Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-41072 | |
Entity Registrant Name | Iris Energy Ltd | |
Entity Central Index Key | 0001878848 | |
Entity Incorporation, State or Country Code | C3 | |
Entity Address, Address Line One | Level 12 | |
Entity Address, Address Line Two | 44 Market Street | |
Entity Address, City or Town | Sydney, NSW | |
Entity Address, Postal Zip Code | 2000 | |
Entity Address, Country | AU | |
Title of 12(b) Security | Ordinary shares, no par value | |
Trading Symbol | IREN | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Auditor Firm ID | 1232 | 32 |
Auditor Name | Raymond Chabot Grant Thornton LLP | ArmaninoLLP |
Auditor Location | Montreal, Canada | Dallas, Texas |
Ordinary Shares [Member] | ||
Entity Addresses [Line Items] | ||
Entity Common Stock, Shares Outstanding | 66,701,526 | |
Class B Shares [Member] | ||
Entity Addresses [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2 | |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Contact Personnel Name | Cesilia Kim | |
Entity Address, Address Line One | Level 12 | |
Entity Address, Address Line Two | 44 Market Street | |
Entity Address, City or Town | Sydney, NSW | |
Entity Address, Postal Zip Code | 2000 | |
Entity Address, Country | AU | |
Country Region | 61 | |
City Area Code | 2 | |
Local Phone Number | 7906 8301 |
Consolidated statements of prof
Consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | |||
Bitcoin mining revenue | $ 75,509 | $ 59,037 | $ 7,898 |
Other income | 3,137 | 12 | 590 |
Gain/(loss) on disposal of subsidiaries | 3,258 | 0 | 0 |
Expenses | |||
Depreciation | (30,856) | (7,741) | (1,252) |
Electricity charges | (35,753) | (10,978) | (2,654) |
Employee benefits expense | (17,897) | (7,448) | (2,221) |
Share-based payments expense | (14,356) | (13,896) | (805) |
Impairment of assets | (105,172) | (167) | (432) |
Professional fees | (6,271) | (6,807) | (980) |
Gain/(loss) on disposal of property, plant and equipment | (6,628) | 0 | (202) |
Other operating expenses | (18,822) | (11,705) | (466) |
Operating profit/(loss) | (153,851) | 307 | (524) |
Finance expense | (16,363) | (425,441) | (61,175) |
Interest income | 924 | 79 | 6 |
Foreign exchange gain/(loss) | (191) | 8,009 | 2,542 |
Loss before income tax expense | (169,481) | (417,046) | (59,151) |
Income tax expense | (2,390) | (2,724) | (1,239) |
Loss after income tax expense for the year | (171,871) | (419,770) | (60,390) |
Items that may be reclassified subsequently to profit or loss | |||
Foreign currency translation | (13,641) | (23,553) | 1,313 |
Other comprehensive income/(loss) for the year, net of tax | (13,641) | (23,553) | 1,313 |
Total comprehensive loss for the year | $ (185,512) | $ (443,323) | $ (59,077) |
Basic earnings per share (in dollars per share) | $ (3.1377) | $ (10.253) | $ (2.9274) |
Diluted earnings per share (in dollars per share) | $ (3.1377) | $ (10.253) | $ (2.9274) |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 68,894 | $ 109,970 |
Other receivables | 6,543 | 23,654 |
Prepayments and other assets | 13,793 | 26,630 |
Total current assets | 89,230 | 160,254 |
Non-current assets | ||
Property, plant and equipment | 241,102 | 247,562 |
Right-of-use assets | 1,374 | 1,253 |
Goodwill | 0 | 634 |
Deferred tax assets | 8 | 2,235 |
Mining hardware prepayments | 68 | 158,184 |
Other assets | 292 | 338 |
Total non-current assets | 242,844 | 410,206 |
Total assets | 332,074 | 570,460 |
Current liabilities | ||
Borrowings and lease liabilities | 192 | 60,484 |
Income tax | 32 | 1,204 |
Employee benefits | 961 | 2,136 |
Trade and other payables | 16,644 | 18,813 |
Provisions | 6,172 | 2,469 |
Total current liabilities | 24,001 | 85,106 |
Non-current liabilities | ||
Borrowings and lease liabilities | 1,256 | 47,803 |
Deferred tax liabilities | 1,365 | 189 |
Employee benefits | 91 | 0 |
Total non-current liabilities | 2,712 | 47,992 |
Total liabilities | 26,713 | 133,098 |
Equity | ||
Issued capital | 965,857 | 926,581 |
Reserves | (6,220) | (6,814) |
Accumulated losses | (654,276) | (482,405) |
Total equity | 305,361 | 437,362 |
Total liabilities and equity | $ 332,074 | $ 570,460 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Total | Issued Capital [Member] | Reserves [Member] | Accumulated Losses [Member] |
Balance at Jun. 30, 2020 | $ 8,818 | $ 10,338 | $ 725 | $ (2,245) |
Changes in equity [Abstract] | ||||
Loss after income tax expense for the year | (60,390) | 0 | 0 | (60,390) |
Other comprehensive income/(loss) for the year, net of tax | 1,313 | 0 | 1,313 | 0 |
Total comprehensive income/(loss) for the year | (59,077) | 0 | 1,313 | (60,390) |
Transactions with owners in their capacity as owners: | ||||
Share-based payments (note 31) | 805 | 0 | 805 | 0 |
Balance at Jun. 30, 2021 | (49,454) | 10,338 | 2,843 | (62,635) |
Changes in equity [Abstract] | ||||
Loss after income tax expense for the year | (419,770) | 0 | 0 | (419,770) |
Other comprehensive income/(loss) for the year, net of tax | (23,553) | 0 | (23,553) | 0 |
Total comprehensive income/(loss) for the year | (443,323) | 0 | (23,553) | (419,770) |
Transactions with owners in their capacity as owners: | ||||
Share-based payments (note 31) | 13,896 | 0 | 13,896 | 0 |
Issue of ordinary shares (note 20) | 220,683 | 220,683 | 0 | 0 |
Conversion of hybrid financial instruments (note 20) | 695,383 | 695,383 | 0 | 0 |
Share-based payments, prepaid in advance (note 20) | 177 | 177 | 0 | 0 |
Balance at Jun. 30, 2022 | 437,362 | 926,581 | (6,814) | (482,405) |
Changes in equity [Abstract] | ||||
Loss after income tax expense for the year | (171,871) | 0 | 0 | (171,871) |
Other comprehensive income/(loss) for the year, net of tax | (13,641) | 0 | (13,641) | 0 |
Total comprehensive income/(loss) for the year | (185,512) | 0 | (13,641) | (171,871) |
Transactions with owners in their capacity as owners: | ||||
Share-based payments (note 31) | 14,750 | 515 | 14,235 | 0 |
Share issuances under Committed Equity Facility (note 20) | 41,581 | 41,581 | 0 | 0 |
Capital raise costs (note 20) | (2,820) | (2,820) | 0 | 0 |
Balance at Jun. 30, 2023 | $ 305,361 | $ 965,857 | $ (6,220) | $ (654,276) |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | |||
Receipts from Bitcoin mining activities | $ 78,423 | $ 59,037 | $ 7,898 |
Payments for electricity, suppliers and employees (inclusive of GST) | (72,183) | (32,231) | (6,400) |
Total receipts (payments) | 6,240 | 26,806 | 1,498 |
Interest received | 803 | 4 | 6 |
Other income received | 3,104 | 0 | 590 |
Interest paid | (4,102) | (5,253) | (333) |
Net cash from operating activities | 6,045 | 21,557 | 1,761 |
Cash flows from investing activities | |||
Payments for property, plant and equipment net of mining hardware prepayments | (116,064) | (83,654) | (7,300) |
Payments for mining hardware prepayments | 0 | (210,593) | (73,815) |
Payments for prepayments and other assets | (7,363) | (22,038) | (250) |
Repayments/(advancement) of loan proceeds | 2,291 | (1,870) | 0 |
Deconsolidation of Non-Recourse SPVs | (1,214) | 0 | 0 |
Proceeds from disposal of property, plant and equipment | 32,488 | 40 | 2 |
Proceeds from release of deposits | 18,395 | 0 | 0 |
Net cash used in investing activities | (71,467) | (318,115) | (81,363) |
Cash flows from financing activities | |||
Proceeds from hybrid financial instruments | 0 | 107,845 | 105,662 |
Capital raising costs | (1,012) | (4,212) | 0 |
Proceeds from mining hardware finance | 0 | 65,200 | 17,084 |
Repayment of borrowings | (9,432) | (12,120) | (2,118) |
Proceeds from IPO offering (net of underwriting fees) | 0 | 215,331 | 0 |
Payment of borrowing transaction costs | (250) | 0 | (2,569) |
Proceeds from committed equity facility | 39,252 | 0 | 0 |
Repayment of lease liabilities | (318) | (6) | (34) |
Net cash from financing activities | 28,240 | 372,038 | 118,025 |
Net increase/(decrease) in cash and cash equivalents | (37,182) | 75,480 | 38,423 |
Cash and cash equivalents at the beginning of the financial year | 109,970 | 38,990 | 1,956 |
Effects of exchange rate changes on cash and cash equivalents | (3,894) | (4,500) | (1,389) |
Cash and cash equivalents at the end of the financial year | $ 68,894 | $ 109,970 | $ 38,990 |
General information
General information | 12 Months Ended |
Jun. 30, 2023 | |
General information [Abstract] | |
General information | Note 1. General information The consolidated financial statements cover Iris Energy Limited as a Group consisting of Iris Energy Limited (Company or Parent Entity) and the entities it controlled at the end of, or during, the year (collectively the Group). Iris Energy Limited was previously known as Iris Energy Pty Ltd until 7 October 2021, when it converted to an Australian public unlisted company limited by shares. Iris Energy Limited is incorporated and domiciled in Australia. Its registered office and principal place of business are: 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 The Group completed an initial public offering (IPO) on 17 November 2021. The IPO was led by lead book-runners J.P. Morgan, Canaccord Genuity and Citigroup and raised total gross proceeds of $231,538,468. Following this issuance, the Company’s shares trade on the NASDAQ under the ticker symbol “IREN”. The Group is an owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by renewable energy. The consolidated financial statements were authorized and approved for issue, in accordance with a resolution of Directors, on 13 September 2023. The Directors have the power to amend and reissue the consolidated financial statements. Reverse share split On 4 November 2021, the Company effected a 1-for- 5 5 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Jun. 30, 2023 | |
Significant accounting policies [Abstract] | |
Significant accounting policies | Note 2. Significant accounting policies The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. Going concern The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis which contemplates continuity of normal business activities, the realization of assets and settlement of liabilities in the ordinary course of business. The operating cash flows generated by the Group are inherently linked to several key uncertainties and risks including, but not limited to, volatility associated with the economics of Bitcoin mining and the ability of the Group to execute its business plan. For the year ended 30 June 2023, the Group incurred a loss after tax of $171,871,000 (2022: $419,770,000) and net operating cash inflows of $6,045,000 (2022: $21,557,000). As at 30 June 2023, the Group had net current assets of $65,229,000 (2022: net current assets of $75,148,000) and net assets of $305,361,000 (2022: net assets of $437,362,000). As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other aforementioned factors, there can be no guarantee that future mining operations will be profitable. The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going concern of the Group. The key assumptions include: ● A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected in Q4 FY2024; ● Four operational sites with installed nameplate capacity of 180MW; 30MW Canal Flats (BC, Canada), 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 20MW Childress (Texas, USA); and ● Continued development and expansion of the 600MW site at Childress, Texas. The key assumptions have been stress tested using a range of Bitc oin price and global hashrate scenarios including with respect to the halving event expected in Q4 FY2024. As a result, the Group has concluded there is material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has prepared the consolidated financial statements on a going concern basis. Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Historical cost basis The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss. Critical accounting estimates The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3. Principles of consolidation The principles outlined below are guided by IFRS 10 ‘Consolidated Financial Statements’ and pertain to the preparation of consolidated financial statements for Iris Energy Limited and its subsidiaries. The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris Energy Limited as at 30 June 2023 and 30 June 2022 and the results of all subsidiaries for the years ended 30 June 2023, 30 June 2022, and 30 June 2021. Subsidiaries are all those entities over which the Group has control (as listed in note 27). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill and liabilities in the subsidiary together with any cumulative translation differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Intercompany transactions, balances and unrealized gains on transactions between entities in the Group are eliminated upon consolidation. Accounting policies of subsidiaries align to the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent. Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. Functional and presentation currency D uring the year ended 30 June 2022, the Directors elected to change the Group’s presentation currency from Australian dollars (A$) to United States dollars ($, US$ or US dollars) effective from 1 July 2021. The change in presentation currency was a voluntary change which has been accounted for retrospectively. The consolidated financial statements for 30 June 2022 have been restated to US dollars using the procedures outlined below ● Statement of profit or loss and other comprehensive income and statement of cash flows for each group entity were consolidated into US dollars using average foreign currency rates prevailing for the relevant period. ● Assets and liabilities in the consolidated statement of financial position were translated into US dollars at the closing foreign currency rates on the relevant balance sheet dates. ● The equity section of the consolidated statement of financial position, including foreign currency translation reserve, accumulated losses, share capital and the other reserves, were translated into US dollars using the historical rates, being the rate on the date of the transaction ● Earnings per share and dividend disclosure were also restated to US dollars to reflect the change in presentation currency. The functional currency of the Parent is Australian dollars, whilst the presentation currency of the Group is in US dollars. Some subsidiaries have a functional currency other than Australian dollars which is translated to the presentation currency. The presentation currency of US dollars has been adopted to suit the needs of the primary users of the financial statements. Transactions in currencies other than an entity’s functional currency are initially recorded in the functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than an entity’s functional currency are retranslated at the foreign exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss. Foreign exchange differences that arise on the translation of monetary items that form part of the net investment in a foreign operation are recognized in the foreign currency translation reserve in the consolidated statements of financial position. Foreign operations The assets and liabilities of foreign operations are translated into US dollars using the relevant exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into US dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognized in other comprehensive income through the foreign currency translation reserve in equity. The foreign currency reserve, reflecting the cumulative translation differences, Revenue and other income recognition The Group recognizes revenue and other income as follows: Revenue from contracts with customers Revenue is recognized at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognizes revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Bitcoin mining revenue The Group operates data center infrastructure supporting the verification and validation of Bitcoin blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin In the mining pools which the Group participated in during the years ended 30 June 2023, 30 June 2022 and 30 June 2021, the Group is not directly exposed to the pool’s success in mining blocks. The Group is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Group is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees. Bitcoin mining revenue comprises of the block reward and transaction fees bundled together in a gross daily deposit of Bitcoin into the Group’s exchange wallet. Bitcoin received from the mining pool operator are remitted to the pool participants’ wallets net of the fees of the mining pool operator. The mining pool operator fees is reflected in the quantity of Bitcoin received by the Group and recorded as a reduction in Bitcoin mining revenue. The Group measures the non-cash consideration received at the fair market value of the Bitcoin received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on www.kraken.co m (‘Kraken’) on Nil Other income Other income is recognized when it is probable that the economic benefits will flow to the Group, and the amount of income can be reliably measured. Other income is measured at the fair value of the consideration received or receivable. Gains from the sale of other assets are recognized when the control of the asset has been transferred, and it is probable that the entity will receive the economic benefits associated with the transaction. Income tax The income tax expense for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognized for prior periods, where applicable. Deferred tax assets and liabilities are recognized for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary difference only if the Group considers it probable that future taxable amounts will be available to utilize those temporary differences and losses. The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and other comprehensive income. Current and non-current classification Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification. An asset is classified as current when it is either expected to be realized or intended to be sold or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when it is either expected to be settled in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Cash and cash equivalents Cash and cash equivalents includes cash at bank, deposits that can be withdrawn without notice Financial assets Financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortized cost, fair value through profit or loss, or fair value through other comprehensive income depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. Financial assets at amortized cost A financial asset is measured at amortized cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.The financial assets at amortized cost include cash and cash equivalents and other receivables (except sales tax receivables). Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortized cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. Property, plant and equipment Property, plant and equipment is measured at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: Buildings 20 years Plant and equipment 3-10 years Mining hardware 4 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognized upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Development assets consist of data center sites under development. Development assets are not depreciated until they are available for use. Once an asset becomes available for use, it is transferred to another category within property, plant and equipment and depreciated over its useful economic life. Mining hardware includes both installed hardware units and units that have been delivered but are in storage, yet to be installed. Depreciation of mining hardware commences once units are onsite and available for use. R epair and maintenance costs incurred are expensed to ‘other operating expenses’ in the consolidated statements of profit or loss Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less, and leases of low value assets. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right-of-use assets includes the amount of the lease liability recognized, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated from the commencement of the lease on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amount expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of the lease payments, the Group uses the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group has applied judgement to determine the lease term for contracts which include renewal and termination options. Goodwill Goodwill arises on the acquisition o f a business. Goodwill is not amortized. Instead, the cash-generating unit (CGU) to which goodwill has been allocated is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaire Impairment of other non-financial assets At the end of reporting period, property, plant and equipment and right-of-use assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. An impairment loss is recognized in the profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCOD) or the value in use (VIU). In assessing VIU, the estimated future cash flows of the asset are discounted to their present value using a discount rate that reflects the risks specific to the asset or the CGU to which the asset belongs and relevant market assessments. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating unit (CGU)) A recognized impairment loss on an asset is subject to reversal if there is a subsequent change in the variables and assumptions that were used to calculate the asset’s recoverable amount. Such a reversal is executed only when the asset’s estimated recoverable amount exceeds its current carrying amount. However, the adjusted carrying amount after reversal must not exceed the asset’s carrying amount that would have been determined (net of depreciation and amortization) had no impairment loss been recognized for the asset in prior years. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, due to their short-term nature, they are not discounted. Hybrid financial instruments (SAFE and convertible notes) Hybrid financial instruments are separated into the host liability and embedded derivative components based on the terms of the agreement. On issuance, the liability component of the hybrid financial instrument is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The embedded derivative component is initially recognized at fair value and changes in the fair value are recorded in profit or loss. The host debt is carried at amortized cost using the effective interest method until it is extinguished on conversion or redemption. Any directly attributable transaction costs are allocated to the liability and embedded derivative components in proportion to their initial carrying amount. Financial liabilities Trade and other payables and borrowings are initially recognized at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method. The Group de-recognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. Finance costs Finance costs attributable to qualifying assets are capitalized as part of the asset. All other finance costs are expensed using the effective interest rate method. Provisions Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance expense. Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Share-based payments Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares and restricted stock units (‘RSUs’), that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes-Merton option pricing model and Monte-Carlo simulations which take into account the exercise price, the term of the option or the RSU, the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. The cost of equity-settled transactions are recognized as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognized in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognized in previous periods. Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum, an expense is recognized as if the modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If equity-settled awards are cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the amount that otherwise would have been recognised for services received over the remainder of the vesting period will be recognized immediately through share-based payments expense in the profit or loss. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. |
