Document and Entity Information
Document and Entity Information | 9 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2024 |
Current Fiscal Year End Date | --06-30 |
Entity Registrant Name | Iris Energy Ltd |
Entity Central Index Key | 0001878848 |
Entity File Number | 001-41072 |
Entity Address, Address Line One | Level 12 |
Entity Address, Address Line Two | 44 Market Street |
Entity Address, City or Town | Sydney, NSW |
Entity Address, Country | AU |
Entity Address, Postal Zip Code | 2000 |
Unaudited interim consolidated
Unaudited interim consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | ||||
Bitcoin mining revenue | $ 53,383 | $ 11,327 | $ 129,827 | $ 41,294 |
AI Cloud Service revenue | 567 | 0 | 567 | 0 |
Other income | 399 | 1,798 | 926 | 3,117 |
Gain/(loss) on disposal of subsidiaries | 0 | 3,257 | 0 | 3,257 |
Revenue | 54,349 | 16,382 | 131,320 | 47,668 |
Expenses | ||||
Depreciation | (8,692) | (5,125) | (23,870) | (24,122) |
Electricity charges | (19,834) | (5,973) | (55,944) | (19,910) |
Realized gain/(loss) on financial asset | 91 | 0 | 3,210 | 0 |
Employee benefits expense | (4,333) | (2,470) | (12,844) | (11,138) |
Share-based payments expense | (5,817) | (3,503) | (17,622) | (10,273) |
Impairment of assets | 0 | 0 | 0 | (105,172) |
Reversal of impairment of assets | 0 | 0 | 108 | 0 |
Professional fees | (2,018) | (1,117) | (5,938) | (4,086) |
Site expenses | (2,096) | (1,290) | (5,892) | (3,329) |
Other operating expenses | (4,537) | (1,966) | (14,809) | (7,232) |
Gain/(loss) on sale of assets | 1 | (160) | 16 | (6,616) |
Unrealized gain/(loss) on financial asset | (1,091) | 0 | (1,349) | 0 |
Operating profit/(loss) | 6,023 | (5,222) | (3,614) | (144,210) |
Finance expense | (126) | (2,311) | (190) | (16,227) |
Interest income | 1,500 | 244 | 2,878 | 458 |
Foreign exchange gain/(loss) | 4,714 | 4,557 | 2,265 | (2,619) |
Profit/(loss) before income tax expense | 12,111 | (2,732) | 1,339 | (162,598) |
Income tax (expense)/benefit | (3,473) | (321) | (3,228) | (2,349) |
Profit/(loss) after income tax expense for the period | 8,638 | (3,053) | (1,889) | (164,947) |
Items that may be reclassified subsequently to profit or loss | ||||
Foreign currency translation | (7,334) | (9,126) | (5,331) | (21,241) |
Other comprehensive income/(loss) for the period, net of tax | (7,334) | (9,126) | (5,331) | (21,241) |
Total comprehensive income/(loss) for the period | $ 1,304 | $ (12,179) | $ (7,220) | $ (186,188) |
Basic earnings per share (in dollars per share) | $ 0.0827 | $ (0.057) | $ (0.0232) | $ (3.1003) |
Diluted earnings per share (in dollars per share) | $ 0.077 | $ (0.057) | $ (0.0232) | $ (3.1003) |
Unaudited interim consolidate_2
Unaudited interim consolidated statements of financial position - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 259,695 | $ 68,894 |
Other receivables | 35,867 | 6,543 |
Financial assets at fair value through profit or loss | 3,425 | 0 |
Prepayments and other assets | 11,206 | 13,793 |
Total current assets | 310,193 | 89,230 |
Non-current assets | ||
Property, plant and equipment | 357,081 | 241,102 |
Right-of-use assets | 1,624 | 1,374 |
Deferred tax assets | 2,595 | 8 |
Computer hardware prepayments | 41,407 | 68 |
Other assets | 456 | 292 |
Prepayments and other assets | 10,247 | 0 |
Total non-current assets | 413,410 | 242,844 |
Total assets | 723,603 | 332,074 |
Current liabilities | ||
Trade and other payables | 24,256 | 16,644 |
Lease liabilities | 205 | 192 |
Income tax | 481 | 32 |
Employee benefits | 4,554 | 961 |
Provisions | 11,498 | 6,172 |
Deferred Revenue | 506 | 0 |
Total current liabilities | 41,500 | 24,001 |
Non-current liabilities | ||
Lease liabilities | 1,512 | 1,256 |
Deferred tax liabilities | 3,247 | 1,365 |
Employee benefits | 104 | 91 |
Total non-current liabilities | 4,863 | 2,712 |
Total liabilities | 46,363 | 26,713 |
Net assets | 677,240 | 305,361 |
Equity | ||
Issued capital | 1,327,668 | 965,857 |
Reserves | 5,737 | (6,220) |
Accumulated losses | (656,165) | (654,276) |
Total equity | $ 677,240 | $ 305,361 |
Unaudited interim consolidate_3
Unaudited interim consolidated statements of changes in equity - USD ($) $ in Thousands | Total | Issued Capital [Member] | Reserves [Member] | Accumulated Losses [Member] |
Balance at Jun. 30, 2022 | $ 437,362 | $ 926,581 | $ (6,814) | $ (482,405) |
Changes in equity [Abstract] | ||||
Profit/(loss) after income tax expense for the period | (164,947) | 0 | 0 | (164,947) |
Other comprehensive gain/(loss) for the period, net of tax | (21,241) | 0 | (21,241) | 0 |
Total comprehensive loss for the period | (186,188) | 0 | (21,241) | (164,947) |
Transactions with owners in their capacity as owners: | ||||
Capital raise costs | (1,014) | (1,014) | 0 | 0 |
Share issuances - paid | 6,912 | 6,912 | 0 | 0 |
Share-based payments | 16,616 | 0 | 16,616 | 0 |
Balance at Mar. 31, 2023 | 273,688 | 932,479 | (11,439) | (647,352) |
Balance at Dec. 31, 2022 | 270,123 | 926,581 | (12,159) | (644,299) |
Changes in equity [Abstract] | ||||
Profit/(loss) after income tax expense for the period | (3,053) | 0 | 0 | (3,053) |
Other comprehensive gain/(loss) for the period, net of tax | (9,126) | 0 | (9,126) | 0 |
Total comprehensive loss for the period | (12,179) | 0 | (9,126) | (3,053) |
Transactions with owners in their capacity as owners: | ||||
Capital raise costs | (1,014) | (1,014) | 0 | 0 |
Share issuances - paid | 6,912 | 6,912 | 0 | 0 |
Share-based payments | 9,846 | 0 | 9,846 | 0 |
Balance at Mar. 31, 2023 | 273,688 | 932,479 | (11,439) | (647,352) |
Balance at Jun. 30, 2023 | 305,361 | 965,857 | (6,220) | (654,276) |
Changes in equity [Abstract] | ||||
Profit/(loss) after income tax expense for the period | (1,889) | 0 | 0 | (1,889) |
Other comprehensive gain/(loss) for the period, net of tax | (5,331) | 0 | (5,331) | 0 |
Total comprehensive loss for the period | (7,220) | 0 | (5,331) | (1,889) |
Transactions with owners in their capacity as owners: | ||||
Capital raise costs | (8,495) | (8,495) | 0 | 0 |
Share issuances - paid | 369,886 | 369,886 | 0 | 0 |
Share-based payments | 17,708 | 420 | 17,288 | 0 |
Balance at Mar. 31, 2024 | 677,240 | 1,327,668 | 5,737 | (656,165) |
Balance at Dec. 31, 2023 | 381,848 | 1,038,846 | 7,805 | (664,803) |
Changes in equity [Abstract] | ||||
Profit/(loss) after income tax expense for the period | 8,638 | 0 | 0 | 8,638 |
Other comprehensive gain/(loss) for the period, net of tax | (7,334) | 0 | (7,334) | 0 |
Total comprehensive loss for the period | 1,304 | 0 | (7,334) | 8,638 |
Transactions with owners in their capacity as owners: | ||||
Capital raise costs | (5,694) | (5,694) | 0 | 0 |
Share issuances - paid | 294,214 | 294,214 | 0 | 0 |
Share-based payments | 5,568 | 302 | 5,266 | 0 |
Balance at Mar. 31, 2024 | $ 677,240 | $ 1,327,668 | $ 5,737 | $ (656,165) |
Unaudited interim consolidate_4
Unaudited interim consolidated statements of cash flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Receipts from Bitcoin mining activities | $ 129,394 | $ 43,669 |
Receipts from AI Cloud Service revenue | 1,071 | 0 |
Receipts from ERS revenue | 438 | 0 |
Payments for electricity, suppliers and employees (inclusive of GST) | (85,880) | (41,084) |
Interest received | 2,996 | 507 |
Other revenue | 0 | 12 |
Interest paid | (130) | (4,102) |
Net cash from/(used in) operating activities | 47,889 | (998) |
Cash flows from investing activities | ||
Payments for property, plant and equipment net of hardware prepayments | (112,664) | (93,620) |
Payments for computer hardware prepayments | (70,638) | 0 |
Repayments/(advancement) of loan proceeds | 0 | 2,291 |
Prepayments and deposits | (4,683) | (7,363) |
Proceeds from disposal of property, plant and equipment | 0 | 30,601 |
Deconsolidation of Non-Recourse SPVs | 0 | (1,214) |
Net cash from/(used in) in investing activities | (187,985) | (69,305) |
Cash flows from financing activities | ||
Capital raising costs | (902) | (860) |
Repayment of borrowings | 0 | (9,432) |
Capital raising receipts | 332,075 | 7,549 |
Payment of borrowing transaction costs | 0 | (250) |
Repayment of lease liabilities | (406) | (247) |
Net cash from/(used in) financing activities | 330,767 | (3,240) |
Net increase/(decrease) in cash and cash equivalents | 190,671 | (73,543) |
Cash and cash equivalents at the beginning of the period | 68,894 | 109,970 |
Effects of exchange rate changes on cash and cash equivalents | 130 | (3,276) |
Cash and cash equivalents at the end of the period | $ 259,695 | $ 33,151 |
General information
General information | 9 Months Ended |
Mar. 31, 2024 | |
General information [Abstract] | |
General information | Note 1. General information These unaudited interim consolidated financial statements cover Iris Energy Limited (d.b.a. IREN) as a Group consisting of Iris Energy Limited ("Company" or "Parent Entity") and the entities it controlled at the end of, or during, the period (collectively the "Group"). The Company’s shares trade on the NASDAQ under the ticker symbol “IREN”. 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 Leve l 12, 44 Mark Level 13, 664 Collins Street Sydney NSW 2000 Docklands VIC 3008 Australia Australia The Group is a leading next-generation data center business powering the future of Bitcoin, AI and beyond. The unaudited interim consolidated financial statements were authorized for issue, in accordance with a resolution of Directors, on 15 May 2024. |
