Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
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, 2024 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
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 | 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 | ||
Entity Addresses [Line Items] | ||
Entity Common Stock, Shares Outstanding | 187,864,454 | |
Class B Shares | ||
Entity Addresses [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2 | |
Business Contact | ||
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, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | |||
Other income | $ 1,566 | $ 3,137 | $ 12 |
Gain on disposal of subsidiaries | 0 | 3,258 | 0 |
Expenses | |||
Depreciation | (50,650) | (30,856) | (7,741) |
Electricity charges | (81,605) | (35,753) | (10,978) |
Realized gain on financial asset | 4,121 | 0 | 0 |
Employee benefits expense | (22,203) | (17,897) | (7,448) |
Share-based payments expense | (23,636) | (14,356) | (13,896) |
Impairment of assets | 0 | (105,172) | (167) |
Reversal of impairment of assets | 108 | 0 | 0 |
Professional fees | (8,079) | (6,271) | (6,807) |
Site expenses | (8,657) | (4,544) | (1,821) |
Other operating expenses | (21,085) | (14,278) | (9,884) |
Gain/(loss) on disposal of property, plant and equipment | 43 | (6,628) | 0 |
Unrealized loss on financial asset | (3,448) | 0 | 0 |
Operating profit/(loss) | (26,333) | (153,851) | 307 |
Finance expense | (253) | (16,363) | (425,441) |
Interest income | 5,831 | 924 | 79 |
Foreign exchange gain/(loss) | (4,747) | (191) | 8,009 |
Loss before income tax expense | (25,502) | (169,481) | (417,046) |
Income tax expense | (3,453) | (2,390) | (2,724) |
Loss after income tax expense for the year | (28,955) | (171,871) | (419,770) |
Items that may be reclassified subsequently to profit or loss | |||
Foreign currency translation | (338) | (13,641) | (23,553) |
Other comprehensive income/(loss) for the year, net of tax | (338) | (13,641) | (23,553) |
Total comprehensive loss for the year | $ (29,293) | $ (185,512) | $ (443,323) |
Basic earnings per share (in dollars per share) | $ (0.29) | $ (3.14) | $ (10.25) |
Diluted earnings per share (in dollars per share) | $ (0.29) | $ (3.14) | $ (10.25) |
Bitcoin Mining Revenues | |||
Revenue | |||
Revenue | $ 184,087 | $ 75,509 | $ 59,037 |
AI cloud service revenue | |||
Revenue | |||
Revenue | $ 3,105 | $ 0 | $ 0 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Current assets | ||
Cash and cash equivalents | $ 404,601 | $ 68,894 |
Other receivables | 29,367 | 6,543 |
Financial assets at fair value through profit or loss | 6,530 | 0 |
Prepayments and other assets | 11,888 | 13,793 |
Total current assets | 452,386 | 89,230 |
Non-current assets | ||
Property, plant and equipment | 441,371 | 241,102 |
Right-of-use assets | 1,549 | 1,374 |
Deferred tax assets | 0 | 8 |
Computer hardware prepayments | 239,841 | 68 |
Prepayments and other assets | 17,459 | 0 |
Other assets | 427 | 292 |
Total non-current assets | 700,647 | 242,844 |
Total assets | 1,153,033 | 332,074 |
Current liabilities | ||
Lease liabilities | 214 | 192 |
Income tax | 1,389 | 32 |
Employee benefits | 1,342 | 961 |
Trade and other payables | 32,119 | 16,644 |
Deferred revenue | 2,558 | 0 |
Provisions | 13,375 | 6,172 |
Total current liabilities | 50,997 | 24,001 |
Non-current liabilities | ||
Lease liabilities | 1,441 | 1,256 |
Deferred tax liabilities | 3,125 | 1,365 |
Employee benefits | 119 | 91 |
Total non-current liabilities | 4,685 | 2,712 |
Total liabilities | 55,682 | 26,713 |
Equity | ||
Issued capital | 1,764,289 | 965,857 |
Foreign currency translation reserve | (34,993) | (34,655) |
Share-based payments reserve | 51,286 | 28,435 |
Accumulated losses | (683,231) | (654,276) |
Total equity | 1,097,351 | 305,361 |
Total liabilities and equity | $ 1,153,033 | $ 332,074 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Total | Issued capital | Foreign currency translation reserve | Share-based payments reserve | Accumulated losses |
Balance at Jun. 30, 2021 | $ (49,454) | $ 10,338 | $ 2,539 | $ 304 | $ (62,635) |
Changes in equity [abstract] | |||||
Loss after income tax expense for the year | (419,770) | 0 | 0 | 0 | (419,770) |
Other comprehensive loss for the year, net of tax | (23,553) | 0 | (23,553) | 0 | 0 |
Total comprehensive loss for the year | (443,323) | 0 | (23,553) | 0 | (419,770) |
Transactions with owners in their capacity as owners: | |||||
Share-based payments (note 31) | 13,896 | 0 | 0 | 13,896 | 0 |
Issue of ordinary shares | 220,683 | 220,683 | 0 | 0 | 0 |
Conversion of hybrid financial instruments | 695,383 | 695,383 | 0 | 0 | 0 |
Share-based payments, prepaid in advance | 177 | 177 | 0 | 0 | 0 |
Balance at Jun. 30, 2022 | 437,362 | 926,581 | (21,014) | 14,200 | (482,405) |
Changes in equity [abstract] | |||||
Loss after income tax expense for the year | (171,871) | 0 | 0 | 0 | (171,871) |
Other comprehensive loss for the year, net of tax | (13,641) | 0 | (13,641) | 0 | 0 |
Total comprehensive loss for the year | (185,512) | 0 | (13,641) | 0 | (171,871) |
Transactions with owners in their capacity as owners: | |||||
Share-based payments (note 31) | 14,750 | 515 | 0 | 14,235 | 0 |
Issue of ordinary shares | 41,581 | 41,581 | 0 | 0 | 0 |
Capital raise costs (note 21) | (2,820) | (2,820) | 0 | 0 | 0 |
Balance at Jun. 30, 2023 | 305,361 | 965,857 | (34,655) | 28,435 | (654,276) |
Changes in equity [abstract] | |||||
Loss after income tax expense for the year | (28,955) | 0 | 0 | 0 | (28,955) |
Other comprehensive loss for the year, net of tax | (338) | (338) | 0 | ||
Total comprehensive loss for the year | (29,293) | 0 | (338) | 0 | (28,955) |
Transactions with owners in their capacity as owners: | |||||
Share-based payments (note 31) | 24,567 | 1,716 | 0 | 22,851 | 0 |
Issue of ordinary shares | 822,855 | 822,855 | 0 | 0 | 0 |
Capital raise costs (note 21) | (26,139) | (26,139) | 0 | 0 | 0 |
Balance at Jun. 30, 2024 | $ 1,097,351 | $ 1,764,289 | $ (34,993) | $ 51,286 | $ (683,231) |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | |||
Receipts from other income | $ 438 | $ 3,104 | $ 0 |
Payments for electricity, suppliers and employees | (139,535) | (72,183) | (32,231) |
Interest received | 5,008 | 803 | 4 |
Interest paid | (213) | (4,102) | (5,253) |
Net cash from operating activities | 52,716 | 6,045 | 21,557 |
Cash flows from investing activities | |||
Payments for property, plant and equipment net of mining hardware prepayments | (141,855) | (116,064) | (83,654) |
Payments for mining hardware prepayments | (338,054) | 0 | (210,593) |
Payments for prepayments and other assets | (18,600) | (7,363) | (22,038) |
Repayments/(advancement) of loan proceeds | 0 | 2,291 | (1,870) |
Deconsolidation of Non-Recourse SPVs | 0 | (1,214) | 0 |
Proceeds from disposal of property, plant and equipment | 43 | 32,488 | 40 |
Proceeds from release of deposits | 0 | 18,395 | 0 |
Net cash used in investing activities | (498,466) | (71,467) | (318,115) |
Cash flows from financing activities | |||
Proceeds from hybrid financial instruments | 0 | 0 | 107,845 |
Capital raise costs | (946) | (1,012) | (4,212) |
Proceeds from mining hardware finance | 0 | 0 | 65,200 |
Repayment of borrowings | 0 | (9,432) | (12,120) |
Proceeds from Initial Public Offering (net of underwriting fees) | 0 | 0 | 215,331 |
Proceeds from loan funded shares | 503 | 0 | 0 |
Payment of borrowing transaction costs | 0 | (250) | 0 |
Share issuances | 783,069 | 39,252 | 0 |
Repayment of lease liabilities | (497) | (318) | (6) |
Net cash from financing activities | 782,129 | 28,240 | 372,038 |
Net increase/(decrease) in cash and cash equivalents | 336,379 | (37,182) | 75,480 |
Cash and cash equivalents at the beginning of the financial year | 68,894 | 109,970 | 38,990 |
Effects of exchange rate changes on cash and cash equivalents | (672) | (3,894) | (4,500) |
Cash and cash equivalents at the end of the financial year | 404,601 | 68,894 | 109,970 |
Bitcoin Mining Revenues | |||
Cash flows from operating activities | |||
Receipts from revenue | 183,586 | 78,423 | 59,037 |
AI cloud service revenue | |||
Cash flows from operating activities | |||
Receipts from revenue | $ 3,432 | $ 0 | $ 0 |
General information
General information | 12 Months Ended |
Jun. 30, 2024 | |
General information [Abstract] | |
General information | Note 1. General information The consolidated financial statements cover Iris Energy Limited (d/b/a IREN) as a Group consisting of Iris Energy Limited d/b/a IREN ("Company" or "Parent Entity") and the entities it controlled at the end of, or during, the year (collectively the "Group"). The Company’s shares trade on the NASDAQ under the ticker symbol “IREN”. Iris Energy Limited (d/b/a IREN) 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 is a leading next-generation data center business powering the future of Bitcoin, AI and beyond. The consolidated financial statements were authorized and approved for issue, in accordance with a resolution of Directors, on 28 August 2024. The Directors have the power to amend and reissue the consolidated financial statements. |
Material accounting policies
Material accounting policies | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Material accounting policies | Note 2. Material accounting policies The material 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 2024, the Group incurred a loss after tax of $28,955,000 (2023: $171,871,000) and net operating cash inflows of $52,716,000 (2023: $6,045,000). As at 30 June 2024, the Group had net current assets of $401,389,000 (2023: net current assets of $65,229,000) and net assets of $1,097,351,000 (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, 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. 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 including Bitcoin prices and global hashrate; • 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 100MW as at 31 July 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. The Group aims to maintain a degree of flexibility in both operating and capital expenditure cash flow management where it practicably makes sense, including ongoing internal cash flow monitoring and projection analysis performed to identify potential liquidity risks arising and to try to respond accordingly. 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 Accounting Standards") 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 2024 and 30 June 2023 and the results of all subsidiaries for the years ended 30 June 2024, 30 June 2023, and 30 June 2022. 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 deconsolidated 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 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. Non-monetary assets and liabilities that are measured in terms of historical cost in currencies other than an entity’s functional currency are translated using the exchange rate at the date of the initial transaction. 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, is recognized in the consolidated statements of profit or loss when the foreign operation or net investment is disposed of. Revenue and other income recognition The Group recognizes revenue and other income as follows: Revenue from contracts with customers The Group recognizes revenue under IFRS 15, “Revenue from Contracts with Customers” ("IFRS 15"). The core principle of this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when the Company satisfies a performance obligation In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets IFRS 15’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following: • Variable consideration • Constraining estimates of variable consideration • The existence of a significant financing component in the contract • Non-cash consideration • Consideration payable to a customer Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate. 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 Group’s revenue is derived from providing computing power (hashrate) to mining pools. The Company has entered into arrangements, as amended from time to time, with mining pool operators to provide computing power to the mining pools. The provision of computing power to mining pools is an output of the Company’s ordinary activities. The Company has the right to decide the point in time and duration for which it will provide computing power. As a result, the Company’s enforceable right to compensation only begins when, and continues as long as, the Company provides computing power to the mining pool. The contracts can be terminated 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. The Company has determined that this renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. There is no significant financing component in these transactions. In exchange for providing computing power, which represents the Company’s only performance obligation, the Company is entitled to non-cash consideration in the form of cryptocurrency, calculated under the Full Pay Per Share ("FPPS") payout methods which contain three components, (1) a fractional share of the fixed cryptocurrency award from the mining pool operator (referred to as a “block reward”), (2) transaction fees generated from (paid by) blockchain users to execute transactions and distributed (paid out) to individual miners by the mining pool operator, and (3) mining pool operating fees retained by the mining pool operator for operating the mining pool. The Company’s total compensation is the sum of the Company’s share of (a) block rewards and (b) transaction fees, less (c) mining pool operating fees. 1. The block reward earned by the Company is calculated by the mining pool operator based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate used in solving the current algorithm. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. 2. Transaction fees refer to the total fees paid by users of the network to execute transactions. Under FPPS, the Company is entitled to a pro-rata share of the total network transaction fees. The transaction fees paid out by the mining pool operator to the Company is based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. 3. Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth in a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Company receives and are only incurred to the extent that the Company has generated mining revenue pursuant to the mining pool operators’ payout calculation. Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable (block rewards, transaction fees and pool operating fees), as well as being non-cash consideration, the Company assesses the estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computing power at contract inception and subsequently, to determine when and to what extent it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is subsequently resolved. For each contract under the FPPS payout method, the Company recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception. 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 Kraken on the day it was received. 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 30 June 2024 (30 June 2023: Nil). AI cloud services revenue The Group generates AI cloud services revenue through the provision of AI cloud services to clients. Revenue is measured at the fair value of the consideration received or receivable for services, net of discounts and sales taxes. The steps involved in recognizing AI cloud services revenue are set out as follows: • 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. 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 held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 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 derecognized 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 Instrument Fair Value through Profit & Loss ("FVTPL") The Group recognizes the electricity financial assets at fair value on initial recognition. After initial recognition, financial instruments measured at FVTPL are remeasured at fair value at each reporting date. Any gains or losses arising from changes in the fair value of these instruments are recognized immediately in profit or loss. A financial instrument measured at FVTPL is derecognized when the contractual rights to the cash flows from the instrument expire or when the Group transfers substantially all the risks and rewards of ownership of the instrument. The Group measures the fair value of prepaid electricity using the forward price approach. The fair value is calculated by multiplying the quantity of electricity prepaid by a forward price for the Energy Reliability Council of Texas (“ERCOT”) West Load Zone market which is the principal market for our electricity transactions. The forward prices are provided by OTC Global Holdings and reflect the expected future prices of electricity based on current market conditions and observable market data. The forward prices used to measure the fair value of prepaid electricity are classified as Level 2 inputs under IFRS 13. 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 recognizes 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 recognized 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 (less residual value where applicable) 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 1 2 - 4 years High-performance computing ("HPC") hardware 5 years 1 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 and HPC 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. Repair 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 of 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 impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill |
Critical accounting judgements,
Critical accounting judgements, estimates and assumptions | 12 Months Ended |
Jun. 30, 2024 | |
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, residual values 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 The assessment of going concern requires management to make judgements based on projections of the operating cash flows generated by the Group, which is subject to a number of key assumptions. 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. Refer to Note 2 for further information. Provisions Provisions are recorded for present obligations arising from past events where settlement is expected to result in an outflow of resources. The Group has recorded provisions for sales tax at the best estimate of expenditure required to settle the obligation. Management makes assessments of provisions based on the expectations of probability of outcome and expectations of settlement which is inherently subject to uncertainty. Refer to Note 18 for further information. Functional currency determination The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency is conducted through an analysis of the consideration factors identified in IAS 21 “The Effects of Changes in Foreign Exchange Rates” and may involve certain judgements to determine the primary economic environment. The Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. Significant changes to those underlying factors could cause a change to the functional currency. |
Operating segments
Operating segments | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