Critical accounting judgements,
Critical accounting judgements, estimates and assumptions | 12 Months Ended |
Jun. 30, 2023 | |
Critical accounting judgements, estimates and assumptions [Abstract] | |
Critical accounting judgements, estimates and assumptions | Note 3. Critical accounting judgements, estimates and assumptions The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the consolidated financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes-Merton option-pricing model and Monte-Carlo simulations which take into account the terms and conditions upon which the instruments were granted. Management has exercised its best judgements in determining the key inputs for the valuation models used which includes volatility, grant-date share price, expected term and the risk-free rate. Refer note 31 for further information and key assumptions. Estimation of useful lives of assets The Group determines the estimated useful lives and related depreciation charges for its property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. Impairment of non-financial assets The Group assesses impairment of non-financial assets other than goodwill at each reporting date by evaluating conditions specific to the Group and to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves assessing the value of the asset at FVLCOD or using VIU models which incorporate a number of key estimates and assumptions. No triggers existed at the reporting date which suggested any additional impairment of assets was necessary. Deferred tax Deferred tax assets relating to temporary differences and unused tax losses are recognized only to the extent that it is probable that the future taxable profit will be available against which the benefits of the deferred tax can be utilized. At the reporting date, deferred tax assets have only been recognized to the extent of deferred tax liabilities if they are related to the same tax jurisdiction. Deferred tax assets in relation to losses have not been recognized in the consolidated statement of financial position and will not be recognized until such time when there is more certainty in relation to the availability of future taxable profits. Income tax Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the consolidated statement of financial position and the amount of other tax losses and temporary differences not yet recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to profit or loss or other comprehensive income/(loss). Going concern Provisions Functional currency determination |
Operating segments
Operating segments | 12 Months Ended |
Jun. 30, 2023 | |
Operating segments [Abstract] | |
Operating segments | Note 4. Operating segments Identification of reportable operating segments The Group operates within one operating segment, being the operation of building and operating data center sites for the purpose of Bitcoin mining and reports to the Chief Operating Decision Maker on the performance of the Group as a whole. Major customers The Group generated 100% (2022: 100%, 2021: 100%) of Bitcoin mining revenues through the provision of computing power to two (2022: two, 2021: three) Bitcoin mining pools for the year ended 30 June 2023. Geographical information Non-current assets, excluding deferred tax assets, are located in the following geographical locations: Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Australia 867 810 North America 241,969 406,820 |
Other income
Other income | 12 Months Ended |
Jun. 30, 2023 | |
Other income [Abstract] | |
Other income | Note 5. Other income Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Net gain on disposal of other assets 3,117 - - Government grants - - 165 Insurance recoveries - - 418 Other 20 12 7 Other income 3,137 12 590 |
Depreciation
Depreciation | 12 Months Ended |
Jun. 30, 2023 | |
Depreciations [Abstract] | |
Depreciation | Note 6. Depreciation Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Depreciation of property, plant and equipment 30,636 7,682 1,209 Depreciation of right-of-use assets 220 59 43 30,856 7,741 1,252 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Jun. 30, 2023 | |
Other operating expenses [Abstract] | |
Other operating expenses | Note 7. Other operating expenses Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Insurance 5,687 5,065 95 Sponsorship and marketing 716 305 29 Short term office and equipment rental 773 177 92 Charitable donations 164 464 - Site expenses 3,789 1,644 170 Filing fees 76 462 1 Site identification costs 15 258 - Non-refundable sales tax (See Note 18 - Provisions) 4,972 2,469 - Non-refundable provincial sales tax 371 - - Other expenses 2,259 861 79 18,822 11,705 466 |
Finance expense
Finance expense | 12 Months Ended |
Jun. 30, 2023 | |
Finance expense [Abstract] | |
Finance expense | Note 8. Finance expense Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Interest expense on borrowings 15,213 5,343 311 Interest expense on hybrid financial instruments - 26,748 14,182 Interest expense on lease liabilities 112 99 22 Amortization of c apitalized b 1,038 2,508 1,968 Loss on embedded derivatives held at fai - 390,743 44,692 16,363 425,441 61,175 Interest expense on borrowings includes late fees and interest charged on third-party loans held by IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd. See note 17 for further information. |
Income tax expense
Income tax expense | 12 Months Ended |
Jun. 30, 2023 | |
Income tax expense [Abstract] | |
Income tax expense | Note 9. Income tax expense Consolidated Year ended Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense (169,481 ) (417,046 ) (59,151 ) Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%) (50,844 ) (125,114 ) (15,379 ) Tax effect amounts which are not deductible in calculating taxable income: Non-deductible/non-allowable items 4,756 128,643 16,061 (46,088 ) 3,529 682 Current year tax losses not recognized 28,349 534 704 Recognition of previously unrecognized tax losses - (1,019 ) (240 ) Difference in overseas tax rates 1,979 203 (3 ) Impact of future tax rate changes - - 94 Current year temporary differences not recognised - - 2 Prior year tax over/(under) provisions (212 ) (523 ) - Deconsolidation of Non-recourse SPVs 18,362 - - Income tax expense 2,390 2,724 1,239 Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Income tax expense Current tax expense/(benefit) (1,013 ) 672 532 Deferred tax expense 3,403 2,052 707 Income tax expense 2,390 2,724 1,239 Consolidated 30 June 2023 30 June 2022 30 June 2021 (restated*) US$’000 US$’000 US$’000 Unrecognized deferred tax assets Available tax losses 136,849 19,268 7,239 Tax effect at the applicable tax rate for each jurisdiction 39,238 5,117 1,887 Deferred tax asset on tax losses recognized to the extent of taxable temporary differences 10,761 3,854 798 Deferred tax asset on losses not recognized 28,477 1,263 1,089 The total available tax losses above have not been recognized in the consolidated statement of financial position. These tax losses can only be utilized against availability of future available profits. These tax losses are not expected to expire. Recognized deferred tax assets and liabilities The following are the deferred tax assets and liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022: Tax losses Employee benefits Property, plant and equipment Unrealized foreign exchange losses Capital raising costs Other deferred tax assets Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Deferred tax assets Movement in balances As at 1 July 2021 798 31 - - 82 - 911 (Charge)/credit to profit or loss 3,056 82 15 725 (260 ) 1,222 4,840 (Charge)/credit direct to equity - - - - 4,805 - 4,805 As at 30 June 2022 3,854 113 15 725 4,627 1,222 10,556 Offset against deferred tax liabilities (8,321 ) As at 30 June 2022 2,235 As at 1 July 2022 3,854 113 15 725 4,627 1,222 10,556 (Charge)/credit to profit or loss 6,907 (381 ) (15 ) (691 ) (666 ) 1,117 6,272 As at 30 June 2023 10,761 (268 ) - 34 3,961 2,339 16,827 Offset against deferred tax liabilities (16,819 ) As at 30 June 2023 8 Property, plant and equipment Unrealized foreign exchange gains Other deferred tax liabilities Total US$’000 US$’000 US$’000 US$’000 Deferred tax liabilities Movement in balances As at 1 July 2021 (798 ) (820 ) - (1,618 ) (Charge)/credit to profit or loss (3,894 ) (2,651 ) (347 ) (6,892 ) Charge direct to equity - - - - As at 30 June 2022 (4,692 ) (3,471 ) (347 ) (8,510 ) Offset against deferred tax assets 8,321 As at 30 June 2022 (189 ) As at 1 July 2022 (4,692 ) (3,471 ) (347 ) (8,510 ) (Charge)/credit to profit or loss (7,426 ) (1,540 ) (708 ) (9,674 ) Charge direct to equity - - - - As at 30 June 2023 (12,118 ) (5,011 ) (1,055 ) (18,184 ) Offset against deferred tax assets 16,819 As at 30 June 2023 (1,365 ) |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Jun. 30, 2023 | |
Cash and cash equivalents [Abstract] | |
Cash and cash equivalents | Note 10. Cash and cash equivalents Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Cash at bank 38,657 109,970 Cash on deposit (cash equivalents) 30,237 - 68,894 109,970 |
Other receivables
Other receivables | 12 Months Ended |
Jun. 30, 2023 | |
Other receivables [Abstract] | |
Other receivables | Note 11. Other receivables Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current assets Share issuances proceeds 1,581 - Advanced loan proceeds - 2,320 Provincial sales tax receivable 122 10,023 Interest receivable - 75 Other receivable 97 1 GST receivable 4,743 11,235 6,543 23,654 |
Mining hardware prepayments
Mining hardware prepayments | 12 Months Ended |
Jun. 30, 2023 | |
Mining hardware prepayments [Abstract] | |
Mining hardware prepayments | Note 12. Mining hardware prepayments Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Non-current assets Mining hardware prepayments 68 158,184 As a result of an agreement signed on 8 February 2023, the Group utilized all remaining prepayments under its 10 EH/s contract with Bitmain, which included a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s contracted miners to a third party, to acquire 4.4 EH/s with no additional cash outlay. During the year ended 30 June 2023, an impairment of $12,961,000 was recorded in relation to mining hardware prepayments of which $11,301,000 related to the above utilization of all prepayments under the 10 EH/s contract with Bitmain. An impairment of $1,660,000 was recorded against mining hardware prepayments held by IE CA 3 Holdings Ltd reducing the underlying carrying amount of the mining hardware prepayments held by IE CA 3 Holdings Ltd to $2,381,000 which were derecognized by the Group on deconsolidation of the entity on 03 February 2023. See note 16. |
Prepayments and other assets
Prepayments and other assets | 12 Months Ended |
Jun. 30, 2023 | |
Prepayments and other assets [Abstract] | |
Prepayments and other assets | Note 13. Prepayments and other assets Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current assets Security deposits 2,420 18,972 Prepayments 11,373 7,658 13,793 26,630 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | Note 14. Property, plant and equipment Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Land - at cost 1,803 1,836 Buildings - at cost 153,100 13,768 Less: Accumulated depreciation (5,042 ) (686 ) 148,058 13,082 Plant and equipment - at cost 4,145 3,564 Less: Accumulated depreciation (712 ) (364 ) 3,433 3,200 Mining hardware - at cost 115,024 171,120 Less: Accumulated depreciation (15,709 ) (7,973 ) Less: Accumulated impairment (25,934 ) - 73,381 163,147 Development assets - at cost 14,427 66,297 241,102 247,562 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Land Buildings Plant and equipment Mining hardware Development assets Total Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Balance at 1 July 2021 403 3,280 2,687 3,921 5,644 15,935 Additions 1,466 10,603 844 168,899 61,650 243,462 Disposals - - - (28 ) - (28 ) Exchange differences (33 ) (330 ) (114 ) (2,651 ) (997 ) (4,125 ) Depreciation expense (note 6) - (471 ) (217 ) (6,994 ) - (7,682 ) Balance at 30 June 2022 1,836 13,082 3,200 163,147 66,297 247,562 Additions - 22,467 673 163,663 67,866 254,669 Deconsolidation of subsidiaries (90,054 ) (90,054 ) Disposals (6 ) - - (39,046 ) - (39,052 ) Exchange differences (27 ) 2,852 (93 ) (7,826 ) (4,685 ) (9,779 ) Impairment of assets - - - (90,524 ) (1,084 ) (91,608 ) Transfers in/(out) - 113,967 - - (113,967 ) - Depreciation expense (note 6) - (4,310 ) (347 ) (25,979 ) - (30,636 ) Balance at 30 June 2023 1,803 148,058 3,433 73,381 14,427 241,102 Depreciation of mining hardware commences once units are installed onsite and available for use. Development assets include costs related to the development of data center infrastructure at Childress, Texas along with other early-stage development costs. Details of impairment expense recorded is set out in note 16. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Jun. 30, 2023 | |
Right-of-use assets [Abstract] | |
Right-of-use assets | Note 15. Right-of-use assets Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Non-current assets Land and buildings - right-of-use asset 1,649 1,309 Less: Accumulated depreciation (275 ) (56 ) 1,374 1,253 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Prepaid Land and buildings Total Consolidated US$’000 US$’000 US$’000 Balance at 1 July 2021 361 1,043 1,404 Additions - 298 298 Disposals (185 ) - (185 ) Exchange differences - (38 ) (38 ) Impairment of assets (167 ) - (167 ) Depreciation (note 6) (9 ) (50 ) (59 ) Balance at 30 June 2022 - 1,253 1,253 Additions - 373 373 Exchange differences - (32 ) (32 ) Depreciation (note 6) - (220 ) (220 ) Balance at 30 June 2023 - 1,374 1,374 The land and buildings right-of-use asset represents a 30-year lease of a site in Prince George, B.C., Canada, a 3-year lease of a corporate office in Sydney, Australia and a 5-year corporate office lease in Vancouver, B.C., Canada. |
Goodwill and impairment
Goodwill and impairment | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and impairment [Abstract] | |
Goodwill and impairment | Note 16. G oodwill and impairment Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Non-current assets Goodwill - 617 634 Less: Impairment (617 ) - - 634 Reconciliations of the goodwill balance at the beginning and end of the current and previous financial year is set out below: Goodwill US$’000 Balance at 1 July 2021 659 Exchange differences (25 ) Balance at 30 June 2022 634 Exchange differences (31 ) Impairment (603 ) Balance at 30 June 2023 - The Group tests whether goodwill is impaired on an annual basis or when indicators of impairment exist. To determine if goodwill is impaired, the carrying value of the identified Cash Generating Unit (CGU) to which the goodwill is allocated is compared to its recoverable amount. For the years ended 30 June 2023 and 30 June 2022 the Group operated as a single CGU. The recoverable amount of the CGU is based on ‘value in use’ (‘VIU’) calculations, determined by discounting the future cash flows to be generated from continuing the use of the CGU. As at 31 December 2022 an impairment analysis was prepared as it was determined that impairment indicators existed for the CGU. Cash flow projections were prepared based on management’s best estimates covering a three-year period. Cash flows beyond this three-year period were extrapolated using a growth rate of 2.5% which did not exceed the long-term average growth rate for the business. The Group applied a pre-tax discount rate of 19.5% to discount the forecast future cash flows attributable to the CGU. In forecasting cash flows over the three-year period, management assumed a Bitcoin price and global hashrate based on historic data, completion of key construction sites within the Group, and electricity costs remain within the current regulated levels in British Columbia, Canada and at forecasted external market pricing in unregulated markets. Based on the assessment performed, management determined that the Group’s carrying value was not supported by its recoverable amount. Based on the associated VIU projections, the Group impaired its goodwill of $617,000 to $ nil Given the VIU did not support the carrying amount of the CGU, management also estimated the fair value less cost of disposal ('FVLCOD') of the assets in the CGU. This was performed using the market approach, based on observable market prices for similar assets. As a result, an impairment of $25,700,000 was recognized on the Group’s mining hardware. The analysis supported the carrying value of the Group’s infrastructure assets (Land, Buildings, Plant and equipment). Refer note 14. The Group separately assessed the assets held by IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) for impairment. In performing this assessment, the Group determined that the Non-Recourse SPVs were unlikely to generate future cash flows for the Group and therefore assessed the Non-Recourse SPVs as a separate CGU for impairment testing. This separate impairment assessment resulted in impairment of $66,484,000 recorded in relation to the Non-Recourse SPVs. Reconciliation Impairment recorded during the year ended 30 June 2023 comprised of the following: Year ended 30 June 2023 US$'000 Goodwill 603 Mining hardware 25,700 Mining hardware – Non-Recourse SPVs 64,824 Mining hardware prepayments 11,301 Mining hardware prepayments – Non-Recourse SPVs 1,660 Development assets 1,084 Impairment of assets 105,172 The impairment expense described above has been recognized in the consolidated statements of profit or loss as impairment of assets. For the years ended 30 June 2022 and 30 June 2021 the Group recorded $167,000 and $432,000 of impairment respectively in relation to right of use assets, buildings and older generation mining hardware assets. As at June 30, 2023, the Company has not observed any new factors that would require a new impairment test for the property, plant and equipment. |
Borrowings and lease liabilitie
Borrowings and lease liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Borrowings and lease liabilities [Abstract] | |
Borrowings and lease liabilities | Note 17. Borrowings and lease liabilities Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current liabilities Mining hardware finance - 61,988 Capitalized borrowing costs - mining hardware finance - (1,774 ) Mining hardware finance accrued interest - 189 Lease liability 192 81 192 60,484 Non-current liabilities Mining hardware finance - 47,421 Capitalized borrowing costs – mining hardware finance - (803 ) Lease liability 1,256 1,185 1,256 47,803 1,448 108,287 Mining hardware finance Prior to 30 June 2022, three of the Group’s subsidiaries (namely, IE CA 2 Holdings Ltd., IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd) entered into separate limited recourse equipment finance and security agreements with third-party financiers. During the year ended 30 June 2023, IE CA 2 Holdings Ltd. repaid the outstanding amounts under its respective facilities with the third-party lender. On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd received notices of defaults from the lender under their respective limited recourse facilities alleging the occurrence of certain defaults and potential events of default and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The Group subsequently lost control of IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. on appointment of a receiver to these entities (refer to note 27 for further details). Lease liabilities The Group’s lease liabilities include a 30-year lease of a site in Prince George, B.C., Canada, a 3-year lease of a corporate office in Sydney, Australia and a 5-year corporate office lease in Vancouver, B.C., Canada. A reconciliation of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24. Reconciliation US$’000 Balance as at 1 July 2021 1,010 Additions 297 Lease charges (106 ) Finance charges 101 Exchange differences (36 ) Balance as at 30 June 2022 1,267 Additions 390 Lease charges (332 ) Finance charges 166 Exchange differences (42 ) Balance as at 30 June 2023 1,448 Current portion 192 Non-current portion 1,256 |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2023 | |
Provisions [Abstract] | |
