Iris Energy Ltd (NASDAQ:IREN) stock rose 6.22% (As on September 14, 11:11:34 AM UTC-4, Source: Google Finance) after the company missed analysts’ forecasts and revenue that topped expectations. Iris Energy generated record revenue during the fiscal year 2022 ($59.0 million vs. $7.9 million in the prior period), attributable to the increase in the Company’s average operating hashrate and a higher average realized price per Bitcoin. Notwithstanding an increase in electricity and other site costs during the period ($15.6 million vs. $2.9 million in the prior period), as well as an increase in the global hashrate and lower transaction fees, the Company’s average electricity costs per Bitcoin mined reduced ($7,850 vs. $9,888 in the prior year). The Company generated record Adjusted EBITDA ($26.2 million vs. $1.4 million in the prior period) and Adjusted EBITDA Margin (44% vs. 18% in the prior period) during the period, demonstrating the attractive operating leverage within the business (i.e. higher average revenue and lower average electricity costs per Bitcoin mined as compared to the prior period, partially offset by higher corporate costs). Cash flow from operations was $21.6 million for the period (vs. $1.8 million in the prior period), primarily attributable to the increase in the Company’s average operating hashrate and a higher average realized price per Bitcoin. Net Loss After Tax for the period was $419.8 million for the period (vs. Net Loss After Tax of $60.4 million in the prior period), primarily attributable to a one-off non-cash mark-to-market of convertible instruments converted into equity at IPO ($418.7 million impact during the period). Cash and cash equivalents as of June 30, 2022 was $110.0 million, with no corporate debt held by the Company on its balance sheet.

IREN in the fourth quarter of FY 22 has reported the adjusted earnings per share of A$-0.0997, missing the analysts’ estimates for the adjusted earnings per share of A$-0.0313. The company had reported the adjusted revenue of A$14.04 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of A$13.68 million.

Meanwhile, the company has now signed an agreement 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/s, 1.5 EH/s (50MW) at Mackenzie (BC, Canada) energized ahead of schedule, 1.4 EH/s (50MW) at Prince George (BC, Canada) on track for September 2022 and the Company operating capacity guidance increased from 4.3 EH/s to 4.7 EH/s by the end of Q4 2022