Operating segments | Note 4. Operating segments Identification of reportable operating segments The Group is organized into different business activities: • Bitcoin mining: The Group owns and operates ASIC hardware used to mine Bitcoin. The revenue depends on the number of Bitcoin received from the mining pool each day and the Bitcoin price. • AI cloud services: The Group owns and operates HPC hardware and generates revenue by providing third-party customers with remote access to these HPC hardware. However, the Group's CODM assesses the business performance and primarily makes resource allocation decisions based on the Group as a whole, rather than by individual business lines or geographical regions. The Group’s internal reporting used by the CODM is structured as a single integrated business and thus does not contain discrete financial information on separate business activities. Therefore, in accordance with IFRS 8 Operating Segments, the Group has determined that it has only one reportable segment. Additionally, revenue and assets related to the AI cloud services business activity represent less than 10% of the Group's total revenue and assets. Major customers The Group generated 98% (2023: 100%, 2022: 100%) of its revenue through the provision of computing power to three (2023: two, 2022: two) Bitcoin mining pools for the year ended 30 June 2024. Geographical information Disa ggregated revenue data by geographical region in terms of where the services were provided within the operating segment is as follows: Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Revenue per geographical area Australia 184,087 81,884 North-America 4,671 20 Non-current assets, excluding deferred tax assets, are located in the following geographical locations: Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets per geographical area Australia 658 867 North-America 699,989 241,969 |
Other income
Other income | 12 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Other income | Note 5. Other income Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Net gain on disposal of other assets - 3,117 - ERS revenue 1,566 - - Other - 20 12 Total other income 1,566 3,137 12 Other income for the year ended 30 June 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 ERCOT mitigate rolling blackouts. The Group receives recurring capacity payments for agreeing to curtail electricity consumption in response to abnormally high electricity demand or other grid emergencies. Other income is generated by the Group’s participation in this program at the site in Childress, Texas, and the revenue is recognized on a monthly basis depending on electricity related factors as determined by the operator. |
Depreciation
Depreciation | 12 Months Ended |
Jun. 30, 2024 | |
Depreciations [Abstract] | |
Depreciation | Note 6. Depreciation Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Depreciation of property, plant and equipment 50,415 30,636 7,682 Depreciation of right-of-use assets 235 220 59 Total depreciation 50,650 30,856 7,741 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Jun. 30, 2024 | |
Other operating expenses [Abstract] | |
Other operating expenses | Note 7. Other operating expenses Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Insurance 7,033 5,687 5,065 Sponsorship and marketing 2,051 716 305 ERS fees 94 - - Charitable donations 640 164 464 Legal expenses 1,797 - - Filing fees 79 76 462 Site identification costs - 15 258 Non-refundable sales tax (See Note 18 - Provisions) 6,276 4,972 2,469 Non-refundable provincial sales tax 1,408 371 - Other expenses 1,707 2,277 861 Total other operating expenses 21,085 14,278 9,884 Other operating expenses previously included site expenses, however, for the year ended 30 June 2024, site expenses has been presented as a separate financial statement line item. Comparative figures have been updated accordingly. |
Finance expense
Finance expense | 12 Months Ended |
Jun. 30, 2024 | |
Finance expense [Abstract] | |
Finance expense | Note 8. Finance expense Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Interest expense on borrowings - 15,213 5,343 Interest expense on hybrid financial instruments - - 26,748 Interest expense on lease liabilities 253 112 99 Amortization of capitalized borrowing costs - 1,038 2,508 Loss on embedded derivatives held at fair value through profit or loss - - 390,743 Total finance expense 253 16,363 425,441 For the year ended 30 June 2023, interest expense on borrowings includes late fees and interest charged on third-party loans held by IE CA 3 Holdings Ltd and IE CA 4 Holdings Ltd. |
Income tax expense
Income tax expense | 12 Months Ended |
Jun. 30, 2024 | |
Major components of tax expense (income) [abstract] | |
Income tax expense | Note 9. Income tax expense Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense (25,502) (169,481) (417,046) Tax at the statutory tax rate of 30% (2023: 30%, 2022: 30%) (7,650) (50,844) (125,114) Tax effect amounts which are not deductible in calculating taxable income: Non-deductible/non-allowable items 8,793 4,756 128,643 1,143 (46,088) 3,529 Current year tax losses not recognized 1,207 28,349 534 Recognition of previously unrecognized tax losses 12 - (1,019) Derecognition of previously recognized tax losses 860 - - Difference in overseas tax rates (315) 1,979 203 Current year temporary differences not recognized 535 - - Prior year tax over/(under) provisions (296) (212) (523) Deconsolidation of Non-recourse SPVs - 18,362 - Other 307 - - Income tax expense 3,453 2,390 2,724 Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Income tax expense Current tax expense/(benefit) 1,709 (1,013) 672 Deferred tax expense 1,744 3,403 2,052 Income tax expense 3,453 2,390 2,724 Consolidated 30 June 2024 30 June 2023 30 June 2022 US$’000 US$’000 US$’000 Unrecognized deferred tax assets Available tax losses 155,608 136,849 19,268 Tax effect at the applicable tax rate for each jurisdiction 41,750 39,238 5,117 Deferred tax asset on tax losses recognized to the extent of taxable temporary differences 19,148 10,761 3,854 Deferred tax asset on losses not recognized 22,602 28,477 1,263 In addition to tax losses unrecognized, there are $123,987,000 of deductible temporary differences in relation to capital losses, capital raising costs and other temporary differences for which no deferred tax asset is recognized as at 30 June 2024. These tax losses can only be utilized against availability of future available profits. These tax losses are not expected to expire. Recognized deferred tax assets and liabilities The following are the deferred tax assets and liabilities recognized by the Group and movements during the years ended 30 June 2024 and 30 June 2023: Tax losses Employee benefits Property, Unrealized foreign exchange losses Capital raising costs Other deferred tax assets Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Deferred tax assets Movement in balances As at 1 July 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 6,271 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 As at 1 July 2023 10,761 (268) - 34 3,961 2,339 16,827 (Charge)/credit to profit or loss 8,391 152 - 702 (1,701) 1,654 9,198 (Charge)/credit to equity - - As at 30 June 2024 19,152 (116) - 736 2,260 3,993 26,025 Offset against deferred tax liabilities (26,025) As at 30 June 2024 - 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 2022 (4,692) (3,471) (347) (8,510) (Charge)/credit to profit or loss (7,426) (1,540) (708) (9,674) 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) As at 1 July 2023 (12,118) (5,011) (1,055) (18,184) (Charge)/credit to profit or loss (12,455) 2,227 (738) (10,966) As at 30 June 2024 (24,573) (2,784) (1,793) (29,150) Offset against deferred tax assets 26,025 As at 30 June 2024 (3,125) |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Jun. 30, 2024 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | Note 10. Cash and cash equivalents Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Cash at bank 304,601 38,657 Cash on deposit (cash equivalents) 100,000 30,237 Total cash and cash equivalents 404,601 68,894 Cash on deposit includes term deposits with maturities of less than 90 days and are therefore considered cash and cash equivalents. |
Other receivables
Other receivables | 12 Months Ended |
Jun. 30, 2024 | |
Other receivables [Abstract] | |
Other receivables | Note 11. Other receivables Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current assets Trade receivable 152 - Government grant receivable (note 20) 2,078 - Share issuances proceeds receivable 16,563 1,581 Provincial sales tax receivable - 122 Interest receivable 1,472 - ERS receivable 1,128 - Other receivable 130 97 GST receivable 7,844 4,743 Total other receivables 29,367 6,543 |
Computer hardware prepayments
Computer hardware prepayments | 12 Months Ended |
Jun. 30, 2024 | |
Computer Hardware Prepayments [Abstract] | |
Computer hardware prepayments | Note 12. Computer hardware prepayments Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Mining hardware prepayment 239,841 68 Computer hardware prepayments represent payments made by the Group for the purchase of Bitcoin mining hardware. These prepayments are in accordance with payment schedules set out in relevant purchase agreements with hardware manufacturers. Mining hardware prepayments at 30 June 2024 include Bitcoin mining hardware prepayments of $203,783,000 and $36,058,000 relating to initial 10% non-refundable deposits for options to purchase further Bitcoin mining hardware. $22,768,000 and $13,290,000 of these option deposits expire if unexercised before March and May 2025 respectively. 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. During the year ended 30 June 2023, 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 $2,381,000 which were derecognized by the Group on deconsolidation of the entity on 3 February 2023. See note 16 . |
Prepayments and other assets
Prepayments and other assets | 12 Months Ended |
Jun. 30, 2024 | |
Current prepayments and current accrued income other than current contract assets [abstract] | |
Prepayments and other assets | Note 13. Prepayments and other assets Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current assets Security deposits 2,101 2,420 Prepayments 9,787 11,373 Total current 11,888 13,793 Non-current assets Security deposits 17,459 - Total prepayments and other assets 29,347 13,793 Non-current deposits include connection deposits paid for expansion projects in British Columbia, Canada and West Texas, USA. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | Note 14. Property, plant and equipment Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Land - at cost 3,601 1,803 Buildings - at cost 215,542 153,100 Less: Accumulated depreciation (13,237) (5,042) Total buildings 202,305 148,058 Plant and equipment - at cost 4,856 4,145 Less: Accumulated depreciation (1,142) (712) Total plant and equipment 3,714 3,433 Mining hardware - at cost 177,766 115,024 Less: Accumulated depreciation (54,892) (15,709) Less: Accumulated impairment (25,605) (25,934) Total mining hardware 97,269 73,381 HPC hardware - at cost 33,315 - Less: Accumulated depreciation (1,779) - Total HPC hardware 31,536 - Development assets - at cost 102,946 14,427 Total property, plant and equipment 441,371 241,102 Details of impairment expenses recorded during the year ended 30 June 2023 is set out in note 16. Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Land Buildings Plant and equipment Mining hardware HPC hardware Development assets Total Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Balance at 1 July 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 Additions 1,817 3,288 876 65,291 33,685 150,408 255,365 Disposals - - (35) (6) - (5) (46) Exchange differences (19) (2,706) (104) (1,595) (369) 252 (4,541) Reversal of impairment - - - - - 108 108 Assets written off - - - - - (202) (202) Transfers in/(out) - 62,042 - - (62,042) - Depreciation expense (note 6) - (8,377) (456) (39,802) (1,780) - (50,415) Balance at 30 June 2024 3,601 202,305 3,714 97,269 31,536 102,946 441,371 Depreciation of mining hardware and HPC 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. Depreciation will commence on the development assets at Childress as each phase of the underlying infrastructure becomes available for use. Change in estimates Following the announcement made in May 2024, the Group intends to grow to 30 EH/s operating capacity by 31 December 2024, therefore planning to renew its current Bitcoin mining fleet to improve both hashrate and efficiency. As such, the Group intends to replace older miners consisting of the S19j Pros with the newer Bitmain S21 Pros, which resulted in changes in the expected usage of the S19j Pros. The S19j Pros which were previously intended to be used for four years, are now expected to remain active until 1 October 2024. As a result, the expected useful life of the S19j Pros decreased, and their estimated residual value is now expected to equal the secondary market price upon selling date which is expected to be approximately $16,770,000. The effect of these changes on actual and expected depreciation expense was as follows. In $'000 30 June 2024 30 June 2025 30 June 2026 30 June 2027 Increase / (decrease) in depreciation expenses 11,568 1,712 (21,037) (8,818) |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Jun. 30, 2024 | |
Presentation of leases for lessee [abstract] | |
Right-of-use assets | Note 15. Right-of-use assets Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Land and buildings - right-of-use assets 2,054 1,649 Less: Accumulated depreciation (505) (275) Total right-of-use assets 1,549 1,374 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated US$’000 Balance at 1 July 2022 1,253 Additions 373 Disposals - Exchange differences (32) Impairment of assets - Depreciation (note 6) (220) Balance at 30 June 2023 1,374 Additions 347 Disposals - Lease modification 102 Exchange differences (39) Impairment of assets - Depreciation (note 6) (235) Balance at 30 June 2024 1,549 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. Note 17. Lease liabilities Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Lease liability 214 192 Non-current liabilities Lease liability 1,441 1,256 Total lease liabilities 1,655 1,448 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$’000 Balance as at 1 July 2022 1,267 Additions 390 Lease charges (332) Finance charges 166 Exchange differences (42) Balance as at 30 June 2023 1,448 Additions 344 Modifications 101 Lease charges (398) Finance charges 194 Exchange differences (34) Balance as at 30 June 2024 1,655 Current portion 214 Non-current portion 1,441 |
Goodwill and impairment
Goodwill and impairment | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and impairment [Abstract] | |
Goodwill and impairment | Note 16. Goodwill and impairment Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Goodwill - at cost 598 617 Less: Impairment (598) (617) Total goodwill - - The Group tests whether goodwill is impaired on an annual basis or when indicators of impairment exist. To determine if goodwill is impaired, the carrying value of the identified CGU to which the goodwill is allocated is compared to its recoverable amount. For the years ended 30 June 2024 and 30 June 2023 the Group operated as a single CGU. The recoverable amount of the CGU is based on VIU calculations, determined by discounting the future cash flows to be generated from continuing the use of the CGU. As at 30 June 2024, no impairment indicators existed for the CGU. Reconciliation Impairment recorded during the year ended 30 June 2023 comprised of the following: Year ended Year ended US$’000 US$’000 Goodwill - 603 Mining hardware - 25,700 Mining hardware – Non-Recourse SPVs - 64,824 Mining hardware prepayments - 11,301 Mining hardware prepayments – Non-Recourse SPVs - 1,660 Development assets - 1,084 Impairment of assets - 105,172 The impairment expense described above has been recognized in the consolidated statements of profit or loss as impairment of assets. As at June 30, 2024, the Group has not identified any indicator of impairment for the property, plant and equipment. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Jun. 30, 2024 | |
Presentation of leases for lessee [abstract] | |
Lease liabilities | Note 15. Right-of-use assets Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Land and buildings - right-of-use assets 2,054 1,649 Less: Accumulated depreciation (505) (275) Total right-of-use assets 1,549 1,374 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Consolidated US$’000 Balance at 1 July 2022 1,253 Additions 373 Disposals - Exchange differences (32) Impairment of assets - Depreciation (note 6) (220) Balance at 30 June 2023 1,374 Additions 347 Disposals - Lease modification 102 Exchange differences (39) Impairment of assets - Depreciation (note 6) (235) Balance at 30 June 2024 1,549 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. Note 17. Lease liabilities Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Lease liability 214 192 Non-current liabilities Lease liability 1,441 1,256 Total lease liabilities 1,655 1,448 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$’000 Balance as at 1 July 2022 1,267 Additions 390 Lease charges (332) Finance charges 166 Exchange differences (42) Balance as at 30 June 2023 1,448 Additions 344 Modifications 101 Lease charges (398) Finance charges 194 Exchange differences (34) Balance as at 30 June 2024 1,655 Current portion 214 Non-current portion 1,441 |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2024 | |
Provisions [abstract] | |
Provisions | Note 18. Provisions Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Non-refundable sales tax and other provisions 13,375 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 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 in addition to the formally submitted a formal notice of objection to the CRA in November 2022. The CRA provided an initial response to the Group's formal notice of objection in April 2024, to which the Group responded to in early July 2024. The Group has yet to receive further correspondence from the CRA in relation to the matter. Additionally, amendments were made to Canadian Tax legislation in June 2023 regarding Mining Activities in respect of Cryptoassets. The CRA has yet to clarify it's interpretation of this legislation and the application to the subsidiaries of the Group. The Group continues to monitor developments in this regard. 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, 2024 | |
Trade and other payables [abstract] | |
Trade and other payables | Note 19. Trade and other payables Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Trade payables 27,346 11,544 Employment tax payables 367 2,207 Accrued expenses 4,406 2,893 Total trade and other payables 32,119 16,644 |
Deferred revenue
Deferred revenue | 12 Months Ended |
Jun. 30, 2024 | |
Deferred revenue 1 [Abstract] | |
Deferred revenue | Note 20. Deferred revenue Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities British Columbia ("B.C.") Affordability Credit 2,078 - AI Cloud deferred revenue 480 - Total deferred revenue 2,558 - The Government of B.C. announced on 22 February 2024 that all eligible British Columbia Hydro and Power Authority ("B.C. Hydro") customers will receive an electricity affordability credit from 1 April 2024 to 31 March 2025. As the conditions for receiving the credit have been met, the Group has recognized a receivable and associated deferred revenue for the credit to be received from 1 April 2024 to 31 March 2025. |
Issued capital
Issued capital | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [abstract] | |