Significant accounting policies
Significant accounting policies | 9 Months Ended |
Mar. 31, 2024 | |
Significant accounting policies [Abstract] | |
Significant accounting policies | Note 2. Significant accounting policies These unaudited interim consolidated financial statements for the periods ended 31 March 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting d for a complete s The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below Revenue recognition The Group records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows: ● Step 1: Identify the contract with a customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price, which is the total consideration provided by the customer; ● Step 4: Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and ● Step 5: Recognize revenue when (or as) the Group satisfies a performance obligation. 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 mining”. The Company has entered into arrangements with mining pools, whereby computing power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining pool operators. The Company has the right to decide the point in time and duration for which it will provide hash computation services to the mining pools. The contracts are terminable at any time by either party without substantive compensation to the other party for such termination. Upon termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due related to previously satisfied performance obligations. Therefore, the Company has determined that the duration of the contract is less than 24 hours and that the contract continuously renews throughout the day. In the mining pools which the Company participated in during the periods, the Company is not directly exposed to the pool’s success in mining blocks. The Company is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Company is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees. The fair value of the non-cash consideration is determined using the quantity of Bitcoin received multiplied by the spot price of the Bitcoin price at the end of the day at the website of Kraken, the trading platform over which we exchange the Bitcoin we have mined (“Kraken”). Management considers the prices quoted on Kraken to be a Level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 31 March 2024 (31 March 2023: Nil AI Cloud Services revenue ● AI Cloud Services revenue is recognized as service revenue rateably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are provided over time. This method best represents the transfer of services. ● Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, considering the term of each individual contract, and the ability to enforce and collect the consideration. ● Usage revenue (overage and consumption-based services) is recorded as AI Cloud Services revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed. 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 nine-month period ended 31 March 2024, the Group incurred a loss after tax of $1,889,000 (31 March 2023: $164,947,000) and net operating cash inflows of $47,889,000 (31 March 2023: outflows of $998,000). As at 31 March 2024, the Group had net current assets of $268,693,000 (30 June 2023: net current assets of $65,229,000) and net assets of $677,240,000 (30 June 2023: net assets of $305,361,000). As further background, the Group owns mining hardware that is 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 including the halving event which occurred in April 2024, changes in the regulatory environment, and/or adverse changes in other inherent risks may 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, or the Group will be able to raise capital to meet growth objectives. The strategy to mitigate these risks and uncertainties is to try to 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. Our growth and risk mitigation strategies include pursuing a strategy to diversify our revenue streams into new markets. This includes the expansion into the provision of AI Cloud Services. The Group signed a contract with an initial AI Cloud Services client and commenced revenue generating operations during the three months ended 31 March 2024. 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 economics, with reduction in block rewards following the halving event which occurred in April 2024; ● Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie, 50MW Prince George and 30MW Canal Flats; ● A fourth operational site at Childress, Texas with installed nameplate capacity of 85MW as at 6 May 2024 incrementally increasing to 350 MW by 31 December 2024; ● Securing additional financing as required to achieve the Group’s growths objectives. The key assumptions have been stress tested using a range of Bitcoin price and global hashrate scenarios including with respect to the halving event that occurred in April 2024 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. 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 International Accounting Standards Board ("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 unaudited interim consolidated financial statements. |
Other income
Other income | 9 Months Ended |
Mar. 31, 2024 | |
Other income [Abstract] | |
Other income | Note 3. Other income Three months ended 31 Mar 2024 Three months ended 31 Mar 2023 Nine months ended 31 Mar 2024 Nine months ended 31 Mar 2023 $’000 $’000 $’000 $’000 ERS Revenue 399 - 926 - Net gain on disposal of other assets - 1,798 - 3,117 Total other income 399 1,798 926 3,117 Other income for the periods ended 31 March 2024 comprises income generated from an Emergency Response Service ("ERS") program entered into in Texas. This ERS program is a demand response program designed to help Electric Reliability Council of Texas (“ERCOT”) mitigate rolling blackouts. Other income is generated by the Group’s participation in this program at the site in Childress, Texas. Other income for the periods ended 31 March 2023 primarily relates to gain on disposal of other assets. |
Other operating expenses
Other operating expenses | 9 Months Ended |
Mar. 31, 2024 | |
Other operating expenses [Abstract] | |
Other operating expenses | Note 4. Other operating expenses Three months ended 31 Mar 2024 Three months ended 31 Mar 2023 Nine months ended 31 Mar 2024 Nine months ended 31 Mar 2023 $'000 $'000 $'000 $'000 Insurance 1,736 1,160 4,835 4,552 Sponsorship and marketing 748 66 1,442 176 Charitable donations 4 9 237 158 Filing fees 21 19 57 58 ERS fees 24 - 56 - Site identification costs - - - 15 Non-refundable sales tax (See Note 12) 1,351 402 4,317 1,429 Non-refundable provincial sales tax 340 70 963 70 Other expenses 313 240 1,105 774 Legal expenses - - 1,797 - Total other operating expenses 4,537 1,966 14,809 7,232 |
Cash and cash equivalents
Cash and cash equivalents | 9 Months Ended |
Mar. 31, 2024 | |
Cash and cash equivalents [Abstract] | |
Cash and cash equivalents | Note 5. Cash and cash equivalents 31 Mar 2024 30 Jun 2023 $'000 $'000 Current assets Cash at bank 259,695 38,657 Cash on deposit - 30,237 Total cash and cash equivalents 259,695 68,894 |
Other receivables
Other receivables | 9 Months Ended |
Mar. 31, 2024 | |
Other receivables [Abstract] | |
Other receivables | Note 6. Other receivables 31 Mar 2024 30 Jun 2023 $'000 $'000 Current assets Share issuance proceeds 28,376 1,581 Trade and other receivables 567 97 Provincial sales tax receivable - 122 Goods and services tax receivable 6,924 4,743 Total other receivables 35,867 6,543 |
Financial assets at fair value
Financial assets at fair value through profit or loss | 9 Months Ended |
Mar. 31, 2024 | |
Financial assets at fair value through profit or loss [Abstract] | |
Financial assets at fair value through profit or loss | Note 7. Financial assets at fair value through profit or loss T hree months ended Three months ended Nine months ended Nine months ended 31 Mar 2024 31 Mar 2023 31 Mar 2024 31 Mar 2023 $‘000 $'000 $'000 $'000 Current assets Electricity financial asset 3,425 - 3,425 - Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below: Opening fair value 1,280 - - - Additions 9,388 - 10,926 - Financial asset realized (6,152 ) - (6,152 ) - Revaluation decrements (unrealized loss) (1,091 ) - (1,349 ) - Closing fair value 3,425 - 3,425 - Power Supply Agreement A subsidiary of the Company ( “ ” Under the PSA, the Subsidiary has the right to purchase a fixed quantity of electricity in advance at a fixed price however, the Subsidiary has no obligation to take physical delivery of electricity purchased. For any unused electricity purchased, the Subsidiary sells the unused electricity to the counterparty of the PSA at the prevailing spot price at the time of curtailment. As the PSA meets the definition of a financial instrument under IAS 32, it is accounted for as a financial asset at fair value through Profit and Loss under IFRS 9. Accordingly, the PSA is recorded at an estimated fair value each reporting period with the change in the fair value recorded in change in fair value of financial asset in the consolidated statements of operations. As at 31 March 2024, the financial asset comprises the fair value of unused electricity purchased for the forward period to 31 May 2024. On settlement, a realized gain or loss on a financial asset is recognised in profit or loss. The gain or loss is calculated based on the unused quantity of electricity multiplied by prevailing spot price at the time of curtailment less the price paid upon prepayment (fixed costs). For the nine and three month periods ended 31 March 2024, the realised gain was $3.2m (2023: nil nil |
