the quarter ended March 3125, along with some operational highlights and some strategic updates from both our Bitcoin mining business and our AI infrastructure vertical. We'll then end the call with q and a.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So starting with the highlights. Q3 was another strong quarter operationally and financially. We delivered our second consecutive quarter of profit after tax, where we posted 24,000,000 in net profit. This reflects a 28% growth quarter on quarter. Revenue then hit a record $148,000,000 for the quarter, driven by growth in both our Bitcoin mining and our AI cloud segments.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

EBITDA came in at just under $83,000,000 also a record for us. Operationally, we continued our cadence of delivering 50 megawatts every month of data centers with the energization of Childress Phase four. And during the quarter, we averaged 29.4 exahash of operating mining capacity, which represents a nearly 5x uplift year on year. So these results refer reinforce both the earnings power of our growing data center platform, along with the strength of our procurement engineering, construction, mining and AI teams, who simply continue to execute. We anticipate these earnings momentum to continue into fiscal Q4 as we further progress on our key growth initiatives, which I'll now come on to.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So looking forward, our strategy is anchored across value accretive investments in both Bitcoin mining and AI infrastructure. On Bitcoin mining, we're on track to reach 50x a hash of installed capacity by June 30. That milestone represents a 4x increase from only 10x a hash in June and cements us as one of the world's largest and importantly lowest cost Bitcoin producers globally. But we're pausing further mining expansion at that point. That decision is deliberate.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

While mining remains highly profitable, we see more compelling shareholder value creation in AI infrastructure and we want to be disciplined in capital allocation. In AI cloud, momentum continues. Revenues are increasing underpinned by new contracts and customer retention. Our GPU fleet has been running at or near full utilization with hardware level margins north of 95%. Kent will speak to this more shortly.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

In our AI data centers vertical, we're advancing two significant build outs. Horizon one, a 50 megawatt liquid cooled data center targeting Q4 twenty twenty five delivery. It's been designed and built for next generation AI workloads supporting 200 kilowatt racks, which is around 20 times the rack density of traditional data centers. Again, we'll talk a little bit more to rack density later in the presentation. The second significant build out is Sweetwater, our two gigawatt flagship data center hub in West Texas.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

14 Hundred megawatts at Sweetwater 1 is on track for energization in less than a year now, April 2026. The power is contracted, long lead equipment is secured and site preparation and construction is underway. Finally, a few notes on funding and structure. So first, we continue to practice disciplined capital allocation, particularly

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

in

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

the face of broader market volatility like we've seen over the past few months. Our decision to pause on further mining CapEx is a good example of this discipline in action. We've also engaged advisers across multiple debt financing work streams. Discussions are active and we expect execution in the coming months as markets continue to stabilize. And finally, as previously noted, we will be transitioning to a U.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

S. Domestic issuer status from the July 1 this year That will align our reporting with U. S. GAAP and reflect our increased U. S.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Asset footprint along with the increased U. S. Investor base. So in summary, record performance this quarter, consecutive profitability, near term milestones all on track and clearly a capital discipline lens as we focus on high return infrastructure growth and value creation for shareholders in the AI space going forward. So to talk a little bit about Bitcoin mining.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

This slide speaks to the performance both in absolute financial terms and inefficiency, especially in our mining segment. What we're showing here is not just growth, but how we're executing well across many multiple key operating and financial metrics. Despite macro headwinds, we're maintaining margins, we're scaling and we're using operating cash flow to help fund our growth in the AI vertical. So let's start with the headline figures. We averaged 29.4 ex a hash in operating hash rate this quarter.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

