IREN Ltd 6-K, filed May 15, 2024

IREN Ltd (IREN)

6-K 2024-05-15 For: 2024-03-31

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Added on April 12, 2026

About this 6-K

IREN Ltd filed this 6-K on May 15, 2024.

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Exhibit No.		Description

99.1		Press Release Announcing Third Quarter FY24 Results, dated May 15, 2024
99.2		Management Presentation, dated May 15, 2024
99.3		Unaudited Interim Consolidated Financial Statements for the Three and Nine Months ended March 31, 2024
99.4		Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Nine Months ended March, 31, 2024
99.5		Press Release Announcing Increased Expansion Plans, dated May 15, 2024
101		The following materials from this Report are formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Unaudited interim consolidated statements of profit or loss and other comprehensive income, (ii) Unaudited interim consolidated statements of financial position, (iii) Unaudited interim consolidated statements of changes in equity, (iv) Unaudited interim consolidated statements of cash flows and (v) Notes to the unaudited interim consolidated statements
104		Cover Page Interactive Data File – The cover page from this Report on Form 6-K is formatted in iXBRL (included as Exhibit 101)

	Iris Energy Limited

Date: May 15, 2024	By:	/s/ Daniel Roberts
		Daniel Roberts
		Co-Chief Executive Officer and Director

Adjusted EBITDA Reconciliation (USD$m)¹	3 months ended Mar 31, 2024	3 months ended Dec 31, 2023
Bitcoin mining revenue	53.4	42.0
AI Cloud Services Revenue	0.6	-
Other income	0.4	0.5
Electricity charges	(19.8)	(16.7)
Realized gain/(loss) on financial asset	0.1	0.1
Other costs	(12.9)	(12.0)
Adjusted EBITDA	21.8	13.9
Adjusted EBITDA Margin	40%	33%

Reconciliation to consolidated statement of profit or loss
Add/(deduct):
Reversal of impairment of assets	-	0.1
Share-based payments expense - $75 exercise price options	(2.9)	(3.0)
Share-based payments expense – other	(2.9)	(2.9)
Foreign exchange gain/(loss)	4.7	(4.7)
Other expense items²	(0.2)	(2.5)
Unrealized gain/(loss) on financial asset³	(1.1)	(0.3)
EBITDA	19.4	0.6
Other finance expense	(0.1)	0.0
Interest income	1.5	0.7
Depreciation	(8.7)	(7.6)
Profit/(loss) before income tax for the period	12.1	(6.3)
Income tax (expense)/benefit	(3.5)	1.1
Profit/(loss) after income tax for the period	8.6	(5.2)

Reconciliation of Electricity charges to Net electricity costs (USD$m)	3 months ended Mar 31, 2024	3 months ended Dec 31, 2023
Electricity charges	(19.8)	(16.7)
Add/(deduct) the following:
Realized gain/(loss) on financial asset	0.1	0.1
ERS revenue (included in Other income)	0.4	0.5
ERS fees (included in Other operating expenses)	(0.0)	(0.0)
Net electricity costs	(19.4)	(16.1)

Unaudited interim consolidated statements of profit or loss and other comprehensive income	2
Unaudited interim consolidated statements of financial position	3
Unaudited interim consolidated statements of changes in equity	4
Unaudited interim consolidated statements of cash flows	5
Notes to the unaudited interim consolidated financial statements	6

Iris Energy Limited
Unaudited interim consolidated statements of profit or loss and other comprehensive income
For the period ended 31 March 2024

	Note		Three months ended 31 Mar 2024			Three months ended 31 Mar 2023			Nine months ended 31 Mar 2024			Nine months ended 31 Mar 2023
			$'000			$'000			$'000			$'000
Bitcoin mining revenue				53,383			11,327			129,827			41,294
AI Cloud Service revenue				567			-			567			-
Other income		3		399			1,798			926			3,117
Gain/(loss) on disposal of subsidiaries				-			3,257			-			3,257

Revenue				54,349			16,382			131,320			47,668

Expenses
Depreciation		10		(8,692	)		(5,125	)		(23,870	)		(24,122	)
Electricity charges				(19,834	)		(5,973	)		(55,944	)		(19,910	)
Realized gain/(loss) on financial asset		7		91			-			3,210			-
Employee benefits expense				(4,333	)		(2,470	)		(12,844	)		(11,138	)
Share-based payments expense		17		(5,817	)		(3,503	)		(17,622	)		(10,273	)
Impairment of assets				-			-			-			(105,172	)
Reversal of impairment of assets				-			-			108			-
Professional fees				(2,018	)		(1,117	)		(5,938	)		(4,086	)
Site expenses				(2,096	)		(1,290	)		(5,892	)		(3,329	)
Other operating expenses		4		(4,537	)		(1,966	)		(14,809	)		(7,232	)
Gain/(loss) on sale of assets				1			(160	)		16			(6,616	)
Unrealized gain/(loss) on financial asset		7		(1,091	)		-			(1,349	)		-

