IREN Limited(NASDAQ:IREN) 
IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence cloud services, and other power-dense compute.
Website: https://irisenergy.co/
Founded: 2018
CEO / Founder: Daniel Roberts / William Roberts
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At a glance:
- Bitcoin Mining Operator with Growing Hashrate Footprint: IREN Limited operates as a Bitcoin miner and digital infrastructure company, focusing on expanding its hashrate capacity to drive production and scale revenue potential.
- Economics Highly Tied to Bitcoin Price and Network Difficulty: Financial performance is materially influenced by BTC price movements, mining difficulty trends, and uptime—factors that can quickly swing profitability.
- Power Cost and Energy Strategy Are Key Differentiators: Access to low-cost, reliable power and effective energy procurement/management are central to margins, with power pricing and curtailment dynamics impacting results.
- Capital-Intensive Growth Model: Expansion requires significant ongoing capital for miners, data centers, and electrical infrastructure, making funding capacity and execution pace important for near-term outcomes.
- Operational Risks Include Hardware Cycles and Regulatory/Market Volatility: Results can be affected by miner efficiency/obsolescence, supply chain constraints, regulatory changes, and broader crypto market liquidity and sentiment.
Bull Thesis:
- Aggressive Hashrate Expansion & Efficiency Gains: IREN has consistently executed on its hashrate expansion plans, bringing more efficient miners online. This growth positions them to capture a larger share of Bitcoin block rewards and potentially lower their cost of production per BTC, especially post-halving.
- Strategic Renewable Energy Focus: The company's commitment to hydro-powered mining sites provides a competitive advantage through potentially lower and more stable energy costs, while also appealing to ESG-conscious investors. This could lead to more sustainable long-term operations and potentially higher valuation multiples.
- Leveraged Exposure to Bitcoin Price Appreciation: As a pure-play Bitcoin miner, IREN offers investors leveraged exposure to the price of Bitcoin. Should Bitcoin continue its upward trajectory, IREN's revenue, profitability, and asset value are expected to increase significantly, outperforming Bitcoin itself in a bull market.
- Strong Operational Infrastructure & Scalability: IREN has developed robust data center infrastructure with significant capacity for future expansion. This established foundation allows for efficient scaling of operations and rapid deployment of new miners, supporting sustained growth and potentially reducing time-to-market for new capacity.
Bear Thesis:
- Post-Halving Profitability Pressures: The recent Bitcoin halving event significantly reduced block rewards, placing immense pressure on IREN's revenue and profitability. Without a substantial and sustained increase in Bitcoin's price, margins could compress, impacting financial performance and cash flow generation.
- High Capital Expenditure & Potential Dilution: Continued hashrate expansion requires substantial capital investment in new mining equipment and infrastructure. This often necessitates debt financing or equity raises, which could lead to increased leverage or dilution for existing shareholders, impacting per-share value.
- Bitcoin Price Volatility & Market Dependence: IREN's financial performance is highly correlated with the volatile price of Bitcoin. A significant downturn in Bitcoin's price could severely impact revenue, cash flow, and the value of its mined Bitcoin holdings, regardless of operational efficiency or hashrate growth.
- Intense Competition & Rising Network Difficulty: The Bitcoin mining industry is highly competitive, with new players and existing miners constantly expanding. This leads to increasing network hashrate and mining difficulty, making it harder for IREN to secure block rewards and maintain its market share without continuous, costly investment.
Main Competitors:
- Marathon Digital Holdings ($MARA) (Bitcoin mining, digital asset infrastructure), Competes directly on scale, hash rate, and strategic partnerships. Marathon is one of the largest publicly traded bitcoin miners globally, with significant self-mining operations and a focus on expanding its hash rate and optimizing energy costs through diverse energy sources and proprietary technology.
- Riot Platforms ($RIOT) (Bitcoin mining, data center hosting), Competes through large-scale, vertically integrated operations, including owning and operating its own electrical infrastructure (e.g., Whinstone facility). Riot focuses on low-cost energy procurement, operational efficiency, and significant hash rate deployment, often leveraging demand response programs to monetize energy flexibility.
