IREN Limited

- The company has $2.6 billion in cash and cash equivalents as of April 30 and expects this, along with operating cash flows and GPU financing, to support near-term CapEx. - For GPU CapEx, the company is leveraging secured debt and customer prepayments, with approximately 95% of Microsoft GPU-related CapEx expected to be funded this way. - Workstreams are underway for additional GPU financing to support upcoming deployments. - Data center financing will evolve from balance sheet/corporate sources in early stages to asset/project-level financing during construction and customer contracting, with refinancing and capital recycling as assets stabilize. - They intend to maintain a disciplined balance of debt and equity as the platform scales. - Capital markets are currently open and supportive; other financing options, including private markets, are also being considered.

- The 5-gigawatt expansion requires significant capital, but funding is progressive over years, aligned with construction phases. - Capital markets are currently supportive; financing includes reinvested revenue, GPU financing, and strategic partnerships. - NVIDIA partnership includes up to 5 gigawatts of AI infrastructure deployment with a $2.1 billion investment tied directly to GPU deployment milestones. - Approximately 95% of Microsoft GPU-related CapEx was financed through prepayments and GPU financing at ~3% interest. - GPU CapEx will leverage secured debt, prepayments, and other financing initiatives at corporate and project levels. - Data center financing evolves from balance sheet to project-level and refinancing as assets stabilize. - Air-cooled retrofits use existing infrastructure, reducing CapEx compared to new liquid-cooled builds, enhancing capital efficiency. - The Nostrum acquisition in Spain adds secured power and development opportunities with scalable infrastructure. - Overall, disciplined balance of debt and equity maintained to support phased global build-out.

- Targeting $3.7 billion in annual recurring revenue (ARR) by the end of calendar 2026, up from $3.1 billion currently contracted. - Revenue ramp expected to be back-end weighted in 2026, with Microsoft contract and additional GPU deployments driving growth starting Q3 2026. - Scaling data center capacity to 480 megawatts of AI cloud capacity in 2026, with 150,000 GPUs deployed. - Expansion to 1,210 megawatts in 2027, including 730 megawatts under construction in British Columbia and Texas. - Long-term platform growth supported by a secured 5-gigawatt global power portfolio spanning North America, Europe (Spain), and Asia Pacific (anchored by Australia). - Strategic NVIDIA partnership tied to deployment of up to 600,000 GPUs, supporting up to 5 gigawatts of AI infrastructure globally. - Ongoing strong customer demand with all operational capacity fully contracted; no idle GPUs. - Growth driven by combination of hyperscale and AI native end-market customers.

- IREN targets $3.7 billion Annual Recurring Revenue (ARR) by the end of calendar 2026, up from $3.1 billion currently. - The revenue ramp to $3.7 billion is expected to be back-end weighted, with significant contributions from Microsoft contract and additional GPUs starting Q3 2026. - Adjusted EBITDA was $59.5 million for Q3 FY26, down from $75.3 million in prior quarter, reflecting ongoing transition from Bitcoin mining to AI cloud. - Net losses are currently impacted by noncash impairments tied to hardware decommissioning but reflect strategic repositioning towards AI cloud, seen as higher long-term value. - Execution focus is on accelerating "time to compute" to drive revenue; operational capacity is fully contracted with no idle GPUs. - NVIDIA’s $2.1 billion investment and 5-year $3.4 billion AI cloud contract support growth with GPU deployments tied to capital infusion. - Financing initiatives (prepayments, debt, corporate sources) in place to support capital-intensive build-out with expected improvements as assets stabilize.

- Current contracted Annual Recurring Revenue (ARR) is $3.1 billion. - Targeting $3.7 billion ARR by the end of calendar 2026. - All operational capacity is fully contracted; no idle GPUs. - Substantial portions of 2026 and 2027 capacity are already contracted, often before arrival. - Active discussions ongoing with a range of customers, including hyperscale clients and AI native labs, for future capacity. - There is significant demand for air cooled capacity slated for second half of 2026 and early 2027. - The NVIDIA 5-year AI cloud contract valued at $3.4 billion supports internal workloads and is part of the broader partnership. - Financing arrangements, including prepayments and GPU financing (similar to Microsoft contract), are in place to support capacity build-out.