Computer hardware prepayments
Computer hardware prepayments | 9 Months Ended |
Mar. 31, 2024 | |
Computer hardware prepayments [Abstract] | |
Computer hardware prepayments | Note 8. Computer hardware prepayments 31 Mar 2024 30 Jun 2023 $'000 $'000 Non-current assets Mining hardware prepayments 39,440 68 High-performance computing hardware prepayments 1,967 - Total computer hardware prepayment 41,407 68 Computer hardware prepayments represent payments made by the Group for the purchase of mining hardware for our Childress data center and High-performance computing ("HPC") hardware. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers. The mining hardware prepayments at 31 March 2024 include a non-refundable deposit of $12,768,000 as an initial 10% option down payment in relation to a hardware purchase option to acquire up to 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. If the entire option is exercised, the total contracted cost will be $127,680,000. If the option is exercised, the miners can be scheduled for phased shipment in monthly batches from June 2024 to November 2024. As at 31 March 2024, final decisions with respect to exercising miner purchase options have not been made by the Group. Refer to Note 19 Subsequent events for further information. |
Prepayments and other assets
Prepayments and other assets | 9 Months Ended |
Mar. 31, 2024 | |
Prepayments and other assets [Abstract] | |
Prepayments and other assets | Note 9. Prepayments and other assets 31 Mar 2024 30 Jun 2023 $'000 $'000 Current assets Security deposits 2,870 2,420 Prepayments 8,336 11,373 Total current 11,206 13,793 Non-current assets Security deposits 10,247 - Total prepayments and other assets 21,453 13,793 Non-current deposits include connection deposits paid for expansion projects in British Columbia, Canada and West Texas, USA. |
Property, plant and equipment
Property, plant and equipment | 9 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [Abstract] | |
Property, plant and equipment | Note 10. Property, plant and equipment 31 Mar 2024 30 Jun 2023 $'000 $'000 Non-current assets Land - at cost 1,911 1,803 Buildings - at cost 169,765 153,100 Less: Accumulated depreciation (10,805 ) (5,042 ) 158,960 148,058 Plant and equipment - at cost 4,704 4,145 Less: Accumulated depreciation (1,022 ) (712 ) 3,682 3,433 Mining hardware - at cost 144,623 115,024 Less: Accumulated depreciation (32,549 ) (15,709 ) Less: Accumulated impairment (25,714 ) (25,934 ) 86,360 73,381 HPC Hardware 29,603 - Less: Accumulated depreciation (339 ) - 29,264 - Development assets - at cost 76,904 14,427 Total property, plant and equipment 357,081 241,102 Reconciliations Reconciliations of the written down values at the beginning and end of the current period are set out below: For the Nine Months Ended 31 March 2024 Land Buildings Plant and equipment Mining hardware HPC hardware Development assets Total Consolidated $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2023 1,803 148,058 3,433 73,381 - 14,427 241,102 Additions 125 1,237 681 31,301 29,693 79,637 142,674 Disposals - - (35 ) (6 ) - - (41 ) Exchange differences (17 ) (1,811 ) (70 ) (1,150 ) (90 ) 72 (3,067 ) Reversal of impairment - - - - - 108 108 Transfers in/(out) - 17,340 - - - (17,340 ) - Depreciation expense - (5,863 ) (327 ) (17,166 ) (339 ) - (23,695 ) Balance at 31 March 2024 1,911 158,960 3,682 86,360 29,264 76,904 357,081 Depreciation of mining hardware commences once units are installed onsite and available for use. Development assets includes costs related to the development of data center infrastructure at Childress, Texas along with other early-stage development costs. Depreciation will commence on the development assets at Childress as each phase of the underlying infrastructure becomes available for use. |
Lease liabilities
Lease liabilities | 9 Months Ended |
Mar. 31, 2024 | |
Lease liabilities [Abstract] | |
Lease liabilities | Note 11. Lease liabilities 31 Mar 2024 30 Jun 2023 $'000 $'000 Current liabilities Lease liability 205 192 Non-current liabilities Lease liability 1,512 1,256 Total lease liabilities 1,717 1,448 Lease liabilities The Group's lease liability includes a 30-year lease of a site in Prince George, B.C., Canada, a three-year lease of a corporate office in Sydney, Australia and a five-year corporate office lease in Vancouver, B.C., Canada. |
Provisions
Provisions | 9 Months Ended |
Mar. 31, 2024 | |
Provisions [Abstract] | |
Provisions | Note 12. Provisions 31 Mar 2024 30 Jun 2023 $‘000 $‘000 Current liabilities Non-refundable sales tax and other provisions 11,498 6,172 Total Provisions 11,498 6,172 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 attracts 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 and further correspondence was received from the CRA in April 2024. The Group is currently reviewing this correspondence and will respond accordingly. Recent amendments made to Canadian Tax legislation in June 2023 are being considered by the relevant subsidiaries and the CRA. In March 2024, the CRA issued interpretation guidance on the new legislation and in light of this the relevant subsidiaries submitted additional requests to the CRA to further support its entitlement to claim the ITCs. The affected subsidiaries continue to accrue a provision in line with the aforementioned methodology. |
Issued capital
Issued capital | 9 Months Ended |
Mar. 31, 2024 | |
Issued capital [Abstract] | |
Issued capital | Note 13. Issued capital Consolidated 31 Mar 2024 30 Jun 2023 31 Mar 2024 30 Jun 2023 Shares Shares $'000 $'000 Ordinary shares - fully paid and unrestricted 138,411,731 64,747,477 1,327,668 965,857 Movements in ordinary share capital Details Date Shares $'000 Opening balance as at 1 July 2023 64,747,477 965,857 Shares issued under Committed Equity Facility 12,887,814 51,417 Shares issued under ATM Facility 60,570,797 318,468 Share based payment - third party issuance 101,084 302 Share based payment - vested shares 104,559 118 Capital raise costs, net of tax - (8,494 ) Closing balance as at 31 March 2024 138,411,731 1,327,668 At-the-market Facility On 13 September 2023, Iris Energy Limited (d.b.a. IREN) entered into an At-the-market ("ATM") Sales Agreement with B. Riley Securities, Inc., Cantor Fitzgerald & Co. and Compass Point Research & Trading, LLC, pursuant to which Iris Energy Limited (d.b.a. IREN) has the option, but not the obligation, to sell up to $300,000,000 of its ordinary shares through or to the Brokers, for a period of up to 36 months. On 21 March 2024, the Company added Canaccord Genuity LLC, Citigroup Global Markets Inc. and Macquarie Capital (USA) Inc. as Sales Agents pursuant to the Sales Agreement and filed a new prospectus supplement relating to the offer and sales of its ordinary shares under the Sales Agreement, which reflected an increase of $200,000,000 in the aggregate offering price, from an aggregate of up to $300,000,000 under the previously filed prospectus supplement relating to the offer and sale of ordinary shares under the Sales Agreement (“the ATM Facility”). As a result, in accordance with the terms of the Sales Agreement, the Company may offer and sell its ordinary shares having an aggregate offering price of up to $500,000,000. As at 31 March 2024, 60,570,797 shares have been issued under the ATM facility raising total gross proceeds of approximately $318,468,000. During the three month period 55,891,597 ordinary shares were issued under the ATM Facility raising gross proceeds of approximately $294,214,000. Committed Equity Facility On 23 September 2022 Iris Energy Limited (d.b.a. IREN) entered into a share purchase agreement with B. Riley Principal Capital II, LLC (“B. Riley”) to establish a committed equity facility (“ELOC”), pursuant to which IREN may, at its option, sell up to US$100 million of ordinary shares to B. Riley over a two-year period. During the three-month period ended 31 March 2024, no shares were issued under the facility and the share purchase agreement was terminated. Effective 15 February 2024, the Company terminated this facility. During the nine month period ended 31 March 2024, 12,887,814 shares were issued under the ELOC facility raising total Gross proceeds of approximately, $51,417,000. Loan-funded shares As at 31 March 2024, there are 1,954,049 (30 June 2023: 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 140,365,780 as at 31 March 2024 (30 June 2023: 66,701,526). |
Earnings per share
Earnings per share | 9 Months Ended |
Mar. 31, 2024 | |
Earnings per share [Abstract] | |