- CleanSpark ($CLSK) (Bitcoin mining), Competes on rapid expansion, operational efficiency, and a strong focus on sustainable energy sources. CleanSpark has been aggressively acquiring new sites and miners, emphasizing low-cost power and high uptime, aiming for a leading position in hash rate and efficiency within the U.S.
- Hut 8 Corp ($HUT) (Bitcoin mining, high-performance computing (HPC) infrastructure), Competes through a diversified strategy that includes self-mining, managed services, and high-performance computing (HPC) operations. Following its merger with US Bitcoin Corp, Hut 8 has a significant hash rate and a focus on leveraging its infrastructure for both crypto mining and other compute-intensive applications, aiming for revenue diversification.
Moat:
The bitcoin mining industry is highly competitive with a relatively low moat. Companies like Iris Energy compete primarily on access to low-cost, reliable energy, operational efficiency, and the ability to rapidly scale hash rate. Key competitive advantages stem from securing favorable power purchase agreements, efficient deployment and maintenance of ASIC miners, and strong balance sheets to fund expansion and weather market volatility. There's a constant race to acquire the latest, most efficient hardware and secure the cheapest power, making it a capital-intensive and technologically dynamic sector where profitability is heavily influenced by energy costs and the fluctuating price of Bitcoin. Moats are generally weak, relying more on execution excellence and strategic resource acquisition rather than proprietary technology or network effects.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|
revenue: | ||||||||
bitcoin mining revenue | 111,160,000 | 167,394,000 | 232,948,000 | 484,324,700 | 53,383 | 42,047 | 34,397 | |
ai cloud services revenue | 33,635,000 | 17,298,000 | 7,347,000 | |||||
total revenue | 144,795,000 | 184,692,000 | 240,295,000 | |||||
yoy | ||||||||
qoq | -21.60% | -23.14% | ||||||
cost of revenue | ||||||||
bitcoin mining | -35,336,000 | -63,368,000 | -79,945,000 | |||||
ai cloud services | -4,597,000 | -2,395,000 | -728,000 | |||||
total cost of revenue | -39,933,000 | -65,763,000 | -80,673,000 | |||||
operating (expenses) income: | ||||||||
selling, general and administrative expenses | -81,750,000 | -100,755,000 | -138,359,000 | |||||
depreciation and amortization | -121,245,000 | -99,176,000 | -85,226,000 | |||||
impairment of assets | -140,411,000 | -31,755,000 | -16,257,000 | -7,213,382 | ||||
gain on disposal of property, plant and equipment | 234,000 | 7,000 | -13,000 | 10 | ||||
other operating expenses | -39,000 | -5,468,000 | -13,271,491 | -4,537 | -6,008 | -4,281 | ||
other operating income | 4,826,000 | 1,815,000 | 3,828,000 | |||||
total operating (expenses) income | -338,385,000 | -235,332,000 | -236,027,000 | |||||
operating income | -233,523,000 | -116,403,000 | -76,405,000 | -7,418 | ||||
yoy | 1029894.61% | |||||||
qoq | 100.62% | 52.35% | ||||||
operating margin % | -161.28% | -63.03% | -31.80% | NaN% | NaN% | NaN% | -Infinity% | |
other income: | ||||||||
finance expense | -14,837,000 | -10,668,000 | -9,280,000 | -11,030,815 | -126 | -30 | -33 | |
interest income | 21,799,000 | 15,775,000 | 7,128,000 | 7,498,199 | 1,500 | 665 | 713 | |
increase in fair value of assets held for sale | -2,035,000 | -6,449,000 | ||||||
realized gain on financial instruments | -2,910,000 | -5,756,000 | ||||||