Issued capital | Note 21. Issued capital Consolidated 30 June 2024 30 June 2023 30 June 2024 30 June 2023 Shares Shares US$’000 US$’000 Ordinary shares - Issued capital 186,367,686 64,747,477 1,764,289 965,857 Movements in ordinary share capital Details Date Shares US$’000 Opening balance as at 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, net of tax - (2,820) 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 108,063,868 771,438 Shares issued for services 106,687 319 Share based payment - employees 561,840 1,397 Capital raise costs, net of tax (26,139) Closing balance as at 30 June 2024 186,367,686 1,764,289 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. 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 Sales Agents, 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, Iris Energy Limited (d/b/a IREN) may offer and sell its ordinary shares having an aggregate offering price of up to $500,000,000. On 15 May, 2024, Iris Energy Limited (d/b/a IREN) filed a new registration statement, including an accompanying prospectus, that provided Iris Energy Limited (d/b/a IREN) with the option, but not the obligation, to sell up to an aggregate of $500 million of its Ordinary shares pursuant to the Sales Agreement. As at 30 June 2024 , 108,063,868 shares have been issued under the ATM facilities raising total gross proceeds of approximately $ 771,438,000 . An additional $5,191,000 was raised through the sale of 463,089 shares from trades which were executed in June 2024 and subsequently issued and settled in July 2024. 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 Iris Energy Limited (d/b/a IREN) may, at its option, sell up to US$100 million of ordinary shares to B. Riley over a two-year period. A resale registration statement relating to shares sold to B. Riley under the ELOC was declared effective by the SEC on 26 January 2023. During the year ended 30 June 2024, 12,887,814 shares were issued under the facility raising gross proceeds of $51,417,000. On February 15, 2024, Iris Energy Limited (d/b/a IREN) terminated the Purchase Agreement and the Registration Rights Agreement and on February 16, 2024, Iris Energy Limited (d/b/a IREN) filed a post-effective amendment to the registration statement on Form F-1 related to this offering, which deregistered all remaining shares on such registration statement, terminating the offering. Loan-funded shares As at 30 June 2024, there are 1,496,768 (30 June 2023: 1,954,049) restricted ordinary shares issued to management under the Employee Share Plans as well as certain non-employee founders of Podtech Innovation Inc. The total number of ordinary shares outstanding (including the loan funded shares) is 187,864,454 as at 30 June 2024 (30 June 2023: 66,701,526). Capital risk management The Group’s objectives when managing capital is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital is regarded as total equity, as recognized in the consolidated statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, issue new debt or sell assets to reduce debt. |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2024 | |
Dividends [Abstract] | |
Dividends | Note 22. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2024 | |
Earnings per share [abstract] | |
Earnings per share | Note 23. Earnings per share Year ended Year ended Year ended US$’000 US$’000 US$’000 Loss after income tax (28,955) (171,871) (419,770) Number Number Number Weighted average number of shares used in calculating basic earnings per share 99,640,920 54,775,571 40,941,074 Weighted average number of shares used in calculating diluted earnings per share 99,640,920 54,775,571 40,941,074 US$ US$ US$ Basic earnings per share (0.29) (3.14) (10.25) Diluted earnings per share (0.29) (3.14) (10.25) 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, 2024 | |
Disclosure of detailed information about 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 2024 30 June 2023 30 June 2024 30 June 2023 US$’000 US$’000 US$’000 US$’000 US dollars 442,127 96,888 56,720 32,619 Canadian dollars 112,639 124,549 1,265 37,390 554,766 221,437 57,985 70,009 Sensitivity analysis The following table illustrates sensitivities to the Group’s exposure to changes in exchange rates. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variables that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables, each scenario assumes no change to other variables. Strengthened Weakened 30 June 2024 Change % Effect on Effect on Change % Effect on Effect on US dollar 10 % 45,350 45,350 10 % (55,427) (55,427) Canadian dollar 10 % 18,115 18,115 10 % (18,251) (18,251) Australian dollar 10 % (62,606) (62,606) 10 % 76,179 76,179 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 2023: 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 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 and term deposits. A reasonably possible change of 100 basis points ("bp") in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below: 30 June 2024 100 bp increase US$’000 100 bp decrease US$’000 Term deposit 425 (425) Remunerated bank account 897 (897) Cash flow sensitivity (net) 1,322 (1,322) 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 2024 % US$’000 US$’000 US$’000 US$’000 US$’000 Trade and other payables - 24,780 - - - 24,780 Lease liabilities - 371 261 516 2,869 4,017 Total non-derivatives 25,151 261 516 2,869 28,797 Weighted 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2023 % US$’000 US$’000 US$’000 US$’000 US$’000 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 Financial assets at fair value through profit or loss Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current assets Electricity financial asset 6,530 - 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 - - Additions 28,332 - Financial asset realized (18,354) - Unrealized loss (3,448) - Closing fair value 6,530 - Power Supply Agreement A subsidiary of the Company (“the Subsidiary”) entered into a Power Supply Agreement ("PSA") for the procurement of electricity at the Childress site. 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 the consolidated statements of profit and loss. As at 30 June 2024, the financial asset comprises the fair value of unused electricity procured for future periods. On settlement, a realized gain or loss on a financial asset is recognized 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 year ended 30 June 2024, the realized gain was $4,121,000 (2023: nil). |
Fair value measurement
Fair value measurement | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of fair value measurement of assets [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 2023 and 30 June 2024. The carrying amounts of other receivables, trade and other payables are assumed to approximate their fair values due to their short-term nature and are excluded from the hierarchy. The following tables show the valuation techniques used in measuring Level 2 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used as at 30 June 2024: Fair Value Hierarchy Level Asset Description Valuation Technique Significant Input Level 2 Prepaid Electricity - Financial assets at FVTPL Forward Price Approach Forward Prices from OTC Global Holdings |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2024 | |
Commitments [Abstract] | |
Commitments | Note 26. Commitments As at 30 June 2024, the Group had commitments of $ 194,641, 000 (30 June 2023: $ 7,481, 000) which are payable within the year ended 30 June 2025. These commitments include committed capital expenditure on infrastructure related to site development. The committed amounts are payable as set out below: Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Mining hardware commitments Amounts payable within 12 months of balance date: 116,982 - Amounts payable after 12 months of balance date: - - Other commitments Amounts payable within 12 months of balance date: 77,659 7,481 Amounts payable after 12 months of balance date: - - Total commitments 194,641 7,481 |
Interests in subsidiaries
Interests in subsidiaries | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of 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 / 30 June 2024 30 June 2023 Iris Energy Custodian Pty Ltd Australia 100% 100% Iris Energy Holdings Pty Ltd Australia 100% 100% SA 1 Holdings Pty Ltd Australia 100% 100% SA 2 Holdings Pty Ltd Australia 100% 100% TAS 1 Holdings Pty Ltd Australia 100% 100% Podtech Data Centers Inc. Canada 100% 100% IE CA Compute Ltd. Canada 100% -% IE CA Leasing Ltd. Canada 100% -% IE CA 1 Holdings Ltd. Canada 100% 100% IE CA 2 Holdings Ltd. Canada 100% 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 CA Development Holdings 7 Ltd. Canada 100% 100% IE US 1, Inc. United States of America 100% 100% IE US Holdings Inc. United States of America 100% 100% IE US Development Holdings 1 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 Development Holdings 5 Inc. United States of America 100% 100% IE US Development Holdings 6 Inc. United States of America 100% -% IE US Hardware 1 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% IE US Operations Inc. United States of America 100% 100% |
Reconciliation of loss after in
Reconciliation of loss after income tax to net cash from/(used in) operating activities | 12 Months Ended |
Jun. 30, 2024 | |
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 Year ended US$’000 US$’000 US$’000 Loss after income tax expense for the year (28,955) (171,871) (419,770) Adjustments for: Depreciation 50,650 30,856 7,741 Capital raising costs - - 4,212 Impairment of assets - 105,172 167 Reversal of impairment of assets (108) - - Other income - (3,137) - Gain on disposal of subsidiaries - (3,258) - Gain/(loss) on disposal of property, plant and equipment (43) 6,628 (12) Foreign exchange loss/(gain) (3,540) 5,055 (8,889) Loss on embedded derivatives held at fair value through profit or loss - - 390,743 Accrued interest - 11,223 26,748 Amortization of capitalized borrowing costs - 1,038 2,508 Share-based payment expense 23,636 14,356 13,896 Realized gain on financial asset (4,121) - - Unrealized loss on financial asset 3,448 - - Change in operating assets and liabilities: Decrease/(increase) in other receivables (5,588) 17,641 (72) Increase in deferred tax assets - (6,271) (9,645) Increase/(decrease) in trade and other payables 2,869 (5,800) 6,476 Increase/(decrease) in provision for income tax 1,357 (1,172) 671 Increase in deferred tax liabilities - 9,674 6,892 Increase/(decrease) in employee benefits 409 (1,175) 2,026 Increase in other provisions 7,203 3,703 2,469 Increase in deferred revenue 2,558 - - Increase for prepayments and deposits 2,941 (6,617) (4,604) Net cash from operating activities 52,716 6,045 21,557 |
Non-cash investing and financin
Non-cash investing and financing activities | 12 Months Ended |
Jun. 30, 2024 | |
Non-cash investing and financing activities [Abstract] | |
Non-cash investing and financing activities | Note 29. Non-cash investing and financing activities Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Mining hardware finance additional fee payable in cash or equity - - (1,424) Mining hardware finance prepayments made directly by third party financier - (3,420) (37,980) Additions to right of use assets 347 373 298 Share issuance proceeds under Committed Equity Facility - 1,642 - Realized gain on financial asset 4,121 - - ATM agent fees 23,143 - - Share based payment - third party issuance 319 - - Total non-cash investing and financing activities 27,930 (1,405) (39,106) |
Contingent liabilities
Contingent liabilities | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of contingent liabilities [abstract] | |
Contingent liabilities | Note 30. 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 Trial Court with respect to, among other things, claims brought by the lender, NYDIG, seeking remedies regarding the limited recourse equipment financing facilities entered into by the Non-Recourse SPVs. A judgement on those 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 Iris Energy Limited (d/b/a IREN) to be void. On 21 August 2023, Iris Energy Limited (d/b/a IREN) and the Non-Recourse SPVs filed a notice to appeal the judgement. On 30 January 2024, NYDIG filed a notice of cross appeal with the Court of Appeal to appeal the dismissal of the substantive consolidation and oppression remedy relief that was dismissed. In particular, NYDIG sought an order that the substantive consolidation and oppression remedies be remitted to the Trial Court for consideration and reasons. On 27 June 2024, the Court of Appeal released its reasons for judgment. The Court of Appeal: (a) granted the appeal by the Non-Recourse SPVs and Iris Energy Limited (d/b/a IREN), finding that the intercompany transactions were not fraudulent conveyances (b) denied NYDIG’s cross-appeal by finding that there is no basis for appellate interference in relation to the Trial Court’s dismissal of NYDIG’s substantive consolidation claim; and (c) upheld NYDIG’s cross-appeal in part by finding that the application for relief in relation to the oppression remedy is remitted to the Trial Court for the judge for consideration. The matter has not been listed in the Trial Court as of the date of these consolidated financial statements. |
Share-based payments
Share-based payments | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of terms and conditions of share-based payment arrangement [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 Plans The Group’s Employee Share Plans are loan-funded share schemes. 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 Plans are dependent on specific service thresholds being met by the employee. 2021 Executive Director Liquidity and Price Target Options On 20 January 2021 , the 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 . All ‘Executive Director Liquidity and Price Target Options’ vested on completion of the IPO on 17 November 2021. 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 generally 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 28 July 2021. 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"). These options were granted on 14 September 2021 , and have a contractual exercise period of 12 years . 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. The $75 Exercise Price Options will vest in four tranches following listing of the Company, if the relevant ordinary share price is equal to or exceeds the corresponding vesting threshold and the relevant executive director has not voluntarily resigned as a director of the Company. The initial vesting thresholds are detailed below based on 24,195,092 ordinary shares outstanding at the time of issuance: • 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 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. 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") In June 2022, the Board approved a new long term incentive plan under which participating employees generally have been granted RSUs in two equal tranches after three and four years 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 2022 LTIP. During the year ended 30 June 2023, the following grants were made under the 2022 LTIP: • 1,594,215 RSUs to certain employees and key management personnel (‘KMP’) of the Group were issued RSUs of which 50% of each individual’s RSU grant will vest after 3.25 years and the remaining 50% will vest after 4.25 years, subject to the following criteria which is tested at the end of each respective vesting period: ◦ 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 the nominated entity of 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 Co-Founder and Co-Chief Executive Officer grant of 713,166 to each of the nominated entity, which have time-based vesting conditions and will vest, in three equal tranches on 1 July 2024, 1 July 2025 and 1 July 2026. • 108,559 RSUs to certain Non-Executive Directors. These RSUs vested within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2023. During the year ended 30 June 2024 , there were no grants made under the 2022 LTIP. 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") In June 2023, the 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 tranche being performance-based vesting conditions. RSUs issued under the revised 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 2023 LTIP. During the year ended 30 June 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: ◦ 809,883 RSUs are subject to time-based vesting conditions and will vest after one years; ◦ 809,883 RSUs are subject to time-based vesting conditions and will vest after two years; ◦ 1,574,725 RSUs 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 within 10 days of the release of the consolidated Group financial statements for the year ended 30 June 2024 or in any event by no later than 31 December 2024. 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 2024 30 June 2024 30 June 2023 30 June 2023 Outstanding as at 1 July 8,906,839 $41.93 9,010,547 $41.67 Granted during the year 34,454 $13.47 - - Forfeited during the year - - (103,708) $20.03 Exercised during the year (457,282) $1.89 - - Outstanding at the end of the financial year 8,484,011 $43.97 8,906,839 $41.93 Exercisable at the end of the financial year 3,332,076 $3.01 3,485,302 $2.97 As at 30 June 2024, the weighted average remaining contractual life of options outstanding is 6.56 years (30 June 2023: 7.57 years ). As at 30 June 2024, the exercise prices associated with the options outstanding ranges from $1.53 to $75.00 (30 June 2023: $1.53 to $75.00). For the share options exercised during the year, the weighted average share price at the date of exercise is $9.27. Reconciliation of outstanding RSUs Set out below are summaries of RSUs granted under all plans: Number of RSUs Number of 30 June 2024 June 30, 2023 Outstanding as at 1 July 3,623,867 - Granted during the year 3,314,794 3,740,366 Forfeited during the year (221,455) (112,499) Exercised during the year (104,559) (4,000) Outstanding at the end of the financial year 6,612,647 3,623,867 Exercisable at the end of the financial year - - As at 30 June 2024, the weighted average remaining contractual life of RSUs outstanding is 2.76 years . All RSUs have a nil weighted average exercise price. Valuation methodology The fair value of instruments issued under the Employee Share Plans have been measured using a Black-Scholes-Merton valuation model. The fair value of the Executive Director Liquidity and Price Target Options, and Long-Term Incentive Plan RSUs have been measured using a Monte-Carlo simulation. Service and non-market performance conditions attached to the arrangements were not taken into account when measuring fair value. The following table lists the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2024 and 30 June 2023: Grant date Dividend yield Expected volatility Risk-free interest rate Expected life (weighted average) Grant date share price Exercise price (weighted average) Fair value (weighted average) Number of options/RSUs granted % % % years US$ US$ US$ 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 1 July 2023 Service RSUs - - - 2.00 4.66 - 4.66 1,676,083 TSR RSUs - - 4.39 % 3.00 4.66 - 2.40 1,534,598 17 July 2023 Service RSUs - - - 1.00 7.14 - 7.14 18,908 13 January 2024 Service RSUs - - - 2.00 5.15 - 5.15 45,078 TSR RSUs - - 3.85 % 3.00 5.15 - 2.98 40,127 The share-based payment expense for the year was $23,636, 000 (2023: $14,356,0 00, 2022: $13,896, 000). |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2024 | |