Provisions | Note 18. Provisions Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current liabilities Non-refundable sales tax 6,172 2,469 Non-Refundable Sales Tax The Canada Revenue Agency (‘CRA’) is currently conducting an audit of input tax credits (‘ITCs’) claimed by several of the Group’s Canadian subsidiaries. The CRA has issued an assessment in relation to one of the subsidiaries which, the Directors believe may be applied across the Group’s Canadian subsidiaries. Under the proposed decision, the CRA has noted that ITCs claimed by the Group would be allowed. However, the Canadian subsidiaries would also be required to remit an amount of 5% on services exported to the Australian parent under an intercompany service agreement. The export of services typically attract a 0% rate of GST in Canada. If GST were to apply to these services at a rate of 5%, the Australian parent may not be permitted to recover this tax. The Group has submitted additional information to the CRA to further support the ITCs claimed and the 0% rate applied to the exported services and submitted a formal notice of objection to the CRA in November 2022. The CRA has acknowledged receipt of the appeal application however has not yet provided any further correspondence to the Group. Recent amendments made to Canadian Tax legislation in June 2023 are being considered by the relevant subsidiaries and the CRA. To date, the CRA has not issued any interpretation guidance on the new legislation or proposed any potential changes to previous conclusions communicated to subsidiaries of the Group. Consequently, the affected subsidiaries continue to accrue a provision in line with the aforementioned methodology. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2023 | |
Trade and other payables [Abstract] | |
Trade and other payables | Note 19. Trade and other payables Consolidated 30 June 2023 30 June 2022 US$'000 US$'000 Current liabilities Trade payables 11,544 13,230 Other payables - 197 Employment tax payables 2,207 - Accrued expenses 2,893 5,386 16,644 18,813 |
Issued capital
Issued capital | 12 Months Ended |
Jun. 30, 2023 | |
Issued capital [Abstract] | |
Issued capital | Note 20. Issued capital Consolidated 30 June 2023 30 June 2022 30 June 2023 30 June 2022 Shares Shares US$’000 US$’000 Ordinary shares - fully paid and unrestricted 64,747,477 53,028,867 965,857 926,581 Movements in ordinary share capital Details Date Shares US$’000 Balance 1 July 2021 19,828,593 10,338 Conversion of hybrid financial instruments 24,835,118 695,383 Ordinary shares issued (IPO) 8,269,231 231,539 Share-based payments, prepaid in advance 95,925 177 IPO capital raise costs, net of tax - (10,856 ) Balance 1 July 2022 53,028,867 926,581 Shares issued under Committed Equity Facility 11,089,357 39,939 Unpaid shares issued under Committed Equity Facility 364,967 1,642 Shares issued for services 260,286 500 Equity settled share-based payments 4,000 15 Capital raise costs - (2,820 ) Balance 30 June 2023 64,747,477 965,857 Refer note 33 for further information on B Class restricted shares issued. Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorized capital. Committed Equity Facility On 23 September 2022 Iris Energy entered into a share purchase agreement with B. Riley Principal Capital II, LLC (“B. Riley”) to establish a committed equity facility ( “ ” Initial Public offering The Company listed 55,036,108 ordinary shares on Nasdaq as part of an IPO on 17 November 2021. 8,269,231 ordinary shares were issued as part of this offering at a price of $28.00. Total proceeds (net of underwriting fees) of $215,331,000 were raised by the Group as part of this offering. Conversion of hybrid financial instruments On 16 November 2021, immediately prior to the IPO on Nasdaq, all hybrid financial instruments (convertible notes and simple agreement for future equity ‘SAFE’) converted to equity in accordance with the underlying deeds. 24,835,118 ordinary shares were issued to noteholders on conversion of these instruments resulting in a corresponding increase in issued capital of $695,383,000 (based on a conversion share price fair value of $28.00 on 16 November 2021). There are no outstanding convertible instruments as at 30 June 2023 (30 June 2022: none). Loan-funded shares As at 30 June 2023, there are 1,954,049 (30 June 2022: 1,954,049) restricted ordinary shares issued to management under the Employee Share Plan as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares outstanding (including the loan funded shares) is 66,701,526 as at 30 June 2023 (30 June 2022: 54,982,916). Capital risk management The Group’s objectives when managing capital is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital is regarded as total equity, as recognized in the consolidated statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, issue new debt or sell assets to reduce debt. |
Reserves
Reserves | 12 Months Ended |
Jun. 30, 2023 | |
Reserves [Abstract] | |
Reserves | Note 21. Reserves Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Foreign currency translation reserve (34,655 ) (21,014 ) Share-based payments reserve (note 31) 28,435 14,200 (6,220 ) (6,814 ) Foreign currency translation reserve The reserve is used to recognize exchange differences arising from the translation of the financial statements of foreign operations to United States dollar. Share-based payments reserve The reserve is used to recognize the value of equity benefits provided to employees and Directors as part of their remuneration, and other parties as part of their compensation for services. |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2023 | |
Dividends [Abstract] | |
Dividends | Note 22. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2023 | |
Earnings per share [Abstract] | |
Earnings per share | Note 23. Earnings per share Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Loss after income tax (171,871 ) (419,770 ) (60,390 ) Number Number Number Weighted average number of shares used in calculating basic earnings per share 54,775,571 40,941,074 20,629,327 Weighted average number of shares used in calculating diluted earnings per share 54,775,571 40,941,074 20,629,327 Cents Cents Cents Basic earnings per share (313.77 ) (1,025.30 ) (292.74 ) Diluted earnings per share (313.77 ) (1,025.30 ) (292.74 ) As the Group has recorded a loss after tax for all years presented, any potential ordinary shares are antidilutive. |
Financial instruments
Financial instruments | 12 Months Ended |
Jun. 30, 2023 | |
Financial instruments [Abstract] | |
Financial instruments | Note 24. Financial instruments Financial risk management objectives The Group has a simple capital structure and its principal financial assets are cash and cash equivalents and other receivables (except for sales tax receivables). The Group is subject to market risk by way of being exposed to daily volatility in the Bitcoin price and variations in foreign exchange rates. The Group has limited exposure to credit risk. The Group primarily holds cash and cash equivalents with regulated authorized deposit taking institutions which have strong credit ratings. The Group may also be exposed to liquidity and capital risk, due to the nature of operations and the requirements to incur capital expenditure. Risk management is carried out by senior executives who identify, evaluate and hedge financial risks. Market risk Foreign currency risk The Group undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations. Foreign exchange risk arises from future commercial transactions and recognized financial assets and financial liabilities denominated in a currency that is not the entity’s functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. The Group’s exposure to foreign currency risk arises when a Group entity holds a financial asset or liability in a currency other than the functional currency of that entity. At the end of the reporting period, the Group’s exposure to foreign currency risk was as follows (denominated in US Dollars): Financial assets Financial liabilities 30 June 2023 30 June 2022 30 June 2023 30 June 2022 US$’000 US$’000 US$’000 US$’000 US dollars 96,888 96,648 32,619 110,265 Canadian dollars 124,549 154,328 37,390 30,135 221,437 250,976 70,009 140,400 Sensitivity analysis The following table illustrates sensitivities to the Group’s exposure to changes in exchange rates. Strengthened Weakened 30 June 2023 Change % Effect on profit before tax US$’000 Effect on US$’000 Change % Effect on profit before tax US$’000 Effect on equity US$’000 US dollar 10 % 5,843 5,843 10 % (7,141 ) (7,141 ) Canadian dollar 10 % 4,267 4,267 10 % (4,267 ) (4,267 ) Australian dollar 10 % (10,854 ) (10,854 ) 10 % 10,534 10,534 (744 ) (744 ) (874 ) (874 ) Price risk The Group is exposed to daily price risk on Bitcoin rewards it generates through contributing computing power to mining pools. Bitcoin rewards are typically liquidated on a daily basis and no Bitcoin is held as at the reporting period end (30 June 2022: nil Bitcoin currency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Group is directly related to the current and future market price of digital currencies. A decline in the market prices for digital currencies could negatively impact the Group’s future operations. The Group has not hedged the conversion of any of its sales of Bitcoin. Interest rate risk The Group is has limited exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in the market interest rates on variable interest-bearing financial instruments. The Group does not, at this time, use derivatives to mitigate these exposures. The Group’s cash and cash equivalents consist of balances available on demand which are held with regulated financial institutions and do not expose the Group to significant interest rate risk. Credit risk The Group’s exposure to credit risk is primarily related to its potential counterparty credit risk with exchanges, mining pools and regulated financial institutions. It mitigates credit risk associated with mining pools and exchanges by maintaining relationships with various alternative mining pools and transferring fiat currency to its Australian bank account on a regular basis. The Group cash and cash equivalents consists of balances held with regulated, listed financial institutions. The Group regularly monitors industry developments, actively monitors concentration risks with each financial institution and primarily holds balances on demand with A-1 rated institutions (based on Standard & Poor’s ratings). Liquidity risk The Group is exposed to liquidity risk and is required to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay contractual obligations as and when they become due and payable. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The Group regularly updates cash projections for changes in business and fluctuations in the Bitcoin price. Refer to the Going Concern section within note 2 for further information in relation to how the Group intends to meet its short-term contractual obligations. Remaining contractual maturities The following table details the Group’s remaining contractual maturity for its financial instruments and other liabilities. The table presents the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The table includes both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the consolidated statement of financial position. Weighted average contractual interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2023 % US$'000 US$'000 US$'000 US$'000 US$'000 Non-derivatives Trade and other payables - 13,541 - - - 13,541 Lease liabilities - 335 326 446 2,270 3,377 Total non-derivatives 13,876 326 446 2,270 16,918 Weighted average contractual interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2022 % US$’000 US$’000 US$’000 US$’000 US$’000 Non-derivatives Trade and other payables - 18,813 - - - 18,813 Mining hardware finance 11.35 % 61,988 47,421 - - 109,409 Lease liabilities - 207 222 443 2,435 3,307 Total non-derivatives 81,008 47,643 443 2,435 131,529 |
Fair value measurement
Fair value measurement | 12 Months Ended |
Jun. 30, 2023 | |
Fair value measurement [Abstract] | |
Fair value measurement | Note 25. Fair value measurement Fair value hierarchy Assets and Liabilities that are measured in the consolidated statements of financial position at fair value are categorized into a three-level hierarchy based on the priority of the inputs to the valuation. The categorization within the hierarchy is based on the lowest level input that is significant to the fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability There were no transfers between levels during the financial years ended 30 June 2022 and 30 June 2023. The carrying amounts of other receivables, trade and other payables and borrowings are assumed to approximate their fair values due to their short-term nature and are excluded from the hierarchy. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2023 | |
Commitments [Abstract] | |
Commitments | Note 26. Commitments As at June the Group had commitments of ,000 June : which are payable within the year ended 30 June . These commitments include committed capital expenditure on infrastructure related to site development. The committed amounts are payable as set out below: Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Amounts payable within 12 months of balance date: 7,481 322,706 Amounts payable after 12 months of balance date: - 23,917 7,481 346,623 |
Interests in subsidiaries
Interests in subsidiaries | 12 Months Ended |
Jun. 30, 2023 | |
Interests in subsidiaries [Abstract] | |
Interests in subsidiaries | Note 27. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2: Beneficial Ownership interest Name Principal place of business / Country of incorporation 30 June 2023 % 30 June 2022 % Iris Energy Custodian Pty Ltd Australia 100 % 100 % SA 1 Holdings Ltd Australia 100 % 100 % SA 2 Holdings Ltd Australia 100 % 100 % Podtech Data Centers Inc. Canada 100 % 100 % IE CA 1 Holdings Ltd Canada 100 % 100 % IE CA 2 Holdings Ltd Canada 100 % 100 % IE CA 3 Holdings Ltd* Canada - 100 % IE CA 4 Holdings Ltd* Canada - 100 % IE CA 5 Holdings Ltd Canada 100 % 100 % IE CA Development Holdings Ltd Canada 100 % 100 % IE CA Development Holdings 2 Ltd Canada 100 % 100 % IE CA Development Holdings 3 Ltd Canada 100 % 100 % IE CA Development Holdings 4 Ltd Canada 100 % 100 % IE CA Development Holdings 5 Ltd Canada 100 % 100 % IE US 1, Inc. United States of America 100 % 100 % Iris Energy Holdings Pty Ltd Australia 100 % 100 % TAS 1 Holdings Ltd Australia 100 % 100 % IE CA Development Holdings 7 Ltd Canada 100 % 100 % IE US Development Holdings 1 Inc United States of America 100 % 100 % IE US Holdings Inc United States of America 100 % 100 % IE US Development Holdings 3 Inc United States of America 100 % 100 % IE US Development Holdings 4 Inc United States of America 100 % 100 % IE US Operations Inc United States of America 100 % 100 % IE US Hardware 1 Inc United States of America 100 % 100 % IE US Hardware 2 Inc United States of America 100 % 100 % IE US Hardware 3 Inc United States of America 100 % 100 % IE US Hardware 4 Inc United States of America 100 % 100 % * On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) received notices of defaults from the lenders under their respective limited recourse facilities alleging the occurrence of certain defaults and potential events of default, and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The lender filed a petition with the British Columbia Supreme Court, primarily seeking the appointment of PwC as receiver over the assets and undertakings of the Non-Recourse SPVs, which the court accepted, subsequently appointing PwC as the receiver of the Non-Recourse SPVs on 3 February 2023. The Group ceased control of the Non-Recourse SPVs on 3 February 2023, being the date of appointment of the receiver, and as such the entities have been deconsolidated from this date recording a gain on disposal of subsidiaries of $3,258,000 |
Reconciliation of loss after in
Reconciliation of loss after income tax to net cash from/(used in) operating activities | 12 Months Ended |
Jun. 30, 2023 | |
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | |
Reconciliation of loss after income tax to net cash from/(used in) operating activities | Note 28. Reconciliation of loss after income tax to net cash from/(used in) operating activities Consolidated Year ended Year ended 30 June 2022 Year ended 30 June 2021 US$'000 US$'000 US$'000 Loss after income tax expense for the year (171,871 ) (419,770 ) (60,390 ) Adjustments for: Depreciation 30,856 7,741 1,252 Capital raising costs - 4,212 - Impairment of assets 105,172 167 432 Other income (3,137 ) - - Gain on disposal of subsidiaries (3,258 ) - - Gain/(loss) on disposal of property, plant and equipment 6,628 (12 ) 202 Foreign exchange loss/(gain) 5,055 (8,889 ) (2,729 ) Loss on embedded derivatives held at fair value through profit or loss - 390,743 44,692 Accrued interest 11,223 26,748 14,182 Amortization of capitalized borrowing costs 1,038 2,508 1,968 Share-based payment expense 14,356 13,896 805 Change in operating assets and liabilities: Decrease/(increase) in other receivables 17,641 (72 ) (416 ) Increase in deferred tax assets (6,271 ) (9,645 ) (911 ) Increase/(decrease) in trade and other payables (5,800 ) 6,476 367 Increase/(decrease) in provision for income tax (1,172 ) 671 533 Increase in deferred tax liabilities 9,674 6,892 1,618 Increase/(decrease) in employee benefits (1,175 ) 2,026 66 Increase in other provisions 3,703 2,469 - Decrease in operating deposits - - 90 Increase for prepayments and deposits (6,617 ) (4,604 ) - Net cash from operating activities 6,045 21,557 1,761 |
Non-cash investing and financin
Non-cash investing and financing activities | 12 Months Ended |
Jun. 30, 2023 | |
Non-cash investing and financing activities [Abstract] | |
Non-cash investing and financing activities | Note 29. Non-cash investing and financing activities Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 US$'000 US$'000 US$'000 Convertible notes issued in lieu of interest/referral fees - - (463 ) Mining hardware finance additional fee payable in cash or equity - (1,424 ) (2,426 ) Mining hardware finance prepayments made directly by third party financier (3,420 ) (37,980 ) (1,458 ) Additions to right of use assets 373 298 1,051 Share issuance proceeds under Committed Equity Facility 1,642 - - (1,405 ) (39,106 ) (3,296 ) |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities | Note Contingent Liabilities In addition to PwC continuing in their capacity as receiver in respect of the Non-Recourse SPVs, a hearing was held in June in The Supreme Court of British Columbia with respect to, among other things, claims brought by the lender, NYDIG ABL LLC, seeking remedies regarding the limited recourse equipment financing facilities entered into by the Non-Recourse SPVs. A judgement on these proceedings was delivered on August which declared, among other things, that the transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void. On August the Company filed a notice to appeal the judgement. |
Share-based payments
Share-based payments | 12 Months Ended |
Jun. 30, 2023 | |
Share-based payments [Abstract] | |
Share-based payments | Note 31. Share-based payments The Group has entered into a number of share-based compensation arrangements. Details of these arrangements, which are considered as options for accounting purposes, are described below: Employee Share Plan The Group’s Employee Share Plan is a loan-funded share scheme. These loan-funded shares generally vest subject to satisfying employment service periods (and in some cases, non-market-based performance milestones). The employment service periods are generally met in three equal tranches on the third, fourth and fifth anniversary of the grant date. Under this scheme, the Company issues a limited recourse loan (that has a maximum term of up to 9 years and 11 months) to employees for the sole purpose of acquiring shares in the Company. Upon disposal of any loan-funded shares by employees, the aggregate purchase price for the shares shall be applied by the Company to pay down the outstanding loan payable. The recourse on the loan is limited to the lower of the initial amount of the loan granted to the employee and the proceeds from the sale of the underlying shares. Employees are entitled to exercise the voting and dividend rights attached to the shares from the date of allocation. If the employee leaves the Company within the vesting period, the shares may be bought back by the Company at the original issue price and the loan is repaid. Loan-funded shares have been treated as options as required under IFRS 2 Share-based Payments. Vesting of instruments granted under the Employee Share Plan is dependent on specific service thresholds being met by the employee. 2021 Executive Director Liquidity and Price Target Options On 20 January 2021, the Group’s board approved the grant of 1,000,000 options each to entities controlled by Daniel Roberts and William Roberts (each an Executive Director) to acquire ordinary shares at an exercise price of $3.868 (A$5.005) with an expiration date of 20 December 2025 Employee Option Plan The Board approved an Employee Option Plan on 28 July 2021. The terms of the Employee Option Plan are substantially similar to the Employee Share Plan, with the main difference being that the incentives are issued in the form of options and loans are not provided to participants. If the employee leaves the Company within the vesting period of the options granted, the Board retains the absolute discretion to cancel any unvested options held by the employee. Vesting of options granted under the Employee Option Plan is dependent on specific service thresholds being met by the employee. Non-Executive Director Option Plan The Board approved a Non-Executive Director Option Plan (‘NED Option Plan’) on July The terms of the NED Option Plan are substantially similar to the Employee Option Plan. Vesting of instruments granted under the NED Option Plan is dependent on specific service thresholds being met by the Non-Executive Director. Where an option holder ceases to be a Director of the Company within the vesting period, the options granted to that Director will vest on a pro-rata basis of the associated service period. The Board retains the absolute discretion to cancel any remaining unvested options held by the option holder. $75 Exercise Price Options On 18 August 2021, the Group’s shareholders approved the grant of 2,400,000 long-term options each to entities controlled by Daniel Roberts and William Roberts to acquire ordinary shares at an exercise price of $75 per option (‘$75 Exercise Price Options The Exercise Price Options will vest in ● If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $370: 600,000 Long-term Target Options will vest ● If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $650: 600,000 Long-term Target Options will vest ● If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $925: 600,000 Long-term Target Options will vest ● If the VWAP of an ordinary share over the immediately preceding 20 trading days is equal to or exceeds $1,850: 600,000 Long-term Target Options will vest Note 31. Share-based payments (continued) The VWAP vesting thresholds may also be triggered by a sale or takeover of the Company based upon the price per ordinary share received in such transaction. The option holder is entitled to receive in its capacity as a holder of the options, a distribution paid by the Company per ordinary share as if the vested options were exercised and ordinary shares issued to the option holder at the relevant time of such distribution. The options are subject to customary adjustments to reflect any reorganization of the Company’s capital, as well as adjustments to vesting thresholds including any future issuance of ordinary shares by the Company. 