Iris Energy Limited (NASDAQ: IREN), a leading owner and operator of Bitcoin mining data centers powered by 100% renewable energy, reported its financial results on Wednesday for the full fiscal year ended June 30, 2023. The company highlighted a record Bitcoin mining revenue of $75.5 million, up from $59.0 million in fiscal year 2022, primarily driven by an increase in the number of Bitcoins mined.
The company mined a record 3,259 Bitcoin during the fiscal year 2023, compared to 1,399 Bitcoin in the previous fiscal year. This significant growth was primarily driven by an increase in the operating hashrate, which reached 5.6 EH/s. The company also expanded its power capacity to an industry-leading 760MW, activating an expansion pathway to 30 EH/s.
“FY23 was a transformational year for Iris Energy”, stated Daniel Roberts, Co-Founder and Co-Chief Executive Officer of Iris Energy. “We remain excited by our next-gen compute and generative AI strategy, providing an additional potential growth area for the Company.”
However, this growth also led to increased costs. Electricity costs rose to $35.8 million from $11.0 million in fiscal year 2022 due to the growth in operating hashrate and the commissioning of three new sites during the year. Other costs amounted to $38.3 million, up from $21.8 million in fiscal year 2022, reflecting the expanded business beyond the existing 5.6 EH/s.
The company reported a net loss after income tax of $171.9 million, a decrease from a $419.8 million loss in fiscal year 2022. This decrease primarily reflects the impact of non-cash mark-to-market of convertible instruments converted into equity at IPO during the prior period. A non-cash impairment charge of $105.2 million was recorded in fiscal year 2023, primarily relating to the limited-recourse financing SPVs and impairment of mining hardware.
Adjusted EBITDA for the fiscal year 2023 stood at $1.4 million, down from $26.2 million in fiscal year 2022. As of June 30, 2023, Iris Energy held $68.9 million in cash and cash equivalents and had no debt facilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.