Iris Energy Limited (NASDAQ:IREN) has reported record revenue for its 2023 financial year as it increased its operating hashrate and mined more bitcoin.
The sustainable bitcoin mining company posted a 28% increase in revenue to $75.5 million for the 12 months ended June 30, up from $59 million a year earlier, noting that the increase came despite a decrease in the average price of bitcoin.
Bitcoin mined surged 133% to a record 3,259, primarily driven by growth in operating hashrate.
Electricity costs rose to $35.8 million from $11 million as its operating hashrate grew and it commissioned three new sites. Other costs increased to $38.3 million as a result of the materially expanded business, with growth beyond the existing 5.6 exahashes per second (EH/s).
“FY23 was a transformational year for Iris Energy”, the company’s co-founder and co-CEO Daniel Roberts said in a statement.
“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.”
The company narrowed its net loss to $171.9 million from $419.8 million, mostly due to the impact of non-cash mark-to-market of convertible instruments that were converted into equity at its IPO in the prior year.
It recorded a non-cash impairment charge of $105.2 million, mostly related to the limited recourse equipment financing SPVs and the impairment of mining hardware.
Adjusted underlying earnings (EBITDA) of $1.4 million compared to $26.2 million in its 2022 year and it ended June with $68.9 million in cash and cash equivalents and no debt.
Following the end of its financial year, the company highlighted the purchase of 248 NVIDIA H100 graphic processing units (GPUs) to target generative AI. It also announced the appointment of Sunita Parasuraman to its Board of Directors.
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