2 022 On July our Board approved a new long term incentive plan under which participating employees have been granted RSUs in equal tranches after three and of continued service, including a portion the vesting of which is also subject to the achievement of specified performance goals over this time period. RSUs issued under the new long term incentive plan are subject to other terms and conditions contained in the plan. Under the terms of the plan, the Board maintains sole discretion over the administration, eligibility and vesting criteria of instruments issued under the LTIP. During the year ended 30 June 2023, the following grants were made under the 2022 LTIP: ● 1,594,215 RSUs (of which 229,223 were issued to each of Daniel Roberts and William Roberts) - 80% vesting based on continued service with the Group over the vesting period; and - 20% vesting based on total shareholder return (‘TSR’) against a peer group of Nasdaq listed entities (and continued service over the vesting period). ● 305,630 RSUs to each of Daniel Roberts and William Roberts which are subject to a sole vesting condition and will immediately vest when the daily closing share price of the of the ordinary shares of Company exceeds $28 for 10 trading days out of any 15 consecutive full trading day period following the grant date. ● Daniel Roberts and William Roberts also received a CEO grant of each, which have time-based vesting conditions and will vest in equal tranches on July July and July ● 108,559 RSUs to certain Non-Executive Directors. These RSUs will vest at the earlier of within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2023 or by 31 December 2023. Note 31. Share-based payments (continued) Reconciliation of outstanding share options Set out below are summaries of options granted under all plans: Number of options Weighted average exercise price Number of options Weighted average exercise price 30 June 2023 30 June 2023 30 June 2022 30 June 2022 Outstanding as at 1 July 9,010,547 US$41.67 4,143,415 US$3.03 Granted during the year - - 5,126,484 US$71.19 Forfeited during the year (103,708 ) US$20.03 (259,352 ) US$8.01 Exercised during the year - - - US$0.00 Outstanding at the end of the financial year 8,906,839 US$41.93 9,010,547 US$41.67 Exercisable at the end of the financial year 3,485,302 US$2.97 3,351,327 US$3.04 As at June the weighted average remaining contractual life of options outstanding is years June : years). As at June the exercise prices associated with the options outstanding ranges from to June : to Reconciliation of outstanding RSUs Set out below are summaries of RSUs granted under all plans: Number of RSUs 30 June Outstanding as at July - Granted during the year 3,740,366 Forfeited during the year (112,499 ) Exercised during the year (4,000 ) Outstanding at the end of the financial year 3,623,867 Exercisable at the end of the financial year - As at June the weighted average remaining contractual life of RSUs outstanding is years. All RSUs have a nil June Note 31. Share-based payments (continued) Valuation methodology The fair value of instruments issued under the Employee Share Plan, Employee Option Plan and NED Option Plan have been measured using a Black-Scholes-Merton valuation model. The fair value of the Executive Director Liquidity and Price Target Options, $75 Exercise Price Options, and Long-Term Incentive Plan RSUs have been measured using a Monte-Carlo simulation. Service and non-market performance conditions attached to the arrangements were not taken into account when measuring fair value. The following table lists the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2023 and 30 June 2022: Grant date Dividend yield Expected volatility Risk-free interest rate Expected life (weighted average) Grant date share price Exercise price (weighted average) Fair value (weighted average) Number of options/RSUs granted % % % years US$ US$ US$ NED Options Plan 28 July - 90 % 0.15 % 6.58 34.73 8.76 30.80 161,707 21 October - 90 % 0.15 % 7.00 34.80 36.45 26.50 14,266 Employee Option Plan 28 July 2021 - 90 % 0.15 % 7.00 34.73 8.76 31.05 89,541 20 October - 90 % 0.15 % 7.00 34.80 36.45 26.50 53,223 17 June 2022 - 122 % 0.85 % 7.00 3.74 36.45 2.71 7,750 $75 Exercise Price Options 14 September - 90 % 1.28 % 9.00 34.17 75.00 23.87 4,800,000 Long Term Incentive Plan 1 July 2022 Service RSUs - - - 3.74 3.73 - 3.73 1,109,500 TSR RSUs (3.25 years) - 120 % 3.00 % 3.25 3.73 - 3.22 138,189 TSR RSUs (4.25 years) - 120 % 3.25 % 4.25 3.73 - 3.38 138,189 Share Price Target RSU - 120 % 3.60 % 15.00 3.73 - 1.72 611,260 22 December 2022 Service RSUs - - - 1.00 1.13 - 1.13 104,559 11 January 2023 Service RSUs - - - 3.75 1.53 - 1.53 169,870 TSR RSUs - 120 % 3.25 % 3.75 1.53 - 1.32 42,467 19 June 2023 Service RSUs - - - 2.00 3.42 - 3.42 1,426,332 The share-based payment expense for the year was $14,356,000 (2022: $13,896,000, 2021: $805,000). |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related party transactions [Abstract] | |
Related party transactions | Note 32. Related party transactions Parent entity Iris Energy Limited is the ultimate parent entity. Subsidiaries Interests in subsidiaries are set out in note 27. Key management personnel Disclosures relating to key management personnel are set out in note 33. Transactions with related parties There were no transactions with related parties during the current and previous financial year. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. |
Key management personnel disclo
Key management personnel disclosures | 12 Months Ended |
Jun. 30, 2023 | |
Key Management Personnel Disclosures [Abstract] | |
Key management personnel disclosures | Note 33. Key management personnel disclosures Details of Directors and key management personnel The following persons were Directors of Iris Energy Limited at any time during the year, up to the date of this report: Individual Position Date of Commencement Date ceased to be KMP Daniel Roberts Executive Director and Co-CEO 6 November 2018 - William Roberts Executive Director and Co-CEO 6 November 2018 - David Batholomew Non-Executive Director 24 September 2021 - Christopher Guzowski Non-Executive Director 19 December 2019 - Michael Alfred Non-Executive Director 21 October 2021 - Sunita Parasuraman Non-Executive Director 18 July 2023 - The following persons were considered to be KMP of Iris Energy Limited at any time during the year: Individual Position Date of Commencement Date ceased to be KMP Lindsay Ward President 18 October 2021 30 June 2023 David Shaw Chief Operating Officer 22 October 2021 - Belinda Nucifora Chief Financial Officer 16 May 2022 - Cesilia Kim Chief Legal Officer 1 January 2023 - Significant Transactions with key management personnel On or around 18 August 2021, the shareholders of the Company approved the issue of one B Class share each (for consideration of A$1.00 per B Class share) to entities controlled by Daniel Roberts and William Roberts, respectively. The B Class shares were formally issued on 7 October 2021. Each B Class share confers on the holder fifteen votes for each ordinary share in the Company held by the holder. In addition, a B Class share confers a right for the holder to nominate a director to put forward for election to the Board. Because of the increased voting power of the B Class shares, the holders of the B Class shares collectively could continue to control a significant percentage of the combined voting power of the Company's shares and therefore be able to control all matters submitted to the Company’s shareholders for approval until the redemption of the B Class shares by the Company on the earlier of (i) when the holder ceases to be a director due to voluntary retirement; (ii) a transfer of B Class shares in breach of the Constitution; (iii) liquidation or winding up of the Company; or (iv) at any time which is 12 years after the Company’s ordinary shares are first listed on a recognized stock exchange. Aside from these governance rights, the B Class shares do not provide the holder with any economic rights (e.g. the B Class shares do not confer on its holder any right to receive dividends). The B Class shares are not transferable by the holder (except in limited circumstances to affiliates of the holder). Note 33. Key management personnel disclosures (continued) Deed of access, insurance and indemnity The Group has entered into deeds of access, insurance and indemnity with each of our directors and certain of our officers. These deeds provide the directors and officers with contractual rights to indemnification and expense advancement and are governed by the laws of Victoria, Australia. Compensation The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below: Consolidated Year ended 30 June 2023 Year ended 30 June 2022 US$ US$ Short-term employee benefits 7,967,322 1,610,088 Post-employment benefits 66,830 81,550 Share-based payments 13,905,489 13,314,679 21,939,641 15,006,317 The following table summarizes the movement in options and RSUs outstanding issued to Directors and other members of KMP: Number of options/RSUs Weighted average exercise price Number of options/RSUs Weighted average exercise price 30 June 30 June 30 June 30 June Outstanding as at July 6,973,516 $ 53.16 2,136,171 $ 4.10 Granted during the year 3,070,379 $ 2.97 5,014,834 $ 72.46 Forfeited during the year (31,671 ) $ 36.45 (177,489 ) $ 7.90 Exercised during the year (4,000 ) - - - Outstanding at the end of the financial year 10,008,224 $ 37.84 6,973,516 $ 53.16 Exercisable at the end of the financial year 2,017,021 $ 3.87 2,035,278 $ 3.95 |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Jun. 30, 2023 | |
Events after the reporting period [Abstract] | |
Events after the reporting period | Note 34. Events after the reporting period Changes to key management personnel On July 18, 2023, the Group announced the appointment of Sunita Parasuraman to its board of directors and as Chair of the Audit and Risk Committee. Limited recourse equipment financing In June 2023, a hearing was held in in The Supreme Court of British Columbia between NYDIG ABL LLC and the Non-Recourse SPVs. A judgement on the proceedings was delivered on 10 August 2023 which declared, among other things, that the transactions pursuant to hashpower services provided by the Non-Recourse SPVs to the Company to be void. On 21 August 2023, the Company filed a notice to appeal the judgement. Purchases NVIDIA H100 GPUs to target generative AI On 29 August 2023, the Group announced the initial purchase of 248 of NVIDIA’s latest-generation artificial intelligence (“AI”) H100 GPUs for ~US$10 million. No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Significant accounting policies [Abstract] | |
Going concern | Going concern The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis which contemplates continuity of normal business activities, the realization of assets and settlement of liabilities in the ordinary course of business. The operating cash flows generated by the Group are inherently linked to several key uncertainties and risks including, but not limited to, volatility associated with the economics of Bitcoin mining and the ability of the Group to execute its business plan. For the year ended 30 June 2023, the Group incurred a loss after tax of $171,871,000 (2022: $419,770,000) and net operating cash inflows of $6,045,000 (2022: $21,557,000). As at 30 June 2023, the Group had net current assets of $65,229,000 (2022: net current assets of $75,148,000) and net assets of $305,361,000 (2022: net assets of $437,362,000). As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline in its value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards that are successfully mined and (ii) the value of Bitcoin. A decline in the market price of Bitcoin, increases in the difficulty of Bitcoin mining, changes in the regulatory environment, the halving event expected in Q4 FY2024 and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of the other aforementioned factors, there can be no guarantee that future mining operations will be profitable. The strategy to mitigate these risks and uncertainties is to try execute a business plan aimed at operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining potential capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going concern of the Group. The key assumptions include: ● A base case scenario assuming recent Bitcoin prices and global hashrate, with a reduction in global hashrate following the halving event expected in Q4 FY2024; ● Four operational sites with installed nameplate capacity of 180MW; 30MW Canal Flats (BC, Canada), 80MW Mackenzie (BC, Canada), 50MW Prince George (BC, Canada), and 20MW Childress (Texas, USA); and ● Continued development and expansion of the 600MW site at Childress, Texas. The key assumptions have been stress tested using a range of Bitc oin price and global hashrate scenarios including with respect to the halving event expected in Q4 FY2024. As a result, the Group has concluded there is material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has prepared the consolidated financial statements on a going concern basis. |
Basis of preparation | Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Historical cost basis The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss. Critical accounting estimates The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3. |
Principles of consolidation | Principles of consolidation The principles outlined below are guided by IFRS 10 ‘Consolidated Financial Statements’ and pertain to the preparation of consolidated financial statements for Iris Energy Limited and its subsidiaries. The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris Energy Limited as at 30 June 2023 and 30 June 2022 and the results of all subsidiaries for the years ended 30 June 2023, 30 June 2022, and 30 June 2021. Subsidiaries are all those entities over which the Group has control (as listed in note 27). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill and liabilities in the subsidiary together with any cumulative translation differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Intercompany transactions, balances and unrealized gains on transactions between entities in the Group are eliminated upon consolidation. Accounting policies of subsidiaries align to the policies adopted by the Group. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent. |
Operating segments | Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (CODM). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. |
Functional and presentation currency | Functional and presentation currency D uring the year ended 30 June 2022, the Directors elected to change the Group’s presentation currency from Australian dollars (A$) to United States dollars ($, US$ or US dollars) effective from 1 July 2021. The change in presentation currency was a voluntary change which has been accounted for retrospectively. The consolidated financial statements for 30 June 2022 have been restated to US dollars using the procedures outlined below ● Statement of profit or loss and other comprehensive income and statement of cash flows for each group entity were consolidated into US dollars using average foreign currency rates prevailing for the relevant period. ● Assets and liabilities in the consolidated statement of financial position were translated into US dollars at the closing foreign currency rates on the relevant balance sheet dates. ● The equity section of the consolidated statement of financial position, including foreign currency translation reserve, accumulated losses, share capital and the other reserves, were translated into US dollars using the historical rates, being the rate on the date of the transaction ● Earnings per share and dividend disclosure were also restated to US dollars to reflect the change in presentation currency. The functional currency of the Parent is Australian dollars, whilst the presentation currency of the Group is in US dollars. Some subsidiaries have a functional currency other than Australian dollars which is translated to the presentation currency. The presentation currency of US dollars has been adopted to suit the needs of the primary users of the financial statements. Transactions in currencies other than an entity’s functional currency are initially recorded in the functional currency by applying the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than an entity’s functional currency are retranslated at the foreign exchange rate ruling at the reporting date. Foreign exchange differences arising on translation are recognized in the consolidated statements of profit or loss. Foreign exchange differences that arise on the translation of monetary items that form part of the net investment in a foreign operation are recognized in the foreign currency translation reserve in the consolidated statements of financial position. Foreign operations The assets and liabilities of foreign operations are translated into US dollars using the relevant exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into US dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognized in other comprehensive income through the foreign currency translation reserve in equity. The foreign currency reserve, reflecting the cumulative translation differences, |
Revenue and other income recognition | Revenue and other income recognition The Group recognizes revenue and other income as follows: Revenue from contracts with customers Revenue is recognized at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand-alone selling price of each distinct good or service to be delivered; and recognizes revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Bitcoin mining revenue The Group operates data center infrastructure supporting the verification and validation of Bitcoin blockchain transactions in exchange for Bitcoin, referred to as “Bitcoin In the mining pools which the Group participated in during the years ended 30 June 2023, 30 June 2022 and 30 June 2021, the Group is not directly exposed to the pool’s success in mining blocks. The Group is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Group is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees. Bitcoin mining revenue comprises of the block reward and transaction fees bundled together in a gross daily deposit of Bitcoin into the Group’s exchange wallet. Bitcoin received from the mining pool operator are remitted to the pool participants’ wallets net of the fees of the mining pool operator. The mining pool operator fees is reflected in the quantity of Bitcoin received by the Group and recorded as a reduction in Bitcoin mining revenue. The Group measures the non-cash consideration received at the fair market value of the Bitcoin received. Management estimates fair value on a daily basis, as the quantity of Bitcoin received multiplied by the price quoted on www.kraken.co m (‘Kraken’) on Nil Other income Other income is recognized when it is probable that the economic benefits will flow to the Group, and the amount of income can be reliably measured. Other income is measured at the fair value of the consideration received or receivable. Gains from the sale of other assets are recognized when the control of the asset has been transferred, and it is probable that the entity will receive the economic benefits associated with the transaction. |
Income tax | Income tax The income tax expense for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognized for prior periods, where applicable. Deferred tax assets and liabilities are recognized for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● when the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● when the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognized for deductible temporary difference only if the Group considers it probable that future taxable amounts will be available to utilize those temporary differences and losses. The carrying amount of recognized and unrecognized deferred tax assets are reviewed at each reporting date. Deferred tax assets recognized are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognized deferred tax assets are recognized to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. These uncertainties may require management to adjust expectations based on changes in circumstances, which may impact the amount of deferred tax assets and deferred tax liabilities recognized in the statement of financial position and the amount of other tax losses and temporary differences not recognized. In such circumstances, some or all of the carrying amounts of recognized deferred tax assets and liabilities may require adjustment, resulting in a corresponding credit or charge to the consolidated statement of profit or loss and other comprehensive income. |
Current and non-current classification | Current and non-current classification Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification. An asset is classified as current when it is either expected to be realized or intended to be sold or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when it is either expected to be settled in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents includes cash at bank, deposits that can be withdrawn without notice |