Earnings per share | Note 14. Earnings per share Basic earnings per share is computed by dividing net profit/(loss) after income tax by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by adjusting the profit or loss attributable to ordinary shareholders, and the weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares. For the Three Months Ended 31 March 2024 Three months ended 31 Mar 2024 Three months ended 31 Mar 2023 $'000 $'000 Profit/(loss) after income tax 8,638 (3,053 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 104,496,782 53,559,687 Weighted average number of ordinary shares used in calculating diluted earnings per share 112,195,908 53,559,687 Cents Cents Basic earnings per share 8.27 (5.70 ) Diluted earnings per share 7.70 (5.70 ) For the Nine Months Ended 31 March 2024 Nine months ended 31 Mar 2024 Nine months ended 31 Mar 2023 $'000 $'000 Profit/(loss) after income tax (1,889 ) (164,947 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 81,456,256 53,203,472 Weighted average number of ordinary shares used in calculating diluted earnings per share 81,456,256 53,203,472 Cents Cents Basic earnings per share (2.32 ) (310.03 ) Diluted earnings per share (2.32 ) (310.03 ) |
Contingent liabilities
Contingent liabilities | 9 Months Ended |
Mar. 31, 2024 | |
Contingent liabilities [Abstract] | |
Contingent liabilities | Note 15. 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 2023 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 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. NYDIG ABL LLC had until 15 September 2023 to file a notice of cross-appeal however on 10 January 2024, it bought an application to extend the time to file such a notice. The hearing for the application seeking to extend the time to cross-appeal was held on 30 January 2024 which granted NYDIG’s application. On 31 January 2024 NYDIG filed its notice of cross appeal with the Court of Appeal seeking an order that the substantive consolidation and oppression remedies be remitted to the Supreme Court for consideration and reasons. On 12 March 2024, the hearing for the Company’s appeal and NYDIG’s cross appeal was held in by the Court of Appeal. |
Commitments
Commitments | 9 Months Ended |
Mar. 31, 2024 | |
Commitments [Abstract] | |
Commitments | Note 16. Commitments As at 31 March 2024, the Group had commitments of $65,856,000 (30 June 2023: $7,481,000) which are payable in instalments from March 2024 to March 2025. As at 31 March 2024, total G 31 Mar 2024 30 Jun 2023 $'000 $'000 Amounts payable within 12 months of balance date 65,856 7,481 Amounts payable after 12 months of balance date - - Total Commitments 65,856 7,481 In addition to those commitments, a subsidiary of the Group also entered into an option agreement with Bitmain to acquire up to 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. If the entire option is exercised, the total contracted cost will be $127,680,000. If the option is exercised, the miners can be scheduled for phased shipment in monthly batches from June 2024 to November 2024. As at 31 March 2024, final decisions with respect to exercising miner purchase options have not been made by the Group. Refer to note 8 for further information. |
Share-based payments
Share-based payments | 9 Months Ended |
Mar. 31, 2024 | |
Share-based payments [Abstract] | |
Share-based payments | Note 17. S hare-bas 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 in Group’s Consolidated Financial Statements for the year ended 30 June 2023. ● Employee Share Plan ● 2021 Executive Director Liquidity and Price Target Options ● Employee Option Plan ● Non-Executive Director Option Plan ● $75 Exercise Price Options ● 2022 Long-Term Incentive Plan Restricted Stock Units ● 2023 Long-Term Incentive Plan Restricted Stock Units (see below for the grants made under this 2023 LTIP this period) 2023 Long-Term Incentive Plan Restricted Stock Units On July 1, 2023, our Board approved a revised long term incentive plan under which participating employees have been granted RSUs in three tranches, the first two tranches being time-based vesting conditions and the third 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 nine month period ended 31 March 2024, the following grants were made under the 2023 LTIP: ● 3,194,491 RSUs to certain employees and key management personnel (“KMP”) of the Group were issued RSUs of which: - 33.3% of each individual’s RSU grant are subject to time-based vesting conditions and will vest after one years; - 33.3% of each individual’s RSU grant are subject to time-based vesting conditions and will vest after two years; - 33.4% of each individual’s RSU grant are subject to performance-based vesting conditions and will vest after three years based on total shareholder return measured against the Nasdaq Small Cap Index (NQUSS) (and continued service over the vesting period). ● 120,303 RSUs to certain Non-Executive Directors. These RSUs will vest after one year. Reconciliation of outstanding share options Set out below are summaries of options granted under all plans: Number options Weighted average exercise price Number of options Weighted average exercise price 31 Mar 2024 31 Mar 2024 30 Jun 2023 30 Jun 2023 Outstanding as at 1 July 2023 8,906,839 $ 41.93 9,010,547 $ 41.67 Granted during the period - $ 0.00 - $ 0.00 Forfeited during the period - $ 0.00 (103,708 ) $ 20.03 Vested during the period - $ 0.00 - $ 0.00 Outstanding as at 31 March 2024 8,906,839 $ 41.93 8,906,839 $ 41.93 Exercisable as at 31 March 2024 3,615,546 $ 2.92 3,485,302 $ 2.97 As at 31 March 2024, the weighted average remaining contractual life of options outstanding is 6.63 years (30 June 2023: 7.57 years). As at 31 March 2024 the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2023: $1.53 to $75.00). The Company recorded a total of $3,092,000 and $9,397,000 respectively as share based payment expense during the three and nine months ended 31 March 2024 ($3,150,000 and $9,273,000 for three and nine months ended 31 March 2023), based on the vesting schedule of such options. Reconciliation of outstanding RSUs Set out below are summaries of RSUs granted under all plans: Number of RSUs 31 Mar 2024 Outstanding as at 1 July 2023 3,623,867 Granted during the period 3,314,794 Forfeited during the period (217,760 ) Vested during the period (104,559 ) Outstanding as at 31 March 2024 6,616,342 Exercisable as at 31 March 2024 - As at 31 March 2024, the weighted average remaining contractual life of RSUs outstanding is 3.01 years (30 June 2023: 4.55 years). All RSUs have a nil The Company recorded a total of $2,725,000 and $8,225,000 respectively as share based payment expense based on the vesting schedule of the granted RSUs during the three and nine months ended 31 March 2024 ($352,000 and $1,000,000 for the three and nine months ended 31 March 2023). |
Related party transactions
Related party transactions | 9 Months Ended |
Mar. 31, 2024 | |
Related party transactions [Abstract] | |
Related party transactions | Note 18. Related party transactions Parent entity I ris Energy Limited(d.b.a IREN) is the ultimate parent entity. Changes in key management personnel There have been no new appointments made to key management personnel during the period. Transactions with related parties There were no transactions with related parties during the current and previous period. 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 from/to related parties There were no loans to or from related parties at the current and previous reporting date. |
Events after the reporting peri
Events after the reporting period | 9 Months Ended |
Mar. 31, 2024 | |
Events after the reporting period [Abstract] | |
Events after the reporting period | Note 19. Events after the reporting period ATM Facility Subsequent to 31 March 2024, the Company issued a further 8,172,310 Ordinary shares for total gross proceeds of approximately $44,886,000. Bitmain Hardware Purchase and Options Agreements On 9 May 2024, the Group entered into a new firm purchase agreement with Bitmain Technologies Delaware Limited (“Bitmain”) to purchase approximately 51,480 Bitmain S21 Pro miners (12.0 EH/s) at a price of $18.9/TH. The purchased miners are scheduled to be shipped in July and August 2024. The total contracted cost is $227,676,000 payable in instalments. This new agreement also includes an additional purchase option to procure approximately 51,480 Bitmain S21 Pro (12.0 EH/s) at a price of $18.9/TH including a non-refundable deposit of $22,768,000 as an initial 10% option down payment. The options can be exercised incrementally over the option period until May 2025. If the entire option is exercised, the total contracted cost will be $227,676,000. Additionally on 9 May 2024, the Group amended its existing option agreement with Bitmain. Under the existing agreement the Group paid a non-refundable deposit of $12,768,000 in January 2024 as an initial 10% option down payment in relation to a hardware purchase option to acquire up to approximately 48,000 Bitmain T21 miners (9.1 EH/s) at a price of $14/TH. The total contracted cost under the existing agreement is $127,680,000. The amended option agreement provides additional flexibility to exercise the options to procure either Bitmain T21 miners, with the contracted cost remaining unchanged, or upgrade to approximately 48,000 S21 Pro miners, at a total contracted cost of $212,285,000 being $18.90/TH for 11.2 EH/s. The amended option agreement also allows for the exercise of a combination of both T21 or S21 Pro miners. The amended agreement requires an additional non-refundable deposit of $8,460,000 to be paid within seven Decisions with respect to exercising all, some or none of the miner purchase options will be made during the respective option periods. Registration statement No other matter or circumstance has arisen since 31 March 2024 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) | 9 Months Ended |
