Iris Energy Limited (IREN) 26 Nov 242025 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to IREN Q1 FY '25 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Lincoln Tan, Director Investor Relations.

Thank you, operator. Results of of North welcome you First FY those morning and to to Quarter those to in 'XX afternoon you American, in good IREN's Good Presentation. Australia, and Director My name on call Kent Belinda are today Draper, Investor Co-CEO; and Roberts, and CFO; joining the Co-Founder of Daniel Nucifora, is me Relations, Chief Tan, Lincoln and Commercial Officer.

presentation. note that webcast an accompanying being this live is please call begin, we Before with

results ask a For remind you to you have on can our in within accompanying after dialed that actual Good reliance place not assumptions differ you statements that to call refer to phone, afternoon, on via to Listeners turn risk those Roberts. Thanks, now the we this via question presentation. I based welcome o the statements, or forward-looking Please certain everyone, over and materially make forward-looking cautions you. And undue company. the of that and constitute certain the to like listeners expectations moderator and to Lincoln. the information statements. during are the cause Dan factors elect disclaimer would may IREN could presentation. call X that statements that Thank of I should will on and information forward-looking from Slide

the to thinking to as as term. Good market, through how the and you welcome Lincoln. both It's Thanks, short step but medium about you afternoon, call. results interesting everyone, have the term also our prior time in quarter, we're long opportunity our Thank a the earnings quarterly present and we're from well for importantly, to an dialing and the in. pleased

the time for us, So it's an exciting industry. for time exciting

into So let's it. dive

through sure X. the straight Slide on everyone's jumping Slide read make to So disclaimer X,

with we price Bitcoin to reaching So I question is and recent say the space, very over underperforming our or that in the months. meant are questions different from built we around the are some And Bitcoin, miners dynamic the sector seeing given why There Bitcoin. what's sort necessarily investors think interest time miners fair business has model. in isn't strategy seeing have now the inflection of this competition what that why they that the is for but proxy that market, returning a around ways to of why be business fielded necessarily perspective, Miners number are we're cycle? So exposure, It's mining point. an around a more of than express Bitcoin to it's matured. aren't to the moving ever their a HODL for institutional interest more it's sector

You're self-custody solutions. seeing institutional-grade

the emergence of the seeing You're ETFs.

Bitcoin like products. In commodity MicroStrategy low-cost Bitcoin coming per low producing circa contrast, for producer, through $XX,XXX positioned our as at returns investors seeing accumulate You're slides. and focused will cost, we're cash a as Bitcoin capital the we cash-on-cash in on companies market see

So strong models in this mining is flow low-cost, expect cash we an business thrive. business are which scrutiny, to a under environment

from Bitcoin of background aspect just allocation bit speakers fundamentals, side, Thank see a and Gold market positioned focus, go and I operational ask as we're There's well we our of please? that the the X.X. Could mining every mute, coming into ultimately, Mining on costs, growth can as other on line noise. So view you. side capital on for you production believe right-hand focus, in business there We outlook growth. the leadership they're for

weeks Slide away. inflection It's XX move if we exahash is for an So point could our then business. X. to also

XX than a of us now but listed largest one little that bit that, the is I making going will the fact, exahash the in delivered to believe Installation last and commissioning miners. miner be next weeks days. the longer is In X away, take

hitting an is Bitcoin as Just high. all-time

However, those that know not there. us, stopping we're

accelerating are we that the announce to was pleased second half it to next our XX expansion the Previously, first half. year. into exahash also of are We

continuing coin. The generate accelerate allowed forward to able business that bring of to invest growth all model of cost. to $XX,XXX per fundamentals to to more us been expected our at continue Bitcoin we've have So and low cash at cost an

the Our on our lower set risks. And supply rapid do a a expand. hit a provide now. items IREN capability large-scale to we a inflection have deliver. target in and in that business procuring scale execution and now, management of of platform hit risk we've strategy, we've and will focusing the to we is to to projects, business mitigate continuing Years lead model and we this hit point, market, it, where that. planning If to is chain economies continue a long finally, This believe we

more respect talk operating, being to we've this that a costs monetization slides, to economics got on kick NVIDIA and really opportunities, producing seeing now and way on AI economics based and leverage measured capacity grow AI We're those at out contractual cost other will in. In unit GPUs operating power almost we scale, in be expect XX HPC, an coming and X,XXX focused we're those all-in progressed looking generations. the arrangements start per exahash, parallel. unit combination on cash only they're $XX,XXX and and we also robust While both we HXXXs, the of HXXXs, to at Bitcoin demand contracting in over coin in relation a for of colocation as market. In opportunities as to to improve to with economics

power-constrained that will both We believe this we market for mining have Bitcoin increasing high-quality a remain with and and AI from competition in valuable assets land power.

uncertainties, or are with all within on is we not It timing guidance counterparties. provide dealing our terms to control. that not continue the given nature will given the We specific

with progress very large counterparties negotiations hyperscalers. However, and continue some we to

appropriate as as and market news. have the update will We we

our know, generation Blackwells In terms GPUs control, liquid require is from majority cooling. will of within what the of new NVIDIA, the we those as

colocation and infrastructure liquid both support ensure GPU our So This notwithstanding to GPUs. Childress, ready our as also as pathway. to cooling both the clusters this Prince in are including cooling successful across in platform at of generation George cloud at opportunities next months our testing our of be free centers data creates the will business, for we well our installing coming environments, Childress we

terms and corporate initiatives. In of funding

So it's have months. market to are improved clear funding over conditions beyond options say of recent ATM. the emerging in More funding, materially terms

are continue very coming focused instruments We over of for funding the our focused, on progress alternative convertibles, plans, funding we'll growth that months. as upcoming and part example, to

to a of this issuer, terms to becoming on in In we U.S. status GAAP U.S. a intend reporting XXXX, transition domestic basis.

are example, been term, our near in XXXX the on also potential in the working given have in major U.S. Russell indices, majority the of for assets U.S. We inclusion the

XX at that, after i.e., combined $XX,XXX, balance in exahash, at term. the of our expected scale cash cost increased and Bitcoin to exahash operating very we near mine cash with flows we our hold long not it's anticipated sheet, all-in an our Finally, don't substantial on XX approach, non-HODL generate

support believe we investor XXXX. such, We're working might around will this like. details As potential in specific through that distributions look what

signal However, and wish cash-on-cash prudent on generating to we focus and strong capital commitment our shareholder again management our returns.

about X, So moving Slide more along little Bitcoin mining. to a bit

guided exahash XX couple not over earlier. weeks XX So we been last it. consistent now stopping have there. previously exahash met at the of above growth target, is exahash delivering we If We're as where just away, and at? XX have a we're I years. We're We set the mentioned

X exahash of We months next year. XX in first are the continuing

these targets. So to we committed are hitting

of and is our cadence cost. to people, in on will by maintain The strategy at proven who has by our focus self-developed to delivery us our where focus over That to rapidly cost building We site Proven XX on execution platform of allows approach cost. organic centers safety. a more will single month. No required. that on projects land on risk, expansion disciplined to M&A the continue million Everything we our It's megawatts growth our at have been data all provide team. processes people delivery, and a costs, is us focus every at Childress site supported large-scale internally Childress, dollars. expand low It's lower XXX continues few it. out a certainty

scale significant inputs. Bitcoin the there's i.e., network, is hash from level price. Against platform that struck secured point competition Bitcoin the miners, X On rate we purchase a world. are the what $XX,XXX. if as previously of our organic we will global a with at options the price side, options now with years and power capital competing large-scale land, those when fixed capital, out of It's backdrop, development To play significant center of for with miner this in this increasing for taken building real XX%. required raising the expertise a hardware The now happens for exactly a megawatts, a last parallel point sites, moves the $XX.XX. These traditional inputs, inflection stage. this Pro get significant XXX,XXX? core management at SXX to also know-how, and team exercise, the for thought the really accumulate were this just mining world recall number transformers, to the to miners that seeing was to vision start digital to There you AI we've up up lag data world now same Bitcoin simple hit to

a fraught all that sudden, take lead billion long $X X,XXX these you cables, steel, another that of CapEx, capacity, things networking, are risk. additional in All concrete, another need transformers, of items, megawatts time with

ASICs, you real the to cannot world, transmission an a ASIC real it the projects, high-voltage real of plug doesn't All It centers, into line. data bring work. just into