Financial assets | Financial assets Financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortized cost, fair value through profit or loss, or fair value through other comprehensive income depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless an accounting mismatch is being avoided. Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off. Financial assets at amortized cost A financial asset is measured at amortized cost only if both of the following conditions are met: (i) it is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset represent contractual cash flows that are solely payments of principal and interest.The financial assets at amortized cost include cash and cash equivalents and other receivables (except sales tax receivables). Impairment of financial assets The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortized cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s assessment at the end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is measured at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: Buildings 20 years Plant and equipment 3-10 years Mining hardware 4 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. An item of property, plant and equipment is derecognized upon disposal or when there is no future economic benefit to the Group. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Development assets consist of data center sites under development. Development assets are not depreciated until they are available for use. Once an asset becomes available for use, it is transferred to another category within property, plant and equipment and depreciated over its useful economic life. Mining hardware includes both installed hardware units and units that have been delivered but are in storage, yet to be installed. Depreciation of mining hardware commences once units are onsite and available for use. R epair and maintenance costs incurred are expensed to ‘other operating expenses’ in the consolidated statements of profit or loss |
Leases | Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less, and leases of low value assets. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. A right-of-use asset is recognized at the commencement date of a lease. The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right-of-use assets includes the amount of the lease liability recognized, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated from the commencement of the lease on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amount expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of the lease payments, the Group uses the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group has applied judgement to determine the lease term for contracts which include renewal and termination options. |
Goodwill | Goodwill Goodwill arises on the acquisition o f a business. Goodwill is not amortized. Instead, the cash-generating unit (CGU) to which goodwill has been allocated is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaire |
Impairment of other non-financial assets | Impairment of other non-financial assets At the end of reporting period, property, plant and equipment and right-of-use assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. An impairment loss is recognized in the profit or loss for the amount by which the asset’s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of an asset’s fair value less costs of disposal (FVLCOD) or the value in use (VIU). In assessing VIU, the estimated future cash flows of the asset are discounted to their present value using a discount rate that reflects the risks specific to the asset or the CGU to which the asset belongs and relevant market assessments. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating unit (CGU)) A recognized impairment loss on an asset is subject to reversal if there is a subsequent change in the variables and assumptions that were used to calculate the asset’s recoverable amount. Such a reversal is executed only when the asset’s estimated recoverable amount exceeds its current carrying amount. However, the adjusted carrying amount after reversal must not exceed the asset’s carrying amount that would have been determined (net of depreciation and amortization) had no impairment loss been recognized for the asset in prior years. |
Trade and other payables | Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. They are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. However, due to their short-term nature, they are not discounted. |
Hybrid financial instruments (SAFE and convertible notes) | Hybrid financial instruments (SAFE and convertible notes) Hybrid financial instruments are separated into the host liability and embedded derivative components based on the terms of the agreement. On issuance, the liability component of the hybrid financial instrument is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The embedded derivative component is initially recognized at fair value and changes in the fair value are recorded in profit or loss. The host debt is carried at amortized cost using the effective interest method until it is extinguished on conversion or redemption. Any directly attributable transaction costs are allocated to the liability and embedded derivative components in proportion to their initial carrying amount. |
Financial liabilities | Financial liabilities Trade and other payables and borrowings are initially recognized at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method. The Group de-recognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Finance costs | Finance costs Finance costs attributable to qualifying assets are capitalized as part of the asset. All other finance costs are expensed using the effective interest rate method. |
Provisions | Provisions Provisions are recognised when the Group has a present (legal or constructive) obligation as a result of a past event, it is probable the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance expense. |
Employee benefits | Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Share-based payments Equity-settled share-based compensation benefits are provided to employees. Equity-settled transactions are awards of shares, or options over shares and restricted stock units (‘RSUs’), that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes-Merton option pricing model and Monte-Carlo simulations which take into account the exercise price, the term of the option or the RSU, the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. The cost of equity-settled transactions are recognized as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognized in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognized in previous periods. Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum, an expense is recognized as if the modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If equity-settled awards are cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the amount that otherwise would have been recognised for services received over the remainder of the vesting period will be recognized immediately through share-based payments expense in the profit or loss. |
Fair value measurement | Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use, determined by maximization of value by way of continuing use or sale to third party. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period in which they occur. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. |
Issued capital | Issued capital Ordinary shares are classified as equity because they represent ownership in the company and do not have an obligation to be repurchased or settled in cash or other financial assets. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. |
Earnings per share | Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Iris Energy Limited, by the weighted average number of ordinary shares outstanding during the financial year. The weighted average number of shares is also adjusted for any ordinary shares to be issued under mandatorily convertible instruments issued by the Group. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. |
Goods and Services Tax (GST) and other similar taxes | Goods and Services Tax (GST) and other similar taxes Revenues, expenses and assets are recognized net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognized as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the consolidated statements of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority. |
Mining hardware prepayments | Mining hardware prepayments Mining hardware prepayments represent payments made by the Group for the purchase of mining hardware that were yet to be delivered as of the end of the financial year. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers. |
New or amended Accounting Standards and Interpretations adopted | New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended IFRS and Interpretations as issued by the IASB that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The Group believes that the impact of recently issued standards or amendments to existing standards that are not yet effective will not have a material impact on the Group’s consolidated financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Significant accounting policies [Abstract] | |
Expected Useful Lives | Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows: Buildings 20 years Plant and equipment 3-10 years Mining hardware 4 years |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Operating segments [Abstract] | |
Non-current assets, excluding deferred tax assets by geographical locations | Non-current assets, excluding deferred tax assets, are located in the following geographical locations: Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Australia 867 810 North America 241,969 406,820 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other income [Abstract] | |
Other Income | Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Net gain on disposal of other assets 3,117 - - Government grants - - 165 Insurance recoveries - - 418 Other 20 12 7 Other income 3,137 12 590 |
Depreciation (Tables)
Depreciation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Depreciations [Abstract] | |
Depreciation | Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Depreciation of property, plant and equipment 30,636 7,682 1,209 Depreciation of right-of-use assets 220 59 43 30,856 7,741 1,252 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other operating expenses [Abstract] | |
Other Operating Expenses | Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Insurance 5,687 5,065 95 Sponsorship and marketing 716 305 29 Short term office and equipment rental 773 177 92 Charitable donations 164 464 - Site expenses 3,789 1,644 170 Filing fees 76 462 1 Site identification costs 15 258 - Non-refundable sales tax (See Note 18 - Provisions) 4,972 2,469 - Non-refundable provincial sales tax 371 - - Other expenses 2,259 861 79 18,822 11,705 466 |
Finance expense (Tables)
Finance expense (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Finance expense [Abstract] | |
Finance Expense | Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Interest expense on borrowings 15,213 5,343 311 Interest expense on hybrid financial instruments - 26,748 14,182 Interest expense on lease liabilities 112 99 22 Amortization of c apitalized b 1,038 2,508 1,968 Loss on embedded derivatives held at fai - 390,743 44,692 16,363 425,441 61,175 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income tax expense [Abstract] | |
Reconciliation of Income Tax Expense and Tax at the Statutory Rate | Consolidated Year ended Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense (169,481 ) (417,046 ) (59,151 ) Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%) (50,844 ) (125,114 ) (15,379 ) Tax effect amounts which are not deductible in calculating taxable income: Non-deductible/non-allowable items 4,756 128,643 16,061 (46,088 ) 3,529 682 Current year tax losses not recognized 28,349 534 704 Recognition of previously unrecognized tax losses - (1,019 ) (240 ) Difference in overseas tax rates 1,979 203 (3 ) Impact of future tax rate changes - - 94 Current year temporary differences not recognised - - 2 Prior year tax over/(under) provisions (212 ) (523 ) - Deconsolidation of Non-recourse SPVs 18,362 - - Income tax expense 2,390 2,724 1,239 |
Income Tax Expense | Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Income tax expense Current tax expense/(benefit) (1,013 ) 672 532 Deferred tax expense 3,403 2,052 707 Income tax expense 2,390 2,724 1,239 |
Unrecognized Deferred Tax Assets | Consolidated 30 June 2023 30 June 2022 30 June 2021 (restated*) US$’000 US$’000 US$’000 Unrecognized deferred tax assets Available tax losses 136,849 19,268 7,239 Tax effect at the applicable tax rate for each jurisdiction 39,238 5,117 1,887 Deferred tax asset on tax losses recognized to the extent of taxable temporary differences 10,761 3,854 798 Deferred tax asset on losses not recognized 28,477 1,263 1,089 |
Movement in Deferred Tax Assets and Liability Balances | Recognized deferred tax assets and liabilities The following are the deferred tax assets and liabilities recognised by the Group and movements during the years ended 30 June 2023 and 30 June 2022: Tax losses Employee benefits Property, plant and equipment Unrealized foreign exchange losses Capital raising costs Other deferred tax assets Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Deferred tax assets Movement in balances As at 1 July 2021 798 31 - - 82 - 911 (Charge)/credit to profit or loss 3,056 82 15 725 (260 ) 1,222 4,840 (Charge)/credit direct to equity - - - - 4,805 - 4,805 As at 30 June 2022 3,854 113 15 725 4,627 1,222 10,556 Offset against deferred tax liabilities (8,321 ) As at 30 June 2022 2,235 As at 1 July 2022 3,854 113 15 725 4,627 1,222 10,556 (Charge)/credit to profit or loss 6,907 (381 ) (15 ) (691 ) (666 ) 1,117 6,272 As at 30 June 2023 10,761 (268 ) - 34 3,961 2,339 16,827 Offset against deferred tax liabilities (16,819 ) As at 30 June 2023 8 Property, plant and equipment Unrealized foreign exchange gains Other deferred tax liabilities Total US$’000 US$’000 US$’000 US$’000 Deferred tax liabilities Movement in balances As at 1 July 2021 (798 ) (820 ) - (1,618 ) (Charge)/credit to profit or loss (3,894 ) (2,651 ) (347 ) (6,892 ) Charge direct to equity - - - - As at 30 June 2022 (4,692 ) (3,471 ) (347 ) (8,510 ) Offset against deferred tax assets 8,321 As at 30 June 2022 (189 ) As at 1 July 2022 (4,692 ) (3,471 ) (347 ) (8,510 ) (Charge)/credit to profit or loss (7,426 ) (1,540 ) (708 ) (9,674 ) Charge direct to equity - - - - As at 30 June 2023 (12,118 ) (5,011 ) (1,055 ) (18,184 ) Offset against deferred tax assets 16,819 As at 30 June 2023 (1,365 ) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Cash and cash equivalents [Abstract] | |
Cash and Cash Equivalents | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Cash at bank 38,657 109,970 Cash on deposit (cash equivalents) 30,237 - 68,894 109,970 |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other receivables [Abstract] | |
Other Receivables | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current assets Share issuances proceeds 1,581 - Advanced loan proceeds - 2,320 Provincial sales tax receivable 122 10,023 Interest receivable - 75 Other receivable 97 1 GST receivable 4,743 11,235 6,543 23,654 |
Mining hardware prepayments (Ta
Mining hardware prepayments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Mining hardware prepayments [Abstract] | |
Mining Hardware Prepayments | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Non-current assets Mining hardware prepayments 68 158,184 |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Prepayments and other assets [Abstract] | |
Prepayments and other assets | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current assets Security deposits 2,420 18,972 Prepayments 11,373 7,658 13,793 26,630 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [Abstract] | |
Consolidated Property, Plant and Equipment | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Land - at cost 1,803 1,836 Buildings - at cost 153,100 13,768 Less: Accumulated depreciation (5,042 ) (686 ) 148,058 13,082 Plant and equipment - at cost 4,145 3,564 Less: Accumulated depreciation (712 ) (364 ) 3,433 3,200 Mining hardware - at cost 115,024 171,120 Less: Accumulated depreciation (15,709 ) (7,973 ) Less: Accumulated impairment (25,934 ) - 73,381 163,147 Development assets - at cost 14,427 66,297 241,102 247,562 |
Reconciliations of Written Down Values of Property, Plant and Equipment | Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Land Buildings Plant and equipment Mining hardware Development assets Total Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Balance at 1 July 2021 403 3,280 2,687 3,921 5,644 15,935 Additions 1,466 10,603 844 168,899 61,650 243,462 Disposals - - - (28 ) - (28 ) Exchange differences (33 ) (330 ) (114 ) (2,651 ) (997 ) (4,125 ) Depreciation expense (note 6) - (471 ) (217 ) (6,994 ) - (7,682 ) Balance at 30 June 2022 1,836 13,082 3,200 163,147 66,297 247,562 Additions - 22,467 673 163,663 67,866 254,669 Deconsolidation of subsidiaries (90,054 ) (90,054 ) Disposals (6 ) - - (39,046 ) - (39,052 ) Exchange differences (27 ) 2,852 (93 ) (7,826 ) (4,685 ) (9,779 ) Impairment of assets - - - (90,524 ) (1,084 ) (91,608 ) Transfers in/(out) - 113,967 - - (113,967 ) - Depreciation expense (note 6) - (4,310 ) (347 ) (25,979 ) - (30,636 ) Balance at 30 June 2023 1,803 148,058 3,433 73,381 14,427 241,102 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Right-of-use assets [Abstract] | |
Right-of-use Assets | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Non-current assets Land and buildings - right-of-use asset 1,649 1,309 Less: Accumulated depreciation (275 ) (56 ) 1,374 1,253 |
Right-of-use Assets, Reconciliations of Written Down Values | Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Prepaid Land and buildings Total Consolidated US$’000 US$’000 US$’000 Balance at 1 July 2021 361 1,043 1,404 Additions - 298 298 Disposals (185 ) - (185 ) Exchange differences - (38 ) (38 ) Impairment of assets (167 ) - (167 ) Depreciation (note 6) (9 ) (50 ) (59 ) Balance at 30 June 2022 - 1,253 1,253 Additions - 373 373 Exchange differences - (32 ) (32 ) Depreciation (note 6) - (220 ) (220 ) Balance at 30 June 2023 - 1,374 1,374 |
Goodwill and impairment (Tables
Goodwill and impairment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and impairment [Abstract] | |
Carrying Amount of Goodwill | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Non-current assets Goodwill - 617 634 Less: Impairment (617 ) - - 634 |
Reconciliations of Goodwill Balance | Reconciliations of the goodwill balance at the beginning and end of the current and previous financial year is set out below: Goodwill US$’000 Balance at 1 July 2021 659 Exchange differences (25 ) Balance at 30 June 2022 634 Exchange differences (31 ) Impairment (603 ) Balance at 30 June 2023 - |
Impairment of Assets | Impairment recorded during the year ended 30 June 2023 comprised of the following: Year ended 30 June 2023 US$'000 Goodwill 603 Mining hardware 25,700 Mining hardware – Non-Recourse SPVs 64,824 Mining hardware prepayments 11,301 Mining hardware prepayments – Non-Recourse SPVs 1,660 Development assets 1,084 Impairment of assets 105,172 |
Borrowings and lease liabilit_2
Borrowings and lease liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Borrowings and lease liabilities [Abstract] | |
Components of Borrowings | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current liabilities Mining hardware finance - 61,988 Capitalized borrowing costs - mining hardware finance - (1,774 ) Mining hardware finance accrued interest - 189 Lease liability 192 81 192 60,484 Non-current liabilities Mining hardware finance - 47,421 Capitalized borrowing costs – mining hardware finance - (803 ) Lease liability 1,256 1,185 1,256 47,803 1,448 108,287 |
Reconciliation of Lease Liabilities | A reconciliation of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24. Reconciliation US$’000 Balance as at 1 July 2021 1,010 Additions 297 Lease charges (106 ) Finance charges 101 Exchange differences (36 ) Balance as at 30 June 2022 1,267 Additions 390 Lease charges (332 ) Finance charges 166 Exchange differences (42 ) Balance as at 30 June 2023 1,448 Current portion 192 Non-current portion 1,256 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Provisions [Abstract] | |
Provisions | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Current liabilities Non-refundable sales tax 6,172 2,469 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Trade and other payables [Abstract] | |
Trade and Other Payables | Consolidated 30 June 2023 30 June 2022 US$'000 US$'000 Current liabilities Trade payables 11,544 13,230 Other payables - 197 Employment tax payables 2,207 - Accrued expenses 2,893 5,386 16,644 18,813 |
Issued capital (Tables)
Issued capital (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Issued capital [Abstract] | |
Issued Capital | Consolidated 30 June 2023 30 June 2022 30 June 2023 30 June 2022 Shares Shares US$’000 US$’000 Ordinary shares - fully paid and unrestricted 64,747,477 53,028,867 965,857 926,581 |
Movements in Ordinary Share Capital | Movements in ordinary share capital Details Date Shares US$’000 Balance 1 July 2021 19,828,593 10,338 Conversion of hybrid financial instruments 24,835,118 695,383 Ordinary shares issued (IPO) 8,269,231 231,539 Share-based payments, prepaid in advance 95,925 177 IPO capital raise costs, net of tax - (10,856 ) Balance 1 July 2022 53,028,867 926,581 Shares issued under Committed Equity Facility 11,089,357 39,939 Unpaid shares issued under Committed Equity Facility 364,967 1,642 Shares issued for services 260,286 500 Equity settled share-based payments 4,000 15 Capital raise costs - (2,820 ) Balance 30 June 2023 64,747,477 965,857 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Reserves [Abstract] | |
Reserves | Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Foreign currency translation reserve (34,655 ) (21,014 ) Share-based payments reserve (note 31) 28,435 14,200 (6,220 ) (6,814 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Earnings per share [Abstract] | |
Earnings Per Share Basic and Diluted | Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 (restated*) US$’000 US$’000 US$’000 Loss after income tax (171,871 ) (419,770 ) (60,390 ) Number Number Number Weighted average number of shares used in calculating basic earnings per share 54,775,571 40,941,074 20,629,327 Weighted average number of shares used in calculating diluted earnings per share 54,775,571 40,941,074 20,629,327 Cents Cents Cents Basic earnings per share (313.77 ) (1,025.30 ) (292.74 ) Diluted earnings per share (313.77 ) (1,025.30 ) (292.74 ) |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Financial instruments [Abstract] | |
Financial Asset or Liability by Currency | The Group’s exposure to foreign currency risk arises when a Group entity holds a financial asset or liability in a currency other than the functional currency of that entity. At the end of the reporting period, the Group’s exposure to foreign currency risk was as follows (denominated in US Dollars): Financial assets Financial liabilities 30 June 2023 30 June 2022 30 June 2023 30 June 2022 US$’000 US$’000 US$’000 US$’000 US dollars 96,888 96,648 32,619 110,265 Canadian dollars 124,549 154,328 37,390 30,135 221,437 250,976 70,009 140,400 |
