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Iris Energy Reports Second Quarter FY23 Results
SYDNEY, Australia, Feb. 15, 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, Feb. 15, 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 three and six-months ended December 31, 2022. All $ amounts are in United States Dollars (“USD”) unless otherwise stated. “2022 was a challenging year for the digital assets industry as well as broader equity markets,” stated Daniel Roberts, Co-Founder and Co-Chief Executive Officer of Iris Energy. “Despite these challenges, we expanded our data center capacity in British Columbia by more than 5x to 160MW across three sites. We are also pleased to have announced that we have entered into an agreement to utilize our remaining Bitmain prepayments to acquire new miners without any additional cash outlay, and, in doing so, will increase our self-mining capacity from 2.0 EH/s1 to 5.5 EH/s. Looking forward, we believe we are well positioned to capitalize as markets continue to improve.” Second Quarter FY23 Financial Results Bitcoin mining revenue of $13.8 million, as compared to $16.2 million in the first quarter of our fiscal year 2023, primarily driven by reduction in the number of Bitcoin mined and decrease in the Bitcoin priceMined 722 Bitcoin, as compared to 780 Bitcoin in the first quarter of our fiscal year 2023. Lower Bitcoin production was primarily driven by higher global hashrate rate during the periodElectricity costs of $7.4 million, as compared to $6.6 million in the first quarter of our fiscal year 2023. Higher electricity costs were driven by growth in hashrate during the period and excess demand charges attributable to unutilized power capacity (post termination of hosting arrangements in connection with certain of the Group’s limited recourse equipment financing facilities)Site and corporate costs of $9.3m, as compared to $8.0m in the first quarter of our fiscal year 2023Net loss after income tax of $(144.0) million, as compared to a $(17.9) million loss in the first quarter of our fiscal year 2023 was primarily driven by $105.2 million non-cash impairment charge and loss allowance for receivablesAdjusted EBITDA loss of $(8.0) million (includes $(5.1) million of losses on disposal of assets),...