unrealized gain on financial instruments | -23,700,000 | -107,351,000 | 664,993,000 | |||||
debt conversion inducement expense | -111,799,000 | |||||||
foreign exchange gain | -1,865,000 | 1,878,000 | -5,382,000 | |||||
other non-operating income | 75,000 | |||||||
total other income | -20,563,000 | -221,524,000 | 651,703,000 | |||||
income before taxes | -254,086,000 | -337,927,000 | 575,298,000 | |||||
income tax benefit | 6,259,000 | 182,520,000 | -190,687,000 | |||||
net income | -247,827,000 | -155,407,000 | 384,611,000 | |||||
yoy | ||||||||
qoq | 59.47% | -140.41% | ||||||
net income margin % | -171.16% | -84.14% | 160.06% | NaN% | NaN% | NaN% | NaN% | |
net income per share | ||||||||
basic net income per share of ordinary shares | -0.74 | -0.52 | 1.42 | |||||
basic weighted-average shares used in computing net income per share of ordinary shares | 333,734,176 | 298,027,356 | 270,696,733 | 214,586,767 | ||||
diluted net income per share of ordinary shares | -0.74 | -0.52 | 1.08 | |||||
diluted weighted-average shares used in computing net income per share of ordinary shares | 333,734,176 | 298,027,356 | 361,680,593 | 223,245,651 | ||||
other comprehensive income: | ||||||||
change in foreign currency translation adjustments | -7,108 | 3,241 | -5,458 | |||||
total comprehensive income | -254,935 | -152,166 | 379,153 | |||||
gain on partial extinguishment of financial liabilities | ||||||||
revenue | ||||||||
ai cloud service revenue | 2,357.75 | 567 | ||||||
other income | 2,087.75 | 399 | 527 | |||||
expenses | ||||||||
depreciation | -29,413.75 | -8,692 | -7,558 | -7,620 | ||||
electricity charges | -24,848.5 | -19,834 | -16,746 | -19,365 | ||||
site expenses | -2,002.5 | -1,917 | -1,665 | -1,853 | ||||
renewable energy certificates | -903.5 | -179 | -127 | |||||
employee benefits expense | -5,542.5 | -4,333 | -4,334 | -4,177 | ||||
share-based payments expense | -5,982.25 | -5,817 | -5,966 | -5,840 | ||||
professional fees | -2,508 | -2,018 | -2,322 | -1,580 | ||||
other transaction costs | -363 | |||||||
reversal of impairment of assets | 129 | 108 | ||||||
gain/(loss) on disposal of property, plant and equipment | 419.5 | 1 | 5 | |||||
realized gain/(loss) on financial asset | -1,053.75 | 91 | 101 | 3,018 | ||||
unrealized gain/(loss) on financial instruments | 4,775 | -1,091 | -258 | |||||
operating profit/ | 3,194.5 | 6,023 | -2,221 | |||||
foreign exchange gain/ | -920.25 | 4,714 | 2,258 | |||||
profit/(loss) before income tax expense | 178.25 | 12,111 | -6,293 | |||||
income tax (expense)/benefit | -2,329.5 | -3,473 | 1,065 | |||||
profit/(loss) after income tax expense for the period | -2,151.25 | 8,638 | -5,228 | |||||
other comprehensive income/ | ||||||||
items that may be reclassified subsequently to profit or loss | ||||||||
foreign currency translation | -2,520.25 | -7,334 | 7,584 | -3,589 | ||||
other comprehensive income/(loss) for the period, net of tax | -2,520.25 | -7,334 | 7,584 | -3,589 | ||||
total comprehensive income/(loss) for the period | -4,671.5 | 1,304 | 2,356 | |||||
basic earnings per share | -0.01 | 0.08 | -0.07 | -0.08 | ||||
diluted earnings per share | -0.01 | 0.08 | -0.07 | -0.08 | ||||
renewable energy credits | -152 | |||||||
foreign exchange loss | -4,707 | |||||||
income before income tax expense | -4,480 | |||||||
income tax expense | -821 | |||||||
loss after income tax expense for the period | -5,301 | |||||||
total comprehensive loss for the period | -8,890 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-10-19 | 2023-06-30 | 2022-12-31 | 2022-10-13 | 2022-06-30 | 2022-02-09 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||