Operating profit/(loss)				6,023			(5,222	)		(3,614	)		(144,210	)

Finance expense				(126	)		(2,311	)		(190	)		(16,227	)
Interest income				1,500			244			2,878			458
Foreign exchange gain/(loss)				4,714			4,557			2,265			(2,619	)

Profit/(loss) before income tax expense				12,111			(2,732	)		1,339			(162,598	)

Income tax (expense)/benefit				(3,473	)		(321	)		(3,228	)		(2,349	)

Profit/(loss) after income tax expense for the period				8,638			(3,053	)		(1,889	)		(164,947	)

Other comprehensive income/(loss)

Items that may be reclassified subsequently to profit or loss
Foreign currency translation				(7,334	)		(9,126	)		(5,331	)		(21,241	)

Other comprehensive income/(loss) for the period, net of tax				(7,334	)		(9,126	)		(5,331	)		(21,241	)

Total comprehensive income/(loss) for the period				1,304			(12,179	)		(7,220	)		(186,188	)

			Cents			Cents			Cents			Cents
Basic earnings per share		14		8.27			(5.70	)		(2.32	)		(310.03	)
Diluted earnings per share		14		7.70			(5.70	)		(2.32	)		(310.03	)

Iris Energy Limited
Unaudited interim consolidated statements of financial position
As at 31 March 2024

	Note		31 Mar 2024			30 Jun 2023
			$'000			$'000
Assets
Current assets
Cash and cash equivalents		5		259,695			68,894
Other receivables		6		35,867			6,543
Financial assets at fair value through profit or loss		7		3,425			-
Prepayments and other assets		9		11,206			13,793
Total current assets				310,193			89,230

Non-current assets
Property, plant and equipment		10		357,081			241,102
Right-of-use assets				1,624			1,374
Deferred tax assets				2,595			8
Computer hardware prepayments		8		41,407			68
Other assets				456			292
Prepayments and other assets		9		10,247			-
Total non-current assets				413,410			242,844

Total assets				723,603			332,074

Liabilities

Current liabilities
Trade and other payables				24,256			16,644
Lease liabilities		11		205			192
Income tax				481			32
Employee benefits				4,554			961
Provisions		12		11,498			6,172
Deferred Revenue				506			-
Total current liabilities				41,500			24,001

Non-current liabilities
Lease liabilities		11		1,512			1,256
Deferred tax liabilities				3,247			1,365
Employee benefits				104			91
Total non-current liabilities				4,863			2,712

Total liabilities				46,363			26,713

Net assets				677,240			305,361

Equity
Issued capital		13		1,327,668			965,857
Reserves				5,737			(6,220	)
Accumulated losses				(656,165	)		(654,276	)

Total equity				677,240			305,361

	Issued						Accumulated
	capital			Reserves			losses			Total equity
	$'000			$'000			$'000			$'000
Balance at 1 January 2023		926,581			(12,159	)		(644,299	)		270,123

Profit/(loss) after income tax expense for the period		-			-			(3,053	)		(3,053	)
Other comprehensive gain/(loss) for the period, net of tax		-			(9,126	)		-			(9,126	)
Total comprehensive loss for the period		-			(9,126	)		(3,053	)		(12,179	)

Transactions with owners in their capacity as owners:
Capital raise costs		(1,014	)		-			-			(1,014	)
Share issuances - paid		6,912			-			-			6,912
Share-based payments		-			9,846			-			9,846
Balance at 31 March 2023		932,479			(11,439	)		(647,352	)		273,688

Iris Energy Limited
Notes to the unaudited interim consolidated financial statements
31 March 2024

Registered office	Principal place of business

c/o Pitcher Partners	Level 12, 44 Market Street
Level 13, 664 Collins Street	Sydney NSW 2000
Docklands VIC 3008	Australia
Australia

	Three months ended			Three months ended		Nine months ended			Nine months ended
	31 Mar 2024			31 Mar 2023		31 Mar 2024			31 Mar 2023
	$‘000			$'000		$'000			$'000
Current assets
Electricity financial asset		3,425			-		3,425			-

Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below:

Opening fair value		1,280			-		-			-
Additions		9,388			-		10,926			-
Financial asset realized		(6,152	)		-		(6,152	)		-
Revaluation decrements (unrealized loss)		(1,091	)		-		(1,349	)		-