Related party transactions [abstract] | |
Related party transactions | Note 32. Related party transactions Parent entity Iris Energy Limited (d/b/a IREN) 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, 2024 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [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 (d/b/a IREN) 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, Co-Founder and Co-Chief Executive Officer 6 November 2018 - William Roberts Executive Director, Co-Founder and Co-Chief Executive Officer 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 17 July 2023 - The following persons were considered to be KMP of Iris Energy Limited (d/b/a IREN) at any time during the year: Individual Position Date of Commencement Date ceased to be KMP 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$1.00 per B Class share) to entities controlled by Daniel Roberts and William Roberts, respectively. The B Class shares were formally issued on 7 October 2021. Each B Class share confers on the holder fifteen votes for each ordinary share in the Company held by the holder. In addition, a B Class share confers a right for the holder to nominate a director to put forward for election to the Board. Because of the increased voting power of the B Class shares, the holders of the B Class shares collectively could continue to control a significant percentage of the combined voting power of the Company's shares and therefore may be able to control all matters submitted to the Company’s shareholders for approval until the redemption of the B Class shares by the Company on the earlier of (i) when the holder ceases to be a director due to voluntary retirement; (ii) a transfer of B Class shares in breach of the Constitution; (iii) liquidation or winding up of the Company; or (iv) at any time which is 12 years after the Company’s ordinary shares are first listed on a recognized stock exchange. Aside from these governance rights, the B Class shares do not provide the holder with any economic rights (e.g. the B Class shares do not confer on its holder any right to receive dividends). The B Class shares are not transferable by the holder (except in limited circumstances to affiliates of the holder). Deed of access, insurance and indemnity The Group has entered into deeds of access, insurance and indemnity with each of our directors and certain of our officers. These deeds provide the directors and officers with contractual rights to indemnification and expense advancement and are governed by the laws of Victoria, Australia. Compensation The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below: Consolidated Year ended Year ended US$ US$ Short-term employee benefits 8,137,249 7,967,322 Post-employment benefits 86,515 66,830 Share-based payments 21,571,999 13,905,489 Total KMP compensation 29,795,763 21,939,641 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 2024 30 June 2024 30 June 2023 30 June 2023 Outstanding as at 1 July 10,008,224 $ 37.84 6,973,516 $ 53.16 Granted during the year 2,564,809 - 3,070,379 $ 2.97 Forfeited during the year - - (31,671) $ 36.45 Exercised during the year (104,559) - (4,000) - Outstanding at the end of the financial year 12,468,474 $ 30.37 10,008,224 $ 37.84 Exercisable at the end of the financial year 2,017,021 $ 3.92 2,017,021 $ 3.87 |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | Note 34. Events after the reporting period Bitmain Hardware Purchase The Group entered into a new firm purchase agreement with Bitmain Technologies Delaware Limited (“Bitmain”) dated 16 August 2024, to purchase approximately 39,000 Bitmain S21 XP miners (approximately 10.5 EH/s) at a price of $21.5/TH. The purchased miners are scheduled to be shipped in October and November 2024. The total contracted cost (excluding shipping and taxes) is $226,395,000 payable in instalments. No other matter or circumstance has arisen since 30 June 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. |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Jun. 30, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of initial application of standards or interpretations [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 2024, the Group incurred a loss after tax of $28,955,000 (2023: $171,871,000) and net operating cash inflows of $52,716,000 (2023: $6,045,000). As at 30 June 2024, the Group had net current assets of $401,389,000 (2023: net current assets of $65,229,000) and net assets of $1,097,351,000 (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, 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. 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 including Bitcoin prices and global hashrate; • 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 100MW as at 31 July 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. The Group aims to maintain a degree of flexibility in both operating and capital expenditure cash flow management where it practicably makes sense, including ongoing internal cash flow monitoring and projection analysis performed to identify potential liquidity risks arising and to try to respond accordingly. |
Basis of preparation | Basis of preparation These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS Accounting Standards") 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 2024 and 30 June 2023 and the results of all subsidiaries for the years ended 30 June 2024, 30 June 2023, and 30 June 2022. 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 deconsolidated 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 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. Non-monetary assets and liabilities that are measured in terms of historical cost in currencies other than an entity’s functional currency are translated using the exchange rate at the date of the initial transaction. 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, is recognized in the consolidated statements of profit or loss when the foreign operation or net investment is disposed of. |
Revenue and other income recognition | Revenue and other income recognition The Group recognizes revenue and other income as follows: Revenue from contracts with customers The Group recognizes revenue under IFRS 15, “Revenue from Contracts with Customers” ("IFRS 15"). The core principle of this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when the Company satisfies a performance obligation In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets IFRS 15’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following: • Variable consideration • Constraining estimates of variable consideration • The existence of a significant financing component in the contract • Non-cash consideration • Consideration payable to a customer Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time as appropriate. 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 Group’s revenue is derived from providing computing power (hashrate) to mining pools. The Company has entered into arrangements, as amended from time to time, with mining pool operators to provide computing power to the mining pools. The provision of computing power to mining pools is an output of the Company’s ordinary activities. The Company has the right to decide the point in time and duration for which it will provide computing power. As a result, the Company’s enforceable right to compensation only begins when, and continues as long as, the Company provides computing power to the mining pool. The contracts can be terminated 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. The Company has determined that this renewal right is not a material right as the terms, conditions, and compensation amounts are at then market rates. There is no significant financing component in these transactions. In exchange for providing computing power, which represents the Company’s only performance obligation, the Company is entitled to non-cash consideration in the form of cryptocurrency, calculated under the Full Pay Per Share ("FPPS") payout methods which contain three components, (1) a fractional share of the fixed cryptocurrency award from the mining pool operator (referred to as a “block reward”), (2) transaction fees generated from (paid by) blockchain users to execute transactions and distributed (paid out) to individual miners by the mining pool operator, and (3) mining pool operating fees retained by the mining pool operator for operating the mining pool. The Company’s total compensation is the sum of the Company’s share of (a) block rewards and (b) transaction fees, less (c) mining pool operating fees. 1. The block reward earned by the Company is calculated by the mining pool operator based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate used in solving the current algorithm. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. 2. Transaction fees refer to the total fees paid by users of the network to execute transactions. Under FPPS, the Company is entitled to a pro-rata share of the total network transaction fees. The transaction fees paid out by the mining pool operator to the Company is based on the proportion of hashrate the Company contributed to the mining pool to the total network hashrate. The Company is entitled to its relative share of consideration even if a block is not successfully added to the blockchain by the mining pool. 3. Mining pool operating fees are charged by the mining pool operator for operating the mining pool as set forth in a rate schedule to the mining pool contract. The mining pool operating fees reduce the total amount of compensation the Company receives and are only incurred to the extent that the Company has generated mining revenue pursuant to the mining pool operators’ payout calculation. Because the consideration to which the Company expects to be entitled for providing computing power is entirely variable (block rewards, transaction fees and pool operating fees), as well as being non-cash consideration, the Company assesses the estimated amount of the variable non-cash consideration to which it expects to be entitled for providing computing power at contract inception and subsequently, to determine when and to what extent it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is subsequently resolved. For each contract under the FPPS payout method, the Company recognizes the non-cash consideration on the same day that control of the contracted service transfers to the mining pool operator, which is the same day as the contract inception. 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 Kraken on the day it was received. 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 30 June 2024 (30 June 2023: Nil). AI cloud services revenue The Group generates AI cloud services revenue through the provision of AI cloud services to clients. Revenue is measured at the fair value of the consideration received or receivable for services, net of discounts and sales taxes. The steps involved in recognizing AI cloud services revenue are set out as follows: • 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. 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 held with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
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 derecognized 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 Instrument Fair Value through Profit & Loss ("FVTPL") The Group recognizes the electricity financial assets at fair value on initial recognition. After initial recognition, financial instruments measured at FVTPL are remeasured at fair value at each reporting date. Any gains or losses arising from changes in the fair value of these instruments are recognized immediately in profit or loss. A financial instrument measured at FVTPL is derecognized when the contractual rights to the cash flows from the instrument expire or when the Group transfers substantially all the risks and rewards of ownership of the instrument. The Group measures the fair value of prepaid electricity using the forward price approach. The fair value is calculated by multiplying the quantity of electricity prepaid by a forward price for the Energy Reliability Council of Texas (“ERCOT”) West Load Zone market which is the principal market for our electricity transactions. The forward prices are provided by OTC Global Holdings and reflect the expected future prices of electricity based on current market conditions and observable market data. The forward prices used to measure the fair value of prepaid electricity are classified as Level 2 inputs under IFRS 13. 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 recognizes 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 recognized 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 (less residual value where applicable) 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 1 2 - 4 years High-performance computing ("HPC") hardware 5 years 1 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 and HPC 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. Repair 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 of 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 impaired and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. |
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. 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. |
Financial liabilities | Financial liabilities Trade and other payables 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 derecognizes 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 recognized 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 recognized 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 recognized 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 recognized 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. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. 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 (d/b/a IREN), 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. |
Foreign currency translation reserve | 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 | 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. |
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. |
Computer hardware prepayments | Computer hardware prepayments Computer hardware prepayments represent payments made by the Group for the purchase of mining and HPC 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. |
Government grants | Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group expects to comply with the conditions. Depending on the grant conditions, grants received may be deferred and recognized over time on a straight-line 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 IASB that are mandatory for the current reporting period. |
Material accounting policies (T
Material accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Expected Useful Lives | Depreciation is calculated on a straight-line basis to write off the net cost (less residual value where applicable) 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 1 2 - 4 years High-performance computing ("HPC") hardware 5 years 1 |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of operating segments [abstract] | |
Disclosure of geographical areas | Geographical information Disa ggregated revenue data by geographical region in terms of where the services were provided within the operating segment is as follows: Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Revenue per geographical area Australia 184,087 81,884 North-America 4,671 20 Non-current assets, excluding deferred tax assets, are located in the following geographical locations: Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets per geographical area Australia 658 867 North-America 699,989 241,969 |
Other income (Tables)
Other income (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Other Income | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Net gain on disposal of other assets - 3,117 - ERS revenue 1,566 - - Other - 20 12 Total other income 1,566 3,137 12 |
Depreciation (Tables)
Depreciation (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Depreciations [Abstract] | |
Depreciation | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Depreciation of property, plant and equipment 50,415 30,636 7,682 Depreciation of right-of-use assets 235 220 59 Total depreciation 50,650 30,856 7,741 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Other operating expenses [Abstract] | |
Other Operating Expenses | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Insurance 7,033 5,687 5,065 Sponsorship and marketing 2,051 716 305 ERS fees 94 - - Charitable donations 640 164 464 Legal expenses 1,797 - - Filing fees 79 76 462 Site identification costs - 15 258 Non-refundable sales tax (See Note 18 - Provisions) 6,276 4,972 2,469 Non-refundable provincial sales tax 1,408 371 - Other expenses 1,707 2,277 861 Total other operating expenses 21,085 14,278 9,884 |
Finance expense (Tables)
Finance expense (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Finance expense [Abstract] | |
Finance Expense | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Interest expense on borrowings - 15,213 5,343 Interest expense on hybrid financial instruments - - 26,748 Interest expense on lease liabilities 253 112 99 Amortization of capitalized borrowing costs - 1,038 2,508 Loss on embedded derivatives held at fair value through profit or loss - - 390,743 Total finance expense 253 16,363 425,441 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Major components of tax expense (income) [abstract] | |
Reconciliation of Income Tax Expense and Tax at the Statutory Rate | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense (25,502) (169,481) (417,046) Tax at the statutory tax rate of 30% (2023: 30%, 2022: 30%) (7,650) (50,844) (125,114) Tax effect amounts which are not deductible in calculating taxable income: Non-deductible/non-allowable items 8,793 4,756 128,643 1,143 (46,088) 3,529 Current year tax losses not recognized 1,207 28,349 534 Recognition of previously unrecognized tax losses 12 - (1,019) Derecognition of previously recognized tax losses 860 - - Difference in overseas tax rates (315) 1,979 203 Current year temporary differences not recognized 535 - - Prior year tax over/(under) provisions (296) (212) (523) Deconsolidation of Non-recourse SPVs - 18,362 - Other 307 - - Income tax expense 3,453 2,390 2,724 |
Income Tax Expense | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Income tax expense Current tax expense/(benefit) 1,709 (1,013) 672 Deferred tax expense 1,744 3,403 2,052 Income tax expense 3,453 2,390 2,724 |
Unrecognized Deferred Tax Assets | Consolidated 30 June 2024 30 June 2023 30 June 2022 US$’000 US$’000 US$’000 Unrecognized deferred tax assets Available tax losses 155,608 136,849 19,268 Tax effect at the applicable tax rate for each jurisdiction 41,750 39,238 5,117 Deferred tax asset on tax losses recognized to the extent of taxable temporary differences 19,148 10,761 3,854 Deferred tax asset on losses not recognized 22,602 28,477 1,263 |
