Daniel Roberts
About Daniel Roberts
Daniel Roberts, 41, is IREN’s Co-Founder, Co-Chief Executive Officer, and a director (board service since 2018). He holds a Bachelor of Business (University of Technology Sydney) and a Master of Finance (Dean’s List) from INSEAD, with prior roles at Palisade Investment Partners (Executive Director), Macquarie Group, and PwC in London and Sydney . Under his leadership in FY2025, IREN delivered sharp operating and financial inflections: revenue rose to $501.0m from $187.2m, GAAP net income to $86.9m from a $28.9m loss, and EBITDA to $278.2m from $19.3m; IREN’s year-end share price was $14.57 (June 30, 2025) and a $100 investment (6/30/22 base) grew to $435 by FY2025 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Palisade Investment Partners | Executive Director; second largest individual shareholder | — | Infrastructure investing and governance experience leveraged to scale IREN’s sustainable computing platform |
| Macquarie Group | Roles in finance/markets (including digital assets) | — | Capital markets and real assets expertise relevant to data center buildout and financing |
| PricewaterhouseCoopers (PwC) | Early career roles (London and Sydney) | — | Foundational finance and audit skills |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| JOLT (BlackRock‑backed EV charging) | Director; second largest individual shareholder | — | Energy infrastructure and electrification adjacency; network and domain expertise |
| Prior boards (e.g., NT Airports, Sunshine Coast Airport, Granville Harbour Wind Farm, Ross River Solar Farm, ANZ Terminals, Tasmanian Gas Pipeline) | Director (prior) | — | Broad energy/infrastructure oversight, permitting, and capital deployment experience |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary (USD) | $2,426,711 | $1,595,849 | $964,350 |
| Target STIP (% of salary) | — | — | 100% |
| Target STIP Value (incl. superannuation for calc) | — | — | $984,000 |
| Actual STIP Payout | — | — | $1,968,000 (200% of target) |
| All Other Compensation (Superannuation) | $16,936 | $17,994 | $19,650 |
Performance Compensation
Short‑Term Incentive Plan (STIP) – FY2025 design and outcome
| KPI | Weighting | Target | Actual | Payout impact |
|---|---|---|---|---|
| Safety KPI | Not disclosed | Lower injury rates, audits, training | Outperformed; lower injury frequency, external audits, new safety initiatives | Contributed to max payout |
| Operations Scorecard (SHE 15%, Growth 55%, Ops 15%, Demand Response 15%) | Sub-weights within scorecard | Site safety/compliance; data center expansion; uptime; demand response | Achieved reporting targets; expansion; high reliability; DR goals | Contributed to max payout |
| Group Performance KPI | Not disclosed | Capital/cost management; pipeline expansion; mining uptime; AI services; data center development; corporate milestones | Significant capital raised; accelerated energization; pipeline expansion; hashrate and GPU growth; construction progress; domestic issuer transition | Contributed to max payout |
| Individual Performance | Not disclosed | Leadership, financial/operating performance, customer outcomes, culture | Co‑CEOs drove expansion, supplier/customer relationships | Contributed to max payout |
| STIP Result | — | 100% of salary | Maximum | 200% of target for Co‑CEOs |
Long‑Term Incentive Grants to Daniel Roberts (FY2025)
| Grant | Grant date | Instrument | Shares/Units | Grant date fair value | Core performance/vesting terms |
|---|---|---|---|---|---|
| 2025 Annual TRSUs | 7/1/2024 | Time-based RSUs | 354,297 | $4,000,013 | Vests 118,099 on each of Jul 1, 2025/2026/2027, cont. service |
| 2025 Annual PRSUs | 7/1/2024 | PRSUs (7 tranches) | 984,094 target | $8,000,026 | Original: 30‑day avg share price hurdles $20/$25/$30/$35/$40/$45/$50 by Jul 1, 2027 . Modified in May 2025 to time‑based: 50% vest Nov 18, 2025; 50% vest May 18, 2026 (retention) . |
| Outperformance TRSUs | 5/19/2025 | Time-based RSUs | 2,400,000 | $20,496,000 | Vests 1,200,000 on Nov 19, 2025 and 1,200,000 on May 19, 2026, cont. service . |
| Retention TRSUs | 6/23/2025 | Time-based RSUs | 1,844,862 | $19,666,229 | Vests ratably over 6 years through Jun 23, 2031, cont. service . |
| Retention PRSUs | 6/23/2025 | PRSUs (6 tranches) | 1,844,862 | $11,899,360 (target) | 30‑day avg share price hurdles: $20/$25/$30/$35/$40/$50; must be achieved by Jun 23, 2031, cont. service at achievement . |
Additional context:
- Annual long-term mix for Co‑CEOs in FY2025 was 67% PRSUs, 33% TRSUs (excludes one‑time awards); PRSUs for non‑CEO execs used relative TSR to NQUSS Index .