Sensitivity Analysis | The following table illustrates sensitivities to the Group’s exposure to changes in exchange rates. Strengthened Weakened 30 June 2023 Change % Effect on profit before tax US$’000 Effect on US$’000 Change % Effect on profit before tax US$’000 Effect on equity US$’000 US dollar 10 % 5,843 5,843 10 % (7,141 ) (7,141 ) Canadian dollar 10 % 4,267 4,267 10 % (4,267 ) (4,267 ) Australian dollar 10 % (10,854 ) (10,854 ) 10 % 10,534 10,534 (744 ) (744 ) (874 ) (874 ) |
Remaining Contractual Maturity for Financial Instrument Liabilities | The following table details the Group’s remaining contractual maturity for its financial instruments and other liabilities. The table presents the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The table includes both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the consolidated statement of financial position. Weighted average contractual interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2023 % US$'000 US$'000 US$'000 US$'000 US$'000 Non-derivatives Trade and other payables - 13,541 - - - 13,541 Lease liabilities - 335 326 446 2,270 3,377 Total non-derivatives 13,876 326 446 2,270 16,918 Weighted average contractual interest rate 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2022 % US$’000 US$’000 US$’000 US$’000 US$’000 Non-derivatives Trade and other payables - 18,813 - - - 18,813 Mining hardware finance 11.35 % 61,988 47,421 - - 109,409 Lease liabilities - 207 222 443 2,435 3,307 Total non-derivatives 81,008 47,643 443 2,435 131,529 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Commitments [Abstract] | |
Maturity of Committed Amount Payable | The committed amounts are payable as set out below: Consolidated 30 June 2023 30 June 2022 US$’000 US$’000 Amounts payable within 12 months of balance date: 7,481 322,706 Amounts payable after 12 months of balance date: - 23,917 7,481 346,623 |
Interests in subsidiaries (Tabl
Interests in subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Interests in subsidiaries [Abstract] | |
Interests in Subsidiaries | The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2: Beneficial Ownership interest Name Principal place of business / Country of incorporation 30 June 2023 % 30 June 2022 % Iris Energy Custodian Pty Ltd Australia 100 % 100 % SA 1 Holdings Ltd Australia 100 % 100 % SA 2 Holdings Ltd Australia 100 % 100 % Podtech Data Centers Inc. Canada 100 % 100 % IE CA 1 Holdings Ltd Canada 100 % 100 % IE CA 2 Holdings Ltd Canada 100 % 100 % IE CA 3 Holdings Ltd* Canada - 100 % IE CA 4 Holdings Ltd* Canada - 100 % IE CA 5 Holdings Ltd Canada 100 % 100 % IE CA Development Holdings Ltd Canada 100 % 100 % IE CA Development Holdings 2 Ltd Canada 100 % 100 % IE CA Development Holdings 3 Ltd Canada 100 % 100 % IE CA Development Holdings 4 Ltd Canada 100 % 100 % IE CA Development Holdings 5 Ltd Canada 100 % 100 % IE US 1, Inc. United States of America 100 % 100 % Iris Energy Holdings Pty Ltd Australia 100 % 100 % TAS 1 Holdings Ltd Australia 100 % 100 % IE CA Development Holdings 7 Ltd Canada 100 % 100 % IE US Development Holdings 1 Inc United States of America 100 % 100 % IE US Holdings Inc United States of America 100 % 100 % IE US Development Holdings 3 Inc United States of America 100 % 100 % IE US Development Holdings 4 Inc United States of America 100 % 100 % IE US Operations Inc United States of America 100 % 100 % IE US Hardware 1 Inc United States of America 100 % 100 % IE US Hardware 2 Inc United States of America 100 % 100 % IE US Hardware 3 Inc United States of America 100 % 100 % IE US Hardware 4 Inc United States of America 100 % 100 % |
Reconciliation of loss after _2
Reconciliation of loss after income tax to net cash from/(used in) operating activities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | |
Reconciliation of Loss After Income Tax to Net Cash from Used in Operating Activities | Consolidated Year ended Year ended 30 June 2022 Year ended 30 June 2021 US$'000 US$'000 US$'000 Loss after income tax expense for the year (171,871 ) (419,770 ) (60,390 ) Adjustments for: Depreciation 30,856 7,741 1,252 Capital raising costs - 4,212 - Impairment of assets 105,172 167 432 Other income (3,137 ) - - Gain on disposal of subsidiaries (3,258 ) - - Gain/(loss) on disposal of property, plant and equipment 6,628 (12 ) 202 Foreign exchange loss/(gain) 5,055 (8,889 ) (2,729 ) Loss on embedded derivatives held at fair value through profit or loss - 390,743 44,692 Accrued interest 11,223 26,748 14,182 Amortization of capitalized borrowing costs 1,038 2,508 1,968 Share-based payment expense 14,356 13,896 805 Change in operating assets and liabilities: Decrease/(increase) in other receivables 17,641 (72 ) (416 ) Increase in deferred tax assets (6,271 ) (9,645 ) (911 ) Increase/(decrease) in trade and other payables (5,800 ) 6,476 367 Increase/(decrease) in provision for income tax (1,172 ) 671 533 Increase in deferred tax liabilities 9,674 6,892 1,618 Increase/(decrease) in employee benefits (1,175 ) 2,026 66 Increase in other provisions 3,703 2,469 - Decrease in operating deposits - - 90 Increase for prepayments and deposits (6,617 ) (4,604 ) - Net cash from operating activities 6,045 21,557 1,761 |
Non-cash investing and financ_2
Non-cash investing and financing activities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Non-cash investing and financing activities [Abstract] | |
Non-cash Investing and Financing Activities | Consolidated Year ended 30 June 2023 Year ended 30 June 2022 Year ended 30 June 2021 US$'000 US$'000 US$'000 Convertible notes issued in lieu of interest/referral fees - - (463 ) Mining hardware finance additional fee payable in cash or equity - (1,424 ) (2,426 ) Mining hardware finance prepayments made directly by third party financier (3,420 ) (37,980 ) (1,458 ) Additions to right of use assets 373 298 1,051 Share issuance proceeds under Committed Equity Facility 1,642 - - (1,405 ) (39,106 ) (3,296 ) |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share-based payments [Abstract] | |
Reconciliation of Outstanding Share Options | Set out below are summaries of options granted under all plans: Number of options Weighted average exercise price Number of options Weighted average exercise price 30 June 2023 30 June 2023 30 June 2022 30 June 2022 Outstanding as at 1 July 9,010,547 US$41.67 4,143,415 US$3.03 Granted during the year - - 5,126,484 US$71.19 Forfeited during the year (103,708 ) US$20.03 (259,352 ) US$8.01 Exercised during the year - - - US$0.00 Outstanding at the end of the financial year 8,906,839 US$41.93 9,010,547 US$41.67 Exercisable at the end of the financial year 3,485,302 US$2.97 3,351,327 US$3.04 |
Reconciliation of Outstanding RSUs | Set out below are summaries of RSUs granted under all plans: Number of RSUs 30 June Outstanding as at July - Granted during the year 3,740,366 Forfeited during the year (112,499 ) Exercised during the year (4,000 ) Outstanding at the end of the financial year 3,623,867 Exercisable at the end of the financial year - |
Measurement of Fair Value Arrangements Granted | The following table lists the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2023 and 30 June 2022: Grant date Dividend yield Expected volatility Risk-free interest rate Expected life (weighted average) Grant date share price Exercise price (weighted average) Fair value (weighted average) Number of options/RSUs granted % % % years US$ US$ US$ NED Options Plan 28 July - 90 % 0.15 % 6.58 34.73 8.76 30.80 161,707 21 October - 90 % 0.15 % 7.00 34.80 36.45 26.50 14,266 Employee Option Plan 28 July 2021 - 90 % 0.15 % 7.00 34.73 8.76 31.05 89,541 20 October - 90 % 0.15 % 7.00 34.80 36.45 26.50 53,223 17 June 2022 - 122 % 0.85 % 7.00 3.74 36.45 2.71 7,750 $75 Exercise Price Options 14 September - 90 % 1.28 % 9.00 34.17 75.00 23.87 4,800,000 Long Term Incentive Plan 1 July 2022 Service RSUs - - - 3.74 3.73 - 3.73 1,109,500 TSR RSUs (3.25 years) - 120 % 3.00 % 3.25 3.73 - 3.22 138,189 TSR RSUs (4.25 years) - 120 % 3.25 % 4.25 3.73 - 3.38 138,189 Share Price Target RSU - 120 % 3.60 % 15.00 3.73 - 1.72 611,260 22 December 2022 Service RSUs - - - 1.00 1.13 - 1.13 104,559 11 January 2023 Service RSUs - - - 3.75 1.53 - 1.53 169,870 TSR RSUs - 120 % 3.25 % 3.75 1.53 - 1.32 42,467 19 June 2023 Service RSUs - - - 2.00 3.42 - 3.42 1,426,332 |
Key management personnel disc_2
Key management personnel disclosures (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Key Management Personnel Disclosures [Abstract] | |
Directors and Key Management Personnel | The following persons were Directors of Iris Energy Limited at any time during the year, up to the date of this report: Individual Position Date of Commencement Date ceased to be KMP Daniel Roberts Executive Director and Co-CEO 6 November 2018 - William Roberts Executive Director and Co-CEO 6 November 2018 - David Batholomew Non-Executive Director 24 September 2021 - Christopher Guzowski Non-Executive Director 19 December 2019 - Michael Alfred Non-Executive Director 21 October 2021 - Sunita Parasuraman Non-Executive Director 18 July 2023 - The following persons were considered to be KMP of Iris Energy Limited at any time during the year: Individual Position Date of Commencement Date ceased to be KMP Lindsay Ward President 18 October 2021 30 June 2023 David Shaw Chief Operating Officer 22 October 2021 - Belinda Nucifora Chief Financial Officer 16 May 2022 - Cesilia Kim Chief Legal Officer 1 January 2023 - |
Compensation made to Directors and Key Management Personnel | The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below: Consolidated Year ended 30 June 2023 Year ended 30 June 2022 US$ US$ Short-term employee benefits 7,967,322 1,610,088 Post-employment benefits 66,830 81,550 Share-based payments 13,905,489 13,314,679 21,939,641 15,006,317 |
Summary of Movement in Options and RSUs Outstanding Issued to Directors and Other Members of KMP | The following table summarizes the movement in options and RSUs outstanding issued to Directors and other members of KMP: Number of options/RSUs Weighted average exercise price Number of options/RSUs Weighted average exercise price 30 June 30 June 30 June 30 June Outstanding as at July 6,973,516 $ 53.16 2,136,171 $ 4.10 Granted during the year 3,070,379 $ 2.97 5,014,834 $ 72.46 Forfeited during the year (31,671 ) $ 36.45 (177,489 ) $ 7.90 Exercised during the year (4,000 ) - - - Outstanding at the end of the financial year 10,008,224 $ 37.84 6,973,516 $ 53.16 Exercisable at the end of the financial year 2,017,021 $ 3.87 2,035,278 $ 3.95 |
General information (Details)
General information (Details) | Nov. 17, 2021 USD ($) | Nov. 04, 2021 |
General information [Abstract] | ||
Gross proceeds from Initial public offering | $ 231,538,468 | |
Reverse stock split ratio | 0.2 |
Significant accounting polici_4
Significant accounting policies, Going Concern (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Going concern [Abstract] | |||
Loss after income tax | $ (171,871) | $ (419,770) | $ (60,390) |
Net operating cash inflows | 6,045 | 21,557 | $ 1,761 |
Net current assets | 65,229 | 75,148 | |
Net assets | $ 305,361 | $ 437,362 | |
Minimum [Member] | |||
Going concern [Abstract] | |||
Period to adequate cash reserves to enable to meet its obligations from date of approval | 1 year |
Significant accounting polici_5
Significant accounting policies, Revenue and Other Income Recognition and Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue and other income recognition [Abstract] | ||
Bitcoin on hand | $ 0 | $ 0 |
Buildings [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 20 years | |
Plant and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 3 years | |
Plant and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 10 years | |
Mining Hardware [Member] | ||
Property, plant and equipment [Abstract] | ||
Expected useful lives | 4 years |
Operating segments, Reportable
Operating segments, Reportable Operating Segments and Major Customers (Details) | 12 Months Ended | ||
Jun. 30, 2023 Customer segment | Jun. 30, 2022 Customer | Jun. 30, 2021 Customer | |
Operating segments [Abstract] | |||
Number of operating segment | segment | 1 | ||
Bitcoin Mining Revenues [Member] | |||
Operating segments [Abstract] | |||
Percent of mining revenues | 100% | 100% | 100% |
Number of bitcoin mining pools | Customer | 2 | 2 | 3 |
Operating segments, Geographica
Operating segments, Geographical information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract] | ||
Non-current assets | $ 242,844 | $ 410,206 |
Australia [Member] | ||
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract] | ||
Non-current assets | 867 | 810 |
North America [Member] | ||
Non-Current Assets, Excluding Deferred Tax Assets by Geographical Location [Abstract] | ||
Non-current assets | $ 241,969 | $ 406,820 |
Other income (Details)
Other income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other income [Abstract] | |||
Net gain on disposal of other assets | $ 3,117 | $ 0 | $ 0 |
Government grants | 0 | 0 | 165 |
Insurance recoveries | 0 | 0 | 418 |
Other | 20 | 12 | 7 |
Other income | $ 3,137 | $ 12 | $ 590 |
Depreciation (Details)
Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciations [Abstract] | |||
Depreciation of property, plant and equipment | $ 30,636 | $ 7,682 | $ 1,209 |
Depreciation of right-of-use assets | 220 | 59 | 43 |
Depreciation | $ 30,856 | $ 7,741 | $ 1,252 |
Other operating expenses (Detai
Other operating expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other operating expenses [Abstract] | |||
Insurance | $ 5,687 | $ 5,065 | $ 95 |
Sponsorship and marketing | 716 | 305 | 29 |
Short term office and equipment rental | 773 | 177 | 92 |
Charitable donations | 164 | 464 | 0 |
Site expenses | 3,789 | 1,644 | 170 |
Filing fees | 76 | 462 | 1 |
Site identification costs | 15 | 258 | 0 |
Non-refundable sales tax (See Note 18 - Provisions) | 4,972 | 2,469 | 0 |
Non-refundable provincial sales tax | 371 | 0 | 0 |
Other expenses | 2,259 | 861 | 79 |
Other operating expenses | $ 18,822 | $ 11,705 | $ 466 |
Finance expense (Details)
Finance expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finance expense [Abstract] | |||
Interest expense on borrowings | $ 15,213 | $ 5,343 | $ 311 |
Interest expense on hybrid financial instruments | 0 | 26,748 | 14,182 |
Interest expense on lease liabilities | 112 | 99 | 22 |
Amortization of capitalized borrowing costs | 1,038 | 2,508 | 1,968 |
Loss on embedded derivatives held at fair value through profit or loss | 0 | 390,743 | 44,692 |
Finance expense | $ 16,363 | $ 425,441 | $ 61,175 |
Income tax expense, Reconciliat
Income tax expense, Reconciliation at Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerical reconciliation of income tax expense and tax at the statutory rate [Abstract] | |||
Loss before income tax expense | $ (169,481) | $ (417,046) | $ (59,151) |
Tax at the statutory tax rate of 30% (2022: 30%, 2021: 26%) | (50,844) | (125,114) | (15,379) |
Tax effect amounts which are not deductible in calculating taxable income: [Abstract] | |||
Non-deductible/non-allowable items | 4,756 | 128,643 | 16,061 |
Tax effect of tax losses | (46,088) | 3,529 | 682 |
Current year tax losses not recognized | 28,349 | 534 | 704 |
Recognition of previously unrecognized tax losses | 0 | (1,019) | (240) |
Difference in overseas tax rates | 1,979 | 203 | (3) |
Impact of future tax rate changes | 0 | 0 | 94 |
Current year temporary differences not recognised | 0 | 0 | 2 |
Prior year tax over/(under) provisions | (212) | (523) | 0 |
Deconsolidation of Non-recourse SPVs | 18,362 | 0 | 0 |
Income tax expense | $ 2,390 | $ 2,724 | $ 1,239 |
Statutory tax rate | 30% | 30% | 26% |
Income tax expense, Income Tax
Income tax expense, Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income tax expense [Abstract] | |||
Current tax expense/(benefit) | $ (1,013) | $ 672 | $ 532 |
Deferred tax expense | 3,403 | 2,052 | 707 |
Income tax expense | $ 2,390 | $ 2,724 | $ 1,239 |
Income tax expense, Unrecognize
Income tax expense, Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Unrecognized deferred tax assets [Abstract] | |||
Available tax losses | $ 136,849 | $ 19,268 | $ 7,239 |
Tax effect at the applicable tax rate for each jurisdiction | 39,238 | 5,117 | 1,887 |
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences | 10,761 | 3,854 | 798 |
Deferred tax asset on losses not recognized | $ 28,477 | $ 1,263 | $ 1,089 |
Income tax expense, Movement in
Income tax expense, Movement in Deferred Tax Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | $ 10,556 | $ 911 |
(Charge)/credit to profit or loss | 6,272 | 4,840 |
(Charge)/credit direct to equity | 4,805 | |
Deferred tax asset gross | 16,827 | 10,556 |
Offset against deferred tax liabilities | (16,819) | (8,321) |
Deferred tax assets | 8 | 2,235 |
Movement in deferred tax liabilities [Abstract] | ||
Deferred tax liabilities | (8,510) | (1,618) |
(Charge)/credit to profit or loss | (9,674) | (6,892) |
Charge direct to equity | 0 | 0 |
Deferred tax liabilities | (18,184) | (8,510) |
Offset against deferred tax assets | 16,819 | 8,321 |
Deferred tax liabilities | (1,365) | (189) |
Tax Losses [Member] | ||
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | 3,854 | 798 |
(Charge)/credit to profit or loss | 6,907 | 3,056 |
(Charge)/credit direct to equity | 0 | |
Deferred tax asset gross | 10,761 | 3,854 |
Employee Benefits [Member] | ||
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | 113 | 31 |
(Charge)/credit to profit or loss | (381) | 82 |
(Charge)/credit direct to equity | 0 | |
Deferred tax asset gross | (268) | 113 |
Property, Plant and Equipment [Member] | ||
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | 15 | 0 |
(Charge)/credit to profit or loss | (15) | 15 |
(Charge)/credit direct to equity | 0 | |
Deferred tax asset gross | 0 | 15 |
Movement in deferred tax liabilities [Abstract] | ||
Deferred tax liabilities | (4,692) | (798) |
(Charge)/credit to profit or loss | (7,426) | (3,894) |
Charge direct to equity | 0 | 0 |
Deferred tax liabilities | (12,118) | (4,692) |
Unrealized Foreign Exchange Losses (Gains) [Member] | ||
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | 725 | 0 |
(Charge)/credit to profit or loss | (691) | 725 |
(Charge)/credit direct to equity | 0 | |
Deferred tax asset gross | 34 | 725 |
Movement in deferred tax liabilities [Abstract] | ||
Deferred tax liabilities | (3,471) | (820) |
(Charge)/credit to profit or loss | (1,540) | (2,651) |
Charge direct to equity | 0 | 0 |
Deferred tax liabilities | (5,011) | (3,471) |
Capital Raising Costs [Member] | ||
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | 4,627 | 82 |
(Charge)/credit to profit or loss | (666) | (260) |
(Charge)/credit direct to equity | 4,805 | |
Deferred tax asset gross | 3,961 | 4,627 |
Other Deferred Tax Assets [Member] | ||
Movement in deferred tax assets [Abstract] | ||
Deferred tax assets | 1,222 | 0 |
(Charge)/credit to profit or loss | 1,117 | 1,222 |
(Charge)/credit direct to equity | 0 | |
Deferred tax asset gross | 2,339 | 1,222 |
Other Deferred Tax Liabilities [Member] | ||
Movement in deferred tax liabilities [Abstract] | ||
Deferred tax liabilities | (347) | 0 |
(Charge)/credit to profit or loss | (708) | (347) |
Charge direct to equity | 0 | 0 |
Deferred tax liabilities | $ (1,055) | $ (347) |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets [Abstract] | ||||
Cash at bank | $ 38,657 | $ 109,970 | ||
Cash on deposit (cash equivalents) | 30,237 | 0 | ||
Cash and cash equivalents | $ 68,894 | $ 109,970 | $ 38,990 | $ 1,956 |
Other receivables (Details)
Other receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets [Abstract] | ||
Share issuances proceeds | $ 1,581 | $ 0 |
Advanced loan proceeds | 0 | 2,320 |
Provincial sales tax receivable | 122 | 10,023 |
Interest receivable | 0 | 75 |
Other receivables | 97 | 1 |
GST receivable | 4,743 | 11,235 |
Other receivables | $ 6,543 | $ 23,654 |
Mining hardware prepayments (De
Mining hardware prepayments (Details) | 12 Months Ended | |||
Feb. 08, 2023 USD ($) | Jun. 30, 2023 USD ($) | Feb. 03, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Non-current assets [abstract] | ||||
Mining hardware prepayments | $ 68,000 | $ 158,184,000 | ||
Mining Hardware [Member] | Third Purchase Agreement with Bitmain [Member] | ||||
Mining Hardware Prepayments [Abstract] | ||||
Contracted EH under agreement | 10 | 10 | ||
Concurrent sale of operating capacity hash rate | 2.3 | |||
Additional hash rate purchased by utilizing prepayments in Feb 2023 | 6.7 | |||
Purchase of operating capacity hash rate | 4.4 | |||
Additional payment made for miners acquired | $ 0 | |||
Mining hardware impairment | $ 12,961,000 | |||
Mining hardware prepayments impairment | 11,301,000 | |||
Mining Hardware [Member] | IE CA 3 Holdings Ltd. [Member] | ||||
Mining Hardware Prepayments [Abstract] | ||||
Mining hardware remaining prepayment amount | $ 1,660,000 | |||
Derecognition of mining hardware | $ 2,381,000 |
Prepayments and other assets (D
Prepayments and other assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets [Abstract] | ||
Security deposits | $ 2,420 | $ 18,972 |
Prepayments | 11,373 | 7,658 |
Prepayments and deposits | $ 13,793 | $ 26,630 |
Property, plant and equipment,
Property, plant and equipment, Consolidated (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Non-current assets [Abstract] | |||
Property, plant and equipment | $ 241,102 | $ 247,562 | $ 15,935 |
Land [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 1,803 | 1,836 | 403 |
Land [Member] | At Cost [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 1,803 | 1,836 | |
Buildings [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 148,058 | 13,082 | 3,280 |
Buildings [Member] | At Cost [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 153,100 | 13,768 | |
Buildings [Member] | Accumulated Depreciation [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (5,042) | (686) | |
Plant and Equipment [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 3,433 | 3,200 | 2,687 |
Plant and Equipment [Member] | At Cost [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 4,145 | 3,564 | |
Plant and Equipment [Member] | Accumulated Depreciation [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (712) | (364) | |
Mining Hardware [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 73,381 | 163,147 | 3,921 |
Mining Hardware [Member] | At Cost [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 115,024 | 171,120 | |