Disclosure of temporary difference, unused tax losses and unused tax credits | The following are the deferred tax assets and liabilities recognized by the Group and movements during the years ended 30 June 2024 and 30 June 2023: Tax losses Employee benefits Property, 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$’000 Deferred tax assets Movement in balances As at 1 July 2022 3,854 113 15 725 4,627 1,222 10,556 (Charge)/credit to profit or loss 6,907 (381) (15) (691) (666) 1,117 6,271 As at 30 June 2023 10,761 (268) - 34 3,961 2,339 16,827 Offset against deferred tax liabilities (16,819) As at 30 June 2023 8 As at 1 July 2023 10,761 (268) - 34 3,961 2,339 16,827 (Charge)/credit to profit or loss 8,391 152 - 702 (1,701) 1,654 9,198 (Charge)/credit to equity - - As at 30 June 2024 19,152 (116) - 736 2,260 3,993 26,025 Offset against deferred tax liabilities (26,025) As at 30 June 2024 - Property, plant and equipment Unrealized foreign exchange gains Other deferred tax liabilities Total US$’000 US$’000 US$’000 US$’000 Deferred tax liabilities Movement in balances As at 1 July 2022 (4,692) (3,471) (347) (8,510) (Charge)/credit to profit or loss (7,426) (1,540) (708) (9,674) As at 30 June 2023 (12,118) (5,011) (1,055) (18,184) Offset against deferred tax assets 16,819 As at 30 June 2023 (1,365) As at 1 July 2023 (12,118) (5,011) (1,055) (18,184) (Charge)/credit to profit or loss (12,455) 2,227 (738) (10,966) As at 30 June 2024 (24,573) (2,784) (1,793) (29,150) Offset against deferred tax assets 26,025 As at 30 June 2024 (3,125) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Cash at bank 304,601 38,657 Cash on deposit (cash equivalents) 100,000 30,237 Total cash and cash equivalents 404,601 68,894 |
Other receivables (Tables)
Other receivables (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Other receivables [Abstract] | |
Other Receivables | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current assets Trade receivable 152 - Government grant receivable (note 20) 2,078 - Share issuances proceeds receivable 16,563 1,581 Provincial sales tax receivable - 122 Interest receivable 1,472 - ERS receivable 1,128 - Other receivable 130 97 GST receivable 7,844 4,743 Total other receivables 29,367 6,543 |
Computer hardware prepayments (
Computer hardware prepayments (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Computer Hardware Prepayments [Abstract] | |
Mining Hardware Prepayments | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Mining hardware prepayment 239,841 68 |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Current prepayments and current accrued income other than current contract assets [abstract] | |
Prepayments and other assets | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current assets Security deposits 2,101 2,420 Prepayments 9,787 11,373 Total current 11,888 13,793 Non-current assets Security deposits 17,459 - Total prepayments and other assets 29,347 13,793 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Consolidated Property, Plant and Equipment | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Land - at cost 3,601 1,803 Buildings - at cost 215,542 153,100 Less: Accumulated depreciation (13,237) (5,042) Total buildings 202,305 148,058 Plant and equipment - at cost 4,856 4,145 Less: Accumulated depreciation (1,142) (712) Total plant and equipment 3,714 3,433 Mining hardware - at cost 177,766 115,024 Less: Accumulated depreciation (54,892) (15,709) Less: Accumulated impairment (25,605) (25,934) Total mining hardware 97,269 73,381 HPC hardware - at cost 33,315 - Less: Accumulated depreciation (1,779) - Total HPC hardware 31,536 - Development assets - at cost 102,946 14,427 Total property, plant and equipment 441,371 241,102 The effect of these changes on actual and expected depreciation expense was as follows. In $'000 30 June 2024 30 June 2025 30 June 2026 30 June 2027 Increase / (decrease) in depreciation expenses 11,568 1,712 (21,037) (8,818) |
Reconciliations of Written Down Values of Property, Plant and Equipment | Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Land Buildings Plant and equipment Mining hardware HPC hardware Development assets Total Consolidated US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Balance at 1 July 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 Additions 1,817 3,288 876 65,291 33,685 150,408 255,365 Disposals - - (35) (6) - (5) (46) Exchange differences (19) (2,706) (104) (1,595) (369) 252 (4,541) Reversal of impairment - - - - - 108 108 Assets written off - - - - - (202) (202) Transfers in/(out) - 62,042 - - (62,042) - Depreciation expense (note 6) - (8,377) (456) (39,802) (1,780) - (50,415) Balance at 30 June 2024 3,601 202,305 3,714 97,269 31,536 102,946 441,371 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Presentation of leases for lessee [abstract] | |
Right-of-use Assets | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Land and buildings - right-of-use assets 2,054 1,649 Less: Accumulated depreciation (505) (275) Total right-of-use assets 1,549 1,374 |
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: Consolidated US$’000 Balance at 1 July 2022 1,253 Additions 373 Disposals - Exchange differences (32) Impairment of assets - Depreciation (note 6) (220) Balance at 30 June 2023 1,374 Additions 347 Disposals - Lease modification 102 Exchange differences (39) Impairment of assets - Depreciation (note 6) (235) Balance at 30 June 2024 1,549 |
Goodwill and impairment (Tables
Goodwill and impairment (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Goodwill and impairment [Abstract] | |
Carrying Amount of Goodwill | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Non-current assets Goodwill - at cost 598 617 Less: Impairment (598) (617) Total goodwill - - |
Disclosure of Impairment Loss and Reversal of Impairment Loss | Impairment recorded during the year ended 30 June 2023 comprised of the following: Year ended Year ended US$’000 US$’000 Goodwill - 603 Mining hardware - 25,700 Mining hardware – Non-Recourse SPVs - 64,824 Mining hardware prepayments - 11,301 Mining hardware prepayments – Non-Recourse SPVs - 1,660 Development assets - 1,084 Impairment of assets - 105,172 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Presentation of leases for lessee [abstract] | |
Disclosure of detailed information about lease liabilities | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Lease liability 214 192 Non-current liabilities Lease liability 1,441 1,256 Total lease liabilities 1,655 1,448 |
Reconciliation of Lease Liabilities | A reconciliation of lease liabilities is set out below, an undiscounted contractional maturity analysis of lease liabilities is included in Note 24. Reconciliation US$’000 Balance as at 1 July 2022 1,267 Additions 390 Lease charges (332) Finance charges 166 Exchange differences (42) Balance as at 30 June 2023 1,448 Additions 344 Modifications 101 Lease charges (398) Finance charges 194 Exchange differences (34) Balance as at 30 June 2024 1,655 Current portion 214 Non-current portion 1,441 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Provisions [abstract] | |
Provisions | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Non-refundable sales tax and other provisions 13,375 6,172 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Trade and other payables [abstract] | |
Trade and Other Payables | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities Trade payables 27,346 11,544 Employment tax payables 367 2,207 Accrued expenses 4,406 2,893 Total trade and other payables 32,119 16,644 |
Deferred revenue (Tables)
Deferred revenue (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Deferred revenue 1 [Abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current liabilities British Columbia ("B.C.") Affordability Credit 2,078 - AI Cloud deferred revenue 480 - Total deferred revenue 2,558 - |
Issued capital (Tables)
Issued capital (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [abstract] | |
Issued Capital | Consolidated 30 June 2024 30 June 2023 30 June 2024 30 June 2023 Shares Shares US$’000 US$’000 Ordinary shares - Issued capital 186,367,686 64,747,477 1,764,289 965,857 |
Movements in Ordinary Share Capital | Movements in ordinary share capital Details Date Shares US$’000 Opening balance as at 1 July 2022 53,028,867 926,581 Shares issued under Committed Equity Facility 11,089,357 39,939 Unpaid shares issued under Committed Equity Facility 364,967 1,642 Shares issued for services 260,286 500 Equity settled share-based payments 4,000 15 Capital raise costs, net of tax - (2,820) Opening balance as at 1 July 2023 64,747,477 965,857 Shares issued under Committed Equity Facility 12,887,814 51,417 Shares issued under ATM Facility 108,063,868 771,438 Shares issued for services 106,687 319 Share based payment - employees 561,840 1,397 Capital raise costs, net of tax (26,139) Closing balance as at 30 June 2024 186,367,686 1,764,289 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Earnings per share [abstract] | |
Earnings per share | Year ended Year ended Year ended US$’000 US$’000 US$’000 Loss after income tax (28,955) (171,871) (419,770) Number Number Number Weighted average number of shares used in calculating basic earnings per share 99,640,920 54,775,571 40,941,074 Weighted average number of shares used in calculating diluted earnings per share 99,640,920 54,775,571 40,941,074 US$ US$ US$ Basic earnings per share (0.29) (3.14) (10.25) Diluted earnings per share (0.29) (3.14) (10.25) |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Asset or Liability by Currency | 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 2024 30 June 2023 30 June 2024 30 June 2023 US$’000 US$’000 US$’000 US$’000 US dollars 442,127 96,888 56,720 32,619 Canadian dollars 112,639 124,549 1,265 37,390 554,766 221,437 57,985 70,009 |
Sensitivity Analysis for Types of Market Risk and Interest Rate Risk | The following table illustrates sensitivities to the Group’s exposure to changes in exchange rates. The table indicates the impact on how profit and equity values reported at the end of the reporting period would have been affected by changes in the relevant risk variables that management considers to be reasonably possible. These sensitivities assume that the movement in a particular variable is independent of other variables, each scenario assumes no change to other variables. Strengthened Weakened 30 June 2024 Change % Effect on Effect on Change % Effect on Effect on US dollar 10 % 45,350 45,350 10 % (55,427) (55,427) Canadian dollar 10 % 18,115 18,115 10 % (18,251) (18,251) Australian dollar 10 % (62,606) (62,606) 10 % 76,179 76,179 A reasonably possible change of 100 basis points ("bp") in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below: 30 June 2024 100 bp increase US$’000 100 bp decrease US$’000 Term deposit 425 (425) Remunerated bank account 897 (897) Cash flow sensitivity (net) 1,322 (1,322) |
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 2024 % US$’000 US$’000 US$’000 US$’000 US$’000 Trade and other payables - 24,780 - - - 24,780 Lease liabilities - 371 261 516 2,869 4,017 Total non-derivatives 25,151 261 516 2,869 28,797 Weighted 1 year or less Between 1 and 2 years Between 2 and 5 years Over 5 years Remaining contractual maturities 30 June 2023 % US$’000 US$’000 US$’000 US$’000 US$’000 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 |
Disclosure of Financial Assets at Fair Value Through Profit or Loss | Financial assets at fair value through profit or loss Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Current assets Electricity financial asset 6,530 - 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 - - Additions 28,332 - Financial asset realized (18,354) - Unrealized loss (3,448) - Closing fair value 6,530 - |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Commitments [Abstract] | |
Maturity of Committed Amount Payable | The committed amounts are payable as set out below: Consolidated 30 June 2024 30 June 2023 US$’000 US$’000 Mining hardware commitments Amounts payable within 12 months of balance date: 116,982 - Amounts payable after 12 months of balance date: - - Other commitments Amounts payable within 12 months of balance date: 77,659 7,481 Amounts payable after 12 months of balance date: - - Total commitments 194,641 7,481 |
Interests in subsidiaries (Tabl
Interests in subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of 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 / 30 June 2024 30 June 2023 Iris Energy Custodian Pty Ltd Australia 100% 100% Iris Energy Holdings Pty Ltd Australia 100% 100% SA 1 Holdings Pty Ltd Australia 100% 100% SA 2 Holdings Pty Ltd Australia 100% 100% TAS 1 Holdings Pty Ltd Australia 100% 100% Podtech Data Centers Inc. Canada 100% 100% IE CA Compute Ltd. Canada 100% -% IE CA Leasing Ltd. Canada 100% -% IE CA 1 Holdings Ltd. Canada 100% 100% IE CA 2 Holdings Ltd. Canada 100% 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 CA Development Holdings 7 Ltd. Canada 100% 100% IE US 1, Inc. United States of America 100% 100% IE US Holdings Inc. United States of America 100% 100% IE US Development Holdings 1 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 Development Holdings 5 Inc. United States of America 100% 100% IE US Development Holdings 6 Inc. United States of America 100% -% IE US Hardware 1 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% IE US Operations 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, 2024 | |
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 Year ended US$’000 US$’000 US$’000 Loss after income tax expense for the year (28,955) (171,871) (419,770) Adjustments for: Depreciation 50,650 30,856 7,741 Capital raising costs - - 4,212 Impairment of assets - 105,172 167 Reversal of impairment of assets (108) - - Other income - (3,137) - Gain on disposal of subsidiaries - (3,258) - Gain/(loss) on disposal of property, plant and equipment (43) 6,628 (12) Foreign exchange loss/(gain) (3,540) 5,055 (8,889) Loss on embedded derivatives held at fair value through profit or loss - - 390,743 Accrued interest - 11,223 26,748 Amortization of capitalized borrowing costs - 1,038 2,508 Share-based payment expense 23,636 14,356 13,896 Realized gain on financial asset (4,121) - - Unrealized loss on financial asset 3,448 - - Change in operating assets and liabilities: Decrease/(increase) in other receivables (5,588) 17,641 (72) Increase in deferred tax assets - (6,271) (9,645) Increase/(decrease) in trade and other payables 2,869 (5,800) 6,476 Increase/(decrease) in provision for income tax 1,357 (1,172) 671 Increase in deferred tax liabilities - 9,674 6,892 Increase/(decrease) in employee benefits 409 (1,175) 2,026 Increase in other provisions 7,203 3,703 2,469 Increase in deferred revenue 2,558 - - Increase for prepayments and deposits 2,941 (6,617) (4,604) Net cash from operating activities 52,716 6,045 21,557 |
Non-cash investing and financ_2
Non-cash investing and financing activities (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Non-cash investing and financing activities [Abstract] | |
Non-cash Investing and Financing Activities | Consolidated Year ended Year ended Year ended US$’000 US$’000 US$’000 Mining hardware finance additional fee payable in cash or equity - - (1,424) Mining hardware finance prepayments made directly by third party financier - (3,420) (37,980) Additions to right of use assets 347 373 298 Share issuance proceeds under Committed Equity Facility - 1,642 - Realized gain on financial asset 4,121 - - ATM agent fees 23,143 - - Share based payment - third party issuance 319 - - Total non-cash investing and financing activities 27,930 (1,405) (39,106) |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of number and weighted average exercise prices of 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 2024 30 June 2024 30 June 2023 30 June 2023 Outstanding as at 1 July 8,906,839 $41.93 9,010,547 $41.67 Granted during the year 34,454 $13.47 - - Forfeited during the year - - (103,708) $20.03 Exercised during the year (457,282) $1.89 - - Outstanding at the end of the financial year 8,484,011 $43.97 8,906,839 $41.93 Exercisable at the end of the financial year 3,332,076 $3.01 3,485,302 $2.97 |
Reconciliation of Outstanding RSUs | Set out below are summaries of RSUs granted under all plans: Number of RSUs Number of 30 June 2024 June 30, 2023 Outstanding as at 1 July 3,623,867 - Granted during the year 3,314,794 3,740,366 Forfeited during the year (221,455) (112,499) Exercised during the year (104,559) (4,000) Outstanding at the end of the financial year 6,612,647 3,623,867 Exercisable at the end of the financial year - - |
Measurement of Fair Value Arrangements Granted | The following table lists the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2024 and 30 June 2023: Grant date Dividend yield Expected volatility Risk-free interest rate Expected life (weighted average) Grant date share price Exercise price (weighted average) Fair value (weighted average) Number of options/RSUs granted % % % years US$ US$ US$ 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 1 July 2023 Service RSUs - - - 2.00 4.66 - 4.66 1,676,083 TSR RSUs - - 4.39 % 3.00 4.66 - 2.40 1,534,598 17 July 2023 Service RSUs - - - 1.00 7.14 - 7.14 18,908 13 January 2024 Service RSUs - - - 2.00 5.15 - 5.15 45,078 TSR RSUs - - 3.85 % 3.00 5.15 - 2.98 40,127 |
Key management personnel disc_2
Key management personnel disclosures (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |
Directors and Key Management Personnel | The following persons were Directors of Iris Energy Limited (d/b/a IREN) 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, Co-Founder and Co-Chief Executive Officer 6 November 2018 - William Roberts Executive Director, Co-Founder and Co-Chief Executive Officer 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 17 July 2023 - The following persons were considered to be KMP of Iris Energy Limited (d/b/a IREN) at any time during the year: Individual Position Date of Commencement Date ceased to be KMP 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 Year ended US$ US$ Short-term employee benefits 8,137,249 7,967,322 Post-employment benefits 86,515 66,830 Share-based payments 21,571,999 13,905,489 Total KMP compensation 29,795,763 21,939,641 |
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 2024 30 June 2024 30 June 2023 30 June 2023 Outstanding as at 1 July 10,008,224 $ 37.84 6,973,516 $ 53.16 Granted during the year 2,564,809 - 3,070,379 $ 2.97 Forfeited during the year - - (31,671) $ 36.45 Exercised during the year (104,559) - (4,000) - Outstanding at the end of the financial year 12,468,474 $ 30.37 10,008,224 $ 37.84 Exercisable at the end of the financial year 2,017,021 $ 3.92 2,017,021 $ 3.87 |
Material accounting policies -
Material accounting policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Going concern [Abstract] | |||
Loss after income tax | $ (28,955) | $ (171,871) | $ (419,770) |
Cash flows from (used in) operating activities | 52,716 | 6,045 | $ 21,557 |
Current assets (liabilities) | $ 401,389 | 65,229 | |
Assets (liabilities) | $ 305,361 |
Material accounting policies _2
Material accounting policies - Revenue and Other Income Recognition and Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | ||
Bitcoin on hand | $ 0 | $ 0 |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Useful life measured as period of time, property, plant and equipment | 20 years | |
Plant and Equipment | Minimum | ||
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Useful life measured as period of time, property, plant and equipment | 3 years | |
Plant and Equipment | Maximum | ||
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Useful life measured as period of time, property, plant and equipment | 10 years | |
Mining Hardware | ||
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Useful life measured as period of time, property, plant and equipment | 5 years | |