That's up 30% from second quarter and is driven by the continued build out at our Childress site and the deployment of new generation hardware. What we've also seen is 326% year on year hash rate growth against only a 40% increase in network difficulty, reinforcing that we're not just growing, we're outpacing the industry and we're growing our market share. All of this feeds directly into revenue and earnings growth. We continue to lead the sector on efficiency. Our fleet level efficiency remains best in class at 15 joules per terahash.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Our power costs averaged $0.33 per kilowatt hour at Childress last quarter and are among the lowest of any scaled miner globally. They're assisted by our energy market intelligence and software driven optimization during price spikes or curtailment events. So all of these translates to strong operational leverage. And as you can see, as we continue to add scale, our unit economics hold up and even improve in some cases. But perhaps just as important as this margin is how we fund growth from this point.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So as many of you will know on this call, we've made a deliberate choice to support our growth, including the growth in AI using cash flows from daily Bitcoin liquidation rather than raising dilutive equity unnecessarily. On the top right, you can see what all of this efficiency, of this profitability looks like in different metrics. So our all in hash cost was $23 per petahash per day versus an average hash price or revenue of 54%, representing over 50% gross margin even on a fully loaded cost basis, which includes all indirect direct OpEx, all in. To look at it a different way on a per Bitcoin basis, our all in cash cost, direct indirect costs, all in was $41,000 as compared to $93,000 in realized revenue per bitcoin mined this quarter. And again, realized, we liquidated, we achieved an actual price of $93,000 against an actual all in cost of 41,000.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So that's gross profit per bitcoin of roughly $52,000 for the quarter locked in cash. These margins are top tier clearly in the industry and also include all the cash costs for our AI business vertical. So they give us a strong buffer in the face of network or price volatility and give us a great platform to scale further from this point onwards, particularly noting that we had an average of 29.4 exahash last quarter, and we are within weeks of hitting 50 exahash. So exciting times. So if we turn our mind to the financials along the bottom, revenue grew from roughly $120,000,000 in Q2 to $148,000,000 in Q3, up 24%.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Adjusted EBITDA from $62,000,000 to $83,000,000 And on a statutory basis, EBITDA also rose 32% to 82,700,000 Finally, profit after tax, we saw an increase of 28% from a profit after tax last quarter of $18,900,000 to a profit after tax this quarter of $24,200,000 So these results, they're not just about growth, they're about quality of earnings. We're expanding while keeping costs maintained and margins pretty resilient. So we're excited about the expansion ahead as we round out from what you've seen here is an average of 29.4x hash to hitting 50x hash in the next few weeks. So in summary, we're operating efficiently, profitably. We're utilizing operating cash flows to support funding our next phase of growth as we scale AI infrastructure on the 50 x of hash.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So now to talk about our progress towards that key near term milestone, which I've mentioned a couple of times, achieving 50 exahash of installed Bitcoin mining capacity by the June. It also highlights how this sets us up. Again, as I mentioned earlier, it's one of the largest and lowest cost miners globally with substantial free cash flow available to support our AI strategy going forward. So as of 04/16/2025, we reached 40x a hash of installed capacity. What's really interesting is that's up from just one, 1x a hash in December 2022, representing a 40x growth in less than two point five years.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So the right hand chart shows this visually with our installed hash rate tracking a 361% cumulative average growth rate since December 2022, simply a testament to our team's execution capabilities. So we're now on the final leg towards this 50 exahash target. The data centers phase five of our Childress campus, an additional 150 megawatts of capacity is nearing completion. The primary substation is already on-site and nearing energization. So that's the 138 to 34 and a half kV transformation.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And then the bulk substation, we've completed the key upgrades and a second three forty five kV to one thirty eight kV, so this is the high voltage substation, is scheduled for delivery imminently. So this is important because not only does it support the full seven fifty megawatt deployment, but it also creates and provides some additional redundancy as we head into alternate applications for this site, which we'll come on to later in the presentation. In terms of miners, all the hardware is procured. It's been secured for a little while. It's now scheduled for shipping from Southeast Asia and is scheduled to land well within the ninety day tariff pause for reciprocal duties.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So that's a bit of a win. At four fifty exahash deployment, current market conditions as you can see in that table based on a $95,000 Bitcoin price at least supports $588,000,000 in illustrative adjusted EBITDA. The table at the bottom right walks through this. So at 40x a hash where we are today, we estimate adjusted EBITDA of around $450,000,000 already delivering a 60% margin. At 50x a hash, given the unit economics driven by scale efficiencies, that fixed cost leverage that rises to $5,588,000,000 dollars and a 62% margin.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So these aren't projections. Clearly, we don't know where Bitcoin price will be, but they do illustrate the underlying profitability of our mining business and some of the resilience going forward. So at this point, yes, we have made a deliberate decision despite all this to pause expansion beyond 50 ex hash, even though we had originally contemplated the 52x hash. The reason for this decision, firstly, it saves us around $43,000,000 of near term hardware CapEx. Secondly, it allows us to reallocate capital and internal resources, importantly, towards liquid cool AI data centers.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And finally, we still preserve that strategic flexibility depending on the Bitcoin price, depending on network difficulty, depending on unit economics to resume this growth in the future. But for right now, we've built out scale and we're now switching our focus to maximizing return on invested capital, and we see the best opportunity to do that in the AI vertical in the near term. So we're now one of the largest and lowest cost bitcoin miners globally. That positions us with meaningful and consistent cash flows, which is particularly valuable in capital intensive sectors like AI infrastructure. So our ability to generate that cash allows us to self fund some of the high margin, growth verticals such as AI cloud, such as AI liquid cooled data centers and allow us to minimize dilution for shareholders going forward.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So we're delivering scale, we're controlling costs, and we're using this platform to drive the next phase of our growth in AI infrastructure. So this is what makes 50xahash clearly not a stopping point or an endpoint, but a great place for us to pause and really drive growth in a new vertical. Now over to Kent to talk about one of those verticals.

Kent Draper
Chief Commercial Officer at IREN

Thanks, Dan. As Dan alluded to, our AI cloud service is one of two AI verticals that we're scaling today and demonstrates our ability to develop and scale AI infrastructure quickly, which is critical to our success in such an agile market. For context, we launched our, AI cloud service or Iron Cloud as it's now known as a proof of concept back in August 2023 to support our broader AI infrastructure ambitions. Our initial deployment began with two forty eight NVIDIA h 100 GPUs in early twenty twenty four and scaled to 1,896 h 100 h 200 GPUs all within less than twelve months. Today, the platform is supporting both training and inference workloads for a range of AI native customers on both a reserved and on demand basis.

Kent Draper
Chief Commercial Officer at IREN

All of this was enabled by the versatility of our proprietary data center design and delivery capabilities. The GPUs for Iron Cloud were installed in our 50 megawatt data center in Prince George, British Columbia, which had solely been operating Bitcoin mining workloads up to that point. The transition from ASICs to GPUs took just six to eight weeks with minimal incremental CapEx. This flexibility to easily pivot between Bitcoin and AI workloads with speed is one of the major factors giving us a competitive edge in the industry. We're able to respond extremely rapidly to shifts in market demand and rapid GPU cycles.

Kent Draper
Chief Commercial Officer at IREN

Importantly, while the Prince George site is supporting AI cooled GPUs today, it also has flexibility to accommodate liquid cooled configurations in the future, giving us versatility for both current gen and next gen GPUs should we expand deployments further. In terms of our expertise, scaling infrastructure is one thing, Doing it reliably and repeatedly is another. And that's why we've invested and continuing to invest in a growing in house AI infrastructure team across North America. From network architects, InfiniBand engineers, cybersecurity specialists, DevOps, and cloud go to market teams, we've assembled a team with significant depth and range. These aren't third party contractors.