Mar. 31, 2024 | |
Significant accounting policies [Abstract] | |
Basis of preparation | These unaudited interim consolidated financial statements for the periods ended 31 March 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting d for a complete s The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the policies stated below |
Revenue recognition | Revenue recognition The Group records revenue from contracts with customers in accordance with IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) as follows: ● Step 1: Identify the contract with a customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price, which is the total consideration provided by the customer; ● Step 4: Allocate the transaction price among the performance obligations in the contract based on their relative fair values; and ● Step 5: Recognize revenue when (or as) the Group satisfies a performance obligation. 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 mining”. The Company has entered into arrangements with mining pools, whereby computing power is directed to the mining pools in exchange for non-cash consideration in the form of Bitcoin. The provision of computing power is the only performance obligation in the contract with the mining pool operators. The Company has the right to decide the point in time and duration for which it will provide hash computation services to the mining pools. The contracts are terminable at any time by either party without substantive compensation to the other party for such termination. Upon termination, the mining pool operator (i.e., the customer) is required to pay the Company any amount due related to previously satisfied performance obligations. Therefore, the Company has determined that the duration of the contract is less than 24 hours and that the contract continuously renews throughout the day. In the mining pools which the Company participated in during the periods, the Company is not directly exposed to the pool’s success in mining blocks. The Company is rewarded in Bitcoin for the hashrate it contributes to these mining pools. The reward for the hashrate contributed by the Company is based on the current network difficulty and global daily revenues from transaction fees, less mining pool fees. The fair value of the non-cash consideration is determined using the quantity of Bitcoin received multiplied by the spot price of the Bitcoin price at the end of the day at the website of Kraken, the trading platform over which we exchange the Bitcoin we have mined (“Kraken”). Management considers the prices quoted on Kraken to be a Level 1 input under IFRS 13 Fair Value Measurement. The Group did not hold any Bitcoin on hand as at 31 March 2024 (31 March 2023: Nil AI Cloud Services revenue ● AI Cloud Services revenue is recognized as service revenue rateably over the enforceable term of individual contracts which is typically the stated term. The Company satisfies its performance obligation as these services are provided over time. This method best represents the transfer of services. ● Transaction price is determined as the list price of services (net of discounts) that the Company delivers to its customers, considering the term of each individual contract, and the ability to enforce and collect the consideration. ● Usage revenue (overage and consumption-based services) is recorded as AI Cloud Services revenue in the month the usage is incurred/service is consumed by the customer, based on a fixed agreed upon amount per unit consumed. |
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 nine-month period ended 31 March 2024, the Group incurred a loss after tax of $1,889,000 (31 March 2023: $164,947,000) and net operating cash inflows of $47,889,000 (31 March 2023: outflows of $998,000). As at 31 March 2024, the Group had net current assets of $268,693,000 (30 June 2023: net current assets of $65,229,000) and net assets of $677,240,000 (30 June 2023: net assets of $305,361,000). As further background, the Group owns mining hardware that is 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 including the halving event which occurred in April 2024, changes in the regulatory environment, and/or adverse changes in other inherent risks may 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, or the Group will be able to raise capital to meet growth objectives. The strategy to mitigate these risks and uncertainties is to try to 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. Our growth and risk mitigation strategies include pursuing a strategy to diversify our revenue streams into new markets. This includes the expansion into the provision of AI Cloud Services. The Group signed a contract with an initial AI Cloud Services client and commenced revenue generating operations during the three months ended 31 March 2024. 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 economics, with reduction in block rewards following the halving event which occurred in April 2024; ● Three operational sites in British Columbia, Canada with installed nameplate capacity of 160MW; 80MW Mackenzie, 50MW Prince George and 30MW Canal Flats; ● A fourth operational site at Childress, Texas with installed nameplate capacity of 85MW as at 6 May 2024 incrementally increasing to 350 MW by 31 December 2024; ● Securing additional financing as required to achieve the Group’s growths objectives. The key assumptions have been stress tested using a range of Bitcoin price and global hashrate scenarios including with respect to the halving event that occurred in April 2024 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. |
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 International Accounting Standards Board ("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 unaudited interim consolidated financial statements. |
Other income (Tables)
Other income (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Other income [Abstract] | |
Other Income | Three months ended 31 Mar 2024 Three months ended 31 Mar 2023 Nine months ended 31 Mar 2024 Nine months ended 31 Mar 2023 $’000 $’000 $’000 $’000 ERS Revenue 399 - 926 - Net gain on disposal of other assets - 1,798 - 3,117 Total other income 399 1,798 926 3,117 |
Other operating expenses (Table
Other operating expenses (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Other operating expenses [Abstract] | |
Other Operating Expenses | Three months ended 31 Mar 2024 Three months ended 31 Mar 2023 Nine months ended 31 Mar 2024 Nine months ended 31 Mar 2023 $'000 $'000 $'000 $'000 Insurance 1,736 1,160 4,835 4,552 Sponsorship and marketing 748 66 1,442 176 Charitable donations 4 9 237 158 Filing fees 21 19 57 58 ERS fees 24 - 56 - Site identification costs - - - 15 Non-refundable sales tax (See Note 12) 1,351 402 4,317 1,429 Non-refundable provincial sales tax 340 70 963 70 Other expenses 313 240 1,105 774 Legal expenses - - 1,797 - Total other operating expenses 4,537 1,966 14,809 7,232 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Cash and cash equivalents [Abstract] | |
Cash and Cash Equivalents | 31 Mar 2024 30 Jun 2023 $'000 $'000 Current assets Cash at bank 259,695 38,657 Cash on deposit - 30,237 Total cash and cash equivalents 259,695 68,894 |
Other receivables (Tables)
Other receivables (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Other receivables [Abstract] | |
Other Receivables | 31 Mar 2024 30 Jun 2023 $'000 $'000 Current assets Share issuance proceeds 28,376 1,581 Trade and other receivables 567 97 Provincial sales tax receivable - 122 Goods and services tax receivable 6,924 4,743 Total other receivables 35,867 6,543 |
Financial assets at fair valu_2
Financial assets at fair value through profit or loss (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Financial assets at fair value through profit or loss [Abstract] | |
Financial Assets at Fair Value through Profit or Loss | T hree months ended Three months ended Nine months ended Nine months ended 31 Mar 2024 31 Mar 2023 31 Mar 2024 31 Mar 2023 $‘000 $'000 $'000 $'000 Current assets Electricity financial asset 3,425 - 3,425 - Reconciliation Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below: Opening fair value 1,280 - - - Additions 9,388 - 10,926 - Financial asset realized (6,152 ) - (6,152 ) - Revaluation decrements (unrealized loss) (1,091 ) - (1,349 ) - Closing fair value 3,425 - 3,425 - |
Computer hardware prepayments (
Computer hardware prepayments (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Computer hardware prepayments [Abstract] | |
