Business
Iris Energy Reports Record Full Year FY22 Results
Key Highlights Record revenue of $59.0 million (+647% YoY)Record Adjusted EBITDA of $26.2 million (+1,791% YoY)1Record Adjusted EBITDA Margin of 44% (+144%
About this update from Iren Limited
[{"type":"text","content":"Key Highlights Record revenue of $59.0 million (+647% YoY)Record Adjusted EBITDA of $26.2 million (+1,791% YoY)1Record Adjusted EBITDA Margin of 44% (+144% YoY)2Record cash flow from operations of $21.6 million (+1,124% YoY)Record average operating hashrate of 747 PH/s (+611% YoY) and 1,398 Bitcoin mined (+422% YoY) from 100% renewable energy powered operations since inception3$110.0 million cash and cash equivalents as of June 30, 2022 and no corporate debt4Post financial year end: Agreement reached with Bitmain to ship an additional 1.7 EH/s of miners, increasing total expected Company operating capacity from 4.3 EH/s to 6.0 EH/s1.5 EH/s (50MW) at Mackenzie (BC, Canada) energized ahead of schedule1.4 EH/s (50MW) at Prince George (BC, Canada) on track for September 2022Company operating capacity guidance increased from 4.3 EH/s to 4.7 EH/s by the end of Q4 2022Initial 40MW planned at Childress (Texas, USA) to reach 6.0 EH/s SYDNEY, Australia, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“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, 2022. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “We are pleased to report record financial and operating results as part of our inaugural full year report as a listed company,” said Daniel Roberts, Co-Founder and Co-Chief Executive Officer of Iris Energy. “FY22 was a transformational year for Iris Energy where we continued to deliver on our plan to significantly expand our operations beyond our first site in Canal Flats (BC, Canada) that has been operating since 2019. Our average operating hashrate increased by 611% during the period (from 0.1 EH/s to 0.7 EH/s), and our operating capacity is expected to be 3.7 EH/s by the end of September 2022 across three operating sites in BC, Canada.” “Our proprietary data centers continue to lead the market in terms of efficiency, with Iris Energy mining 16% more Bitcoin per EH/s compared to the peer average5. Further, our strategy of selling our mined Bitcoin daily has allowed us to achieve a 75% higher average realized price per Bitcoin for fiscal year 2022 compared to the average Bitcoin price in June 20226. These f...