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

September 14, 2022 07:26 AM PDT | By Rupam Roy
Follow us on Google News:


  • 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.

Source: ©Kalkine Media®; © Canva Creative Studio via Canva.com

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.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies