Why is Iris Energy (IREN) stock gaining attention today?

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  • The IREN stock added more than 18 per cent on Wednesday, September 14.
  • Iris Energy Limited released its annual financial results for fiscal 2022 on September 13, after the market close.
  • The company noted a 647 per cent YoY jump in its annual revenue.

The Iris Energy Limited (NASDAQ: IREN) stock has been among the top movers in the morning trading on September 14, a day after the company announced its annual financial results.

Meanwhile, it seems that the annual earnings came in above the market anticipations, which might have triggered the stock's recent rally. The IREN stock was up more than 18 per cent in the morning trading on Wednesday.

Let's dive into the earnings highlights of Iris Energy Limited with Kalkine Media®.

Iris Energy Limited (NASDAQ: IREN) earnings highlights:

The Bitcoin (BTC) mining company posted net revenue of US$ 59 million in fiscal 2022, noting a jump of 647 per cent from US$ 7.9 million in the comparable year-ago period.

The adjusted EBITDA of Iris Energy Limited was US$ 26.2 million for the year ended on June 30, 2022, showing an increase of 1,791 per cent from US$ 1.38 million in the comparable period of the prior year.

However, the loss after income tax expense widened to US$ 419.77 million in fiscal 2022, from a loss of US$ 60.39 million for the year ended on June 30, 2022.

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The New South Wales, Australia-based company claims to be an environmentally-focused crypto mining company.

Given the harsh criticism that the crypto market often comes under due to its impact on the environment, this claim may also help in its popularity among environment-focused investors. 

Bottom line

The price of the IREN stock was US$ 5.05 at 9:48 am ET on September 14, an increase of 18.54 per cent from its previous closing price of US$ 4.26. However, despite the gains, its trading price was down about 71 per cent YTD.

The stock has also witnessed volatile trading in recent months, touching its 52-week high of US$ 28.25 on November 17, 2021, and its lowest price of US$ 2.8901 on June 2022.

In the running quarter, the IREN stock added nearly 40 per cent through September 14.



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