Bitcoin ago. That to of overheads, really larger driving down of cost then our proportion our up So we're see from and our cost benefits larger portfolio, spot power the happening. power non-power average is Bitcoin, at into a leading September over low Best-in-class this of to terahash Childress, but become more starting really cost It curtailment business, since algorithm our this driven a we've costs, cost corporate average with $XX,XXX in set cost all-in quarter. And down. accordingly. of but XX mined. expected larger automated base spreading mining. On through. is our in Bitcoin much number leverage a to across months talk $X.XX come operating effectively per tick cash number moving it really We'll at force and is recent per coming of power joules few slides, price to much drill exahash X, on we have to a Expansion our the a larger ourselves it's Slide efficiency becoming XX cost.

highest in high-quality It's our and terms So we profitability. maintain really the we us fleet believe conditions maximize operating to look efficiency, to data that of uptime important finally, that optimize building centers in that of for after levels miners. operating

X. Slide economics. mining Illustrative to on Moving

$XX of capital where backdrop Xx would markets you operating IREN X that Twitter previously, almost of $XXX approximately but valuing million a to are costs capacity Some at market against on million. seen exahash have this valuation, deliver that

$XX The around really million at a is payback, unit $XXX that have simple at EBITDA makes in deliver If additional sense. mind, see lot cash pursuing. We million It's you simple about flow, to to to making for CapEx, something lot on economics have in a million my a continue accretive. the of ability a investing million, it's capacity then cross-check framework terms of valued $XX thinking of to this. net adjusted a sense highly of illustrative $XX X-year again, in that

the cost renewables. At the This Childress, of renewable you So we're at the different out to in the highlights all-in lots continue at are right-hand in XXX% certificate notwithstanding certificates. Childress. to really costs come focus on is renewable to produce, the as of in step-up supporting We're commitment market fore. the you'll seeing as side, claims that notice we XX% area renewable, energy a our need energy. There around network looking sustainability expanding

black power. are the bifurcated or have farm wind One components. not X moment, electron evacuates into certificates, you do grid, farm a you power a brown is trades At commodity that alongside not is renewable the the operating energy. If the solar into with and

other the certificate. is The

If be not not you those certificates, certificates someone own those will and buy because double do counting you renewable are we'll else it.

part share, of We've this we about as value the for scale from a electron our also X, continue shown drive So shareholder since adjusted EBITDA to to on we One our this that. A every a strategy. part metrics per bottom per of accretion every which exahash. do very how it in accretion we we're share day thinking highlights is we critical right-hand and for are analysis terms How bought been about to table. growth key thinking do of strong example in absolutely basis. business? has this XX continue XX of in is We've will how

funding through at creative is that We launched We've prices, ordinary structures. of but months capital. that and as equity, be other all, of have at continue some convertibles over we'll illustrative to price strike whether convertibles also or to raise with pathways set look one recent share alternative levels which additional number seen out our equity raised, a

illustrative of to this continued yes, AI $XXX commitment top exciting, is from pass $XXX the million but about to cash-on-cash is us So super for corner accretive note, right-hand nature over exciting EBITDA returns. On to more growing talk growth like million drive shareholder of and Kent to HPC. I'd and our to the that in

ability rapidly respect in to growth now multipurpose nature the be With service, our NVIDIA to customer George matter complete. from to Dan. our Bitcoin support HXXX acquired to of weeks, is completed Thanks, AI ambitions. at data able transition to our commissioning The data and recently GPUs our scale underscoring GPUs mining cloud of of was center Prince a centers location

on that, To we've marketing Now that currently our customer trials capacity new respect out increasing and installed, contracting focused also capacity initiatives. point, activity to the and we're underway. go-to-market that have with been is

and in more As San the in commercial AI in Francisco example, with with events sector activity the have leaders the an for roundtable recent planned we conjunction in hosted future. SuperCompute Atlanta, Conference

using capacity that's capacity. This fleet supports data into to GPUs use annualized less our of we for capacity. about elements operations cloud one of potential like HXXX center perspective, cases $XX that X.X% profits AI is approximately of put megawatts doesn't services particularly To data other than existing million the center such of HXXX of and than current our Our cannibalize It's center year-end that highly X.X data total hardware NVIDIA and colocation. as offering. complementary our the less

to In opportunities, colocation in focusing monetization good other to response backed capacity contracts believe more Our earlier, to strategy there's both by constrained is which support and capacity. demand, relation continue that growth valuable on high-quality our sites AI. measured increasingly increasing mining Bitcoin have solid an as competition utilization become customer and of we for we in and assets, and will And that more market. power referred to Dan to of