Mining Hardware Prepayments | 31 Mar 2024 30 Jun 2023 $'000 $'000 Non-current assets Mining hardware prepayments 39,440 68 High-performance computing hardware prepayments 1,967 - Total computer hardware prepayment 41,407 68 |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Prepayments and other assets [Abstract] | |
Prepayments and other assets | 31 Mar 2024 30 Jun 2023 $'000 $'000 Current assets Security deposits 2,870 2,420 Prepayments 8,336 11,373 Total current 11,206 13,793 Non-current assets Security deposits 10,247 - Total prepayments and other assets 21,453 13,793 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [Abstract] | |
Consolidated Property, Plant and Equipment | 31 Mar 2024 30 Jun 2023 $'000 $'000 Non-current assets Land - at cost 1,911 1,803 Buildings - at cost 169,765 153,100 Less: Accumulated depreciation (10,805 ) (5,042 ) 158,960 148,058 Plant and equipment - at cost 4,704 4,145 Less: Accumulated depreciation (1,022 ) (712 ) 3,682 3,433 Mining hardware - at cost 144,623 115,024 Less: Accumulated depreciation (32,549 ) (15,709 ) Less: Accumulated impairment (25,714 ) (25,934 ) 86,360 73,381 HPC Hardware 29,603 - Less: Accumulated depreciation (339 ) - 29,264 - Development assets - at cost 76,904 14,427 Total property, plant and equipment 357,081 241,102 |
Reconciliations of Written Down Values of Property, Plant and Equipment | Reconciliations of the written down values at the beginning and end of the current period are set out below: For the Nine Months Ended 31 March 2024 Land Buildings Plant and equipment Mining hardware HPC hardware Development assets Total Consolidated $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance at 1 July 2023 1,803 148,058 3,433 73,381 - 14,427 241,102 Additions 125 1,237 681 31,301 29,693 79,637 142,674 Disposals - - (35 ) (6 ) - - (41 ) Exchange differences (17 ) (1,811 ) (70 ) (1,150 ) (90 ) 72 (3,067 ) Reversal of impairment - - - - - 108 108 Transfers in/(out) - 17,340 - - - (17,340 ) - Depreciation expense - (5,863 ) (327 ) (17,166 ) (339 ) - (23,695 ) Balance at 31 March 2024 1,911 158,960 3,682 86,360 29,264 76,904 357,081 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Lease liabilities [Abstract] | |
Lease Liabilities | 31 Mar 2024 30 Jun 2023 $'000 $'000 Current liabilities Lease liability 205 192 Non-current liabilities Lease liability 1,512 1,256 Total lease liabilities 1,717 1,448 |
Provisions (Tables)
Provisions (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Provisions [Abstract] | |
Provisions | 31 Mar 2024 30 Jun 2023 $‘000 $‘000 Current liabilities Non-refundable sales tax and other provisions 11,498 6,172 Total Provisions 11,498 6,172 |
Issued capital (Tables)
Issued capital (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Issued capital [Abstract] | |
Issued Capital | Consolidated 31 Mar 2024 30 Jun 2023 31 Mar 2024 30 Jun 2023 Shares Shares $'000 $'000 Ordinary shares - fully paid and unrestricted 138,411,731 64,747,477 1,327,668 965,857 |
Movements in Ordinary Share Capital | Movements in ordinary share capital Details Date Shares $'000 Opening balance as at 1 July 2023 64,747,477 965,857 Shares issued under Committed Equity Facility 12,887,814 51,417 Shares issued under ATM Facility 60,570,797 318,468 Share based payment - third party issuance 101,084 302 Share based payment - vested shares 104,559 118 Capital raise costs, net of tax - (8,494 ) Closing balance as at 31 March 2024 138,411,731 1,327,668 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Earnings per share [Abstract] | |
Earnings Per Share Basic and Diluted | For the Three Months Ended 31 March 2024 Three months ended 31 Mar 2024 Three months ended 31 Mar 2023 $'000 $'000 Profit/(loss) after income tax 8,638 (3,053 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 104,496,782 53,559,687 Weighted average number of ordinary shares used in calculating diluted earnings per share 112,195,908 53,559,687 Cents Cents Basic earnings per share 8.27 (5.70 ) Diluted earnings per share 7.70 (5.70 ) For the Nine Months Ended 31 March 2024 Nine months ended 31 Mar 2024 Nine months ended 31 Mar 2023 $'000 $'000 Profit/(loss) after income tax (1,889 ) (164,947 ) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 81,456,256 53,203,472 Weighted average number of ordinary shares used in calculating diluted earnings per share 81,456,256 53,203,472 Cents Cents Basic earnings per share (2.32 ) (310.03 ) Diluted earnings per share (2.32 ) (310.03 ) |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Commitments [Abstract] | |
Maturity of Committed Amount Payable | As at 31 March 2024, total G 31 Mar 2024 30 Jun 2023 $'000 $'000 Amounts payable within 12 months of balance date 65,856 7,481 Amounts payable after 12 months of balance date - - Total Commitments 65,856 7,481 |
Share-based payments (Tables)
Share-based payments (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Share-based payments [Abstract] | |
Reconciliation of Outstanding Share Options | Set out below are summaries of options granted under all plans: Number options Weighted average exercise price Number of options Weighted average exercise price 31 Mar 2024 31 Mar 2024 30 Jun 2023 30 Jun 2023 Outstanding as at 1 July 2023 8,906,839 $ 41.93 9,010,547 $ 41.67 Granted during the period - $ 0.00 - $ 0.00 Forfeited during the period - $ 0.00 (103,708 ) $ 20.03 Vested during the period - $ 0.00 - $ 0.00 Outstanding as at 31 March 2024 8,906,839 $ 41.93 8,906,839 $ 41.93 Exercisable as at 31 March 2024 3,615,546 $ 2.92 3,485,302 $ 2.97 |
Reconciliation of Outstanding RSUs | Set out below are summaries of RSUs granted under all plans: Number of RSUs 31 Mar 2024 Outstanding as at 1 July 2023 3,623,867 Granted during the period 3,314,794 Forfeited during the period (217,760 ) Vested during the period (104,559 ) Outstanding as at 31 March 2024 6,616,342 Exercisable as at 31 March 2024 - |
Significant accounting polici_3
Significant accounting policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Bitcoin mining revenue [Abstract] | |||||
Bitcoin on hand | $ 0 | $ 0 | $ 0 | $ 0 | |
Going concern [Abstract] | |||||
Loss after income tax | 8,638 | $ (3,053) | (1,889) | (164,947) | |
Net operating cash (outflows) inflows | 47,889 | $ (998) | |||
Net current assets | 268,693 | 268,693 | $ 65,229 | ||
Net assets | $ 677,240 | $ 677,240 | $ 305,361 | ||
Minimum [Member] | |||||
Going concern [Abstract] | |||||
Period to adequate cash reserves to enable to meet its obligations from date of approval | 1 year |
Other income (Details)
Other income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Other income [Abstract] | ||||
ERS Revenue | $ 399 | $ 0 | $ 926 | $ 0 |
Net gain on disposal of other assets | 0 | 1,798 | 0 | 3,117 |
Total other income | $ 399 | $ 1,798 | $ 926 | $ 3,117 |
Other operating expenses (Detai
Other operating expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Other operating expenses [Abstract] | ||||
Insurance | $ 1,736 | $ 1,160 | $ 4,835 | $ 4,552 |
Sponsorship and marketing | 748 | 66 | 1,442 | 176 |
Charitable donations | 4 | 9 | 237 | 158 |
Filing fees | 21 | 19 | 57 | 58 |
ERS fees | 24 | 0 | 56 | 0 |
Site identification costs | 0 | 0 | 0 | 15 |
Non-refundable sales tax (See Note 12) | 1,351 | 402 | 4,317 | 1,429 |
Non-refundable provincial sales tax | 340 | 70 | 963 | 70 |
Other expenses | 313 | 240 | 1,105 | 774 |
Legal expenses | 0 | 0 | 1,797 | 0 |
Total other operating expenses | $ 4,537 | $ 1,966 | $ 14,809 | $ 7,232 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 |
Current assets [Abstract] | ||||
Cash at bank | $ 259,695 | $ 38,657 | ||
Cash on deposit | 0 | 30,237 | ||
Total cash and cash equivalents | $ 259,695 | $ 68,894 | $ 33,151 | $ 109,970 |
Other receivables (Details)
Other receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Current assets [Abstract] | ||
Share issuance proceeds | $ 28,376 | $ 1,581 |
Trade and other receivables | 567 | 97 |
Provincial sales tax receivable | 0 | 122 |
Goods and services tax receivable | 6,924 | 4,743 |
Total other receivables | $ 35,867 | $ 6,543 |
Financial assets at fair valu_3
Financial assets at fair value through profit or loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
Current assets [Abstract] | |||||
Electricity financial asset | $ 3,425 | $ 0 | $ 3,425 | $ 0 | $ 0 |
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below: [abstract] | |||||
Opening fair value | 1,280 | 0 | 0 | 0 | 0 |
Additions | 9,388 | 10,926 | 0 | 0 | |
Financial asset realized | (6,152) | (6,152) | 0 | 0 | |
Revaluation decrements (unrealized loss) | (1,091) | 0 | (1,349) | 0 | 0 |
Closing fair value | 3,425 | 0 | 3,425 | 0 | $ 0 |
Realized gain/(loss) on financial asset | $ 91 | $ 0 | $ 3,210 | $ 0 |
Computer hardware prepayments_2
Computer hardware prepayments (Details) | 9 Months Ended | |
Mar. 31, 2024 USD ($) Miners | Jun. 30, 2023 USD ($) | |
Non-current assets [abstract] | ||
Mining hardware prepayments | $ 39,440,000 | $ 68,000 |
High-performance computing hardware prepayments | 1,967,000 | 0 |
Total computer hardware prepayment | $ 41,407,000 | $ 68,000 |
Mining Hardware purchase contract and option [Abstract] | ||
Purchase price of Bitmain T21 miners per Terahash | 14 | |
Miner Purchase Option with Bitmain [Member] | Mining assets [member] | ||
Mining Hardware purchase contract and option [Abstract] | ||
