IREN // IREN Limited

Financials • Finance: Consumer Services

$22.02 ▼ -1.93 (-8.06%)

MKT CAP: $9.69B • VOL: 48.86M

52W L $23 52W H $77

PIOTROSKI

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IREN // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

IREN // IREN Limited

GROSS MARGIN

—

OP MARGIN

3.5%

ROIC %

1.2%

MKT CAP

$9.69B

UPSTREAM INPUTS ──► IREN OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
IREN ★	IREN Limited	$22.02	$9.69B	—	3.5%	1.2%	18.3x	+167.7%	SUBJECT ISSUER
BRK-A	Berkshire Hathaway Inc. (Class A)	$815,600.00	$1.20T	—	27.8%	11.5%	9.7x	+3.9%	IREN VS BRK-A <GO>
BRK-B	Berkshire Hathaway Inc.	$542.49	$1.20T	—	27.8%	11.5%	9.9x	+3.9%	IREN VS BRK-B <GO>
JPM	JPMorgan Chase & Co.	$337.04	$895.92B	—	42.1%	17.4%	9.8x	+13.5%	IREN VS JPM <GO>
V	Visa Inc.	$413.59	$738.98B	—	60.0%	32.3%	28.9x	+11.3%	IREN VS V <GO>
BAC	Bank of America Corporation	$50.01	$349.71B	—	32.9%	2.5%	30.2x	+6.8%	IREN VS BAC <GO>