AI, the expect We market, adoption connected over months, scale to dynamics continued solutions. of competition and given power of for regulatory growth including in the intensify some complexities the behind large meter grid the coming with

nuclear the and for recent come So line online. example, Susquehanna plant for of time at nuclear generation the the and other AWS-Talen the rejection interconnect to FERC Pennsylvania, new also in generation sources

sites As into hyperscaler increasingly a there projects in been result, focus, several we're announced seeing and West region Texas months. the coming in have recent

For center our for range and example, with underway, negotiations to leases land the on Crusoe a structures contracts. parties data sites, to powered project discussions we of interested in built-to-suit including Abilene. With respect advance continue our

must maximizing market and guidance committed and previously, data remains this reflect mentioned, execution to the we're data transaction platform team focus but verticals we that management. developments power-dense at position leveraging to into our strategic negotiating compute, operating We're terms Dan actively for a will rapidly update timing has capability. infrastructure aren't the new transactions said designing a liquid stage, cooling, our optimized assets. With to extensive and or our and As providing appropriate. Monetizing respect the as our with hyperscalers AI in for shareholder we've experience on key We're potential any best evolving for as sector. demonstrated value, material on centers, opportunities value of center experience

would require both and that Blackwell liquid next of ensure GPU aware, support successful success liquid be ready cooling current sites free Childress our be the of in infrastructure cooling environment, George to people the GPUs. many For we're air the our Prince generation as installing the of at we will testing our and NVIDIA generation of GPUs instance, certain Notwithstanding clusters variants cooling. to

opportunities create across cloud We to expect for services and this colocation us pathways. the both additional

Abilene in touched Slide and power we As are their West now. the announce data from XXXX for turning the to XX and project, the land immediately on requirements parties on high which We is in power we're gigawatt voltage previous attention value of and see Today, X.X I'm regional slide, substation strategic Texas. miles our portfolio, utility's and approximately hub, capacity to beyond. significant and in excited the adjacent our to location XX center Sweetwater

we've in at an April quarter, land, to securing total support At We've activities, line site the also breakers X,XXX center existing XX development be continued or our world, time to by over over April spent many the substation and site X.X October including our markets our energization supporting in has the of the of power Bitcoin additional utility including of of Bitcoin we've largest During XXXX factory of developing accelerated the GPUs. On XX. XXXX, equipment. land and of this with for XXX,XXX capable larger over contracted the land is current to In procurement circuit ancillary data XXX than acres. forward the mining and or gigawatt exahash upgrades the adjacent freehold to megawatts, to U.S. years to bringing Slide substation acres mining procurement energization AI commenced of entire push capacity. from electrical to gigawatts to transformers, our XXXX. Furthermore, holding portfolio, X,XXX X.X the we've facility single potential relation

highlight approvals. are firsthand timeline Our binding interconnection is where delays mentioned, announce genuine the interconnection potential that with interconnections. is agreements, only we grid some agreements. respect why highly Dan and the to timing with large is X.X contracted which executed uncertain. means cost today, portfolio, securing megawatts have especially the calls, to in capacity, interconnection our own the our of and That we of And This signed underscores approach and megawatts, contracted are gigawatts on future as megawatts quantum agreements. We've only these individual they're today of signed of sites within risks development a market not megawatts. securing number strategic having the value are observed These at through sites. Without associated of there

center and on signing continue data X due hope additional our gigawatt to of at our in successful to sites. are However, portfolio data develop if interconnection we in course sites, we center pipeline those of provide updates over agreements

that Importantly, power. provide the interconnection uninterruptible have we executed for agreements

means is curtailment in at we to curtailment. sites. entirely our costs power that voluntary those no reduce that do mandatory So order Any

to invest to reliance look support growing headquarters. add less commercial means which development future transactions our continued our our capability, accelerate our including in we'll we've our to on Additionally, American development M&A to pipeline, at organic teams North globally activities continue and growth. internally our And to

over Belinda, Now the I'll to through to pass results. our financial CFO, walk

Thank us you, joining North those Kent. Good Thank in to morning afternoon in for FY and 'XX America. Sydney to our QX good update. for earnings you those

a highlight economics illustrative operations. Earlier as our presentation, the As scale the path Dan on to highlighted XX leverage we operating our start, in I'm mining going our Childress to exahash.