Kent Draper
Chief Commercial Officer at IREN

This is all internal talent that we're scaling along with the platform. Additionally, we built strong direct relationships with key ecosystem partners. NVIDIA for GPUs and networking, Dell, Lenovo, and Super Micro for servers and hardware, Intel for CPUs, and Weka for high performance storage solutions. These relationships are foundational to how we scale, not just through procurement, but through roadmap alignment and co design. The image that you can see on the right here shows our Prince George facility in action.

Kent Draper
Chief Commercial Officer at IREN

It's one of the few real world deployments where Bitcoin and AI workloads are operating side by side, connected using shared infrastructure but independently optimized. So Iron Cloud gives us a unique edge. It gives us a proven ability to deliver real AI infrastructure, not just planet. It provides internal expertise for deploying, operating, and optimizing And it's these capabilities that we're now scaling up at Horizon One and Sweetwater.

Kent Draper
Chief Commercial Officer at IREN

Moving to the next slide, we saw increased customer engagement during the quarter within our AI cloud services business. And today, our GPU fleet is running at or near full utilization with new contract wins post quarter end. We're seeing a mix of on demand and multiyear terms ranging from short term flexibility up to three year commitments. Perhaps most exciting for us, we're now supplying white labeled compute to leading US AI cloud providers, supporting both training and inference workloads. This validates both the technical quality of our infrastructure and the depth of our engineering and operations team's experience and is also proving to help strengthen our AI colocation pipeline.

Kent Draper
Chief Commercial Officer at IREN

At Prince George, we still have an additional 47 megawatts of air cooled capacity. That's enough to support over 20,000 NVIDIA B200s, which are currently in high demand for inference scale workloads. We're in active dialogue with customers around these deployments and continue to evaluate opportunities, including by deploying small clusters of latest generation GPUs for internal and customer testing. All of this activity sits within an investment framework focused on risk adjusted returns. We're optimizing the sources and uses of capital and view debt and GPU financing as a very realistic path to scale.

Kent Draper
Chief Commercial Officer at IREN

On the right hand side here, you can see 33% quarter on quarter revenue growth in our AI cloud segment building on the foundation that we established with Iron Cloud last year. Our 97% hardware profit margins, which reflects revenue less electricity costs, highlight the strong margins that we're able to achieve by our vertical integration and ownership of our data centers. The photo below from Prince George, where our GPU and ASIC halls operate side by side shows the modularity and flexibility of our infrastructure model. So we're not just building this infrastructure, we're actively monetizing it and we're doing it efficiently with our own data centers and reinvestment of cash flows from Bitcoin mining. This is what sets us apart in the current market and provides a solid foundation for our entry into the AI data center market.

Kent Draper
Chief Commercial Officer at IREN

And I'll pass back to Dan for more detail.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Thanks, Kent. So that talked about AI cloud. Now I'm going to talk a little bit about the infrastructure and the colocation opportunity specifically behind that. So what we're showing on this slide is the fundamental, I guess, why behind our pursuit and our focus of AI infrastructure. So I think it's clear that the demand profile for AI compute is unlike anything that we've seen before across broader infrastructure.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And I don't think it's exactly speculative anymore, particularly given what we're seeing in the market. And what we're seeing is this shift is happening fast, and it's really becoming at scale. And what we're seeing is the markets are simply not ready to serve it. So I'll come onto that a little bit more, but if we look at the left hand side, forecast global AI users, starting with the demand side, it's projected to triple from 346,000,000 to over 950,000,000 in the next five years. And this growth is not driven just by consumers, like it's all on ChatGPT, but also by enterprises embedding LLMs and other AI tools into everyday use.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And everything from medical imaging to call centers to software developments, the expansion of this user base ultimately leads directly to compute growth. And as we see inference workloads scale in production environments, they require persistent infrastructure, not just burst compute for trading, which what brings us to what's on the right hand side of the slide. So here we show that user growth translates to global AI data center demand expected to grow three and a half times in the next five years. So that sounds like a big number, but what's even bigger if you understand energy market and the scale of what this really represents in terms of real world infrastructure, 44 gigawatts today to a 56 gigawatts in 02/1930. So that's more than a hundred gigawatts of new infrastructure required globally.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And today's traditional data center players simply aren't set up to deliver that at the required scale, speed, or density. So our 2.9 gigawatts that we've secured, that we've worked really hard over the last six years to secure, it's a big number. We all know it's a really, really big number. But in the context of a hundred gigawatts, it's still small. So it sets us up for a really interesting few years ahead.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So meeting this demand requires a fundamentally new class of infrastructure. So new designs, rack densities, the AI have jumped 225% year on year and continue to look like they're going to climb. Traditional data center designs simply do not work anymore. They're faster construction cycles. The customers want sites built in nine to twelve months, not two to three years.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So that's really forcing a rethink of how infrastructure is designed and delivered in this sector. And we're seeing scale. The industry is now talking about 50 to a thousand megawatt clusters with customers asking for two fifty megawatts or more across multi year rollouts. All of this is happening live time and the scale and the intensity just continues to climb month on month. So grid connectivity, this is really a gating factor.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

A greenfield hyperscale site can take up to five to seven years just to secure that transmission access and energization. So that is the critical bottleneck, and it's where we clearly believe Iron has a competitive advantage along with a few other points, which we'll get to. So we are clearly well positioned to meet this demand. We've got nine point 2.9 megawatts of secured power capacity already contracted, including those large scale grid connections at Childress and Sweetwater. We own our own land, which means we're not reliant on M and A.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We're not reliant on third party developers, and we can move quickly when customer demand materializes and is contracted, and importantly, the upside on the infrastructure development. So I guess my message here is the demand is real. It's growing more and more real week by week, and it's infrastructure constrained. We've got the land, we've got the power, and importantly, we've got the engineering and the execution capabilities to capture a good share of this growth, and we're making it happen right now. So if we zoom out briefly and look at how we are positioned to address one of these biggest barriers to adoption.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So it's not just about the GPUs, it's about the ability to deploy those GPUs with power, cooling, permitting and speed. And that's where most of the market is getting stuck today. So we've spent years assembling the fundamental and foundational ingredients for this. We've secured those large scale sites that I mentioned. They're very quickly becoming strategic emerging AI hubs, particularly in West Texas.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We've got a track record in high density data center delivery going back to 02/2018. This is not our first rodeo. We have been doing power dense data centers for seven years. Those of you who have followed us for that time understand that, yes, we had origins and our roots in Bitcoin mining, but we never went down the path of CCANS, old abandoned warehouses, shipping containers. We built multifunctional data centers from day one.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And a testament to that, again, I'll repeat it. In Prince George, in the same data center we originally built, we have Bitcoin mining racks operating right next to latest generation latest generation NVIDIA GPUs servicing AI customers. The exact same data centers. So this experience in engineering, designing, deploying, and then operating power dense data centers is what our business was set up to do. And it's part of our foundation, and we're continuing to do it.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

The only difference is we're continuing to iterate on that power dense design to service these future workloads. So that in house development and procurement team is critical. It gives us a direct control over the project pacing. It reduces reliance on third parties. We don't need to sign big contracts with third parties and outsource all of this.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

It derisks those execution timelines. But critically, we still work with tier one engineering, tier one OEM, tier one EPCM partners where it makes sense, and they're already engaged on Horizon and the Sweetwater projects. So all of this is what allows us to move with certainty, compress timelines, and meet the most demanding specs, whether it's 200 kilowatt racks, whether it's liquid cooling or multi hundred megawatt campuses. And today, we've got 2.9 gigawatts of aggregate power capacity across those sites to service it. So I guess my message here is simple.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We're not just a site developer. We haven't designed simply options on land and gotten lucky around this power. We're a builder. We're an operator. We've been doing this for seven years.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We've structured the company to scale infrastructure in the power dense HPC space simply as fast as customers can commit. So while the demand is clearly global supplies constrained and we've got the power, we've got the partners, we've got the execution track record to meet that demand at scale. So the next major milestone in our infrastructure rollout is Horizon one, fifty megawatts of liquid cooled AI data centers in Childress, which is currently under development and due for delivery in quarter four this year. So as we've mentioned, there's a growing scarcity of sites capable of supporting liquid cool GPUs at scale. So this is specifically designed to cater to NVIDIA's Blackwell platform, but also beyond with rack density of 200 kilowatts per rack.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So this aligns with the next generation of model training, and customer interest has well exceeded the initial 50 megawatt data center. We've got multiple customers actively engaged in due diligence, actively engaged in commercial negotiations. So it is clear that there is a clear gap in the market and we're looking to fill it. So in terms of the specs, just to recap, it's 50 megawatts approximately of IT load for phase one. We're designing it for 200 kilowatts of rack density.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

To put that in perspective, that's compared to only 130 kilowatt for the new generation Blackwells that are being released over the course of this year. We've got four UPS and diesel backup systems, sub six millisecond round trip latency to Dallas, which supports both AI training along with latency sensitive inference workloads. And finally, forecast CapEx unchanged 6,000,000 to $7,000,000 per megawatt of IT load, which we continue to gain conviction is very competitive for liquid cooled data center deployments in the current market. So clearly securing an anchor customer for Horizon one is a top priority. It catalyzes our formal entry into the AI data center colocation market, and importantly, builds confidence for the broader site development opportunity across the full seven fifty megawatts available at Childress.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

It also further differentiates us in the market as we prepare to bring Sweetwater online in April 2026 and the 1.4 gigawatts immediately available at that point. In terms of financing, we're actively exploring pathways that optimize for capital efficiency. So that includes customer pre payments, project level debt, corporate level debt, equipment leasing and convertibles. So we're also open to joint ventures, particularly with infrastructure capital providers, as long as they're aligned with our long term control strategy. So in terms of milestones, the project's progressing along a well defined delivery schedule.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

It's on track. So we're looking to start earthworks and grading in the coming weeks. In the third quarter, we'll start preparing structure, cooling and the electrical system. And then in Q4, we expect final delivery and readiness for occupancy. So long lead items already ordered, procurement team is very active.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We remain track on track to deliver Horizon one on the original schedule that we outlined. So Horizon one is our first at scale AI data center, and it's also the model for how we can potentially develop and scale across our broader platform, including Sweetwater. So we've locked it all in. Now it's a matter of executing over the coming months. So this slide brings the focus back to the seven fifty megawatts at Childress and our roadmap for potentially transforming this entire site into a world class liquid cooled AI campus.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So three main things to take away. Firstly, customer interest, as I mentioned, already exceeds the Horizon one's initial 50 megawatt capacity. This just validates and reinforces our decision to invest ahead of the curve and make the commitment to build out this capacity and also reinforces why we've already begun work on expanding capacity across the broader campus. Site design is now underway for a full 750 megawatt transformation. So this is not just additional racks.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

It's a complete reconfiguration of the site for liquid cooled AI workloads. Associated upgrades to power redundancy, cooling infrastructure, network architecture. Thirdly, with future proofing, as I mentioned before, 200 kilowatt rack densities as compared to the 130 kilowatts required for Blackwells, Well above what we're expected to require for the next generation, setting us apart from traditional data centers even further that are really struggling to handle this basic level of density. So I think the quote here captures the design philosophy. So the project's not being engineered just for what we need now and what we need over the next six to twelve months, both based on the roadmap we're seeing on the GPU side, but what we think AI will demand next.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So we're not just catching up, we're building ahead of the curve, and this is a real step change in capability and what we're offering the market. Top right, you can see a real photo of the Childress site as of April, clearly very active nearing completion of multiple new build buildings. And below that is a rendering of the seven fifty megawatt Horizon concept, illustrating how the site might be evolved to accommodate seven fifty megawatts of liquid cooling, high rack density and AI specific workloads. So in context, we own the land, we own the substation, the infrastructure, we're building to rack level specifications required by future workloads, not just what fits today, and it positions us, Horizon, and Childress to be one of the few potential large scale liquid cool AI campuses in North America. So this is the blueprint, not just for Childress, but also for Sweetwater and how we can potentially scale our broader platform to meet this rising demand.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So Sweetwater is our flagship AI site, which we've mentioned for the last year or so now. And it's a very rare combination of secured land, grid scale power and site readiness that is well in motion. So to recap some of the fundamentals, 1,800 acres with up to two gigawatts of high voltage power capacity already secured through binding contractual agreements. That's enough capacity to support over 700,000 next generation GPUs, including those liquid cool Blackwell GB two hundreds. Substation site level civil works are already well underway, so we're not waiting on paperwork.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We're not waiting on anything else. We're actively building this at the moment and preparing the site for construction. So it does feel like we might be entering a super cycle of AI infrastructure build out, particularly when you look at these forecasts of a 25 megawatts, not megawatts, of AI data center capacity over the next five years, Over $5,000,000,000,000 of capital, compute energy, land, cooling, networking, and this is where Sweetwater stands out. Most of that demand is bottlenecked by land use, zoning, grid connection, politics, and at Sweetwater, we've sold for those constraints. So the site has the potential to support up to $70,000,000,000 in end user AI infrastructure investment.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

$70,000,000,000. That's the development side that we've been actively incubating and are preparing. So the initial energization is targeted for April year. All long lead substation equipment's on order. The looped fiber connection between Sweetwater one of 1.4 gigawatts and Sweetwater two of 600 megawatts is already designed.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And the flexibility to scale in 100 to 500 megawatt increments gives us a lot of agility to align CapEx with customer commitments and the discussions that we're having. So there are very few sites in North America or even globally with this unique combination of scale, power, land, control and readiness. We own the land, we've secured the interconnect, and we've started the site readiness. We believe Sweetwater is one of the most advanced and actionable AI campus in development today. So with Horizon leading our first delivery and Sweetwater anchoring our medium term growth pipeline, we really believe we're well positioned to meet this market momentum in AI.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Over to Kent now to touch on CapEx and funding.

Kent Draper
Chief Commercial Officer at IREN

Thanks. This next slide outlines how we're funding growth and in particular how our business model provides a unique combination of internal cash flow and external funding flexibility. As of April 30, we had $160,000,000 in cash on the balance sheet. This combined with strong cash flows from Bitcoin mining and our AI cloud provides significant funding support for our next phase of growth. We estimate a net funding requirement of up to $250,000,000 over the remainder of 2025, primarily to support the expansion to 50 exahash, which is already nearly complete delivery of Horizon one, our first liquid cooled AI data center targeting energization in q four twenty twenty five and substation development and site preparation at Sweetwater to prepare for energization in April 2026.

Kent Draper
Chief Commercial Officer at IREN

In terms of capital markets, we've engaged advisers across multiple debt financing work streams and we expect execution in the coming months as markets continue to stabilize. The important point here is we're not reliant on equity issuance to grow. We have a strong balance sheet, significant tangible assets, cash generating operations and access to diversified capital channels. This capital strategy gives us flexibility to continue scaling AI infrastructure and maximize returns from the platform that we've built. In terms of illustrative cash flows, the table below shows illustrative annualized adjusted EBITDA outputs under various Bitcoin price assumptions holding other inputs constant.

Kent Draper
Chief Commercial Officer at IREN

At the current total network hash rate and a $95,000 Bitcoin price, we showed 942,000,000 in mining revenue. After subtracting power, OpEx, REX, and layering in our AI cloud contribution of $28,000,000 we arrive at a $616,000,000 adjusted EBITDA figure. You can also see that even at lower prices, for example, $60,000 Bitcoin, we still deliver nearly 270,000,000 in adjusted EBITDA. This is thanks to our low cost power, lean cost structure, and best in class hardware efficiency to help smooth that exposure. I'll now pass over to Belinda to walk through the financial results.

Belinda Nucifora
Chief Financial Officer at IREN

Good morning to those in Sydney, and good afternoon to those in North America. Thank you for joining us for our q three FY twenty five earnings update. As Dan mentioned at the start of the presentation, during the quarter, we reported consecutive quarters of profit after tax of £24,200,000 for Q3 and £18,900,000 for Q2. We delivered record mining revenue of 141,200,000.0 and recorded record adjusted EBITDA of £83,300,000 and EBITDA of £82,700,000 The average operating hash rate increased by 30% from 22.6 exahash to 29.4 exahash, and we mined $15.14 bitcoin at an average realised price of 93.3 ks. During the quarter, the total net electricity cost increased by 30% from twenty eight point nine million pounds to £36,500,000 in line with the increased megawatt usage at Childress.