current assets | ||||||||||||||||
cash and cash equivalents | 2,213,274,000 | 3,260,589,000 | 1,032,263,000 | 564,526,000 | 184,333 | 427,273 | 98,589 | 404,601 | 259,695 | 90,307 | 68,894 | 68,894 | 40,661 | 109,970 | 109,970 | 351,648 |
accounts receivable | 69,087,000 | 9,606,000 | 24,139,000 | 1,564,000 | ||||||||||||
deposits and prepaid expenses | 89,958,000 | 55,330,000 | 53,275,000 | 45,908,000 | ||||||||||||
derivative assets | 2,910,000 | 5,756,000 | ||||||||||||||
income taxes receivable | 2,581,000 | |||||||||||||||
assets held for sale | 6,491,000 | 20,102,000 | 1,310 | 2,952 | 10,696 | |||||||||||
other assets and other receivables | 45,675,000 | 37,794,000 | ||||||||||||||
total current assets | 2,424,486,000 | 3,383,421,000 | 1,123,940,000 | 641,173,000 | 255,911 | 525,193 | 158,789 | 452,386 | 310,193 | 109,186 | 89,230 | 89,230 | 74,645 | 160,254 | 160,254 | 367,926 |
non-current assets | ||||||||||||||||
property, plant and equipment | 4,369,862,000 | 3,170,451,000 | 2,115,436,000 | 1,930,567,000 | 1,575,107 | 1,209,339 | 965,994 | 441,371 | 357,081 | 264,182 | 241,102 | 241,102 | 273,255 | 247,562 | 247,562 | 75,469 |
intangible assets | 108,803,000 | 107,573,000 | ||||||||||||||
operating lease right-of-use asset | 2,948,000 | 1,328,000 | 1,425,000 | 1,463,000 | ||||||||||||
financial assets | 681,400,000 | |||||||||||||||
other non-current assets | 4,994,000 | 282,000 | 317,000 | 486,000 | ||||||||||||
total non-current assets | 4,840,411,000 | 3,644,156,000 | 3,143,434,000 | 2,299,150,000 | 1,733,844 | 1,326,889 | 1,122,422 | 700,647 | 413,410 | 307,981 | 242,844 | 242,844 | 337,310 | 410,206 | 410,206 | 314,140 |
total assets | 7,264,897,000 | 7,027,577,000 | 4,267,374,000 | 2,940,323,000 | 1,989,755 | 1,852,082 | 1,281,211 | 1,153,033 | 723,603 | 417,167 | 332,074 | 332,074 | 411,955 | 570,460 | 570,460 | 682,066 |
liabilities and stockholders’ equity | ||||||||||||||||
current liabilities | ||||||||||||||||
accounts payable and accrued expenses | 461,836,000 | 576,268,000 | 151,874,000 | 144,115,000 | ||||||||||||
operating lease liability, current portion | 540,000 | 402,000 | 400,000 | 404,000 | ||||||||||||
finance lease liability, current portion | 122,168,000 | 61,854,000 | ||||||||||||||
income taxes payable, current portion | 910,000 | 752,000 | 134,000 | |||||||||||||
deferred revenue, current portion | 21,790,000 | 6,794,000 | 1,107,000 | |||||||||||||
other liabilities, current portion | 44,112,000 | 36,061,000 | 50,230,000 | 3,945,000 | ||||||||||||
total current liabilities | 651,356,000 | 682,131,000 | 203,745,000 | 149,347,000 | 553,107 | 559,045 | 146,039 | 50,997 | 41,500 | 32,343 | 24,001 | 24,001 | 140,234 | 85,106 | 85,106 | 40,266 |
non-current liabilities | ||||||||||||||||
operating lease liability, less current portion | 2,285,000 | 936,000 | 1,023,000 | 1,063,000 | ||||||||||||
finance lease liability, less current portion | 152,088,000 | 94,060,000 | ||||||||||||||
convertible notes payable | 3,687,832,000 | 3,685,296,000 | 964,209,000 | 962,765,000 | ||||||||||||
deferred revenue, less current portion | 98,598,000 | 39,831,000 | 22,234,000 | |||||||||||||
deferred tax liabilities | 640,000 | 8,055,000 | 195,411,000 | 7,971,000 | 9,645 | 5,261 | 3,189 | 3,125 | 3,247 | 1,719 | 1,365 | 1,365 | 337 | 189 | 189 | |
income taxes payable, less current portion | 2,662,000 | 2,292,000 | 1,957,000 | 1,454,000 | ||||||||||||