of base. efficiency shown a we leading the exahash across we a to in portfolio lower from fleet XX Childress drivers kilowatt terahash. Furthermore, hour a coupled this energy are from as on per see larger per costs contribution X with for joules the slide, at improved prices August, Bitcoin XX economics. overheads today's XX As the pricing at to significant as power to with be spot mined potential on capacity price, we over revenue scale, industry mining at improvement due spread the cents Childress, in increased reduction the our to attractive to XXXX, installed for made scale unit key transition exahash, being The

per lowest a of exahash. cost in our contributes as XX% $XX,XXX, Bitcoin FY the are a expected from cash XX This all-in significant on basis the industry. reduction overheads in such, per decrease to being scale by 'XX to approximately to exahash As we QX approximately

growth in on As instruments. the alternative focused touched on funding Dan earlier to this be finance presentation, will by

may of scale, the in positive operating support year a XXXX. calendar flows addition, potential In distribution at cash for investor achievement

Further illustrative Bitcoin Moving to various slide. leverage on discussed, to operating we just sets at the out prices. the next the this economics

billion $XXX at the out million hashrate starting Bitcoin shown of $XXX,XXX estimated price EBITDA $XX million XX in Bitcoin prices $XXX to with estimated in increase $X.X XX exahash adjusted respectively. scale overheads network million, This a The of $XXX,XXX county exahash results is and renewable in we of from of results The XX costs, and as of The XX site-related first EBITDA a XX to sets exahash XX,XXX current certificate approximately property we're taxes. Also a investment to $XX adjusted at exahash. This in variable million XX illustrative an the scaling price X,XXX we sensitivity with XXX column illustrative to and property exahash. and from shows economics as XXX% exahash energy Bitcoin of hashrate network Childress of and at exahash primarily attributable committed $XX,XXX including scale exahash. analysis table intervals associated insurance our $X million costs renewable in the implied economics and by at earlier, table increase at mentioned an $XXX,XXX. at to

significant Our overheads deliver a reflect business contributing growth. to

technical go-to-market scale portfolio. have as scale built strategic us have expertise to processes this and to broader and resources platform, business development We reliant site our and onboarded advantage. on a see M&A internal competitive This we less our for our AI makes

to on slide, next I'll quarterly results. on touch the Moving the

for quantity the July energy we quarter we from increased During the well cost, primarily fixed to the $X.X From as X was of $XX.X hashrate XXXX, due August, XXXX, procurement Childress of with operating usage X of scaled we entire of was the million revenue achieved Bitcoin quarter, Childress million. which in realized mining increased a contract. $XX,XXX. Net increased and the of would under as the place cloud megawatt as Childress electricity procurement pricing fixed spot million. EBITDA quarter $X.X This services to AI $XX,XXX at exahash versus revenue been a average adjusted Bitcoin The $XX.X cost strategy. the have for Bitcoin XXX costs been and mined quarter, $X.X $XX,XXX. mine price that to transitioned to exahash XX.X million a an strategy million had spot in by pricing an for average If

million growth costs of discussed delivering the Childress today to driver continued years. a the over The As is operational primary previous projected of costs. that due expansion $XX.X the reflects and insurance increase of million significant and coming $X.X quarter-on-quarter other in is slide, business construction

payment Now moving mining Bitcoin and The flows. electricity cash in cash payments pricing during liquidation as reported to future the total XXXX, strong assets made center, the and of the $X.X NVIDIA transition to and ATM the is $XX.X balance million purchase to XX billion, $X.X Total strong August, $X.X increased million our the at TXX sheet. one-off activities balance to of the $XX fund Miners of now gross to X $XXX at million. $X.X X.X providing no total post debt $XX.X exahash our to under which ATM that related expansion GPUs. as cloud of purchase $XXX sold quarter spot activities increase We during spent services million the $XXX.X strategy net million, million flexibility of September, and relates a turn had proceeds and with XXXX. We'll million shares raised pathway billion from from proceeds. of quarter proceeds with to receipts of we growth. to the Cash of XX net $XX million of to investing from includes a bank XXXX. We and Pros data AI million Closing SXX the at BITMAIN September the of part Childress increased ATM. HXXX sheet XX XX at from million At increased equity October,