Mining Hardware | Minimum | ||
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Useful life measured as period of time, property, plant and equipment | 2 years | |
Mining Hardware | Maximum | ||
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Useful life measured as period of time, property, plant and equipment | 4 years |
Operating segments - Narrative
Operating segments - Narrative (Details) | 12 Months Ended | ||
Jun. 30, 2024 segment mining_pool | Jun. 30, 2023 mining_pool | Jun. 30, 2022 mining_pool | |
Operating segments [Abstract] | |||
Number of operating segment | 8 | ||
Number of reportable segment | 1 | ||
Bitcoin Mining Revenues | |||
Operating segments [Abstract] | |||
Percentage of entity's revenue (as percent) | 98% | 100% | 100% |
Number of bitcoin mining pools | mining_pool | 3 | 2 | 2 |
Operating segments - Geographic
Operating segments - Geographical information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Australia | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 184,087 | $ 81,884 |
North America | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 4,671 | $ 20 |
Operating segments - Geograph_2
Operating segments - Geographical information excluding deferred tax assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Disclosure of operating segments [line items] | ||
Non-current assets | $ 700,647 | $ 242,844 |
Australia | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 658 | 867 |
North America | ||
Disclosure of operating segments [line items] | ||
Non-current assets | $ 699,989 | $ 241,969 |
Other income (Details)
Other income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Analysis of income and expense [abstract] | |||
Net gain on disposal of other assets | $ 0 | $ 3,117 | $ 0 |
ERS revenue | 1,566 | 0 | 0 |
Other | 0 | 20 | 12 |
Other income | $ 1,566 | $ 3,137 | $ 12 |
Depreciation (Details)
Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciations [Abstract] | |||
Depreciation of property, plant and equipment | $ 50,415 | $ 30,636 | $ 7,682 |
Depreciation of right-of-use assets | 235 | 220 | 59 |
Total depreciation | $ 50,650 | $ 30,856 | $ 7,741 |
Other operating expenses (Detai
Other operating expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other operating expenses [Abstract] | |||
Insurance | $ 7,033 | $ 5,687 | $ 5,065 |
Sponsorship and marketing | 2,051 | 716 | 305 |
ERS fees | 94 | 0 | 0 |
Charitable donations | 640 | 164 | 464 |
Legal expenses | 1,797 | 0 | 0 |
Filing fees | 79 | 76 | 462 |
Site identification costs | 0 | 15 | 258 |
Non-refundable sales tax (See Note 18 - Provisions) | 6,276 | 4,972 | 2,469 |
Non-refundable provincial sales tax | 1,408 | 371 | 0 |
Other expenses | 1,707 | 2,277 | 861 |
Total other operating expenses | $ 21,085 | $ 14,278 | $ 9,884 |
Finance expense (Details)
Finance expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finance expense [Abstract] | |||
Interest expense on borrowings | $ 0 | $ 15,213 | $ 5,343 |
Interest expense on hybrid financial instruments | 0 | 0 | 26,748 |
Interest expense on lease liabilities | 253 | 112 | 99 |
Amortization of capitalized borrowing costs | 0 | 1,038 | 2,508 |
Loss on embedded derivatives held at fair value through profit or loss | 0 | 0 | 390,743 |
Total finance expense | $ 253 | $ 16,363 | $ 425,441 |
Income tax expense - Numeric Re
Income tax expense - Numeric Reconciliation Of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerical reconciliation of income tax expense and tax at the statutory rate [Abstract] | |||
Loss before income tax expense | $ (25,502) | $ (169,481) | $ (417,046) |
Tax at the statutory tax rate of 30% (2023: 30%, 2022: 30%) | (7,650) | (50,844) | (125,114) |
Tax effect amounts which are not deductible in calculating taxable income: | |||
Non-deductible/non-allowable items | 8,793 | 4,756 | 128,643 |
Tax effect of tax losses | 1,143 | (46,088) | 3,529 |
Current year tax losses not recognized | 1,207 | 28,349 | 534 |
Recognition of previously unrecognized tax losses | 12 | ||
Recognition of previously unrecognized tax losses | 0 | 1,019 | |
Derecognition of previously recognized tax losses | 860 | 0 | 0 |
Difference in overseas tax rates | (315) | 1,979 | 203 |
Current year temporary differences not recognized | 535 | 0 | 0 |
Prior year tax over/(under) provisions | (296) | (212) | (523) |
Deconsolidation of Non-recourse SPVs | 0 | 18,362 | 0 |
Other | 307 | 0 | 0 |
Income tax expense | $ 3,453 | $ 2,390 | $ 2,724 |
Applicable tax rate (as percent) | 30% | 30% | 30% |
Income tax expense - Current An
Income tax expense - Current And Deferred Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income tax expense | |||
Current tax expense/(benefit) | $ 1,709 | $ (1,013) | $ 672 |
Deferred tax expense | 1,744 | 3,403 | 2,052 |
Income tax expense | $ 3,453 | $ 2,390 | $ 2,724 |
Income tax expense - Unrecogniz
Income tax expense - Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Unrecognized deferred tax assets | |||
Available tax losses | $ 155,608 | $ 136,849 | $ 19,268 |
Tax effect at the applicable tax rate for each jurisdiction | 41,750 | 39,238 | 5,117 |
Deferred tax asset on tax losses recognized to the extent of taxable temporary differences | 19,148 | 10,761 | 3,854 |
Deferred tax asset on losses not recognized | $ 22,602 | $ 28,477 | $ 1,263 |
Income tax expense - Narrative
Income tax expense - Narrative (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Major components of tax expense (income) [abstract] | |
Deductible temporary differences for which no deferred tax asset is recognised | $ 123,987 |
Income tax expense - Recognized
Income tax expense - Recognized Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Deferred tax assets | ||
Deferred tax assets | $ 16,827 | $ 10,556 |
(Charge)/credit to profit or loss | 9,198 | 6,271 |
(Charge)/credit to equity | 0 | |
Deferred tax asset gross | 26,025 | 16,827 |
Offset against deferred tax liabilities | (26,025) | (16,819) |
Deferred tax assets | 0 | 8 |
Deferred tax liabilities | ||
Deferred tax liabilities | 18,184 | 8,510 |
(Charge)/credit to profit or loss | (10,966) | (9,674) |
Deferred tax liabilities | 29,150 | 18,184 |
Offset against deferred tax assets | 26,025 | 16,819 |
Deferred tax liabilities | (3,125) | (1,365) |
Tax losses | ||
Deferred tax assets | ||
Deferred tax assets | 10,761 | 3,854 |
(Charge)/credit to profit or loss | 8,391 | 6,907 |
Deferred tax asset gross | 19,152 | 10,761 |
Employee benefits | ||
Deferred tax assets | ||
Deferred tax assets | (268) | 113 |
(Charge)/credit to profit or loss | 152 | (381) |
Deferred tax asset gross | (116) | (268) |
Property, plant and equipment | ||
Deferred tax assets | ||
Deferred tax assets | 0 | 15 |
(Charge)/credit to profit or loss | 0 | (15) |
Deferred tax asset gross | 0 | 0 |
Deferred tax liabilities | ||
Deferred tax liabilities | 12,118 | 4,692 |
(Charge)/credit to profit or loss | (12,455) | (7,426) |
Deferred tax liabilities | 24,573 | 12,118 |
Unrealized foreign exchange losses | ||
Deferred tax assets | ||
Deferred tax assets | 34 | 725 |
(Charge)/credit to profit or loss | 702 | (691) |
Deferred tax asset gross | 736 | 34 |
Deferred tax liabilities | ||
Deferred tax liabilities | 5,011 | 3,471 |
(Charge)/credit to profit or loss | 2,227 | (1,540) |
Deferred tax liabilities | 2,784 | 5,011 |
Capital raising costs | ||
Deferred tax assets | ||
Deferred tax assets | 3,961 | 4,627 |
(Charge)/credit to profit or loss | (1,701) | (666) |
(Charge)/credit to equity | 0 | |
Deferred tax asset gross | 2,260 | 3,961 |
Other deferred tax assets | ||
Deferred tax assets | ||
Deferred tax assets | 2,339 | 1,222 |
(Charge)/credit to profit or loss | 1,654 | 1,117 |
Deferred tax asset gross | 3,993 | 2,339 |
Other deferred tax liabilities | ||
Deferred tax liabilities | ||
Deferred tax liabilities | 1,055 | 347 |
(Charge)/credit to profit or loss | (738) | (708) |
Deferred tax liabilities | $ 1,793 | $ 1,055 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets [Abstract] | ||||
Cash at bank | $ 304,601 | $ 38,657 | ||
Short-term deposits, classified as cash equivalents | 100,000 | 30,237 | ||
Cash and cash equivalents | $ 404,601 | $ 68,894 | $ 109,970 | $ 38,990 |
Other receivables (Details)
Other receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Current assets [Abstract] | ||
Trade receivable | $ 152 | $ 0 |
Government grant receivable (note 20) | 2,078 | 0 |
Share issuances proceeds receivable | 16,563 | 1,581 |
Provincial sales tax receivable | 0 | 122 |
Interest receivable | 1,472 | 0 |
ERS receivable | 1,128 | 0 |
Other receivable | 130 | 97 |
GST receivable | 7,844 | 4,743 |
Total other receivables | $ 29,367 | $ 6,543 |
Computer hardware prepayments -
Computer hardware prepayments - Non-current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Computer Hardware Prepayments [Abstract] | ||
Mining hardware prepayment | $ 239,841 | $ 68 |
Computer hardware prepayments_2
Computer hardware prepayments - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2024 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2025 USD ($) | Mar. 31, 2025 USD ($) | |
Property, plant and equipment [line items] | ||||||
Computer hardware prepayments | $ 239,841 | $ 68 | ||||
Impairment of assets | 0 | 105,172 | $ 167 | |||
Mining Hardware | ||||||
Property, plant and equipment [line items] | ||||||
Impairment of assets | 12,961 | |||||
Mining Hardware | IE CA 3 Holdings Ltd. | ||||||
Property, plant and equipment [line items] | ||||||
Impairment of assets | 2,381 | |||||
Mining Hardware | Miner Purchase Option With Bitmain S 21 Pro | ||||||
Property, plant and equipment [line items] | ||||||
Impairment of assets | $ 11,301 | |||||
Hashrate operating capacity of Bitmain miners | 30 | 10 | ||||
Mining Hardware | IE CA 3 Holdings Ltd. | ||||||
Property, plant and equipment [line items] | ||||||
Impairment of assets | $ 1,660 | |||||
Bitcoin Mining Hardware | ||||||
Property, plant and equipment [line items] | ||||||
Computer hardware prepayments | 203,783 | |||||
Bitcoin Mining Hardware | Forecast | ||||||
Property, plant and equipment [line items] | ||||||
Expected option deposits expire | $ 13,290 | $ 22,768 | ||||
Bitcoin Mining Hardware, Nonrefundable | ||||||
Property, plant and equipment [line items] | ||||||
Computer hardware prepayments | $ 36,058 | |||||
Non-refundable deposit percentage | 10% |
Prepayments and other assets (D
Prepayments and other assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Current assets | ||
Security deposits | $ 2,101 | $ 2,420 |
Prepayments | 9,787 | 11,373 |
Total current | 11,888 | 13,793 |
Non-current assets | ||
Security deposits | 17,459 | 0 |
Total prepayments and other assets | $ 29,347 | $ 13,793 |
Property, plant and equipment -
Property, plant and equipment - Consolidated (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Non-current assets [Abstract] | |||
Property, plant and equipment | $ 441,371 | $ 241,102 | $ 247,562 |
Land | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 3,601 | 1,803 | 1,836 |
Land | At Cost | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 3,601 | 1,803 | |
Buildings | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 202,305 | 148,058 | 13,082 |
Buildings | At Cost | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 215,542 | 153,100 | |
Buildings | Accumulated Depreciation | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (13,237) | (5,042) | |
Plant and Equipment | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 3,714 | 3,433 | 3,200 |
Plant and Equipment | At Cost | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 4,856 | 4,145 | |
Plant and Equipment | Accumulated Depreciation | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (1,142) | (712) | |
Mining Hardware | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 97,269 | 73,381 | 163,147 |
Mining Hardware | At Cost | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 177,766 | 115,024 | |
Mining Hardware | Accumulated Depreciation | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (54,892) | (15,709) | |
Mining Hardware | Accumulated Impairment | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (25,605) | (25,934) | |
HPC Hardware | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 31,536 | 0 | 0 |
HPC Hardware | At Cost | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 33,315 | 0 | |
HPC Hardware | Accumulated Depreciation | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | (1,779) | 0 | |
Development Assets | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | 102,946 | 14,427 | $ 66,297 |
Development Assets | At Cost | |||
Non-current assets [Abstract] | |||
Property, plant and equipment | $ 102,946 | $ 14,427 |
Property, plant and equipment_2
Property, plant and equipment - Reconciliations of Written Down Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | $ 241,102 | $ 247,562 | |
Additions | 255,365 | 254,669 | |
Deconsolidation of subsidiaries | (90,054) | ||
Disposals | (46) | (39,052) | |
Exchange differences | (4,541) | (9,779) | |
Impairment of assets | (91,608) | ||
Reversal of impairment | 108 | ||
Assets written off | (202) | ||
Transfers in/(out) | 0 | 0 | |
Depreciation expense (note 6) | (50,415) | (30,636) | $ (7,682) |
Property, plant and equipment, ending balance | 441,371 | 241,102 | 247,562 |
Land | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 1,803 | 1,836 | |
Additions | 1,817 | 0 | |
Deconsolidation of subsidiaries | 0 | ||
Disposals | 0 | (6) | |
Exchange differences | (19) | (27) | |
Impairment of assets | 0 | ||
Reversal of impairment | 0 | ||
Assets written off | 0 | ||
Transfers in/(out) | 0 | 0 | |
Depreciation expense (note 6) | 0 | 0 | |
Property, plant and equipment, ending balance | 3,601 | 1,803 | 1,836 |
Buildings | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 148,058 | 13,082 | |
Additions | 3,288 | 22,467 | |
Deconsolidation of subsidiaries | 0 | ||
Disposals | 0 | 0 | |
Exchange differences | (2,706) | 2,852 | |
Impairment of assets | 0 | ||
Reversal of impairment | 0 | ||
Assets written off | 0 | ||
Transfers in/(out) | 62,042 | 113,967 | |
Depreciation expense (note 6) | (8,377) | (4,310) | |
Property, plant and equipment, ending balance | 202,305 | 148,058 | 13,082 |
Plant and Equipment | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 3,433 | 3,200 | |
Additions | 876 | 673 | |
Deconsolidation of subsidiaries | 0 | ||
Disposals | (35) | 0 | |
Exchange differences | (104) | (93) | |
Impairment of assets | 0 | ||
Reversal of impairment | 0 | ||
Assets written off | 0 | ||
Transfers in/(out) | 0 | 0 | |
Depreciation expense (note 6) | (456) | (347) | |
Property, plant and equipment, ending balance | 3,714 | 3,433 | 3,200 |
Mining Hardware | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 73,381 | 163,147 | |
Additions | 65,291 | 163,663 | |
Deconsolidation of subsidiaries | (90,054) | ||
Disposals | (6) | (39,046) | |
Exchange differences | (1,595) | (7,826) | |
Impairment of assets | (90,524) | ||
Reversal of impairment | 0 | ||
Assets written off | 0 | ||
Transfers in/(out) | 0 | 0 | |
Depreciation expense (note 6) | (39,802) | (25,979) | |
Property, plant and equipment, ending balance | 97,269 | 73,381 | 163,147 |
HPC Hardware | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 0 | 0 | |
Additions | 33,685 | 0 | |
Deconsolidation of subsidiaries | 0 | ||
Disposals | 0 | 0 | |
Exchange differences | (369) | 0 | |
Impairment of assets | 0 | ||
Reversal of impairment | 0 | ||
Assets written off | 0 | ||
Transfers in/(out) | 0 | ||
Depreciation expense (note 6) | (1,780) | 0 | |
Property, plant and equipment, ending balance | 31,536 | 0 | 0 |
Development Assets | |||
Reconciliations of Written Down Values of Property, Plant and Equipment [Abstract] | |||
Property, plant and equipment, beginning balance | 14,427 | 66,297 | |
Additions | 150,408 | 67,866 | |
Deconsolidation of subsidiaries | 0 | ||
Disposals | (5) | 0 | |
Exchange differences | 252 | (4,685) | |
Impairment of assets | (1,084) | ||
Reversal of impairment | 108 | ||
Assets written off | (202) | ||
Transfers in/(out) | (62,042) | (113,967) | |
Depreciation expense (note 6) | 0 | 0 | |
Property, plant and equipment, ending balance | $ 102,946 | $ 14,427 | $ 66,297 |
Property, plant and equipment_3
Property, plant and equipment - Narrative (Details) - Mining Hardware $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2024 | Jun. 30, 2024 USD ($) | Jun. 30, 2023 | |
Property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 5 years | ||
Fair value of asset | $ 16,770 | ||
Miner Purchase Option With Bitmain S 21 Pro | |||
Property, plant and equipment [line items] | |||
Hashrate operating capacity of Bitmain miners | 30 | 10 | |
Maximum | |||
Property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 4 years |
Property, plant and equipment_4
Property, plant and equipment - Changes on Actual and Expected Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2027 | Jun. 30, 2026 | Jun. 30, 2025 | Jun. 30, 2024 | |
Property, plant and equipment [line items] | ||||
Increase / (decrease) in depreciation expenses | $ 11,568 | |||
Forecast | ||||
Property, plant and equipment [line items] | ||||
Increase / (decrease) in depreciation expenses | $ (8,818) | $ (21,037) | $ 1,712 |
Right-of-use assets - Informati
Right-of-use assets - Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Non-current assets | |||
Right-of-use assets | $ 1,549 | $ 1,374 | |
Land and buildings | |||
Non-current assets | |||
Right-of-use assets | 1,549 | 1,374 | $ 1,253 |
Land and buildings | Gross Carrying Amount | |||
Non-current assets | |||
Right-of-use assets | 2,054 | 1,649 | |
Land and buildings | Accumulated Depreciation | |||
Non-current assets | |||
Right-of-use assets | $ (505) | $ (275) |
Right-of-use assets - Reconcili
Right-of-use assets - Reconciliations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Right-of-use assets [abstract] | |||
Balance at beginning of the period | $ 1,374 | ||
Additions | 347 | $ 373 | $ 298 |
Depreciation (note 6) | (235) | (220) | (59) |
Balance at Ending of the period | 1,549 | 1,374 | |
Land and buildings | |||
Right-of-use assets [abstract] | |||
Balance at beginning of the period | 1,374 | 1,253 | |
Additions | 347 | 373 | |
Disposals | 0 | 0 | |
Lease modification | 102 | ||
Exchange differences | (39) | (32) | |
Impairment of assets | 0 | 0 | |
Depreciation (note 6) | (235) | (220) | |
Balance at Ending of the period | $ 1,549 | $ 1,374 | $ 1,253 |
Right-of-use assets - Narrative
Right-of-use assets - Narrative (Details) | 12 Months Ended |
Jun. 30, 2024 | |
Site | Prince George, British Columbia, Canada | |
Right-of-use assets [abstract] | |
Lease term | 30 years |
Corporate Office | Sydney, Australia | |
Right-of-use assets [abstract] | |
Lease term | 3 years |
Corporate Office | Vancouver, British Columbia, Canada | |
Right-of-use assets [abstract] | |
Lease term | 5 years |
Goodwill and impairment - Infor
Goodwill and impairment - Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Non-current assets | ||
Goodwill | $ 0 | $ 0 |
At Cost | ||
Non-current assets | ||
Goodwill | 598 | 617 |
Impairment | ||
Non-current assets | ||
Goodwill | $ (598) | $ (617) |
Goodwill and impairment - Recon
Goodwill and impairment - Reconciliations of Impairment of Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of impairment loss and reversal of impairment loss [abstract] | |||
Goodwill | $ 0 | $ 603 | |
Development assets | 0 | 1,084 | |