other liabilities, less current portion | 4,907,000 | 3,783,000 | 2,628,000 | 234,000 | ||||||||||||
total non-current liabilities | 3,949,013,000 | 3,834,253,000 | 1,187,462,000 | 973,488,000 | 11,081 | 6,766 | 5,624 | 4,685 | 4,863 | 2,976 | 2,712 | 2,712 | 1,598 | 47,992 | 47,992 | 26,626 |
total liabilities | 4,600,369,000 | 4,516,384,000 | 1,391,207,000 | 1,122,835,000 | 564,188 | 565,811 | 151,663 | 55,682 | 46,363 | 35,319 | 26,713 | 26,713 | 141,832 | 133,098 | 133,098 | 66,892 |
commitments and contingencies | ||||||||||||||||
stockholders’ equity | ||||||||||||||||
ordinary shares, no par value; 340,979,966 and 258,103,209 shares issued and outstanding as of march 31, 2026 and june 30, 2025, respectively | 5,047,083,000 | |||||||||||||||
b class shares, no par value; 2 shares authorized; and 2 shares issued and outstanding as of march 31, 2026 and june 30, 2025 | ||||||||||||||||
additional paid-in capital | -1,728,367,000 | -1,757,926,000 | 157,666,000 | 88,672,000 | ||||||||||||
retained earnings | -614,790,000 | -366,963,000 | -211,556,000 | -596,167,000 | ||||||||||||
accumulated other comprehensive income | -39,398,000 | -32,290,000 | -35,531,000 | -30,073,000 | ||||||||||||
total stockholders’ equity | 2,664,528,000 | 2,511,193,000 | 2,876,167,000 | |||||||||||||
total liabilities and stockholders’ equity | 7,264,897,000 | 7,027,577,000 | 4,267,374,000 | |||||||||||||
ordinary shares, no par value; 331,759,177 and 258,103,209 shares issued and outstanding as of december 31, 2025 and june 30, 2025, respectively | 4,668,372,000 | |||||||||||||||
b class shares, no par value; 2 shares authorized; and 2 shares issued and outstanding as of december 31, 2025 and june 30, 2025 | ||||||||||||||||
other receivables | 11,353,000 | 20,838,000 | 21,013 | 26,459 | 23,918 | 29,367 | 35,867 | 5,689 | 6,543 | 6,543 | 2,574 | 23,654 | 23,654 | 5,627 | ||
ordinary shares, no par value; 999,999,999 shares authorized; 282,876,303 and 258,103,209 shares issued and outstanding as of september 30, 2025 and june 30, 2025, respectively | 2,965,588,000 | |||||||||||||||
b class shares, 0.72 par value; 2 shares authorized; and 2 shares issued and outstanding as of september 30, 2025 and june 30, 2025 | ||||||||||||||||
liabilities and stockholders' equity | ||||||||||||||||
income taxes payable | ||||||||||||||||
deferred revenue | 884,000 | 1,671 | 2,291 | 2,349 | 2,558 | 506 | ||||||||||
stockholders' equity | ||||||||||||||||
ordinary shares, no par value; 999,999,999 shares authorized; 258,103,209 and 187,864,454 shares issued and outstanding as of june 30, 2025 and june 30, 2024, respectively | 2,355,056,000 | |||||||||||||||
b class shares, 0.72 par value; 2 shares authorized; and 2 shares issued and outstanding as of june 30, 2025 and june 30, 2024 | ||||||||||||||||
total stockholders' equity | 1,817,488,000 | |||||||||||||||
total liabilities and stockholders' equity | 2,940,323,000 | |||||||||||||||
financial assets at fair value through profit or loss | 11,700 | 28,300 | 6,530 | 3,425 | 1,280 | |||||||||||
prepayments and deposits | 37,555 | 40,209 | 25,586 | 26,630 | 26,630 | |||||||||||
current assets excluding assets classified as held for sale | 254,601 | 522,241 | 148,093 | |||||||||||||
right-of-use assets | 1,628 | 1,743 | 2,425 | 1,549 | 1,624 | 1,269 | 1,374 | 1,374 | 1,345 | 1,253 | 1,253 | 1,377 | ||||
computer hardware prepayments | 97,572 | 36,068 | 130,498 | 239,841 | 41,407 | 30,555 | ||||||||||