finance scale, Q&A. alternative be touched Dan, achievement in of funding the on growth, on the presentation focused distribution cash a by instruments year to turn XXXX. I'll now we'll in may potential future operating positive addition, for flows for support over As at investor earlier in calendar and

Riley question from first B. Lucas with [Operator Instructions] Our Pipes comes Securities.

how Sweetwater for about opportunity think the My strategic very on organic at you process the you first on the is question your perspective versus that. and Thank site. much

you. long the there's Lucas. see answer items lead right point procuring now decision substation electrical components, no so Look, et short the transformers, around is beyond infrastructure, cetera. Nice Thanks, to

both as the otherwise. as a we're well prepare or pathways, for position AI-related mining dual Bitcoin on to opportunities So in colocation

each different And a everything So we're in cost. we if is to pursuing parallel. pathway number to the good. data that counterparty market where build-to-suit $XXX model. And value AI $XX continue that component the a power structures deliver it's opportunity exahash facing center million, There's as like might And potential the And internally through in options to it Bitcoin all of pretty build of build-to-suit at again, at land, mining. million reality for each is can opportunity an build a an out we under as way pathways. well. that. And All compare building leases there from we're then have the sounds to and a other and

this off each at and in stage, other. the it's working parallel through options them all So just playing against

a that linear of And up follow-up the is today million capital exahash that. to that XX us appreciate per fashion helpful. from the intensity think And I business. you could much just the needed? what is where XX? to capital capital in my on That's exahash? of you on if Bitcoin remind mining Should is so, $XX are kind requirement How we

Yes, sure. for

moving we've million-ish operating So $XXX because around because for somewhat the to XX Bitcoin XX. Yes, a like Since had higher we ATM. to funded go then, XX that. to gives additional than CapEx. offset parts terms, price in of really Sweetwater. there's requirement funding of we buy in GPUs, flows under customer number number, But expected $XXX from we the we've exahash. cash spike again, about do million that's haven't action. fully raised That other the were by a specific we guided announced partly buying demand a But there's the that a We're high-level because would long-lead previously we if items and look

terms, what So we we need. haven't guided can probably specific numbers, but roughly general you triangulate in

Dan and team, luck. of color you really the appreciate and wish best I all

comes Joseph Our Canaccord question with from next Vafi Genuity.

on many progress Nice It's see fronts. so all to the great.

theoretical Just got year. we've something dividend of with than that one, like It maybe potential. a much Bitcoin spot a and a like price starting did, or higher kind we sounds next now mentioning you're

think you And of least quick level exahash Just business a at wondering on basis balance more Bitcoin have forward kind at versus kind Bitcoin sheet-related self-funded follow-up. can financing? what I'll growing what moving keep a and do level of of the then

sure. Yes,

to So flows a cash in we little where our points think about flows investing mind. separate are cash X bit operating separate there decision

first cash profits. the So operating is

what revenue generating much flow? using XXX% concern, is our do of raise to the and going hitting your flows potentially how for you time, flows? Now, point operations it's support operations we And from building our that substantial. you fair et those with inflection is to cash to continue we do second see is cash as around operating our quite operating corporate be into and The a CapEx now going the I that So reinvestment in some think decision what say of are where presentation, the cash to generating as cetera. that are going we're capital can base, overheads, all

believers investors around distribute cash thereof Bitcoin to paying of number opportunity that we've that that and Mt. a at as different when cash effectively and ridden Gox, third-party on those cetera. XXXX, not see it, from of can Bitcoin/cash cost cash et to Bitcoin who price of $XX,XXX then distributing the market been work custody. is those acquire to you their through. balance FTX, out self-custody. We're today big companies investors got and and decision we'll market since generate the to a reinvest We've Bitcoin in accumulating sheet, or the flows distinct something to Bitcoin flows So look But at you close