Non-refundable deposit paid as initial down payment | $ 12,768,000 | |
Percentage of initial down payment of deposit | 10% | |
Additional Bitmain miners purchased | Miners | 48,000 | |
Increase in Hashrate operating capacity of Bitmain T21 miners | 9.1 | |
Purchase price of Bitmain T21 miners per Terahash | 14 | |
Proceeds from options exercised | $ 127,680,000 |
Prepayments and other assets (D
Prepayments and other assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Current assets [Abstract] | ||
Security deposits | $ 2,870 | $ 2,420 |
Prepayments | 8,336 | 11,373 |
Prepayments and deposits | 11,206 | 13,793 |
Non-current assets [Abstract] | ||
Security deposits | 10,247 | 0 |
Total prepayments and other assets | $ 21,453 | $ 13,793 |
Property, plant and equipment,
Property, plant and equipment, Consolidated (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Non-current assets [Abstract] | ||
Property, plant and equipment | $ 357,081 | $ 241,102 |
Land [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 1,911 | 1,803 |
Land [Member] | At Cost [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 1,911 | 1,803 |
Buildings [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 158,960 | 148,058 |
Buildings [Member] | At Cost [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 169,765 | 153,100 |
Buildings [Member] | Accumulated Depreciation [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | (10,805) | (5,042) |
Plant and Equipment [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 3,682 | 3,433 |
Plant and Equipment [Member] | At Cost [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 4,704 | 4,145 |
Plant and Equipment [Member] | Accumulated Depreciation [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | (1,022) | (712) |
Mining Hardware [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 86,360 | 73,381 |
Mining Hardware [Member] | At Cost [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 144,623 | 115,024 |
Mining Hardware [Member] | Accumulated Depreciation [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | (32,549) | (15,709) |
Mining Hardware [Member] | Accumulated impairment [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | (25,714) | (25,934) |
HPC hardware [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 29,264 | 0 |
HPC hardware [Member] | At Cost [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 29,603 | 0 |
HPC hardware [Member] | Accumulated Depreciation [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | (339) | 0 |
Development Assets [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | 76,904 | 14,427 |
Development Assets [Member] | At Cost [Member] | ||
Non-current assets [Abstract] | ||
Property, plant and equipment | $ 76,904 | $ 14,427 |
Property, plant and equipment_2
Property, plant and equipment, Reconciliations of Written Down Values (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2024 USD ($) | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | $ 241,102 |
Additions | 142,674 |
Disposals | (41) |
Exchange differences | (3,067) |
Reversal of impairment | 108 |
Transfers in/(out) | 0 |
Depreciation expense | (23,695) |
Property, plant and equipment, ending balance | 357,081 |
Land [Member] | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | 1,803 |
Additions | 125 |
Disposals | 0 |
Exchange differences | (17) |
Reversal of impairment | 0 |
Transfers in/(out) | 0 |
Depreciation expense | 0 |
Property, plant and equipment, ending balance | 1,911 |
Buildings [Member] | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | 148,058 |
Additions | 1,237 |
Disposals | 0 |
Exchange differences | (1,811) |
Reversal of impairment | 0 |
Transfers in/(out) | 17,340 |
Depreciation expense | (5,863) |
Property, plant and equipment, ending balance | 158,960 |
Plant and Equipment [Member] | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | 3,433 |
Additions | 681 |
Disposals | (35) |
Exchange differences | (70) |
Reversal of impairment | 0 |
Transfers in/(out) | 0 |
Depreciation expense | (327) |
Property, plant and equipment, ending balance | 3,682 |
Mining Hardware [Member] | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | 73,381 |
Additions | 31,301 |
Disposals | (6) |
Exchange differences | (1,150) |
Reversal of impairment | 0 |
Transfers in/(out) | 0 |
Depreciation expense | (17,166) |
Property, plant and equipment, ending balance | 86,360 |
HPC Hardware [Member] | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | 0 |
Additions | 29,693 |
Disposals | 0 |
Exchange differences | (90) |
Reversal of impairment | 0 |
Transfers in/(out) | 0 |
Depreciation expense | (339) |
Property, plant and equipment, ending balance | 29,264 |
Development Assets [Member] | |
Reconciliations of the written down values [Abstract] | |
Property, plant and equipment, beginning balance | 14,427 |
Additions | 79,637 |
Disposals | 0 |
Exchange differences | 72 |
Reversal of impairment | 108 |
Transfers in/(out) | (17,340) |
Depreciation expense | 0 |
Property, plant and equipment, ending balance | $ 76,904 |
Lease liabilities (Details)
Lease liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | |
Current liabilities [abstract] | ||
Lease liability | $ 205 | $ 192 |
Non-current liabilities [abstract] | ||
Lease liability | 1,512 | 1,256 |
Total lease liabilities | $ 1,717 | $ 1,448 |
Prince George, British Columbia, Canada [Member] | Lease liabilities [member] | ||
Non-current liabilities [abstract] | ||
Lease term | 30 years | |
Sydney, Australia [Member] | Lease liabilities [member] | ||
Non-current liabilities [abstract] | ||
Lease term | 3 years | |
Vancouver, British Columbia, Canada [Member] | Lease liabilities [member] | ||
Non-current liabilities [abstract] | ||
Lease term | 5 years |
Provisions (Details)
Provisions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | |
Current liabilities [Abstract] | ||
Non-refundable sales tax and other provisions | $ 11,498 | $ 6,172 |
Total Provisions | $ 11,498 | $ 6,172 |
CANADA [Member] | ||
Current liabilities [Abstract] | ||
Percentage of GST required to remit | 5% | |
Percentage of GST on exported services | 0% |
Issued capital, Ordinary shares
Issued capital, Ordinary shares (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jun. 30, 2023 |
Ordinary share capital [abstract] | ||
Ordinary shares - fully paid and unrestricted | $ 1,327,668 | $ 965,857 |
Issued Capital [Member] | ||
Ordinary share capital [abstract] | ||
Ordinary shares - fully paid and unrestricted (in shares) | 138,411,731 | 64,747,477 |
Ordinary shares - fully paid and unrestricted | $ 1,327,668 | $ 965,857 |
Issued capital, Movements in Or
Issued capital, Movements in Ordinary Share Capital (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Issued capital [Abstract] | |
Opening balance | $ 965,857 |
Closing balance | $ 1,327,668 |
Issued Capital [Member] | |
Number of shares [Abstract] | |
Opening balance (in shares) | shares | 64,747,477 |
Shares issued under Committed Equity Facility (in shares) | shares | 12,887,814 |
Shares issued under the ATM Facility (in shares) | shares | 60,570,797 |
Share based payment - third party issuance (in shares) | shares | 101,084 |
Share based payment - vested shares (in shares) | shares | 104,559 |
Capital raise costs, net of tax (in shares) | shares | 0 |
Closing balance (in shares) | shares | 138,411,731 |
Issued capital [Abstract] | |
Opening balance | $ 965,857 |
Shares issued under Committed Equity Facility | 51,417 |
Shares issued under the ATM Facility | 318,468 |
Share based payment - third party issuance | 302 |
Share based payment - vested shares | 118 |
Capital raise costs, net of tax | (8,494) |
Closing balance | $ 1,327,668 |
Issued capital, Summary (Detail
Issued capital, Summary (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 21, 2024 | Sep. 13, 2023 | Sep. 23, 2022 | |
At-the-Market [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Share purchase agreement [Abstract] | ||||||
Shares issued (in shares) | 60,570,797 | 60,570,797 | ||||
Proceeds from issue of ordinary shares | $ 318,468,000 | |||||
Committed Equity Facility [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Share purchase agreement [Abstract] | ||||||
Shares issued (in shares) | 12,887,814 | 12,887,814 | ||||
Proceeds from issue of ordinary shares | $ 51,417,000 | |||||
Ordinary Shares [Member] | ||||||
Loan-funded shares [Abstract] | ||||||
Number of restricted shares issued (in shares) | 1,954,049 | 1,954,049 | ||||
Number of shares outstanding (in shares) | 140,365,780 | 140,365,780 | 66,701,526 | |||
Ordinary Shares [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Share purchase agreement [Abstract] | ||||||
Shares issued (in shares) | 0 | 0 | ||||
Ordinary Shares [Member] | At-the-Market [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Share purchase agreement [Abstract] | ||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 500,000,000 | $ 300,000,000 | ||||
Term of option agreement to sell ordinary shares | 36 months | |||||
Increased value of authorized shares in sale of option agreement | $ 200,000,000 | |||||
Shares issued (in shares) | 55,891,597 | 55,891,597 | ||||
Proceeds from issue of ordinary shares | $ 294,214,000 | |||||