Impairment of assets | 0 | 105,172 | $ 167 |
Non-Recourse SPVs | |||
Disclosure of impairment loss and reversal of impairment loss [abstract] | |||
Mining hardware | 0 | 64,824 | |
Mining hardware prepayments | 0 | 1,660 | |
Mining Hardware | |||
Disclosure of impairment loss and reversal of impairment loss [abstract] | |||
Mining hardware | 0 | 25,700 | |
Mining hardware prepayments | $ 0 | 11,301 | |
Impairment of assets | $ 12,961 |
Lease liabilities (Details)
Lease liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Current liabilities | ||
Current lease liabilities | $ 214 | $ 192 |
Non-current liabilities [abstract] | ||
Lease liabilities | 1,441 | 1,256 |
Total lease liabilities | $ 1,655 | $ 1,448 |
Lease liabilities - Narrative (
Lease liabilities - Narrative (Details) - Lease liabilities | 12 Months Ended |
Jun. 30, 2024 | |
Prince George, British Columbia, Canada | |
Borrowings [Abstract] | |
Lease term | 30 years |
Sydney, Australia | |
Borrowings [Abstract] | |
Lease term | 3 years |
Vancouver, British Columbia, Canada | |
Borrowings [Abstract] | |
Lease term | 5 years |
Lease liabilities - Reconciliat
Lease liabilities - Reconciliation of Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Borrowings and Lease Liabilities Reconciliation [Roll Forward] | ||
Balance at beginning of the period | $ 1,448 | $ 1,267 |
Additions | 344 | 390 |
Modifications | 101 | |
Lease charges | (398) | (332) |
Finance charges | 194 | 166 |
Exchange differences | (34) | (42) |
Balance at ending of the period | 1,655 | $ 1,448 |
Current portion | 214 | |
Non-current portion | $ 1,441 |
Provisions (Details)
Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Current liabilities [Abstract] | ||
Non-refundable sales tax and other provisions | $ 13,375 | $ 6,172 |
North-America | ||
Current liabilities [Abstract] | ||
Percentage of GST required to remit | 5% | |
Percentage of GST on exported services |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Current liabilities [Abstract] | ||
Trade payables | $ 27,346 | $ 11,544 |
Employment tax payables | 367 | 2,207 |
Accrued expenses | 4,406 | 2,893 |
Total trade and other payables | $ 32,119 | $ 16,644 |
Deferred revenue (Details)
Deferred revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Deferred revenue | $ 2,558 | $ 0 |
British Columbia ("B.C.") Affordability Credit | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Deferred revenue | 2,078 | 0 |
AI cloud service revenue | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Deferred revenue | $ 480 | $ 0 |
Issued capital - Ordinary share
Issued capital - Ordinary shares (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 |
Issued capital [abstract] | |||
Issued capital | $ 1,764,289 | $ 965,857 | |
Issued capital | |||
Issued capital [abstract] | |||
Number of shares outstanding (in shares) | 186,367,686 | 64,747,477 | 53,028,867 |
Issued capital | $ 1,764,289 | $ 965,857 | $ 926,581 |
Issued capital - Movements in O
Issued capital - Movements in Ordinary Share Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Issued capital [Abstract] | |||
Balance | $ 965,857 | ||
Shares issued for services | (319) | $ 0 | $ 0 |
Balance | $ 1,764,289 | $ 965,857 | |
Issued capital | |||
Number of shares [Abstract] | |||
Balance (in shares) | 64,747,477 | 53,028,867 | |
Shares issued under Committed Equity Facility (in shares) | 12,887,814 | 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 | ||
Shares issued under ATM Facility Facility (in shares) | 108,063,868 | ||
Share based payment - third party issuance (in shares) | 106,687 | ||
Share based payment - employees (in shares) | 561,840 | ||
Capital raise costs, net of tax (in shares) | 0 | ||
Balance (in shares) | 186,367,686 | 64,747,477 | 53,028,867 |
Issued capital [Abstract] | |||
Balance | $ 965,857 | $ 926,581 | |
Shares issued under Committed Equity Facility | 51,417 | 39,939 | |
Unpaid shares issued under Committed Equity Facility | 1,642 | ||
Shares issued for services | 500 | ||
Equity settled share-based payments | 15 | ||
Shares issued under ATM Facility | 771,438 | ||
Shares issued for services | 319 | ||
Share based payment - employees | 1,397 | ||
Capital raise costs, net of tax | (26,139) | (2,820) | |
Balance | $ 1,764,289 | $ 965,857 | $ 926,581 |
Issued capital - Narrative (Det
Issued capital - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | May 15, 2024 | Mar. 21, 2024 | Sep. 13, 2023 | Sep. 23, 2022 | Jun. 30, 2022 | |
Issued capital | |||||||||
At-The-Market Facility [Abstract] | |||||||||
Shares issued under ATM Facility Facility (in shares) | 108,063,868 | ||||||||
Shares issued under ATM Facility | $ 771,438,000 | ||||||||
Committed Equity Facility [Abstract] | |||||||||
Increase (decrease) in number of shares issued | 12,887,814 | 11,089,357 | |||||||
Share based payment transactions under committed equity facility | $ 51,417,000 | $ 39,939,000 | |||||||
Loan-funded shares [Abstract] | |||||||||
Number of shares outstanding (in shares) | 186,367,686 | 64,747,477 | 53,028,867 | ||||||
Issued capital | Subsequent Events [Member] | |||||||||
At-The-Market Facility [Abstract] | |||||||||
Shares issued under ATM Facility | $ 5,191,000 | ||||||||
Additional shares issued (in shares) | 463,089 | ||||||||
Ordinary shares | |||||||||
Ordinary shares [Abstract] | |||||||||
Par value per share | $ 0 | ||||||||
Loan-funded shares [Abstract] | |||||||||
Number of restricted shares issued (in shares) | 1,496,768 | 1,954,049 | |||||||
Number of shares outstanding (in shares) | 187,864,454 | 66,701,526 | |||||||
B. Riley Principal Capital II, LLC | Ordinary shares | Offerings At The Market | |||||||||
At-The-Market Facility [Abstract] | |||||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 500,000,000 | $ 500,000,000 | $ 300,000,000 | ||||||
Term of option agreement to sell ordinary shares | 36 months | ||||||||
Value of shares increased to be issued under share sale option agreement | 200,000,000 | ||||||||
Committed Equity Facility [Abstract] | |||||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 500,000,000 | $ 500,000,000 | 300,000,000 | ||||||
Term of option agreement to sell ordinary shares | 36 months | ||||||||
B. Riley Principal Capital II, LLC | Ordinary shares | Committed Equity Facility | |||||||||
At-The-Market Facility [Abstract] | |||||||||
Term of option agreement to sell ordinary shares | 2 years | ||||||||
Committed Equity Facility [Abstract] | |||||||||
Term of option agreement to sell ordinary shares | 2 years | ||||||||
B. Riley Principal Capital II, LLC | Ordinary shares | Committed Equity Facility | Maximum | |||||||||
At-The-Market Facility [Abstract] | |||||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 100,000,000 | ||||||||
Committed Equity Facility [Abstract] | |||||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 100,000,000 | ||||||||
B. Riley Principal Capital II, LLC | Ordinary shares | Equity offerings at the market | Maximum | |||||||||
At-The-Market Facility [Abstract] | |||||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | 300,000,000 | ||||||||
Committed Equity Facility [Abstract] | |||||||||
Maximum value of shares to be issued under share sale option agreement (in shares) | $ 300,000,000 |
Dividends (Details)
Dividends (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Dividends [Abstract] | ||
Dividends paid, ordinary shares | $ 0 | $ 0 |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 0 | $ 0 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | |||
Loss after income tax | $ (28,955) | $ (171,871) | $ (419,770) |
Weighted average number of shares used in calculating basic earnings per share (in shares) | 99,640,920 | 54,775,571 | 40,941,074 |
Weighted average number of shares used in calculating diluted earnings per share (in shares) | 99,640,920 | 54,775,571 | 40,941,074 |
Basic earnings per share (in dollars per share) | $ (0.29) | $ (3.14) | $ (10.25) |
Diluted earnings per share (in dollars per share) | $ (0.29) | $ (3.14) | $ (10.25) |
Financial instruments - Foreign
Financial instruments - Foreign Currency Risk and Interest Rate Risk (Details) - Currency risk - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Financial assets and liabilities [Abstract] | ||
Financial assets | $ 554,766 | $ 221,437 |
Financial liabilities | 57,985 | 70,009 |
US Dollars | ||
Financial assets and liabilities [Abstract] | ||
Financial assets | 442,127 | 96,888 |
Financial liabilities | 56,720 | 32,619 |
Canadian Dollars | ||
Financial assets and liabilities [Abstract] | ||
Financial assets | 112,639 | 124,549 |
Financial liabilities | $ 1,265 | $ 37,390 |
Financial instruments - Sensiti
Financial instruments - Sensitivity Analysis (Details) - Currency risk $ in Thousands | 12 Months Ended |
Jun. 30, 2024 USD ($) | |
US Dollars | 10% Strengthened | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | $ 45,350 |
Strengthened / weakened, effect on equity | 45,350 |
US Dollars | 10% Weakened | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (55,427) |
Strengthened / weakened, effect on equity | (55,427) |
Canadian Dollars | 10% Strengthened | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | 18,115 |
Strengthened / weakened, effect on equity | 18,115 |
Canadian Dollars | 10% Weakened | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (18,251) |
Strengthened / weakened, effect on equity | (18,251) |
Australia, Dollars | 10% Strengthened | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | (62,606) |
Strengthened / weakened, effect on equity | (62,606) |
Australia, Dollars | 10% Weakened | |
Sensitivity analysis [Abstract] | |
Strengthened / weakened, effect on profit before tax | 76,179 |
Strengthened / weakened, effect on equity | $ 76,179 |
Financial instruments - Price R
Financial instruments - Price Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Price Risk | ||
Disclosure of credit risk exposure [abstract] | ||
Bitcoin held | $ 0 | $ 0 |
Financial instruments - Interes
Financial instruments - Interest Rate Risk (Details) - Interest rate risk $ in Thousands | Jun. 30, 2024 USD ($) |
100 bp increase | |
Disclosure of detailed information about financial instruments [line items] | |
Cash flow sensitivity (net) | $ 1,322 |
100 bp increase | Term deposit | |
Disclosure of detailed information about financial instruments [line items] | |
Cash flow sensitivity (net) | 425 |
100 bp increase | Remunerated bank account | |
Disclosure of detailed information about financial instruments [line items] | |
Cash flow sensitivity (net) | 897 |
100 bp decrease | |
Disclosure of detailed information about financial instruments [line items] | |
Cash flow sensitivity (net) | (1,322) |
100 bp decrease | Term deposit | |
Disclosure of detailed information about financial instruments [line items] | |
Cash flow sensitivity (net) | (425) |
100 bp decrease | Remunerated bank account | |
Disclosure of detailed information about financial instruments [line items] | |
Cash flow sensitivity (net) | $ (897) |
Financial Instruments - Liquidi
Financial Instruments - Liquidity Risk Contractual Maturities (Details) - Liquidity Risk - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | $ 28,797 | $ 16,918 |
Trade and other payables | ||
Remaining contractual maturities [Abstract] | ||
Weighted average contractual interest rate | 0% | 0% |
Total non-derivatives | $ 24,780 | $ 13,541 |
Lease liabilities | ||
Remaining contractual maturities [Abstract] | ||
Weighted average contractual interest rate | 0% | 0% |
Total non-derivatives | $ 4,017 | $ 3,377 |
Not later than one year | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 25,151 | 13,876 |
Not later than one year | Trade and other payables | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 24,780 | 13,541 |
Not later than one year | Lease liabilities | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 371 | 335 |
Later than one year and not later than two years | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 261 | 326 |
Later than one year and not later than two years | Trade and other payables | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 0 | 0 |
Later than one year and not later than two years | Lease liabilities | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 261 | 326 |
Later than two years and not later than five years | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 516 | 446 |
Later than two years and not later than five years | Trade and other payables | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 0 | 0 |
Later than two years and not later than five years | Lease liabilities | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 516 | 446 |
Later than five years | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 2,869 | 2,270 |
Later than five years | Trade and other payables | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | 0 | 0 |
Later than five years | Lease liabilities | ||
Remaining contractual maturities [Abstract] | ||
Total non-derivatives | $ 2,869 | $ 2,270 |
Financial Instruments - Liqui_2
Financial Instruments - Liquidity Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Current assets | |||
Electricity financial asset | $ 6,530 | $ 0 | $ 0 |
Reconciliation of the fair values at the beginning and end of the current and previous financial period are set out below: | |||
Opening fair value | 0 | 0 | |
Additions | 28,332 | 0 | |
Financial asset realized | (18,354) | 0 | |
Unrealized loss | (3,448) | 0 | 0 |
Closing fair value | $ 6,530 | $ 0 | $ 0 |
Fair value measurement (Details
Fair value measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of fair value measurement of assets [abstract] | ||
Transfers into Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 |
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 |
Commitments - Narrative (Detail
Commitments - Narrative (Details) - Amounts Payable within 12 Months of Balance Date - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Contractual capital commitments | $ 194,641 | $ 7,481 |
Mining Hardware | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Contractual capital commitments | $ 116,982 | $ 0 |
Commitments - Committed Amounts
Commitments - Committed Amounts Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 30, 2023 |
Amounts Payable within 12 Months of Balance Date | ||
Committed Amounts Payable [Abstract] | ||
Contractual capital commitments | $ 194,641 | $ 7,481 |
Amounts Payable within 12 Months of Balance Date | Other Commitments | ||
Committed Amounts Payable [Abstract] | ||
Contractual capital commitments | 77,659 | 7,481 |
Amounts Payable within 12 Months of Balance Date | Mining Hardware | ||
Committed Amounts Payable [Abstract] | ||
Contractual capital commitments | 116,982 | 0 |
Amounts Payable After 12 Months of Balance Date | Other Commitments | ||
Committed Amounts Payable [Abstract] | ||
Contractual capital commitments | 0 | 0 |
Amounts Payable After 12 Months of Balance Date | Mining Hardware | ||
Committed Amounts Payable [Abstract] | ||
Contractual capital commitments | $ 0 | $ 0 |
Interests in subsidiaries (Deta
Interests in subsidiaries (Details) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Iris Energy Custodian Pty Ltd | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | Iris Energy Custodian Pty Ltd | |
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Iris Energy Holdings Pty Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | Iris Energy Holdings Pty Ltd | |
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interest in subsidiary | 100% | 100% |
SA 1 Holdings Pty Ltd | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | SA 1 Holdings Pty Ltd | |
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interest in subsidiary | 100% | 100% |
SA 2 Holdings Pty Ltd | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | SA 2 Holdings Pty Ltd | |
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interest in subsidiary | 100% | 100% |
TAS 1 Holdings Pty Ltd | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | TAS 1 Holdings Pty Ltd | |
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interest in subsidiary | 100% | 100% |
Podtech Data Centers Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | Podtech Data Centers Inc. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Compute Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Compute Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 0% |
IE CA Leasing Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Leasing Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 0% |
IE CA 1 Holdings Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA 1 Holdings Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA 2 Holdings Ltd. [Member] | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA 2 Holdings Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA 5 Holdings Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA 5 Holdings Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Development Holdings Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Development Holdings Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Development Holdings 2 Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Development Holdings 2 Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Development Holdings 3 Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Development Holdings 3 Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Development Holdings 4 Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Development Holdings 4 Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Development Holdings 5 Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Development Holdings 5 Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE CA Development Holdings 7 Ltd. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE CA Development Holdings 7 Ltd. | |
Country of incorporation of subsidiary | Canada | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US 1, Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US 1, Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Holdings Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Holdings Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Development Holdings 1 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Development Holdings 1 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Development Holdings 3 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Development Holdings 3 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Development Holdings 4 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Development Holdings 4 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Development Holdings 5 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Development Holdings 5 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Development Holdings 6 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Development Holdings 6 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 0% |
IE US Hardware 1 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Hardware 1 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Hardware 3 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Hardware 3 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Hardware 4 Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Hardware 4 Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
IE US Operations Inc. | ||
List of Subsidiary Companies [Abstract] | ||
Name of subsidiary | IE US Operations Inc. | |
Country of incorporation of subsidiary | United States of America | |
