IREN Provides Business Update; The 2024 Expansion Fully Funded, $425.3M Cash, No Debt; 30 EH/s And 510MW Of Data Centers In 2024 Fully Funded

Author: Benzinga Newsdesk | July 01, 2024 08:19am

IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update.

• 2024 expansion fully funded
  • $425.3m cash1, no debt
  • 30 EH/s and 510MW of data centers in 2024 fully funded
  • Additional cash buffer, providing flexibility in respect of:
    • procurement items for 2025+ expansion;
    • prospective connection agreements for additional power capacity; and
    • other general purposes, e.g. in relation to potential power monetization activities (see below)
• Monetization program for power and land portfolio
  • Near-term focus on accelerating monetization opportunities for broader power and land portfolio, including the 1,400MW project in West Texas
  • All options under consideration, including asset sales, colocation deals, joint ventures, build-to-suit data centers, as well as expansion of existing GPU fleet

Posted In: IREN