that, coin investors cost flow think a either to for cash how is generate pretty aggregate. I or coin, flows that have Bitcoin look cash but fund to and continue even drive through effectively $XX,XXX opportunity physical that we'll separate to distribute the out the from as to into potentially powerful. And that it's drive might it cost cash in down we that lower, and to important investing I think keep in So

progress. able nice That's And underlying instead potentially on That's And great Bitcoin color. being in just there cash. announce the of actually to exciting distributing site. Sweetwater the congrats then

to there's that gigawatts? enough update fiber some lead you progress get do Just and that going -- for to Are lead step you're you know full the I on then any time for about site? a talk started try you going if to fiber there. And invest to X.X there? on to interconnect long have time think Or items long items

happy and Dan, one. take jump to that in I'm

some to capacity respect side, will So it it take time there build with out. full the center on the to data

to referred to able of currently XX data out at Childress capacity. month about megawatts earlier, build Dan a As we're in terms center

substation. Sweetwater to center long So some enabling the procurement the time. But site, full with doing the period what is will we're the a high take of lead the of data of build size site voltage capacity on items out it

enable allows build the is voltage connect this then into capacity out in voltage set bulk and the a progressive full to energize we is substations basis. But that you lead the grid. to time procurement will utility And center the high to on substation the high substation So way site a capacity up on long us that XXXX line. entire the to data remaining April

Great. any fiber And then at update Sweetwater? on

Yes.

right including area, substation. carriers Tier of utility X terms in the are multiple in fiber, the up existing to there So

issue. So access to not is fiber an

terms as Tier In providers, hubs well. to these X because major very is latency, good of hyperscaler the are all latency

sub So milliseconds and in a XX sub number cases. milliseconds latency XX of

is So as AI all site the obviously. Bitcoin at position mining, fiber well as that for suitable applications, almost

news. positive all That's Sure.

next Our with from Aftahi comes question ROTH. Darren

Two, may. I if

in flow, million like of already of guess XX is assume to terms what for? can it's the costs is other the I'm relative context you I curious, XX on And First, maybe I opportunity the all to my at question of to CapEx opportunities? And paid looking through mindset $XXX portion the of accelerating just payments? then balance prepayment walk sheet, the exahash related just cash that what second your exactly acceleration strategically, for the of on that in exahash.

this mining. out Bitcoin Yes, to and cost at to opinion capacity right to the second, multiple is conversations over a decision we've the out is question balance return there. preference prospects large counterparties to pass with deal a the optionality minute. Belinda offers of another. a But in for But and comparing makes the building the sheet of I'll is this cost, decision stage, the sense. Equally, all proposition Bitcoin question pathway at make still around there. opportunity in the each address at prospects I the The have to that risk received reality mean, to about there's we at some is our build you've some point, continue for Childress. But doing first opportunity very got

We We've to haven't time some got those exercised all minor options. that. do

we to parties at million. and slightly alternative at negotiations So a is with then, market and $XX our by better contractual improved, the those went that can I mean, having other if change seemingly building control, the than definition, to But different which which direction $XXX pivot. value or Bitcoin mining be out it the we reserve needs right million mind

Yes. Thank got you, well GPUs the million. In the as Darren. million prepayments on of $X.X we've hardware so prepayments, to $XXX relation mining as

contract, keep board, collateral have prepayments We relation in in to contract to new some some also -- the Childress we electricity we Childress. so have our on in

from Smith Our with next comes Reggie JPMorgan. question

really mentioned and you a during in it interesting your release, the had You quote again actually call. press

that guys Some the exact I the think, of of how the number, a curious value of the was that. I'm you value some for I'm think quote. about that, stabs effect I'm sure take reflected strategic a it. of curious deal the I appraising follow-up. making at assets, about but value how you think of not your assets, asking just tried you but to have how like about a And We've it, go

down To element modeling the numbers Yes. both be and Thanks, science and of scenarios. Reggie. hand-in-hand. the art and a is pathways honest, bit various science, out putting it's The

structures mining that colocation and got Bitcoin valuation got the result then all essentially you've business in You've an AI various to today. NPV

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dialing everyone, you, a good and thank have in, So for evening.

for concludes you Thank participation. conference. you. your the This Thank

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