other assets | 466 | 616 | 581 | 427 | 456 | 370 | 292 | 292 | 1,582 | 338 | 338 | |||||
liabilities | ||||||||||||||||
trade and other payables | 172,272 | 144,564 | 120,757 | 32,119 | 24,256 | 17,503 | 16,644 | 16,644 | 17,649 | 18,813 | 18,813 | 8,278 | ||||
accrued interest payable | 4,574 | 999 | ||||||||||||||
lease liabilities | 363 | 381 | 368 | 214 | 205 | 209 | ||||||||||
income tax | 1,585 | 1,941 | 2,647 | 1,389 | 481 | 680 | 32 | 32 | 2,846 | 1,204 | 1,204 | |||||
employee benefits | 6,771 | 5,039 | 3,722 | 1,342 | 4,554 | 3,561 | 961 | 961 | 4,393 | 2,136 | 2,136 | 411 | ||||
provisions | 19,691 | 17,816 | 16,196 | 13,375 | 11,498 | 10,390 | 6,172 | 6,172 | 4,628 | 2,469 | 2,469 | |||||
convertible notes | 322,480 | 318,214 | ||||||||||||||
embedded derivatives | 23,700 | 67,800 | ||||||||||||||
equity | ||||||||||||||||
issued capital | 2,092,508 | 1,985,104 | 1,843,183 | 1,764,289 | 1,327,668 | 1,038,846 | 965,857 | 965,857 | 926,581 | 926,581 | 926,581 | 1,266,912 | ||||
foreign currency translation reserve | -45,074 | -45,116 | -33,143 | -34,993 | ||||||||||||
share-based payments reserve | 69,969 | 62,339 | 54,446 | 51,286 | ||||||||||||
accumulated losses | -691,836 | -716,056 | -734,938 | -683,231 | -656,165 | -664,803 | -654,276 | -654,276 | -644,299 | -482,405 | -482,405 | -663,801 | ||||
total equity | 1,425,567 | 1,286,271 | 1,129,548 | 1,097,351 | 677,240 | 381,848 | 305,361 | 305,361 | 270,123 | |||||||
total liabilities and equity | 1,989,755 | 1,852,082 | 1,281,211 | 1,153,033 | 332,074 | 411,955 | 570,460 | |||||||||
prepayments and other assets | 11,888 | 11,206 | 11,910 | 13,793 | 13,793 | 31,410 | 10,651 | |||||||||
deferred tax assets | 2,595 | 1,240 | 8 | 8 | 2,150 | 2,235 | 2,235 | |||||||||
net assets | 677,240 | 381,848 | 305,361 | |||||||||||||
reserves | 5,737 | 7,805 | -6,220 | -6,220 | -12,159 | -6,814 | -6,814 | 12,063 | ||||||||
goodwill | 634 | 634 | 885 | |||||||||||||
mining hardware prepayments | 68 | 68 | 58,978 | 158,184 | 158,184 | 225,545 | ||||||||||
borrowings and lease liabilities | 192 | 192 | ||||||||||||||
borrowings | 110,718 | 60,484 | 60,484 | 22,325 | ||||||||||||
net assets/ | 437,362 | |||||||||||||||
total equity/ | 437,362 | 437,362 | 615,174 | |||||||||||||
deferred tax asset | 10,864 | |||||||||||||||
income tax liability | 9,252 | |||||||||||||||
deferred tax liability | 4,884 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||
net income | -247,826,000 | -155,407,000 | 384,611,000 | ||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||
depreciation and amortization | 121,245,000 | 99,176,000 | 85,226,000 | ||||||
impairment of assets | 140,411,000 | 31,755,000 | 16,257,000 | ||||||
change in fair value of assets held for sale | 2,035,000 | ||||||||
realized loss on financial instruments | 0 | 2,910,000 | 5,756,000 | ||||||
unrealized loss on financial instruments | 23,700,000 | 107,351,000 | -664,993,000 | ||||||
debt conversion inducement expense | 0 | ||||||||
other expense | |||||||||
loss on disposal of property, plant and equipment | -234,000 | -7,000 | 13,000 | ||||||
foreign exchange loss | -753,000 | 5,513,000 | 2,201,000 | ||||||
stock-based compensation expense | 31,487,000 | 58,231,000 | 72,405,000 | ||||||
amortization of debt issuance costs | 2,744,000 | 2,041,000 | 1,340,000 | ||||||
changes in assets and liabilities: | |||||||||
accounts receivable and other receivables | -67,363,000 | -11,908,000 | -13,090,000 | ||||||