Mining Hardware [Member] | Accumulated Depreciation [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (15,709) | (7,973) | |
Mining Hardware [Member] | Accumulated Impairment [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (25,934) | 0 | |
Development Assets [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 14,427 | 66,297 | $ 5,644 |
Development Assets [Member] | At Cost [Member] | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | $ 14,427 | $ 66,297 |
Property, plant and equipment_2
Property, plant and equipment, Reconciliations of Written Down Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | $ 247,562 | $ 15,935 | |
Additions | 254,669 | 243,462 | |
Deconsolidation of subsidiaries | (90,054) | ||
Disposals | (39,052) | (28) | |
Exchange differences | (9,779) | (4,125) | |
Impairment of assets | (91,608) | ||
Transfers in/(out) | 0 | ||
Depreciation expense (note 6) | (30,636) | (7,682) | $ (1,209) |
Property, plant and equipment, ending balance | 241,102 | 247,562 | 15,935 |
Land [Member] | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 1,836 | 403 | |
Additions | 0 | 1,466 | |
Disposals | (6) | 0 | |
Exchange differences | (27) | (33) | |
Impairment of assets | 0 | ||
Transfers in/(out) | 0 | ||
Depreciation expense (note 6) | 0 | 0 | |
Property, plant and equipment, ending balance | 1,803 | 1,836 | 403 |
Buildings [Member] | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 13,082 | 3,280 | |
Additions | 22,467 | 10,603 | |
Disposals | 0 | 0 | |
Exchange differences | 2,852 | (330) | |
Impairment of assets | 0 | ||
Transfers in/(out) | 113,967 | ||
Depreciation expense (note 6) | (4,310) | (471) | |
Property, plant and equipment, ending balance | 148,058 | 13,082 | 3,280 |
Plant and Equipment [Member] | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 3,200 | 2,687 | |
Additions | 673 | 844 | |
Disposals | 0 | 0 | |
Exchange differences | (93) | (114) | |
Impairment of assets | 0 | ||
Transfers in/(out) | 0 | ||
Depreciation expense (note 6) | (347) | (217) | |
Property, plant and equipment, ending balance | 3,433 | 3,200 | 2,687 |
Mining Hardware [Member] | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 163,147 | 3,921 | |
Additions | 163,663 | 168,899 | |
Deconsolidation of subsidiaries | (90,054) | ||
Disposals | (39,046) | (28) | |
Exchange differences | (7,826) | (2,651) | |
Impairment of assets | (90,524) | ||
Transfers in/(out) | 0 | ||
Depreciation expense (note 6) | (25,979) | (6,994) | |
Property, plant and equipment, ending balance | 73,381 | 163,147 | 3,921 |
Development Assets [Member] | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 66,297 | 5,644 | |
Additions | 67,866 | 61,650 | |
Disposals | 0 | 0 | |
Exchange differences | (4,685) | (997) | |
Impairment of assets | (1,084) | ||
Transfers in/(out) | (113,967) | ||
Depreciation expense (note 6) | 0 | 0 | |
Property, plant and equipment, ending balance | $ 14,427 | $ 66,297 | $ 5,644 |
Right-of-use assets, Informatio
Right-of-use assets, Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Non-current assets [abstract] | |||
Right-of-use assets | $ 1,374 | $ 1,253 | $ 1,404 |
Land and Buildings [Member] | |||
Non-current assets [abstract] | |||
Right-of-use assets | 1,374 | 1,253 | $ 1,043 |
Land and Buildings [Member] | Gross Carrying Amount [Member] | |||
Non-current assets [abstract] | |||
Right-of-use assets | 1,649 | 1,309 | |
Land and Buildings [Member] | Accumulated Depreciation [Member] | |||
Non-current assets [abstract] | |||
Right-of-use assets | $ (275) | $ (56) |
Right-of-use assets, Reconcilia
Right-of-use assets, Reconciliations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Right-of-use assets [abstract] | |||
Balance at beginning of the period | $ 1,253 | $ 1,404 | |
Additions | 373 | 298 | $ 1,051 |
Disposals | (185) | ||
Exchange differences | (32) | (38) | |
Impairment of assets | (167) | ||
Depreciation (note 6) | (220) | (59) | (43) |
Balance at Ending of the period | 1,374 | 1,253 | 1,404 |
Prepaid Hosting Fees [Member] | |||
Right-of-use assets [abstract] | |||
Balance at beginning of the period | 0 | 361 | |
Additions | 0 | 0 | |
Disposals | (185) | ||
Exchange differences | 0 | 0 | |
Impairment of assets | (167) | ||
Depreciation (note 6) | 0 | (9) | |
Balance at Ending of the period | 0 | 0 | 361 |
Land and Buildings [Member] | |||
Right-of-use assets [abstract] | |||
Balance at beginning of the period | 1,253 | 1,043 | |
Additions | 373 | 298 | |
Disposals | 0 | ||
Exchange differences | (32) | (38) | |
Impairment of assets | 0 | ||
Depreciation (note 6) | (220) | (50) | |
Balance at Ending of the period | $ 1,374 | $ 1,253 | $ 1,043 |
Site [Member] | Prince George, British Columbia, Canada [Member] | |||
Right-of-use assets [abstract] | |||
Lease term | 30 years | ||
Corporate Office [Member] | Sydney, Australia [Member] | |||
Right-of-use assets [abstract] | |||
Lease term | 3 years | ||
Corporate Office [Member] | Vancouver, British Columbia, Canada [Member] | |||
Right-of-use assets [abstract] | |||
Lease term | 5 years |
Goodwill and impairment, Inform
Goodwill and impairment, Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Non-current assets [abstract] | |||
Goodwill | $ 0 | $ 634 | $ 659 |
At Cost [Member] | |||
Non-current assets [abstract] | |||
Goodwill | 617 | 634 | |
Impairment [Member] | |||
Non-current assets [abstract] | |||
Goodwill | $ (617) | $ 0 |
Goodwill and impairment, Reconc
Goodwill and impairment, Reconciliations of Goodwill Balance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of changes in goodwill [abstract] | |||
Goodwill at beginning of the period | $ 634 | $ 659 | |
Exchange differences | (31) | (25) | |
Impairment | (603) | ||
Goodwill at ending of the period | $ 0 | 634 | $ 659 |
Estimated cash flows period | 3 years | ||
Growth rate | 2.50% | ||
Pre-tax discount rate | 19.50% | ||
Impairment of assets | $ 105,172 | 167 | $ 432 |
Non-Recourse SPVs [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Impairment of assets | 66,484 | ||
Mining Hardware [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Impairment of assets | 25,700 | ||
Impairment [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Goodwill at beginning of the period | 0 | ||
Goodwill at ending of the period | (617) | $ 0 | |
Impairment [Member] | VIU Projections [Member] | |||
Reconciliation of changes in goodwill [abstract] | |||
Goodwill at ending of the period | $ 0 |
Goodwill and impairment, Reco_2
Goodwill and impairment, Reconciliations of Impairment of Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Impairment of Assets [Abstract] | |||
Goodwill | $ 603 | ||
Development assets | 1,084 | ||
Impairment of assets | 105,172 | $ 167 | $ 432 |
Non-Recourse SPVs [Member] | |||
Impairment of Assets [Abstract] | |||
Mining hardware | 64,824 | ||
Mining hardware prepayments | 1,660 | ||
Impairment of assets | 66,484 | ||
Mining Hardware [Member] | |||
Impairment of Assets [Abstract] | |||
Mining hardware | 25,700 | ||
Mining hardware prepayments | 11,301 | ||
Impairment of assets | $ 25,700 |
Borrowings and lease liabilit_3
Borrowings and lease liabilities, Components of Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities [abstract] | ||
Current liabilities | $ 192 | $ 60,484 |
Non-current liabilities [abstract] | ||
Non-current liabilities | 1,256 | 47,803 |
Liabilities | 1,448 | 108,287 |
Mining Hardware Finance [Member] | ||
Current liabilities [abstract] | ||
Current borrowings before capitalized borrowing costs | 0 | 61,988 |
Capitalized borrowing costs, current | 0 | (1,774) |
Non-current liabilities [abstract] | ||
Non-current borrowings before capitalized borrowing costs | 0 | 47,421 |
Capitalized borrowing costs, non current | 0 | (803) |
Mining Hardware Finance Accrued Interest [Member] | ||
Current liabilities [abstract] | ||
Current liabilities | 0 | 189 |
Lease Liability [Member] | ||
Current liabilities [abstract] | ||
Current liabilities | 192 | 81 |
Non-current liabilities [abstract] | ||
Non-current liabilities | $ 1,256 | $ 1,185 |
Borrowings and lease liabilit_4
Borrowings and lease liabilities, Summary (Details) | 12 Months Ended |
Jun. 30, 2023 Subsidary | |
Mining Hardware Finance [Member] | |
Borrowings [Abstract] | |
Number of subsidiaries entered into separate limited recourse equipment finance and security agreements | 3 |
Lease Liabilities [Member] | Prince George, British Columbia, Canada [Member] | |
Borrowings [Abstract] | |
Lease term | 30 years |
Lease Liabilities [Member] | Sydney, Australia [Member] | |
Borrowings [Abstract] | |
Lease term | 3 years |
Lease Liabilities [Member] | Vancouver, British Columbia, Canada [Member] | |
Borrowings [Abstract] | |
Lease term | 5 years |
Borrowings and lease liabilit_5
Borrowings and lease liabilities, Reconciliation of Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Borrowings and lease liabilities [Abstract] | ||
Balance at beginning of the period | $ 1,267 | $ 1,010 |
Additions | 390 | 297 |
Lease charges | (332) | (106) |
Finance charges | 166 | 101 |
Exchange differences | (42) | (36) |
Balance at ending of the period | 1,448 | 1,267 |
Current portion | 192 | 60,484 |
Non-current portion | $ 1,256 | $ 47,803 |
Provisions (Details)
Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current liabilities [Abstract] | ||
Non-refundable sales tax | $ 6,172 | $ 2,469 |
CANADA [Member] | ||
Current liabilities [Abstract] | ||
Percentage of GST required to remit | 5% | |
Percentage of GST on exported services | 0% |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities [Abstract] | ||
Trade payables | $ 11,544 | $ 13,230 |
Other payables | 0 | 197 |
Employment tax payables | 2,207 | 0 |
Accrued expenses | 2,893 | 5,386 |
Trade and other payables | $ 16,644 | $ 18,813 |
Issued capital, Ordinary shares
Issued capital, Ordinary shares (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Ordinary share capital [abstract] | |||
Ordinary shares - fully paid and unrestricted | $ 965,857 | $ 926,581 | |
Issued Capital [Member] | |||
Ordinary share capital [abstract] | |||
Ordinary shares - fully paid and unrestricted (in shares) | 64,747,477 | 53,028,867 | 19,828,593 |
Ordinary shares - fully paid and unrestricted | $ 965,857 | $ 926,581 | $ 10,338 |
Issued capital, Movements in Or
Issued capital, Movements in Ordinary Share Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Issued capital [Abstract] | ||
Balance | $ 926,581 | |
Conversion of hybrid financial instruments | $ 695,383 | |
Balance | $ 965,857 | $ 926,581 |
Issued Capital [Member] | ||
Number of shares [Abstract] | ||
Balance (in shares) | 53,028,867 | 19,828,593 |
Conversion of hybrid financial instruments (in shares) | 24,835,118 | |
Ordinary shares issued (IPO) (in shares) | 8,269,231 | |
Share-based payments, prepaid in advance (in shares) | 95,925 | |
Shares issued under Committed Equity Facility (in shares) | 11,089,357 | |
Unpaid shares issued under Committed Equity Facility (in shares) | 364,967 | |
Shares issued for services (in shares) | 260,286 | |
Equity settled share-based payments (in shares) | 4,000 | |
IPO capital raise costs, net of tax (in shares) | 0 | 0 |
Balance (in shares) | 64,747,477 | 53,028,867 |
Issued capital [Abstract] | ||
Balance | $ 926,581 | $ 10,338 |
Conversion of hybrid financial instruments | 695,383 | |
Ordinary shares issued (IPO) | 231,539 | |
Share-based payments, prepaid in advance | 177 | |
Shares issued under Committed Equity Facility | 39,939 | |
Unpaid shares issued under Committed Equity Facility | 1,642 | |
Shares issued for services | 500 | |
Equity settled share-based payments | 15 | |
IPO capital raise costs, net of tax | (2,820) | (10,856) |
Balance | $ 965,857 | $ 926,581 |
Issued capital, Summary (Detail
Issued capital, Summary (Details) - USD ($) | 12 Months Ended | |||||
Nov. 17, 2021 | Nov. 16, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 23, 2022 | |
Committed Equity Facility [Abstract] | ||||||
Proceeds from issue of ordinary shares | $ 231,538,468 | |||||
Initial Public offering [Abstract] | ||||||
Proceeds from IPO offering (net of underwriting fees) | $ 0 | $ 215,331,000 | $ 0 | |||
Conversion of hybrid financial instruments [Abstract] | ||||||
Conversion of hybrid financial instruments | $ 695,383,000 | |||||
Ordinary Shares [Member] | ||||||
Ordinary shares [Abstract] | ||||||
Par value per share (in dollars per share) | $ 0 | |||||
Committed Equity Facility [Abstract] | ||||||
Shares issued (in shares) | 8,269,231 | |||||
Initial Public offering [Abstract] | ||||||
IPO listed shares (in shares) | 55,036,108 | |||||
Shares issued (in shares) | 8,269,231 | |||||
Offering price (in dollars per share) | $ 28 | |||||
Proceeds from IPO offering (net of underwriting fees) | $ 215,331,000 | |||||
Conversion of hybrid financial instruments [Abstract] | ||||||
Conversion of hybrid financial instruments (in shares) | 24,835,118 | |||||
Conversion of hybrid financial instruments | $ 695,383,000 | |||||
Conversion of hybrid financial instruments (in dollars per share) | $ 28 | |||||
Outstanding convertible instruments (in shares) | 0 | 0 | ||||
Loan-funded shares [Abstract] | ||||||
Number of restricted shares issued (in shares) | 1,954,049 | 1,954,049 | ||||
Number of shares outstanding (in shares) | 66,701,526 | 54,982,916 | ||||
Ordinary Shares [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Committed Equity Facility [Abstract] | ||||||
Term of option agreement to sell ordinary shares | 2 years | |||||
Shares issued (in shares) | 11,454,324 | |||||
Proceeds from issue of ordinary shares | $ 41,581,000 | |||||
Additional gross proceeds from issue of ordinary shares | $ 1,802,000 | |||||
Additional shares issued (in shares) | 388,845 | |||||
Initial Public offering [Abstract] | ||||||
Shares issued (in shares) | 11,454,324 | |||||
Ordinary Shares [Member] | Maximum [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Committed Equity Facility [Abstract] | ||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | 100,000,000 |
Reserves (Details)
Reserves (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Reserves [Abstract] | ||
Foreign currency translation reserve | $ (34,655) | $ (21,014) |
Share-based payments reserve (note 31) | 28,435 | 14,200 |
Reserves | $ (6,220) | $ (6,814) |
Dividends (Details)
Dividends (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends [Abstract] | ||
Dividends paid | $ 0 | $ 0 |
Dividends recommended or declared | $ 0 | $ 0 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per share [Abstract] | |||
Loss after income tax | $ (171,871) | $ (419,770) | $ (60,390) |
Weighted average number of shares used in calculating basic earnings per share (in shares) | 54,775,571 | 40,941,074 | 20,629,327 |
Weighted average number of shares used in calculating diluted earnings per share (in shares) | 54,775,571 | 40,941,074 | 20,629,327 |
Basic earnings per share (in dollars per share) | $ (3.1377) | $ (10.253) | $ (2.9274) |
Diluted earnings per share (in dollars per share) | $ (3.1377) | $ (10.253) | $ (2.9274) |
Financial instruments, Foreign
Financial instruments, Foreign Currency Risk (Details) - Foreign Currency Risk [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Financial assets and liabilities [Abstract] | ||
Financial assets | $ 221,437 | $ 250,976 |
Financial liabilities | 70,009 | 140,400 |
US Dollars [Member] | ||
Financial assets and liabilities [Abstract] | ||
Financial assets | 96,888 | 96,648 |
Financial liabilities | 32,619 | 110,265 |
Canadian Dollars [Member] | ||
Financial assets and liabilities [Abstract] | ||
Financial assets | 124,549 | 154,328 |
Financial liabilities | $ 37,390 | $ 30,135 |
Financial instruments, Sensitiv
Financial instruments, Sensitivity Analysis (Details) - Foreign Currency Risk [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
10% Strengthened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | $ (744) |
Strengthened / weakened, effect on equity | (744) |
10% Weakened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (874) |
Strengthened / weakened, effect on equity | (874) |
US Dollar [Member] | 10% Strengthened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | 5,843 |
Strengthened / weakened, effect on equity | 5,843 |
US Dollar [Member] | 10% Weakened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (7,141) |
Strengthened / weakened, effect on equity | (7,141) |
Canadian Dollar [Member] | 10% Strengthened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | 4,267 |
Strengthened / weakened, effect on equity | 4,267 |
Canadian Dollar [Member] | 10% Weakened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (4,267) |
Strengthened / weakened, effect on equity | (4,267) |
Australian Dollar [Member] | 10% Strengthened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (10,854) |
Strengthened / weakened, effect on equity | (10,854) |
Australian Dollar [Member] | 10% Weakened [Member] | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | 10,534 |
Strengthened / weakened, effect on equity | $ 10,534 |
Financial instruments, Price Ri
Financial instruments, Price Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Price Risk [Member] | ||
Price Risk [abstract] | ||
Bitcoin held | $ 0 | $ 0 |
Financial Instruments, Liquidit
Financial Instruments, Liquidity Risk (Details) - Liquidity Risk [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Remaining contractual maturities [Abstract] | ||
Non-derivatives | $ 16,918 | $ 131,529 |
Trade and Other Payables [Member] | ||
Remaining contractual maturities [Abstract] | ||
Weighted average contractual interest rate | 0% | 0% |
Non-derivatives | $ 13,541 | $ 18,813 |
Mining Hardware Finance [Member] | ||
Remaining contractual maturities [Abstract] | ||
Weighted average contractual interest rate | 11.35% | |
Non-derivatives | $ 109,409 | |
Lease Liabilities [Member] | ||
Remaining contractual maturities [Abstract] | ||
Weighted average contractual interest rate | 0% | 0% |
Non-derivatives | $ 3,377 | $ 3,307 |
1 Year or Less [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 13,876 | 81,008 |
1 Year or Less [Member] | Trade and Other Payables [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 13,541 | 18,813 |
1 Year or Less [Member] | Mining Hardware Finance [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 61,988 | |
1 Year or Less [Member] | Lease Liabilities [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 335 | 207 |
Between 1 and 2 Years [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 326 | 47,643 |
Between 1 and 2 Years [Member] | Trade and Other Payables [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 0 | 0 |
Between 1 and 2 Years [Member] | Mining Hardware Finance [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 47,421 | |
Between 1 and 2 Years [Member] | Lease Liabilities [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 326 | 222 |
Between 2 and 5 Years [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 446 | 443 |
Between 2 and 5 Years [Member] | Trade and Other Payables [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 0 | 0 |
Between 2 and 5 Years [Member] | Mining Hardware Finance [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 0 | |
Between 2 and 5 Years [Member] | Lease Liabilities [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 446 | 443 |
Over 5 Years [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 2,270 | 2,435 |
Over 5 Years [Member] | Trade and Other Payables [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 0 | 0 |
Over 5 Years [Member] | Mining Hardware Finance [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | 0 | |
Over 5 Years [Member] | Lease Liabilities [Member] | ||
Remaining contractual maturities [Abstract] | ||
Non-derivatives | $ 2,270 | $ 2,435 |
Fair value measurement (Details
Fair value measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Fair value measurement [Abstract] | ||
Transfers into level 3 | $ 0 | $ 0 |
Transfers out of level 3 | $ 0 | $ 0 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Committed Amounts Payable [Abstract] | ||
Commitments | $ 7,481 | $ 346,623 |
Amounts Payable within 12 Months of Balance Date [Member] | ||
Committed Amounts Payable [Abstract] | ||
Commitments | 7,481 | 322,706 |
Amounts Payable After 12 Months of Balance Date [Member] | ||
Committed Amounts Payable [Abstract] | ||
Commitments | $ 0 | $ 23,917 |
Interests in subsidiaries (Deta
Interests in subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | ||
List of Subsidiary Companies [Abstract] | ||||
Gain on disposal of subsidiaries | $ 3,258 | $ 0 | $ 0 | |
Iris Energy Custodian Pty Ltd [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | Iris Energy Custodian Pty Ltd | |||
Principal place of business / Country of incorporation | Australia | |||
Ownership interest | 100% | 100% | ||
SA 1 Holdings Ltd [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | SA 1 Holdings Ltd | |||
Principal place of business / Country of incorporation | Australia | |||
Ownership interest | 100% | 100% | ||
SA 2 Holdings Ltd [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | SA 2 Holdings Ltd | |||
Principal place of business / Country of incorporation | Australia | |||
Ownership interest | 100% | 100% | ||
Podtech Data Centers Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | Podtech Data Centers Inc. | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA 1 Holdings Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA 1 Holdings Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA 2 Holdings Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA 2 Holdings Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA 3 Holdings Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | [1] | IE CA 3 Holdings Ltd* | ||
Principal place of business / Country of incorporation | [1] | Canada | ||
Ownership interest | [1] | 0% | 100% | |
IE CA 4 Holdings Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | [1] | IE CA 4 Holdings Ltd* | ||
Principal place of business / Country of incorporation | [1] | Canada | ||
Ownership interest | [1] | 0% | 100% | |
IE CA 5 Holdings Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA 5 Holdings Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA Development Holdings Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA Development Holdings Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA Development Holdings 2 Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA Development Holdings 2 Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA Development Holdings 3 Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA Development Holdings 3 Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA Development Holdings 4 Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA Development Holdings 4 Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE CA Development Holdings 5 Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA Development Holdings 5 Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE US 1, Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US 1, Inc. | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