- FY2023 PRSUs (prior grant): Three‑year tranche vested 100% at peer 94th percentile TSR; 22,922 shares vested on Jul 1, 2025 .
Near‑term vesting calendar (potential selling pressure)
| Date | Instrument | Quantity | Notes |
|---|---|---|---|
| Nov 18, 2025 | Modified 2025 PRSUs | 50% of modified PRSUs | Time‑based conversion; retentive change |
| Nov 19, 2025 | Outperformance TRSUs | 1,200,000 | Time‑based, cont. service |
| May 18, 2026 | Modified 2025 PRSUs | Remaining 50% | Time‑based conversion |
| May 19, 2026 | Outperformance TRSUs | 1,200,000 | Time‑based |
| Annual July 1, 2025/26/27 | 2025 TRSUs | 118,099 per tranche | Time‑based |
| 2025–2031 | Retention TRSUs & PRSUs | See above | 6‑year ratable TRSUs; PRSUs vest upon price hurdles by 2031 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 6,251,247 ordinary shares (2.3% of outstanding) |
| B Class shares/voting power | 1 B Class share (50% of B Class); 21.8% of total voting power (via B share rights: 15 votes per ordinary share held by the holder/affiliates) |
| Composition (footnote) | Includes 5,509,268 ordinary shares (incl. 1,000,000 from vested options pre‑IPO) and 741,979 RSUs vested and unexercised, held via Awassi Capital Holdings 2 Pty Ltd as trustee |
| Options – exercisable | 1,000,000 options at $3.27, expiring 12/20/2025 |
| Options – performance/VWAP | 2,400,000 options at $75 (VWAP‑based tranches with thresholds of ~$57/$100/$142/$285 on fully diluted basis), expiring 8/18/2033 |
| Insider trading/hedging/pledging | Anti‑hedging policy prohibits hedging; pledging or margin requires Board pre‑approval |
| Ownership guidelines | Not disclosed in the proxy (no policy stated in filing sections reviewed) |
Employment Terms
| Topic | Terms |
|---|---|
| Employment agreement | None – Co‑CEOs (incl. Daniel Roberts) have no employment/severance agreements |
| STIP treatment on termination | Board discretion; may pay for retirement, injury, disability, death, redundancy, termination without cause or exceptional circumstances; forfeiture on resignation/for‑cause |
| Equity on Qualifying Termination (without cause, death, disability, retirement) | TRSUs and PRSUs continue to vest as if employed; PRSUs based on actual performance |
| Estimated equity value on Qualifying Termination (as of 6/30/2025) | $134,615,625 for Daniel Roberts (assuming full PRSU achievement) |
| Change in Control (CIC) | No default single/double‑trigger in plans; if CIC meets “sale,” unvested TRSUs/PRSUs vest in full and settle in cash; otherwise Board has discretion (incl. accelerate, substitute, continue/assume) |
| Estimated equity acceleration on CIC “sale” (as of 6/30/2025) | $134,615,625 for Daniel Roberts (subject to Board discretion) |
| Clawback | SEC/Nasdaq‑compliant restatement clawback; plan‑level clawbacks allow recovery for misconduct/fraud/manipulation within prior 3 years |
| Perquisites/tax gross‑ups | No material perquisites; no excise tax gross‑ups on CIC |
Board Governance (director service, committees, independence)
- Board service and role: Director and Co‑CEO since 2018; not independent (executive) .
- Dual‑role implications: IREN separates Chair (independent) and Co‑CEOs; Chair David Bartholomew is independent, mitigating CEO/Chair concentration risk .
- Committees: Audit & Risk and Compensation Committees comprised entirely of independent directors; Daniel Roberts serves on no board committees .
- Attendance: In FY2025, the Board held 7 meetings; all incumbent directors attended ≥75% of Board/committee meetings during their service .
Compensation Peer Group and Governance
- Peer group for FY2025: Cipher, CleanSpark, Core Scientific (added Apr 2025), CoreWeave (added Apr 2025), DigitalOcean, Galaxy Digital, Hut 8, MARA, Riot; Bitfarms removed in Apr 2025 .
- Independent advisor: FW Cook retained by the Compensation Committee; no conflicts identified .