other assets | -4,711,000 | 35,000 | 169,000 | ||||||
financial asset, current | |||||||||
tax related liabilities | -7,427,000 | -180,297,000 | 187,943,000 | ||||||
accounts payable and accrued expenses | 15,877,000 | -12,505,000 | 3,489,000 | ||||||
other liabilities | 9,175,000 | -13,014,000 | 48,679,000 | ||||||
deferred revenue | 73,763,000 | 23,284,000 | 22,457,000 | ||||||
prepayments and deposits | -18,288,000 | -1,089,000 | -12,647,000 | 5,560 | |||||
operating lease liabilities | 1,487,000 | -85,000 | -44,000 | ||||||
net cash from operating activities | 75,322,000 | 71,651,000 | 142,353,000 | 246,047,206 | -211,070 | 53,680 | -3,816 | 4,827 | 26,643 |
capital expenditures | 0 | 0 | -180,307,000 | 0 | -144,452 | -139,059 | -105,831 | 0 | 0 |
free cash flows | 75,322,000 | 71,651,000 | -37,954,000 | 246,047,206 | -355,522 | -85,379 | -109,647 | 4,827 | 26,643 |
investing activities | |||||||||
payments for property, plant and equipment, net of computer hardware | |||||||||
payments for computer hardware | -406,069,000 | ||||||||
payments for intangible assets | 0 | ||||||||
payments for other prepayments and deposits | -144,697,000 | ||||||||
proceeds from disposal of property, plant and equipment | 11,162,030 | 1,652 | 7,809 | 509 | |||||
proceeds from release of deposits | |||||||||
deposits paid for right-of-use assets | 0 | ||||||||
net cash from investing activities | -1,477,103,000 | -850,951,000 | -280,877,000 | -1,379,780,989 | -138,581 | -180,293 | -387,137 | ||
financing activities | |||||||||
payment of offering costs for the issuance of ordinary shares | -5,484,000 | ||||||||
proceeds from the issuance of ordinary shares | 380,032,000 | ||||||||
payment for induced conversion of convertible notes | 0 | ||||||||
proceeds from loan funded shares | 0 | 101,000 | 557,000 | 0 | 42 | 816 | |||
proceeds from exercise of options | 0 | 0 | 6,597,000 | ||||||
proceeds from convertible notes | 0 | ||||||||
payment of capped call transactions | 0 | ||||||||
payment of borrowing transaction costs | -1,902,000 | -48,749,000 | -877,000 | ||||||
repayment of lease liabilities | -126 | -124 | -99 | -91 | -273 | ||||
net cash from financing activities | 355,034,000 | 3,007,598,000 | 606,137,000 | 107,000 | 456,892 | 84,570 | 451,362 | 256,653 | |
net increase in cash and cash equivalents | -1,046,747,000 | 2,228,298,000 | 467,613,000 | -242,651 | 169,569 | ||||
cash and cash equivalents at the beginning of the period | 0 | 0 | 564,526,000 | 0 | 0 | 404,601 | 0 | ||
effects of exchange rate changes on cash and cash equivalents | -568,000 | 28,000 | 124,000 | -289 | -1,595 | 371 | -802 | -181 | |
cash and cash equivalents at the end of period | -1,047,315,000 | 2,228,326,000 | 1,032,263,000 | ||||||
payments for property, plant and equipment net of computer hardware | |||||||||
tax related receivables | 2,581,000 | ||||||||
payments for property, plant and equipment net of computer hardware prepayments | -180,307,000 | -144,452 | -139,059 | -105,831 | |||||
payments for computer hardware prepayments | -100,304,000 | -798,545,587 | -299,352 | -48,503 | -277,558 | -38,012 | |||
payments for other prepayments and other assets | -266,000 | ||||||||
payment of offering costs for the issuance of ordinary shares - at-the-market offering | -18,495,000 | ||||||||
proceeds from the issuance of ordinary shares – at-the-market offering | 618,355,000 | ||||||||
other non-operating income | |||||||||
realized (gain) loss on financial asset | |||||||||
