Iris Energy Ltd (NASDAQ:IREN), a leading owner and operator of Bitcoin mining data centers powered by 100% renewable energy, stock rose 13.77% (As on September 14, 11:32:10 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 23. There is 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. Adjusted EBITDA of $1.4 million as compared to $26.2 million in fiscal year 2022. $68.9 million cash and cash equivalents as of June 30, 2023 and no debt facilities.

IREN in the fourth quarter of FY 23 has reported the adjusted loss per share of $3.14, beating the analysts’ estimates for the adjusted loss per share of $3.47. The company had reported the adjusted revenue growth of $75.5 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $78.1 million. This is primarily driven by increase in number of Bitcoin mined, partially offset by a decrease in the Bitcoin price.

Moreover, the company has increased self-mining operating capacity by 380% from 1.2 EH/s to 5.6 EH/s. The company has announced 9.1 EH/s expansion plan and revitalization of HPC strategy. The company has also expanded available power capacity from 80MW to 760MW across the platform (180MW operating). It has energized additional 30MW at Mackenzie and 50MW at Prince George and energized 600MW at Childress (20MW operating). Further, Post financial year end, the company has purchased 248 NVIDIA H100 GPUs to target generative AI and has appointed Sunita Parasuraman to Board of Directors. The company during the quarter has appointed Raymond Chabot Grant Thornton LLP as the Company’s auditor. FY23 was a transformational year for the company.