- Governance practices: Emphasis on pay‑for‑performance; significant at‑risk pay; no option repricing; no defined benefit pensions/deferred comp; insider trading policy in place .
Performance & Track Record (company outcomes under Daniel Roberts’ tenure)
| Metric | FY2024 | FY2025 | Commentary |
|---|---|---|---|
| Revenue (USD ‘000s) | $187,192 | $501,023 | +168% YoY on record execution |
| Net Income (USD ‘000s) | $(28,920) | $86,941 | Swing to profitability |
| EBITDA (USD ‘000s) | $19,270 | $278,178 | +1,344% YoY |
| Adjusted EBITDA (USD ‘000s) | $54,427 | $269,672 | +395% YoY |
| Share price (6/30) | $11.29 | $14.57 | Year‑end reference |
| TSR index (Value of $100, 6/30/22 base) | $297 | $435 | Strong multi‑year shareholder return |
Strategic/operational highlights in FY2025:
- Expanded contracted grid power to 2,910MW (+35% YoY) and operating data center capacity to 810MW (+212% YoY); self‑mining capacity reached 50 EH/s (+400% YoY); AI GPU fleet ~1,900 with plans toward >10,000 GPUs in FY2026; progress on multiple large-scale data center developments (Prince George GB300s, Childress, Sweetwater Hub) .
Compensation Structure Analysis (signals)
- Pay mix shift: FY2025 stock awards surged ($69.7m grant-date fair value), driven by large one‑time Outperformance and Retention grants and modification of PRSUs to time‑based vesting; base salary declined materially vs FY2023/FY2024, increasing equity leverage .
- Award modification (red flag): 2022/2025 PRSUs partially converted to time‑based vesting (Nov 18, 2025 and May 18, 2026), reducing performance linkage to simple retention and creating near‑term unlocks .
- Large unlock windows: 1.2m RSUs vest Nov 19, 2025 and 1.2m on May 19, 2026 (Outperformance TRSUs), plus modified PRSUs vesting the day prior; potential supply overhang around these dates .
- Governance mitigants: No option repricing; clawbacks in place; anti‑hedging policy; no excise tax gross‑ups; independent Compensation Committee and advisor .
Related Party Transactions and Other Risk Indicators
- Related party transactions: None >$120,000 since July 1, 2024 outside compensation arrangements per policy .
- Options exercised in FY2025: None by NEOs .
- Clawback assessment (restatement): Restatement related to cash flow classification did not trigger clawback as affected metrics were not used in incentive payouts .
- Pledging/hedging: Hedging prohibited; pledging requires Board pre‑approval (no specific pledges disclosed in reviewed sections) .
Equity Award Overhang and Outstanding Awards (select)
| Category | Amount/Terms |
|---|---|
| Unvested TRSUs (selected FY2025 grants) | 354,297 (annual, 3‑yr ratable); 2,400,000 (Outperformance, 2 tranches in 2025/2026); 1,844,862 (Retention, 6‑yr ratable) |
| Unvested PRSUs (selected) | 1,844,862 Retention PRSUs with $20–$50 hurdles by 2031; 2025 Annual PRSUs modified to time‑based (two dates) |
| Options | 1,000,000 exercisable at $3.27 (exp 12/20/2025); 2,400,000 at $75 VWAP‑based (exp 8/18/2033) |
Investment Implications
- Alignment and control: Daniel Roberts’ economic stake (2.3% ordinary) coupled with B‑class voting rights yields 21.8% voting power, aligning incentives but concentrating influence; founders’ B shares also embed founder director nomination rights until redemption conditions are met .
- Near‑term technicals: Significant RSU vesting windows on Nov 18–19, 2025 and May 18–19, 2026, plus annual TRSU tranches, may introduce episodic selling pressure and supply overhang risk absent 10b5‑1 sales planning .
- Pay‑for‑performance vs retention: While FY2025 results and TSR support high equity values, the mid‑year modification of PRSUs to time‑based vesting weakens performance linkage and elevates retention focus—a governance watch item for future say‑on‑pay outcomes and investor engagement .
- CoC/termination economics: Equity continuation/acceleration features could produce sizable payouts ($134.6m mark as of 6/30/25), affecting change‑of‑control modeling and downside scenarios; absence of cash severance agreements reduces fixed liabilities but equity provisions are material .
- Execution track: Exceptional growth in power capacity, hashrate, AI GPU scale, and EBITDA signals strong execution; continued expansion (Prince George, Childress, Sweetwater) underpins growth but capital intensity and market cyclicality (Bitcoin, GPUs) remain key variables .