Business Context and Reporting Period
This Form 6-K filing by Iris Energy Limited (IREN) covers the month of May 2023, with the report dated May 22, 2023. The primary purpose of this filing is to disclose a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the current period. However, it references historical audit reports from the prior fiscal years (ended June 30, 2021 and 2022) which contained "going concern" qualifications. These reports highlighted significant uncertainties regarding the Company's ability to generate positive free cash flow, raise sufficient capital to fund outstanding purchase commitments, and convert tranches of convertible notes into equity.
Material Changes
- Change of Auditor: On May 19, 2023, Raymond Chabot Grant Thornton LLP (RCGT) was appointed as the new independent registered public accounting firm to audit the fiscal year ending June 30, 2023.
- Departure of Prior Auditor: Effective May 17, 2023, Armanino LLP declined to stand for re-appointment.
- Audit History: Armanino's previous audit reports for fiscal years 2021 and 2022 included separate paragraphs expressing substantial doubt about the Company's ability to continue as a going concern due to cash flow and capital raising uncertainties.
- Disagreements: The Company reported no disagreements or reportable events with Armanino regarding accounting principles, financial statement disclosure, or auditing scope during the relevant periods.
Guidance, Outlook, and Risks
The filing includes standard forward-looking statements disclaiming guarantees of future performance. It explicitly references risks related to litigation, which could result in substantial costs and diversion of management resources. The document incorporates by reference the "Risk Factors" detailed in the Company's Form 20-F filed on September 13, 2022, and a Form 6-K filed on February 15, 2023. No specific financial guidance or updated operational outlook is provided within this specific text.
Investor Verification Checklist
- Verify the status of the "going concern" uncertainties previously noted by Armanino LLP regarding free cash flow and capital raising.
- Review the attached Exhibit 16.1 (Letter from Armanino) to confirm their agreement with the Company's disclosures regarding the auditor change.
- Examine the press release (Exhibit 99.1) for any additional operational updates not detailed in the main body of the Form 6-K.
- Check the referenced Form 20-F (Sept 13, 2022) and Form 6-K (Feb 15, 2023) for detailed risk factors and financial data.
- Monitor future filings for the initial audit opinion from the new auditor, Raymond Chabot Grant Thornton LLP.