Iris Energy reports FY23 Bitcoin mining revenue $75.5M vs $59M last year

Reports FY23: Record 3,259 Bitcoin mined, as compared to 1,399 Bitcoin mined in fiscal year 2022, primarily driven by growth in operating hashrate; Electricity 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 year; Other 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/s Net 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 period Non-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 Receiver Adjusted 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 facilities. “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.”