Proportion of ownership interest in subsidiary | 100% | 100% |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of loss after income tax to net cash from/(used in) operating activities [Abstract] | |||
Loss after income tax expense for the year | $ (28,955) | $ (171,871) | $ (419,770) |
Adjustments for: | |||
Depreciation | 50,650 | 30,856 | 7,741 |
Capital raising costs | 0 | 0 | 4,212 |
Impairment of assets | 0 | 105,172 | 167 |
Reversal of impairment of assets | (108) | 0 | 0 |
Other income | 0 | (3,137) | 0 |
Gain on disposal of subsidiaries | 0 | (3,258) | 0 |
Gain/(loss) on disposal of property, plant and equipment | (43) | 6,628 | (12) |
Foreign exchange loss/(gain) | (3,540) | 5,055 | (8,889) |
Loss on embedded derivatives held at fair value through profit or loss | 0 | 0 | 390,743 |
Accrued interest | 0 | 11,223 | 26,748 |
Amortization of capitalized borrowing costs | 0 | 1,038 | 2,508 |
Share-based payment expense | 23,636 | 14,356 | 13,896 |
Realized gain on financial asset | (4,121) | 0 | 0 |
Unrealized loss on financial asset | 3,448 | 0 | 0 |
Change in operating assets and liabilities: | |||
Decrease/(increase) in other receivables | (5,588) | 17,641 | (72) |
Increase in deferred tax assets | 0 | (6,271) | (9,645) |
Increase/(decrease) in trade and other payables | 2,869 | (5,800) | 6,476 |
Increase/(decrease) in provision for income tax | 1,357 | (1,172) | 671 |
Increase in deferred tax liabilities | 0 | 9,674 | 6,892 |
Increase/(decrease) in employee benefits | 409 | (1,175) | 2,026 |
Increase in other provisions | 7,203 | 3,703 | 2,469 |
Increase in deferred revenue | 2,558 | 0 | 0 |
Increase for prepayments and deposits | 2,941 | (6,617) | (4,604) |
Net cash from operating activities | $ 52,716 | $ 6,045 | $ 21,557 |
Non-cash investing and financ_3
Non-cash investing and financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | |
Non-cash investing and financing activities [Abstract] | |||
Mining hardware finance additional fee payable in cash or equity | $ 0 | $ 0 | $ (1,424) |
Mining hardware finance prepayments made directly by third party financier | 0 | (3,420) | (37,980) |
Additions to right of use assets | 347 | 373 | 298 |
Share issuance proceeds under Committed Equity Facility | 0 | 1,642 | 0 |
Realized gain on financial asset | 4,121 | 0 | 0 |
ATM agent fees | 23,143 | 0 | 0 |
Shares issued for services | 319 | 0 | 0 |
Total non-cash investing and financing activities | $ 27,930 | $ (1,405) | $ (39,106) |
Share-based payments - Employee
Share-based payments - Employee Share Plan (Details) | 12 Months Ended |
Jun. 30, 2024 tranche | |
Employee Share Plan [Abstract] | |
Number of tranches | 3 |
Maximum | |
Employee Share Plan [Abstract] | |
Term of limited recourse loan | 9 years 11 months |
Share-based payments - 2021 Exe
Share-based payments - 2021 Executive Director Liquidity and Price Target Options (Details) - 2021 Executive Director Liquidity and Price Target Options | 12 Months Ended | ||
Jan. 20, 2021 shares $ / shares | Jan. 20, 2021 shares $ / shares | Jun. 30, 2024 | |
Share-based payments [Abstract] | |||
Expiration date of share based payment arrangement grants | Dec. 20, 2025 | ||
Entities Controlled by Daniel Roberts | |||
Share-based payments [Abstract] | |||
Granted during the year (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 | |||
Share-based payments [Abstract] | |||
Granted during the year (in shares) | 1,000,000 | 1,000,000 | |
Exercise price (in dollars per share) | (per share) | $ 3.868 | $ 5.005 |
Share-based payments - $75 Exer
Share-based payments - $75 Exercise Price Options (Details) | 12 Months Ended | |
Sep. 14, 2021 shares $ / shares | Jun. 30, 2024 shares tranche $ / shares | |
Share-based payments [Abstract] | ||
Number of tranches | tranche | 3 | |
$75 Exercise Price Options | ||
Share-based payments [Abstract] | ||
Exercise price (in dollars per share) | $ / shares | $ 75 | |
Contractual exercise period | 12 years | |
Number of tranches | tranche | 4 | |
Number of share outstanding (in shares) | shares | 24,195,092 | |
$75 Exercise Price Options | Entities Controlled by Daniel Roberts | ||
Share-based payments [Abstract] | ||
Granted during the year (in shares) | shares | 2,400,000 | |
Exercise price (in dollars per share) | $ / shares | $ 75 | |
$75 Exercise Price Options | Entities Controlled by William Roberts | ||
Share-based payments [Abstract] | ||
Granted during the year (in shares) | shares | 2,400,000 | |
Exercise price (in dollars per share) | $ / shares | $ 75 | |
$75 Exercise Price Options | Tranche One | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ / shares | $ 370 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options | Tranche Two | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ / shares | $ 650 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options | Tranche Three | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ / shares | $ 925 | |
Number of share options expected to vest (in shares) | shares | 600,000 | |
$75 Exercise Price Options | Tranche Four | ||
Share-based payments [Abstract] | ||
Number of trading days | 20 days | |
Volume weighted average market price (in dollars per share) | $ / shares | $ 1,850 | |
Number of share options expected to vest (in shares) | shares | 600,000 |
Share-based payments - Long-Ter
Share-based payments - Long-Term Incentive Plan Restricted Stock Units (Details) | 12 Months Ended | |
Jun. 30, 2024 shares tranche | Jun. 30, 2023 shares tranche $ / shares | |
Share-based payments [Abstract] | ||
Number of tranches | tranche | 3 | |
2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | ||
Share-based payments [Abstract] | ||
Number of tranches | tranche | 2 | |
Vesting period | 3 years 3 months | |
Percentage of grants vested | 50% | |
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% | |
Number of RSUs granted (in shares) | 0 | |
Volume weighted average market price (in dollars per share) | $ / shares | $ 28 | |
Number of trading days | 10 days | |
Number of consecutive trading days | 15 days | |
2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | Tranche One | ||
Share-based payments [Abstract] | ||
Vesting period | 3 years | |
2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | Tranche Two | ||
Share-based payments [Abstract] | ||
Vesting period | 4 years | |
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | ||
Share-based payments [Abstract] | ||
Number of tranches | tranche | 3 | |
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | Tranche One | Time Based Vesting Conditions | ||
Share-based payments [Abstract] | ||
Vesting period | 1 year | |
Number of RSUs issued (in shares) | 809,883 | |
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | Tranche Two | Time Based Vesting Conditions | ||
Share-based payments [Abstract] | ||
Vesting period | 2 years | |
Number of RSUs issued (in shares) | 809,883 | |
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | Tranche One And Two | Time Based Vesting Conditions | ||
Share-based payments [Abstract] | ||
Number of tranches | tranche | 2 | |
2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | Tranche Three | Performance Based Vesting Conditions | ||
Share-based payments [Abstract] | ||
Vesting period | 3 years | |
Number of RSUs issued (in shares) | 1,574,725 | |
Daniel Roberts | 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | ||
Share-based payments [Abstract] | ||
Number of tranches | tranche | 3 | |
Number of RSUs granted (in shares) | 305,630 | |
Number of RSUs vested (in shares) | 713,166 | |
William Roberts | 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | ||
Share-based payments [Abstract] | ||
Number of tranches | tranche | 3 | |
Number of RSUs granted (in shares) | 305,630 | |
Number of RSUs vested (in shares) | 713,166 | |
Non-Executive Director | 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | ||
Share-based payments [Abstract] | ||
Vesting period | 10 days | |
Number of RSUs vested (in shares) | 108,559 | |
Non-Executive Director | 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | ||
Share-based payments [Abstract] | ||
Vesting period | 10 days | |
Number of RSUs vested (in shares) | 120,303 | |
Key Management Personnel | 2022 Long-Term Incentive Plan Restricted Stock Units ("2022 LTIP") | ||
Share-based payments [Abstract] | ||
Number of RSUs issued (in shares) | 1,594,215 | |
Key Management Personnel | 2023 Long-Term Incentive Plan Restricted Stock Units ("2023 LTIP") | ||
Share-based payments [Abstract] | ||
Number of RSUs issued (in shares) | 3,194,491 |
Share-based payments - Reconcil
Share-based payments - Reconciliation of Outstanding Share Options (Details) - Share Options | 12 Months Ended | |
Jun. 30, 2024 shares $ / shares | Jun. 30, 2023 shares $ / shares | |
Number of options | ||
Outstanding at beginning of year (in shares) | shares | 8,906,839 | 9,010,547 |
Granted during the year (in shares) | shares | 34,454 | 0 |
Forfeited during the year (in shares) | shares | 0 | (103,708) |
Exercised during the period (in shares) | shares | (457,282) | 0 |
Outstanding at end of year (in shares) | shares | 8,484,011 | 8,906,839 |
Exercisable at end of year (in shares) | shares | 3,332,076 | 3,485,302 |
Weighted average exercise price | ||
Outstanding at beginning of year (in dollars per share) | $ 41.93 | $ 41.67 |
Granted during the year (in dollars per share) | 13.47 | 0 |
Weighted average exercise price of share options forfeited in share-based payment arrangement | 0 | 20.03 |
Weighted average exercise price of share options exercised in share-based payment arrangement | 1.89 | 0 |
Outstanding at end of year (in dollars per share) | 43.97 | 41.93 |
Exercisable at end of year (in dollars per share) | $ 3.01 | $ 2.97 |
Weighted average remaining contractual life | 6 years 6 months 21 days | 7 years 6 months 25 days |
Weighted average share price at date of exercise (in dollars per share) | $ 9.27 | |
Minimum | ||
Weighted average exercise price | ||
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 | ||
Weighted average exercise price | ||
Outstanding at beginning of year (in dollars per share) | 75 | |
Outstanding at end of year (in dollars per share) | $ 75 | $ 75 |
Share-based payments - Reconc_2
Share-based payments - Reconciliation of Outstanding RSUs (Details) - Restricted Share Units | 12 Months Ended | |
Jun. 30, 2024 shares $ / shares | Jun. 30, 2023 shares $ / shares | |
Number of RSUs | ||
Outstanding at beginning of year (in shares) | 3,623,867 | 0 |
Number of RSUs granted (in shares) | 3,314,794 | 3,740,366 |
Forfeited during the year (in shares) | (221,455) | (112,499) |
Exercised during the period (in shares) | (104,559) | (4,000) |
Outstanding at end of year (in dollars per share) | 6,612,647 | 3,623,867 |
Number of other equity instruments exercisable in share-based payment arrangement | 0 | 0 |
Weighted average remaining contractual life of RSUs outstanding | 2 years 9 months 3 days | |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $ / shares | $ 0 | $ 0 |
Share-based payments - Measurin
Share-based payments - Measuring Fair Value of Arrangements Granted (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2024 USD ($) shares $ / shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Fair Value of Arrangements Granted | |||
Expense from share-based payment transactions | $ | $ 23,636 | $ 14,356 | $ 13,896 |
Long Term Incentive Plan Date 1 July 2022, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 3 years 8 months 26 days | ||
Exercise price, share options granted | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.73 | ||
Granted during the year (in shares) | shares | 1,109,500 | ||
Long Term Incentive Plan Date 1 July 2022, TSR RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 120% | ||
Risk free interest rate, share options granted | 3% | ||
Weighted average expected life | 3 years 3 months | ||
Exercise price, share options granted | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.22 | ||
Granted during the year (in shares) | shares | 138,189 | ||
Vesting period | 3 years 3 months | ||
Long Term Incentive Plan Date 1 July 2022, TSR RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 120% | ||
Risk free interest rate, share options granted | 3.25% | ||
Weighted average expected life | 4 years 3 months | ||
Exercise price, share options granted | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.38 | ||
Granted during the year (in shares) | shares | 138,189 | ||
Vesting period | 4 years 3 months | ||
Long Term Incentive Plan Date 1 July 2022, Share Price Target RSU | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 120% | ||
Risk free interest rate, share options granted | 3.60% | ||
Weighted average expected life | 15 years | ||
Exercise price, share options granted | $ 3.73 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.72 | ||
Granted during the year (in shares) | shares | 611,260 | ||
Long Term Incentive Plan Date 22 December 2022, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 1 year | ||
Exercise price, share options granted | $ 1.13 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.13 | ||
Granted during the year (in shares) | shares | 104,559 | ||
Long Term Incentive Plan Date 11 January 2023, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 3 years 9 months | ||
Exercise price, share options granted | $ 1.53 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.53 | ||
Granted during the year (in shares) | shares | 169,870 | ||
Long Term Incentive Plan Date 11 January 2023, TSR RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 120% | ||
Risk free interest rate, share options granted | 3.25% | ||
Weighted average expected life | 3 years 9 months | ||
Exercise price, share options granted | $ 1.53 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 1.32 | ||
Granted during the year (in shares) | shares | 42,467 | ||
Long Term Incentive Plan Date 19 June 2023, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 2 years | ||
Exercise price, share options granted | $ 3.42 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 3.42 | ||
Granted during the year (in shares) | shares | 1,426,332 | ||
Long Term Incentive Plan Date 1 July 2023, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 2 years | ||
Exercise price, share options granted | $ 4.66 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 4.66 | ||
Granted during the year (in shares) | shares | 1,676,083 | ||
Long Term Incentive Plan Date 1 July 2023, TSR RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 4.39% | ||
Weighted average expected life | 3 years | ||
Exercise price, share options granted | $ 4.66 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 2.40 | ||
Granted during the year (in shares) | shares | 1,534,598 | ||
Long Term Incentive Plan Date 17 July 2023, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 1 year | ||
Exercise price, share options granted | $ 7.14 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 7.14 | ||
Granted during the year (in shares) | shares | 18,908 | ||
Long Term Incentive Plan Date 13 January 2024, Service RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 0% | ||
Weighted average expected life | 2 years | ||
Exercise price, share options granted | $ 5.15 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 5.15 | ||
Granted during the year (in shares) | shares | 45,078 | ||
Long Term Incentive Plan Date 13 January 2024, TSR RSUs | |||
Fair Value of Arrangements Granted | |||
Expected dividend as percentage, share options granted | 0% | ||
Expected volatility, share options granted | 0% | ||
Risk free interest rate, share options granted | 3.85% | ||
Weighted average expected life | 3 years | ||
Exercise price, share options granted | $ 5.15 | ||
Exercise price (in dollars per share) | 0 | ||
Weighted average of fair value (in dollars per share) | $ 2.98 | ||
Granted during the year (in shares) | shares | 40,127 |
Related party transactions (Det
Related party transactions (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Outstanding balances for related party transactions [abstract] | ||
Transactions with related parties | $ 0 | $ 0 |
Receivables due from related parties | 0 | 0 |
Payables to related parties | 0 | 0 |
Loans from related parties | 0 | 0 |
Amounts payable, related party transactions | $ 0 | $ 0 |
Key management personnel disc_3
Key management personnel disclosures - Directors and Key Management (Details) | 12 Months Ended | |
Aug. 18, 2021 miner $ / shares shares | Jun. 30, 2024 | |
Class B Shares | ||
Significant transactions with key management personnel [Abstract] | ||
Number of holder votes | miner | 15 | |
Number of years company's ordinary shares are first listed on a recognized stock exchange | 12 years | |
Entities Controlled by Daniel Roberts | Class B Shares | ||
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 | Class B Shares | ||
Significant transactions with key management personnel [Abstract] | ||
Shares issued (in shares) | shares | 1 | |
Share price (in dollars per share) | $ / shares | $ 1 | |
Daniel Roberts | Directors [Member] | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Nov. 06, 2018 | |
William Roberts | 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. 17, 2023 | |
David Shaw [Member] | Key Management Personnel | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | Oct. 22, 2021 | |
Belinda Nucifora [Member] | Key Management Personnel | ||
Directors and key management personnel [Abstract] | ||
Date of Commencement | May 16, 2022 | |
Cesilia Kim [Member] | Key Management Personnel | ||
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, 2024 | Jun. 30, 2023 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | ||
Short-term employee benefits | $ 8,137,249 | $ 7,967,322 |
Post-employment benefits | 86,515 | 66,830 |
Share-based payments | 21,571,999 | 13,905,489 |
Total KMP compensation | $ 29,795,763 | $ 21,939,641 |
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, 2024 shares $ / shares | Jun. 30, 2023 shares $ / shares | |
Number of Options and RSUs [Abstract] | ||
Outstanding at beginning of year (in shares) | shares | 10,008,224 | 6,973,516 |
Granted during the year (in shares) | shares | 2,564,809 | 3,070,379 |
Forfeited during the year (in shares) | shares | 0 | (31,671) |
Exercised during the period (in shares) | shares | (104,559) | (4,000) |
Outstanding at end of year (in shares) | shares | 12,468,474 | 10,008,224 |
Exercisable at end of year (in shares) | shares | 2,017,021 | 2,017,021 |
Weighted average exercise price | ||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 37.84 | $ 53.16 |
Granted during the year (in dollars per share) | $ / shares | 0 | 2.97 |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ / shares | 0 | 36.45 |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | 0 | 0 |
Outstanding at end of year (in dollars per share) | $ / shares | 30.37 | 37.84 |
Exercisable at end of year (in dollars per share) | $ / shares | $ 3.92 | $ 3.87 |
Events after the reporting pe_2
Events after the reporting period (Details) - Subsequent Events [Member] - Miner Purchase Option With Bitmain - Mining Hardware Miners in Thousands, $ in Thousands | Aug. 16, 2024 USD ($) Miners |
Events after the reporting periods [Abstract] | |
Number of Bitmain miners purchased | Miners | 39 |
Hashrate operating capacity of Bitmain miners | 10.5 |
Purchase price of Bitmain S21 XP miners (Per Terahash) | 21.5 |
Contract cost | $ | $ 226,395 |