Belinda Nucifora
Chief Financial Officer at IREN

During the quarter, the power prices remained relatively flat at 3.6¢ per kilowatt hour. The average net electricity cost per bitcoin mined was 24 ks. Other costs of $25,300,000 remained relatively flat despite a business today that continues to deliver significant growth and continues to support the projected continued expansion across our AI vertical, as well as the costs associated with regulatory and compliance obligations. Moving to our cash flows, I wanted to note that our consolidated cash flow statements are now presented in line with IFRS, requiring the proceeds from the sale of Bitcoin mine to be classified as cash flow from investing activities. As such, Iron filed a 20 FA on March twenty of this year for the period ended thirty June twenty twenty four, along with a six ksA for the previous two quarters of this financial year, restating its cash flows to reflect this.

Belinda Nucifora
Chief Financial Officer at IREN

The closing cash bank at 03/31/2025 was £184,300,000 with receipts from Bitcoin mining activities of 141,200,000.0 and AI cloud services of £3,800,000 We had a decrease in cash flow used in operating activities of 11,600,000.0, which was primarily due to a decrease in our annual insurance payments of 9,000,000 that was made in Q2. We had an increase in net cash used in investing activities of 234,800,000.0, primarily due to significant milestone payments made on mining hardware. We had a decrease in net cash from financing activities of $349,900,000 primarily due to the net proceeds from the convertible notes that were received in Q2. During the second quarter, by the ATM, the company issued 10,000,000 shares for gross proceeds of 110,900,000.0. And since the balance sheet, we've issued a further £17,400,000 for gross proceeds of £107,600,000 Moving to the balance sheet.

Belinda Nucifora
Chief Financial Officer at IREN

As at 03/31/2025, the total assets recognised were £2,000,000,000 including property, plant and equipment of £1,600,000,000 which provides a strong balance sheet to support future growth. In relation to the £440,000,000 convertible note issued on the 12/06/2024, in accordance with IFRS, we reported a current liability of 346,200,000.0 including an embedded derivative of $23,700,000 and a current asset of $11,700,000 for the capped call and a non current asset of 34,700,000.0 in relation to the prepaid forward that would entered into concurrently with the convertible note. As Irene transitions to US GAAP reporting from 01/2025, the accounting for the convertible notes, capped call and prepaid forward will be reassessed in line with applicable accounting standards. Total equity increased to $1,400,000,000 with 10,000,000 shares sold under the ATM during the quarter. So I'll now hand back over to Mike to commence the Q and A.

Operator

Thank you. Our first question comes from Nick Giles with B. Riley Securities. You may proceed.

Nick Giles
Senior Research Analyst at B.Riley Securities

Thanks operator and good afternoon everyone. Thanks for the comprehensive presentation today. My first question, Dan, you used the words ahead of the curve and it made me think of Dennis and his team were really ahead of the curve on building out an ecosystem required in AI cloud services. And so my question is ultimately, how should we think about your appetite to fill out the available capacity of Prince George and growth beyond that? When I look at Slide 16 on the CapEx side, I see the 50 ex Hash Horizon one in Sweetwater, but I don't see anything explicit on the GPU side.

Nick Giles
Senior Research Analyst at B.Riley Securities

So thank you very much.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Thanks, Nick. Yes, you're right. Those facilities were designed from day one to accommodate rack densities of 70 to 80 kilowatt air cord and have been successfully operating NVIDIA h one hundreds and h two hundreds there over the last twelve, fifteen months. The opportunity to scale there is clear. In terms of scaling our AI cloud, we're very focused on capital and risk adjusted returns.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So it's all about matching sources and uses quite frankly. The demand is there on a on a spot basis. Do we want to incur GPU financing to finance revenues that are short term? Do know that there's a risk profile attached to that. Do we want to use equity to finance further growth growth in our AI cloud?

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Never say never, but I given the tools we've got, given the scale, given the access to GPU financing, I think our strong preference is to try and match debt with customer contracts as a way of growing that AI cloud vertical out. And we're looking at that in parallel, both the GPU financing as well as multiple contract conversations with customers particularly around Blackwell's in the thousand megawatt thousand GPU plus clusters. So we're looking at all that in parallel with customer conversations on Horizon and Sweetwater.

Nick Giles
Senior Research Analyst at B.Riley Securities

Great. I appreciate that. My second question is, you noted being open to JVs. And so I was curious at what stage it could make sense to bring a partner in. Is this something that could accelerate a definitive agreement at Horizon one, for instance?

Nick Giles
Senior Research Analyst at B.Riley Securities

Or would it be more related to additional scaling later on?

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

It could be anything. But, clearly, when you've got a $70,000,000,000 development project at Sweetwater, we can't deliver all that capital in our current state and with our current market capitalization. So we would need to bring in further partners, absolutely, on the project financing and debt side, but also potentially on the equity side. And like all of this, it's all about options and running through the scenarios in front of you. So how do you finance this?

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We've got equity in iron given our current market cap and cost of equity. Clearly, there's a cost to that, which we've got to be very sensitive to. When you're dealing with private infrastructure players, their cost of capital, if you can get the risk profile right, is substantially lower. I mean, that's a lot of our backgrounds in private infrastructure. So being able to bring that in where it may make sense to complement what we've built in a listed environment may deliver better value accretion to shareholders.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

There's also a control aspect, so we just need to be careful around whether we want to engage with third party equity and enter into those joint ventures. But given where we're at with those customer conversations, given the prospects we're seeing in debt financing instruments and multiple different types, we're pretty optimistic about financing the capital associated with these developments. And really, it's about the customer side in the short term.