Iris Energy Holdings Pty Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | Iris Energy Holdings Pty Ltd | |||
Principal place of business / Country of incorporation | Australia | |||
Ownership interest | 100% | 100% | ||
TAS 1 Holdings Ltd [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | TAS 1 Holdings Ltd | |||
Principal place of business / Country of incorporation | Australia | |||
Ownership interest | 100% | 100% | ||
IE CA Development Holdings 7 Ltd. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE CA Development Holdings 7 Ltd | |||
Principal place of business / Country of incorporation | Canada | |||
Ownership interest | 100% | 100% | ||
IE US Development Holdings 1 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Development Holdings 1 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Holdings Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Holdings Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Development Holdings 3 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Development Holdings 3 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Development Holdings 4 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Development Holdings 4 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Operations Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Operations Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Hardware 1 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Hardware 1 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Hardware 2 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Hardware 2 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Hardware 3 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Hardware 3 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
IE US Hardware 4 Inc. [Member] | ||||
List of Subsidiary Companies [Abstract] | ||||
Name | IE US Hardware 4 Inc | |||
Principal place of business / Country of incorporation | United States of America | |||
Ownership interest | 100% | 100% | ||
[1]On 4 November 2022, IE CA 3 Holdings Ltd. and IE CA 4 Holdings Ltd. (‘Non-Recourse SPVs’) received notices of defaults from the lenders under their respective limited recourse facilities alleging the occurrence of certain defaults and potential events of default, and purporting to declare the loans under each of the Non-Recourse SPV facilities immediately due and payable. The lender filed a petition with the British Columbia Supreme Court, primarily seeking the appointment of PwC as receiver over the assets and undertakings of the Non-Recourse SPVs, which the court accepted, subsequently appointing PwC as the receiver of the Non-Recourse SPVs on 3 February 2023. The Group ceased control of the Non-Recourse SPVs on 3 February 2023, being the date of appointment of the receiver, and as such the entities have been deconsolidated from this date recording a gain on disposal of subsidiaries of $3,258,000. |
Reconciliation of loss after _3
Reconciliation of loss after income tax to net cash from/(used in) operating activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | |||
Loss after income tax expense for the year | $ (171,871) | $ (419,770) | $ (60,390) |
Adjustments for [Abstract] | |||
Depreciation | 30,856 | 7,741 | 1,252 |
Capital raising costs | 0 | 4,212 | 0 |
Impairment of assets | 105,172 | 167 | 432 |
Other income | (3,137) | 0 | 0 |
Gain on disposal of subsidiaries | (3,258) | 0 | 0 |
Gain/(loss) on disposal of property, plant and equipment | 6,628 | (12) | 202 |
Foreign exchange loss/(gain) | 5,055 | (8,889) | (2,729) |
Loss on embedded derivatives held at fair value through profit or loss | 0 | 390,743 | 44,692 |
Accrued interest | 11,223 | 26,748 | 14,182 |
Amortization of capitalized borrowing costs | 1,038 | 2,508 | 1,968 |
Share-based payment expense | 14,356 | 13,896 | 805 |
Change in operating assets and liabilities [Abstract] | |||
Decrease/(increase) in other receivables | 17,641 | (72) | (416) |
Increase in deferred tax assets | (6,271) | (9,645) | (911) |
Increase/(decrease) in trade and other payables | (5,800) | 6,476 | 367 |
Increase/(decrease) in provision for income tax | (1,172) | 671 | 533 |
Increase in deferred tax liabilities | 9,674 | 6,892 | 1,618 |
Increase/(decrease) in employee benefits | (1,175) | 2,026 | 66 |
Increase in other provisions | 3,703 | 2,469 | 0 |
Decrease in operating deposits | 0 | 0 | 90 |
Increase for prepayments and deposits | (6,617) | (4,604) | 0 |
Net cash from operating activities | $ 6,045 | $ 21,557 | $ 1,761 |
Non-cash investing and financ_3
Non-cash investing and financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Non-cash investing and financing activities [Abstract] | |||
Convertible notes issued in lieu of interest/referral fees | $ 0 | $ 0 | $ (463) |
Mining hardware finance additional fee payable in cash or equity | 0 | (1,424) | (2,426) |
Mining hardware finance prepayments made directly by third party financier | (3,420) | (37,980) | (1,458) |
Additions to right of use assets | 373 | 298 | 1,051 |
Share issuance proceeds under Committed Equity Facility | 1,642 | 0 | 0 |
Non-cash investing and financing activities | $ (1,405) | $ (39,106) | $ (3,296) |
Share-based payments, Employee
Share-based payments, Employee Share Plan (Details) | 12 Months Ended |
Jun. 30, 2023 Tranche | |
Employee Share Plan [Abstract] | |
Number of tranches | 3 |
Maximum [Member] | |
Employee Share Plan [Abstract] | |
Term of limited recourse loan | 9 years 11 months |
Share-based payments, 2021 Exec
Share-based payments, 2021 Executive Director Liquidity and Price Target Options (Details) - 2021 Executive Director Liquidity and Price Target Options [Member] | 12 Months Ended | ||
Jan. 20, 2021 shares $ / shares | Jan. 20, 2021 shares $ / shares | Jun. 30, 2023 | |
Share-based payments [Abstract] | |||
Expiration date of share based payment arrangement grants | Dec. 20, 2025 | ||
Entities Controlled by Daniel Roberts [Member] | |||
Share-based payments [Abstract] | |||
Number of share options granted (in shares) | 1,000,000 | 1,000,000 | |
Exercise price (in dollars per share) | (per share) | $ 3.868 | $ 5.005 | |
Entities Controlled by William Roberts [Member] | |||
Share-based payments [Abstract] | |||
Number of share options granted (in shares) | 1,000,000 | 1,000,000 | |
Exercise price (in dollars per share) | (per share) | $ 3.868 | $ 5.005 |
Share-based payments, $75 Exerc
Share-based payments, $75 Exercise Price Options (Details) | 12 Months Ended | |
Sep. 14, 2021 shares $ / shares | Jun. 30, 2023 Tranche $ / shares | |
Share-based payments [Abstract] | ||
Number of tranches | Tranche | 3 | |
$75 Exercise Price Options [Member] | ||
Share-based payments [Abstract] | ||
Exercise price (in dollars per share) | $ 75 | |
Contractual exercise period | 12 years | |
Number of tranches | Tranche | 4 | |
$75 Exercise Price Options [Member] | Entities Controlled by Daniel Roberts [Member] | ||
Share-based payments [Abstract] | ||
Number of share options granted (in shares) | shares | 2,400,000 | |
Exercise price (in dollars per share) | $ 75 | |
$75 Exercise Price Options [Member] | Entities Controlled by William Roberts [Member] | ||
Share-based payments [Abstract] | ||
Number of share options granted (in shares) | shares | 2,400,000 | |
Exercise price (in dollars per share) | $ 75 | |
$75 Exercise Price Options [Member] | Tranche One [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 370 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options [Member] | Tranche Two [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 650 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options [Member] | Tranche Three [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 925 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options [Member] | Tranche Four [Member] | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ 1,850 | |
Number of share options expected to vest (in shares) | shares | 600,000 |
Share-based payments, 2022 Long
Share-based payments, 2022 Long-Term Incentive Plan Restricted Stock Units (Details) | 12 Months Ended |
Jun. 30, 2023 Tranche $ / shares shares | |
Share-based payment [Abstract] | |
Number of tranches | 3 |
2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Percentage of grants vested | 50% |
Vesting period | 3 years 3 months |
Percentage of remaining grants vested | 50% |
Remaining vesting period | 4 years 3 months |
Percentage of vesting based on continued service | 80% |
Percentage of vesting based on total shareholder return | 20% |
Volume weighted average market price (in dollars per share) | $ / shares | $ 28 |
Number of trading days | 10 days |
Number of consecutive trading days | 15 days |
Number of tranches | 2 |
2022 Long-Term Incentive Plan Restricted Stock Units [Member] | Tranche One [Member] | |
Share-based payment [Abstract] | |
Vesting period | 3 years |
2022 Long-Term Incentive Plan Restricted Stock Units [Member] | Tranche Two [Member] | |
Share-based payment [Abstract] | |
Vesting period | 4 years |
Daniel Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs granted (in shares) | 305,630 |
Number of tranches | 3 |
Number of RSUs vested (in shares) | 713,166 |
William Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs granted (in shares) | 305,630 |
Number of tranches | 3 |
Number of RSUs vested (in shares) | 713,166 |
Non-Executive Director [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Vesting period | 10 days |
Number of RSUs vested (in shares) | 108,559 |
Key Management Personnel [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 1,594,215 |
Key Management Personnel [Member] | Daniel Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 229,223 |
Key Management Personnel [Member] | William Roberts [Member] | 2022 Long-Term Incentive Plan Restricted Stock Units [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 229,223 |
Share-based payments, Reconcili
Share-based payments, Reconciliation of Outstanding Share Options (Details) - Share Options [Member] | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | |
Number of Options [Abstract] | ||
Outstanding at beginning of year (in shares) | shares | 9,010,547 | 4,143,415 |
Granted during the year (in shares) | shares | 0 | 5,126,484 |
Forfeited during the year (in shares) | shares | (103,708) | (259,352) |
Exercised during the period (in shares) | shares | 0 | 0 |
Outstanding at end of year (in shares) | shares | 8,906,839 | 9,010,547 |
Exercisable at end of year (in shares) | shares | 3,485,302 | 3,351,327 |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ 41.67 | $ 3.03 |
Granted during the year (in dollars per share) | 0 | 71.19 |
Forfeited during the year (in dollars per share) | 20.03 | 8.01 |
Exercised during the period (in dollars per share) | 0 | 0 |
Outstanding at end of year (in dollars per share) | 41.93 | 41.67 |
Exercisable at end of year (in dollars per share) | $ 2.97 | $ 3.04 |
Weighted average remaining contractual life | 7 years 6 months 25 days | 8 years 8 months 8 days |
Minimum [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ 1.53 | |
Outstanding at end of year (in dollars per share) | 1.53 | $ 1.53 |
Maximum [Member] | ||
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | 75 | |
Outstanding at end of year (in dollars per share) | $ 75 | $ 75 |
Share-based payments, Reconci_2
Share-based payments, Reconciliation of Outstanding RSUs (Details) - Restricted Share Units [Member] | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares | |
Number of RSUs [Abstract] | ||
Outstanding at beginning of year (in shares) | 0 | |
Granted during the year (in shares) | 3,740,366 | |
Forfeited during the year (in shares) | (112,499) | |
Exercised during the period (in shares) | (4,000) | |
Outstanding at end of year (in dollars per share) | 3,623,867 | |
Exercisable at the end of year (in dollars per share) | 0 | |
Weighted average remaining contractual life of RSUs outstanding | 4 years 6 months 18 days | |
Exercise price of RSUs (in dollars per share) | $ / shares | $ 0 | |
Number of RSUs issued (in shares) | 0 |
Share-based payments, Measuring
Share-based payments, Measuring Fair Value of Arrangements Granted (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 USD ($) shares $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Fair Value of Arrangements Granted [Abstract] | |||
Share-based payment expense | $ | $ 14,356 | $ 13,896 | $ 805 |
NED Options Plan Grant Date 28 July 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 90% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 6 years 6 months 29 days | ||
Grant date share price (in dollars per share) | $ 34.73 | ||
Exercise price (in dollars per share) | 8.76 | ||
Weighted average of fair value (in dollars per share) | $ 30.8 | ||
Number of share options granted (in shares) | shares | 161,707 | ||
NED Options Plan Grant Date 21 October 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 90% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 34.8 | ||
Exercise price (in dollars per share) | 36.45 | ||
Weighted average of fair value (in dollars per share) | $ 26.5 | ||
Number of share options granted (in shares) | shares | 14,266 | ||
Employee Option Plan Grant Date 28 July 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 90% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 34.73 | ||
Exercise price (in dollars per share) | 8.76 | ||
Weighted average of fair value (in dollars per share) | $ 31.05 | ||
Number of share options granted (in shares) | shares | 89,541 | ||
Employee Option Plan Grant Date 20 October 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 90% | ||
Risk-free interest rate | 0.15% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 34.8 | ||
Exercise price (in dollars per share) | 36.45 | ||
Weighted average of fair value (in dollars per share) | $ 26.5 | ||
Number of share options granted (in shares) | shares | 53,223 | ||
Employee Option Plan Grant Date 17 June 2022 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 122% | ||
Risk-free interest rate | 0.85% | ||
Weighted average expected life | 7 years | ||
Grant date share price (in dollars per share) | $ 3.74 | ||
Exercise price (in dollars per share) | 36.45 | ||
Weighted average of fair value (in dollars per share) | $ 2.71 | ||
Number of share options granted (in shares) | shares | 7,750 | ||
$75 Exercise Price Options [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Exercise price (in dollars per share) | $ 75 | ||
$75 Exercise Price Options Grant Date 14 September 2021 [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 90% | ||
Risk-free interest rate | 1.28% | ||
Weighted average expected life | 9 years | ||
Grant date share price (in dollars per share) | $ 34.17 | ||
Exercise price (in dollars per share) | 75 | ||
Weighted average of fair value (in dollars per share) | $ 23.87 | ||
Number of share options granted (in shares) | shares | 4,800,000 | ||
Long Term Incentive Plan Date 1 July 2022, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 0% | ||
Risk-free interest rate | 0% | ||
Weighted average expected life | 3 years 8 months 26 days | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.73 | ||
Number of share options granted (in shares) | shares | 1,109,500 | ||
Long Term Incentive Plan Date 1 July 2022, TSR RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 120% | ||
Risk-free interest rate | 3% | ||
Weighted average expected life | 3 years 3 months | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.22 | ||
Number of share options granted (in shares) | shares | 138,189 | ||
Vesting period | 3 years 3 months | ||
Long Term Incentive Plan Date 1 July 2022, TSR RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 120% | ||
Risk-free interest rate | 3.25% | ||
Weighted average expected life | 4 years 3 months | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.38 | ||
Number of share options granted (in shares) | shares | 138,189 | ||
Vesting period | 4 years 3 months | ||
Long Term Incentive Plan Date 1 July 2022, Share Price Target RSU [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 120% | ||
Risk-free interest rate | 3.60% | ||
Weighted average expected life | 15 years | ||
Grant date share price (in dollars per share) | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.72 | ||
Number of share options granted (in shares) | shares | 611,260 | ||
Long Term Incentive Plan Date 22 December 2022, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 0% | ||
Risk-free interest rate | 0% | ||
Weighted average expected life | 1 year | ||
Grant date share price (in dollars per share) | $ 1.13 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.13 | ||
Number of share options granted (in shares) | shares | 104,559 | ||
Long Term Incentive Plan Date 11 January 2023, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 0% | ||
Risk-free interest rate | 0% | ||
Weighted average expected life | 3 years 9 months | ||
Grant date share price (in dollars per share) | $ 1.53 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.53 | ||
Number of share options granted (in shares) | shares | 169,870 | ||
Long Term Incentive Plan Date 11 January 2023, TSR RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 120% | ||
Risk-free interest rate | 3.25% | ||
Weighted average expected life | 3 years 9 months | ||
Grant date share price (in dollars per share) | $ 1.53 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.32 | ||
Number of share options granted (in shares) | shares | 42,467 | ||
Long Term Incentive Plan Date 19 June 2023, Service RSUs [Member] | |||
Fair Value of Arrangements Granted [Abstract] | |||
Dividend yield | 0% | ||
Expected volatility | 0% | ||
Risk-free interest rate | 0% | ||
Weighted average expected life | 2 years | ||
Grant date share price (in dollars per share) | $ 3.42 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.42 | ||
Number of share options granted (in shares) | shares | 1,426,332 |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Outstanding balances for related party transactions [abstract] | ||
Transactions with related parties | $ 0 | $ 0 |
Trade receivables from related parties | 0 | 0 |
Trade payables to related parties | 0 | 0 |
Loans from related parties | 0 | 0 |
Loans to related parties | $ 0 | $ 0 |
Key management personnel disc_3
Key management personnel disclosures, Directors and Key Management (Details) | 12 Months Ended | |
Aug. 18, 2021 Vote $ / shares shares | Jun. 30, 2023 | |
Class B Shares [Member] | ||
Significant transactions with key management personnel [Abstract] | ||
Number of holder votes | Vote | 15 | |
Number of years company's ordinary shares are first listed on a recognized stock exchange | 12 years | |
Entities Controlled by Daniel Roberts [Member] | Class B Shares [Member] | ||
Significant transactions with key management personnel [Abstract] | ||
Shares issued (in shares) | shares | 1 | |
Share price (in dollars per share) | $ / shares | $ 1 | |
Entities Controlled by William Roberts [Member] | Class B Shares [Member] | ||
Significant transactions with key management personnel [Abstract] | ||
Shares issued (in shares) | shares | 1 | |
Share price (in dollars per share) | $ / shares | $ 1 | |
Daniel Roberts [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Nov. 06, 2018 | |
William Roberts [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Nov. 06, 2018 | |
David Bartholomew [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Sep. 24, 2021 | |
Christopher Guzowski [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Dec. 19, 2019 | |
Michael Alfred [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 21, 2021 | |
Sunita Parasuraman [Member] | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Jul. 18, 2023 | |
Lindsay Ward [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 18, 2021 | |
Date ceased to be KMP | Jun. 30, 2023 | |
David Shaw [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 22, 2021 | |
Belinda Nucifora [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | May 16, 2022 | |
Cesilia Kim [Member] | Key Management Personnel [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Jan. 01, 2023 |
Key management personnel disc_4
Key management personnel disclosures, Compensation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Key Management Personnel Disclosures [Abstract] | ||
Short-term employee benefits | $ 7,967,322 | $ 1,610,088 |
Post-employment benefits | 66,830 | 81,550 |
Share-based payments | 13,905,489 | 13,314,679 |
Total compensation | $ 21,939,641 | $ 15,006,317 |
Key management personnel disc_5
Key management personnel disclosures, Movement in Options and RSUs Outstanding Issued to Directors and Other Members of KMP (Details) - Share Options and Restricted Share Units [Member] | 12 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | |
Number of Options and RSUs [Abstract] | ||
Outstanding at beginning of year (in shares) | shares | 6,973,516 | 2,136,171 |
Granted during the year (in shares) | shares | 3,070,379 | 5,014,834 |
Forfeited during the year (in shares) | shares | (31,671) | (177,489) |
Exercised during the period (in shares) | shares | (4,000) | 0 |
Outstanding at end of year (in shares) | shares | 10,008,224 | 6,973,516 |
Exercisable at end of year (in shares) | shares | 2,017,021 | 2,035,278 |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 53.16 | $ 4.1 |
Granted during the year (in dollars per share) | $ / shares | 2.97 | 72.46 |
Forfeited during the year (in dollars per share) | $ / shares | 36.45 | 7.9 |
Exercised during the period (in dollars per share) | $ / shares | 0 | 0 |
Outstanding at end of year (in dollars per share) | $ / shares | 37.84 | 53.16 |
Exercisable at end of year (in dollars per share) | $ / shares | $ 3.87 | $ 3.95 |
Events after the reporting pe_2
Events after the reporting period (Details) - Subsequent Events [Member] $ in Millions | Aug. 29, 2023 USD ($) ArtificialIntelligence |
Events after the reporting periods [Abstract] | |
Number of artificial intelligence purchased | ArtificialIntelligence | 248 |
Initial purchase of NVIDIA's latest-generation artificial intelligence "AI" H100 GPUs | $ | $ 10 |