unrealized (gain) loss on financial instrument | |||||||||
other income | |||||||||
other finance expense | |||||||||
(gain) loss on disposal of subsidiaries | |||||||||
(gain) loss on disposal of property, plant and equipment | |||||||||
foreign exchange gain | |||||||||
gain on partial extinguishment of financial liabilities | |||||||||
accrued interest related to hardware financing | |||||||||
amortization of capitalized borrowing costs | |||||||||
payments for property, plant and equipment net of hardware prepayments | |||||||||
repayments/(advancement) of loan proceeds | |||||||||
payments for prepayments and other assets | |||||||||
deconsolidation of non-recourse spvs | |||||||||
iren limited | |||||||||
consolidated statements of cash flows | |||||||||
for the years ended june 30, 2025, 2024, and 2023 | |||||||||
cash flows from operating activities | |||||||||
receipts from ai cloud services revenue | 3,755 | 3,527 | 3,674 | ||||||
receipts from other income | 2,779 | 1,699 | 541 | ||||||
payments for electricity, suppliers and employees | -56,905 | -65,963 | -61,226 | -53,655 | -29,974 | ||||
interest received | 2,381 | 992 | 3,637 | 2,012 | 1,476 | ||||
interest paid | -22 | -58 | -17 | -83 | -82 | ||||
cash flows from investing activities | |||||||||
proceeds from sale of bitcoin mined | |||||||||
payments for prepayments and deposits | -1,199 | -540 | -4,257 | ||||||
proceeds from return of deposits | |||||||||
cash flows from financing activities | |||||||||
capital raising costs | -480 | -2,383 | -102 | -155 | |||||
proceeds from convertible notes* | 0 | ||||||||
proceeds from share issuances | 107,606 | ||||||||
cash and cash equivalents at the end of the period | -242,940 | 328,684 | 98,589 | 169,388 | |||||
receipts from bitcoin mining revenue | 113,483 | 49,575 | |||||||
share issuances | 83,955 | ||||||||
net decrease in cash and cash equivalents | -306,383 | ||||||||
payments for property, plant and equipment net of mining hardware prepayments | |||||||||
payments for mining hardware prepayments | |||||||||
proceeds from hybrid financial instruments | |||||||||
capital raise costs | |||||||||
proceeds from mining hardware finance | |||||||||
repayment of borrowings | |||||||||
proceeds from initial public offering | |||||||||
net increase/(decrease) in cash and cash equivalents | |||||||||
cash and cash equivalents at the beginning of the financial year | |||||||||
cash and cash equivalents at the end of the financial year | |||||||||
receipts from bitcoin mining activities | |||||||||
receipts from ai cloud service revenue | |||||||||
receipts from ers revenue | |||||||||
other revenue | |||||||||
net cash from/(used in) in investing activities | |||||||||
capital raising receipts | 257,081 | ||||||||
receipts from disposal of bitcoin mined | |||||||||
repayments of loan proceeds | |||||||||
cash flows from operating activities - sum | |||||||||
other income received | |||||||||
proceeds from committed equity facility | |||||||||
payments to suppliers | |||||||||
payments for property, plant and equipment | |||||||||
payments for mining hardware | |||||||||
repayment of loan issued by the group | |||||||||
proceeds from sale of assets | |||||||||
proceeds (net of underwriting fees) from initial public offering | |||||||||
prepayments for mining hardware | |||||||||
advancement of loan | |||||||||
payments for right-of-use assets | |||||||||
proceeds from issue of shares | |||||||||
advance payment in relation to share-based payments |