Closing fair value		3,425			-		3,425			-

	Land			Buildings			Plant and equipment			Mining hardware			HPC hardware			Development assets			Total
Consolidated	$'000			$'000			$'000			$'000			$'000			$'000			$'000

Balance at 1 July 2023		1,803			148,058			3,433			73,381			-			14,427			241,102
Additions		125			1,237			681			31,301			29,693			79,637			142,674
Disposals		-			-			(35	)		(6	)		-			-			(41	)
Exchange differences		(17	)		(1,811	)		(70	)		(1,150	)		(90	)		72			(3,067	)
Reversal of impairment		-			-			-			-			-			108			108
Transfers in/(out)		-			17,340			-			-			-			(17,340	)		-
Depreciation expense		-			(5,863	)		(327	)		(17,166	)		(339	)		-			(23,695	)

Balance at 31 March 2024		1,911			158,960			3,682			86,360			29,264			76,904			357,081

Details	Date	Shares		$'000
Opening balance as at	1 July 2023		64,747,477		965,857
Shares issued under Committed Equity Facility			12,887,814		51,417
Shares issued under ATM Facility			60,570,797		318,468
Share based payment - third party issuance			101,084		302
Share based payment - vested shares			104,559		118
Capital raise costs, net of tax			-		(8,494	)

Closing balance as at	31 March 2024		138,411,731		1,327,668

For the Three Months Ended 31 March 2024
	Three months ended 31 Mar 2024		Three months ended 31 Mar 2023
	$'000		$'000
Profit/(loss) after income tax		8,638		(3,053	)

	Number		Number
Weighted average number of ordinary shares used in calculating basic earnings per share		104,496,782		53,559,687

Weighted average number of ordinary shares used in calculating diluted earnings per share		112,195,908		53,559,687

For the Nine Months Ended 31 March 2024
	Nine months ended 31 Mar 2024			Nine months ended 31 Mar 2023
	$'000			$'000
Profit/(loss) after income tax		(1,889	)		(164,947	)

●	Employee Share Plan
●	2021 Executive Director Liquidity and Price Target Options
●	Employee Option Plan
●	Non-Executive Director Option Plan
●	$75 Exercise Price Options
●	2022 Long-Term Incentive Plan Restricted Stock Units
●	2023 Long-Term Incentive Plan Restricted Stock Units (see below for the grants made under this 2023 LTIP this period)

	Number of options		Weighted average exercise price		Number of options			Weighted average exercise price
	31 Mar 2024		31 Mar 2024		30 Jun 2023			30 Jun 2023

Outstanding as at 1 July 2023		8,906,839	$	41.93		9,010,547		$	41.67
Granted during the period		-	$	0.00		-		$	0.00
Forfeited during the period		-	$	0.00		(103,708	)	$	20.03
Vested during the period		-	$	0.00		-		$	0.00

Outstanding as at 31 March 2024		8,906,839	$	41.93		8,906,839		$	41.93

Exercisable as at 31 March 2024		3,615,546	$	2.92		3,485,302		$	2.97

	Number of RSUs
	31 Mar 2024
Outstanding as at 1 July 2023		3,623,867
Granted during the period		3,314,794
Forfeited during the period		(217,760	)
Vested during the period		(104,559	)

Outstanding as at 31 March 2024		6,616,342

Exercisable as at 31 March 2024		-

	Three months ended March 31, 2024			Three months ended March 31, 2023			Nine months ended March 31, 2024			Nine months ended March 31, 2023
	($ thousands)			($ thousands)			($ thousands)			($ thousands)
Profit/(loss) after income tax (expense)/ benefit		8,638			(3,053	)		(1,889	)		(164,947	)
Add/(deduct) the following:
Finance expense		126			2,311			190			16,227
Interest income		(1,500	)		(244	)		(2,878	)		(458	)
Depreciation		8,692			5,125			23,870			24,122
Income tax (benefit)/expense		3,473			321			3,228			2,349
EBITDA		19,429			4,460			22,521			(122,707	)

Revenue		54,349			16,382			131,320			47,668

Profit/(loss) after income tax (expense) /benefit margin(1)		16%			(19)%			(1)%			(346)%

EBITDA margin(2)		36%			27%			17%			(257)%

	1 year or		Between 1		Between 2		Over 5		Total
	less		and 2 years		and 5 years		years
	($ thousands)
Non-interest bearing
Trade and other payables		24,256		-		-		-		24,256
Lease liability		369		293		551		2,933		4,147
Total		24,625		293		551		2,933		28,403