Nick Giles
Senior Research Analyst at B.Riley Securities

Good to hear and appreciate all the details. So keep up the good work.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Thanks, Nick.

Operator

Thank you. Our next question comes from Reggie Smith with JPMorgan. You may proceed. Reggie, your line is now open.

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

Sorry, I was on mute. Congrats on the quarter. It's pretty remarkable that you guys have been able to scale your Bitcoin hash rate while still pursuing HPC. So I wanted to give you guys kudos for that. I had two quick questions.

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

One, I noticed that I think you guys called out the growth in your AI cloud business. I was curious if you could provide some details on, on how you guys are performing there from an uptime and utilization perspective. Like, what KPIs do you track and how that performance kind of benchmarks against, I guess, industry norms and, expectations? I think that's probably a very important selling point as you as you engage the customer.

Kent Draper
Chief Commercial Officer at IREN

Yeah. I'm happy happy to take that one. Yeah. We track a a full range of metrics across the operations of that AI cloud services business. We have focused a lot within the operations on automation as well as telemetry and being able to record a huge amount of data that we're continually feeding back into the way we operate and maintain these systems to make sure that that we're improving and maintaining performance levels over time.

Kent Draper
Chief Commercial Officer at IREN

In terms of of how we've been performing, we get continual feedback from our customers that we are among the best of their cloud providers. And in some instances, you have very clear feedback that both the uptime and our response to any issues that they have is is extremely favorable compared to other providers that that they're using. And, ultimately, yeah, the the proof is in the pudding with these operations. And as I mentioned while while I was presenting earlier, we are seeing in particular this uptake of white labeling our GPUs for other cloud service providers. Now they obviously have, you know, extremely good insight into technical capabilities and performance levels.

Kent Draper
Chief Commercial Officer at IREN

And the fact that they are, you know, contracting with us for capacity, I think, provides a very good sign that our performance and operating levels are extremely good.

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

That was good. That was good to hear. If I could sneak one more in. Obviously, you guys are having discussions with potential tenants at Horizon One. What milestones or signals are you looking for in the coming months to indicate that you're moving closer to a formal agreement?

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

And then maybe talk a little bit about how the conversations have changed, you know, more recently versus which which which you may have been discussing a few months ago, how the how the text shared the conversations or or whatever. Any any any insights you could provide there to give us a sense of of how things are progressing and what that looks like as you as you move through the discussions? Thank you.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Yeah. I'm happy to handle this, Kit, and then you can add in anything in. So these conversations with multiple customers on ongoing, I appreciate that's a bit of a hand wavy statement. So to add a little bit more detail, there's been multiple site visits, like several, lots of detailed due diligence, contractual negotiations, discussions of exclusivities and ROFAS, etcetera. We're in the advanced stage of negotiation with several at the moment, and we're just working through it.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So we're highly confident of contracting ahead of commissioning in q four. Clearly, we're not going to earn revenue before then anyway. So a lot of it is just making sure that we do the right deal with the right counterparty on the right terms. We get all the technical detail right. We get the contracting structure right.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

And importantly, there's a lot of conversation with these customers around pathway to scale. So most of these customers, if not all, are not interested in 50 megawatts. They are interested in the fact that this site can scale generally around to that two to 250 megawatt mark over the coming period, but equally, of them are looking beyond that. So that's where we spoke about the 750 megawatts potentially all becoming liquid cool AI data center capacity, looking at what we're hearing from the customers. I mean, there's a bookend.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We might be sitting here two years and there's no more Bitcoin. But that's just the reality of what we're doing. We're not religious. We're not wedded to anything other than driving the highest creation of value for ourselves and shareholders, and that's driving the decision making. So if we contract full 750 megawatts on better risk adjusted terms, then Bitcoin mining will do it.

Kent Draper
Chief Commercial Officer at IREN

Yeah. The the one thing I'd

Kent Draper
Chief Commercial Officer at IREN

add to that

Kent Draper
Chief Commercial Officer at IREN

is is in addition to those ongoing conversations that that Dan mentioned and site visits and technical DD, we continue to see good levels of demand from new potential customers. So we continue to see a lot of inquiries from customers that we haven't previously interacted with. So it does seem, yeah, clear to us that that the level of demand, particularly in the near term for liquid cooled data centers, is is driving a lot of those interactions.

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

Got it. That makes sense. If you decided to trans transform, would you be able to kinda continue to run Bitcoin mining until full cut over occurred or or, like, how would that how would that work?

Kent Draper
Chief Commercial Officer at IREN

Yeah. So it's a it's it's a bit of a combination. So at the Childress site, Dan had the the rendering up earlier as to what a a potential full site build out for liquid cooled capacity could look like. And there is, you know, ample space at that site to be able to build additional phases of Horizon on areas that currently haven't been built out as well as in the future then retrofitting the existing buildings for for further development. So, obviously, the the approach that you're taking there, if it is new build phases from the ground up, obviously, there's no interruption to your Bitcoin mining activities until, you know, right near the end when you switch the power across and and power up the new liquid cooled data centers where you are undertaking retrofits of existing capacity, then, yes, you do need to to take that capacity offline at some point prior to the new liquid cool capacity coming online.

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

Got it. Understood. Thank you so much.

Operator

Thank you. Darren Ottaly with Roth. You may proceed.

