Business
Iris Energy Reports Full Year FY23 Results
SYDNEY, Australia, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy” or “the Company”), a
About this update from Iren Limited
[{"type":"text","content":"SYDNEY, Australia, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy” or “the Company”), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today reported its financial results for the full year ended June 30, 2023. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “FY23 was a transformational year for Iris Energy”, stated Daniel Roberts, Co-Founder and Co-Chief Executive Officer of Iris Energy. “We increased our operating hashrate to 5.6 EH/s but importantly also expanded our power capacity to an industry-leading 760MW, thereby activating an expansion pathway to 30 EH/s. We also remain excited by our next-gen compute and generative AI strategy, providing an additional potential growth area for the Company.” Full Year FY23 Financial Results Record Bitcoin mining revenue of $75.5 million, as compared to $59.0 million in fiscal year 2022, primarily driven by increase in number of Bitcoin mined, partially offset by a decrease in the Bitcoin priceRecord 3,259 Bitcoin mined, as compared to 1,399 Bitcoin mined in fiscal year 2022, primarily driven by growth in operating hashrateElectricity costs of $35.8 million, as compared to $11.0 million in fiscal year 2022, primarily driven by growth in operating hashrate, with 3 new sites commissioned during the yearOther costs of $38.3 million, as compared to $21.8 million in fiscal year 2022. Cost base reflects materially expanded business with growth beyond existing 5.6 EH/sNet loss after income tax of $171.9 million, as compared to a $419.8 million loss in fiscal year 2022. The decrease in net loss after income tax primarily reflects impact of non-cash mark-to-market of convertible instruments converted into equity at IPO during the prior periodNon-cash impairment charge of $105.2 million recorded in fiscal year 2023, primarily relating to the limited-recourse financing SPVs and impairment of mining hardware. The limited-recourse financing SPVs were deconsolidated on February 3, 2023 with the appointment of the ReceiverAdjusted EBITDA of $1.4 million as compared to $26.2 million in fiscal year 20221$68.9 million cash and cash equivalents as of June 30, 2023 and no debt facilities2 Key Operational and Corporate Highlights:...