Ordinary Shares [Member] | Committed Equity Facility [Member] | B. Riley Principal Capital II, LLC [Member] | ||||||
Share purchase agreement [Abstract] | ||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 100,000,000 | |||||
Term of option agreement to sell ordinary shares | 2 years |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings per share [Abstract] | ||||
Anti-dilutive effect of diluted earnings per share (in shares) | 416,733 | |||
Profit/(loss) after income tax | $ 8,638 | $ (3,053) | $ (1,889) | $ (164,947) |
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares) | 104,496,782 | 53,559,687 | 81,456,256 | 53,203,472 |
Weighted average number of ordinary shares used in calculating diluted earnings per share (in shares) | 112,195,908 | 53,559,687 | 81,456,256 | 53,203,472 |
Basic earnings per share (in dollars per share) | $ 0.0827 | $ (0.057) | $ (0.0232) | $ (3.1003) |
Diluted earnings per share (in dollars per share) | $ 0.077 | $ (0.057) | $ (0.0232) | $ (3.1003) |
Commitments (Details)
Commitments (Details) | 9 Months Ended | |
Mar. 31, 2024 USD ($) Miners | Jun. 30, 2023 USD ($) | |
Committed Amounts Payable [Abstract] | ||
Commitments | $ 65,856,000 | $ 7,481,000 |
Purchase price of Bitmain T21 miners per Terahash | 14 | |
Miner purchase option with Bitmain [Member] | Mining assets [member] | ||
Committed Amounts Payable [Abstract] | ||
Additional Bitmain miners purchased | Miners | 48,000 | |
Increase in Hashrate operating capacity of Bitmain T21 miners | 9.1 | |
Purchase price of Bitmain T21 miners per Terahash | 14 | |
Proceeds from options exercised | $ 127,680,000 | |
Amounts Payable Within 12 Months of Balance Date [Member] | ||
Committed Amounts Payable [Abstract] | ||
Commitments | 65,856,000 | 7,481,000 |
Amounts Payable After 12 Months of Balance Date [Member] | ||
Committed Amounts Payable [Abstract] | ||
Commitments | $ 0 | $ 0 |
Share-based payments, 2023 Long
Share-based payments, 2023 Long-Term Incentive Plan Restricted Stock Units (Details) - 2023 Long-Term Incentive Plan Restricted Stock Units [Member] | 9 Months Ended |
Mar. 31, 2024 shares Tranche | |
Share-based payment [Abstract] | |
Number of tranches | 3 |
Tranche One [Member] | Time-based Vesting Conditions [Member] | |
Share-based payment [Abstract] | |
Percentage of grants vested | 33.30% |
Vesting period | 1 year |
Tranche One and Two [Member] | Time-based Vesting Conditions [Member] | |
Share-based payment [Abstract] | |
Number of tranches | 2 |
Tranche Two [Member] | Time-based Vesting Conditions [Member] | |
Share-based payment [Abstract] | |
Percentage of grants vested | 33.30% |
Vesting period | 2 years |
Tranche Three [Member] | Performance-based Vesting Conditions [Member] | |
Share-based payment [Abstract] | |
Number of tranches | 3 |
Percentage of grants vested | 33.40% |
Vesting period | 3 years |
Non-Executive Director [Member] | |
Share-based payment [Abstract] | |
Vesting period | 1 year |
Number of RSUs vested (in shares) | shares | 120,303 |
Key Management Personnel [Member] | |
Share-based payment [Abstract] | |
Number of RSUs issued (in shares) | shares | 3,194,491 |
Share-based payments, Reconcili
Share-based payments, Reconciliation of Outstanding Share Options (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) shares $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) shares $ / shares | Mar. 31, 2023 USD ($) shares $ / shares | Jun. 30, 2023 shares $ / shares | |
Weighted Average Exercise Price [Abstract] | |||||
Share-based payments expense | $ | $ (5,817) | $ (3,503) | $ (17,622) | $ (10,273) | |
Share Options [Member] | |||||
Number of Options [Abstract] | |||||
Outstanding beginning of period (in shares) | shares | 8,906,839 | 9,010,547 | 9,010,547 | ||
Granted during the period (in shares) | shares | 0 | 0 | |||
Forfeited during the period (in shares) | shares | 0 | (103,708) | |||
Vested during the period (in shares) | shares | 0 | 0 | |||
Outstanding end of period (in shares) | shares | 8,906,839 | 8,906,839 | 8,906,839 | ||
Exercisable at end of period (in shares) | shares | 3,615,546 | 3,615,546 | 3,485,302 | ||
Weighted Average Exercise Price [Abstract] | |||||
Outstanding beginning of period (in dollars per share) | $ 41.93 | $ 41.67 | $ 41.67 | ||
Granted during the period (in dollars per share) | 0 | 0 | |||
Forfeited during the period (in dollars per share) | 0 | 20.03 | |||
Vested during the period (in dollars per share) | 0 | 0 | |||
Outstanding end of period (in dollars per share) | $ 41.93 | 41.93 | 41.93 | ||
Exercisable at end of period (in dollars per share) | $ 2.92 | $ 2.92 | $ 2.97 | ||
Weighted average remaining contractual life | 6 years 7 months 17 days | 7 years 6 months 25 days | |||
Share-based payments expense | $ | $ 3,092 | $ 3,150 | $ 9,397 | $ 9,273 | |
Share Options [Member] | Minimum [Member] | |||||
Weighted Average Exercise Price [Abstract] | |||||
Outstanding beginning of period (in dollars per share) | $ 1.53 | ||||
Outstanding end of period (in dollars per share) | $ 1.53 | 1.53 | $ 1.53 | ||
Share Options [Member] | Maximum [Member] | |||||
Weighted Average Exercise Price [Abstract] | |||||
Outstanding beginning of period (in dollars per share) | 75 | ||||
Outstanding end of period (in dollars per share) | $ 75 | 75 | $ 75 | ||
$75 Exercise Price Options [Member] | |||||
Weighted Average Exercise Price [Abstract] | |||||
Granted during the period (in dollars per share) | $ 75 |
Share-based payments, Reconci_2
Share-based payments, Reconciliation of Outstanding RSUs (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) shares $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) shares $ / shares | Mar. 31, 2023 USD ($) | Jun. 30, 2023 shares | |
Number of RSUs [Abstract] | |||||
Share-based payments expense | $ | $ (5,817) | $ (3,503) | $ (17,622) | $ (10,273) | |
Restricted Share Units [Member] | |||||
Number of RSUs [Abstract] | |||||
Outstanding at beginning of period (in shares) | 3,623,867 | ||||
Granted during the period (in shares) | 3,314,794 | ||||
Forfeited during the period (in shares) | (217,760) | ||||
Exercised during the period (in shares) | (104,559) | ||||
Outstanding at end of period (in dollars per share) | 6,616,342 | 6,616,342 | 3,623,867 | ||
Exercisable at the end of period (in dollars per share) | 0 | 0 | |||
Weighted average remaining contractual life of RSUs outstanding | 3 years 3 days | 4 years 6 months 18 days | |||
Exercise price of RSUs (in dollars per share) | $ / shares | $ 0 | $ 0 | |||
Share-based payments expense | $ | $ 2,725 | $ 352 | $ 8,225 | $ 1,000 |
Related party transactions (Det
Related party transactions (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Jun. 30, 2023 | |
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 |
Events after the reporting pe_2
Events after the reporting period (Details) | 1 Months Ended | 9 Months Ended | ||
May 15, 2024 USD ($) | May 09, 2024 USD ($) Miners | May 15, 2024 USD ($) shares | Mar. 31, 2024 USD ($) Miners | |
Events after the reporting periods [Abstract] | ||||
Purchase price of Bitmain T21 miners per Terahash | 14 | |||
Miner Purchase Option with Bitmain [Member] | Mining assets [member] | ||||
Events after the reporting periods [Abstract] | ||||
Contract cost | $ 127,680,000 | |||
Non-refundable deposit paid as initial down payment | $ 12,768,000 | |||
Percentage of initial down payment of deposit | 10% | |||
Additional Bitmain miners purchased | Miners | 48,000 | |||
Increase in Hashrate operating capacity of Bitmain T21 miners | 9.1 | |||
Purchase price of Bitmain T21 miners per Terahash | 14 | |||
Subsequent events [Member] | ||||
Events after the reporting periods [Abstract] | ||||
Shares issued under the ATM Facility (in shares) | shares | 8,172,310 | |||
Shares issued under the ATM Facility | $ 44,886,000 | |||
Proceeds from issue of ordinary shares | $ 500,000,000 | |||
Additional shares issued under the ATM Facility | $ 500,000,000 | |||
Subsequent events [Member] | Miner Purchase Option with Bitmain [Member] | Mining assets [member] | ||||
Events after the reporting periods [Abstract] | ||||
Number of Bitmain miners purchased | Miners | 51,480 | |||
Hashrate operating capacity of Bitmain S21 pro miners | 12 | |||
Purchase price of Bitmain S21 Pro miners per Terahash | 18.9 | |||
Contract cost | $ 227,676,000 | |||
Non-refundable deposits | 22,768,000 | |||
Non-refundable deposit paid as initial down payment | $ 12,768,000 | |||
Percentage of initial down payment of deposit | 10% | |||
Additional Bitmain miners purchased | Miners | 48,000 | |||
Increase in Hashrate operating capacity of Bitmain T21 miners | 9.1 | |||
Purchase price of Bitmain T21 miners per Terahash | 14 | |||
Contract cost for T21 miners | $ 127,680,000 | |||
Additional Bitmain S21 Pro miners purchased | Miners | 48,000 | |||
Contract cost for S21 Pro miners | $ 212,285,000 | |||
Increased in operating S21 Pro miners hashrate | 11.2 | |||
Additional non-refundable deposit to be paid | $ 8,460,000 | |||
Subsequent events [Member] | Miner Purchase Option with Bitmain [Member] | Mining assets [member] | Maximum [Member] | ||||
Events after the reporting periods [Abstract] | ||||
Period of additional non-refundable deposit to be paid | 7 days |