Darren Aftahi
Senior Research Analyst-Internet, Media and Enabling Technologies at Roth Capital Partners, LLC

Hi, guys. Thanks for taking my questions and congrats on progress. Kind of a clarification on the CapEx spend per megawatt. You mentioned it includes UPS and diesel gen. I guess, how are you able to kind of reach that CapEx spend when it seems like it's kind of below market?

Darren Aftahi
Senior Research Analyst-Internet, Media and Enabling Technologies at Roth Capital Partners, LLC

And then I guess, in the conversation you're having with potential parties at Horizon one and maybe beyond. Can you characterize kind of maybe what those clients might look like? Is it hyperscalers, neo clouds, large enterprise, all of the above? Any color would be great. Thanks.

Kent Draper
Chief Commercial Officer at IREN

Yeah. Happy to touch on the cost element there. So in terms of the build out, as Dan mentioned, we've been doing power dense data centers for over seven years now. So we are extremely experienced in building out these facilities. We've spent a lot of time optimizing our data center design.

Kent Draper
Chief Commercial Officer at IREN

And importantly, in the in the build out for Horizon one, we're doing it in a way that utilizes a lot of the existing data center design. So the same building shells, a lot of the electrical infrastructure is very similar, and then we're just layering in the redundancies that these AI customers ultimately are looking for in terms of what you mentioned around gensets, UPS, etcetera. So what what that enables is that we're able to do it in an extremely cost efficient manner versus a traditional, yeah, new AI data center build out where people may be using, for example, concrete building shells which which require a significant amount of additional CapEx versus our design. So, you know, everything that that we're delivering is consistent with what customers expect, and we know that because we've been going through these detailed technical due diligence conversations with them over the past number of months. So that that's really, you know, the key elements as to as to how we're able to achieve better cost.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

I think just to add to that, like, this isn't a small team of finance guys just trying to sign a contract and then outsource everything on the technical side. Like, as Kit said, we've been doing this for seven years. It's a founder led biz business where every single element of every data center and everything we do goes back to first principles. Whether people want to acknowledge it or not, this is an entirely new asset class, power dense computing. Legacy data centers are fundamentally different in terms of how they've developed, how they've been engineered, how they've been operated, and we've had the benefit of seven years from the ground up optimizing everything.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Like, no one believed that we could build air cooled data centers for $650,000 a megawatt that run next generation AI workloads, h one hundreds, h two hundreds. We've been doing it for fifteen months, and it's the same thing with all this. It's just a bottom up analysis. How much does the raw materials cost? What's the most efficient way to assemble everything?

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Not signing layers upon layers of contractors, designers, builders, etcetera. It's all controlled in house. And I think you're right. Like, it's going to be a competitive advantage, the ability to deliver cost at this level.

Reginald Smith
Reginald Smith
Senior Associate at JP Morgan

Thank you.

Operator

Thank you. I would now like to turn the call back over to Dan Roberts for any closing remarks.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

Thank you. Thanks again to everyone for the questions and also for joining us today. As you've heard throughout this call, Iron continues to deliver consecutive quarters of profitability, substantial free cash flow, and really strong execution across both Bitcoin and AI. So we've built a business that performs through the cycle. You can see those scenarios all the way down to a $33,000 Bitcoin price, all the way up to wherever your minds would like to imagine.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

So not just when Bitcoin is running, but through disciplined operations, efficient infrastructure, and capital allocation that stacks up in any market. So we lead on fundamentals, and that's what sets us apart. It's what allows us to fund growth from cash flows that we're generating while still scaling into one of simply the most exciting infrastructure opportunities of our time. So we're incredibly excited about what lies ahead in AI and really confident in our ability to capture that upside, but capture it in the right way. So thanks again.

Daniel Roberts
Co-Founder, Co-CEO & Director at IREN

We look forward to updating you all next quarter. Thank you.

Analysts
    • Mike Power
      Director- Investor Relations at IREN
    • Daniel Roberts
      Co-Founder, Co-CEO & Director at IREN
    • Kent Draper
      Chief Commercial Officer at IREN
    • Belinda Nucifora
      Chief Financial Officer at IREN
    • Nick Giles
      Senior Research Analyst at B.Riley Securities
    • Reginald Smith
      Senior Associate at JP Morgan
    • Darren Aftahi
      Senior Research Analyst-Internet, Media and Enabling Technologies at Roth Capital Partners, LLC
Powered by Quartr

Key Takeaways

  • Q3 marked Iron’s second consecutive profitable quarter with $24.2 M net profit (+28% Q-on-Q), record revenue of $148 M (+24%), and all-time high EBITDA of $83 M.
  • Bitcoin mining capacity averaged 29.4 EH/s (+30% Q-on-Q, nearly 5× Y-on-Y) and reached 40 EH/s installed on April 16, on track for 50 EH/s by June 30, after which Iron will pause further expansions to reallocate capital into AI infrastructure.
  • The AI cloud segment delivered 33% Q-on-Q revenue growth, with GPU fleets running at near full utilization and hardware-level margins north of 95%, including white-label partnerships supplying compute to U.S. AI cloud providers.
  • Iron is advancing two major AI data centers: Horizon One (50 MW liquid-cooled, 200 kW rack density, Q4 ’25 delivery) and Sweetwater (1.4 GW Phase 1 energization in April 2026), backed by 2.9 GW of secured power capacity.
  • With $160 M cash on hand and up to $250 M funding needed for 2025 growth, Iron is pursuing multiple debt financing avenues and leveraging strong Bitcoin cash flows to self-fund AI expansion under a disciplined capital allocation framework.
AI Generated. May Contain Errors.
Earnings Conference Call
Iris Energy Q3 2025
00:00 / 00:00

Transcript Sections