Bitcoin Miner Iris Energy Reiterates Hashrate View; Revenue Misses Estimates

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Australian bitcoin (BTC) miner Iris Energy (IREN) remains on track for 15 exahash per second (EH/s) in hashrate – 10 EH/s of that by early 2023 – but its fiscal third-quarter revenue of $15.2 million was shy of the analyst consensus forecast of $16 million.

That $15.2 million in revenue also slipped 24% from $20 million the previous quarter, but was up more than five-fold from $2.8 million a year earlier, according to the earnings release.

Fiscal third quarter adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $7.3 million also missed the average analyst estimate of $9.6 million, while falling 49% from $14.3 million last quarter. EBITDA margin fell to 48% from 72% the prior quarter and 57% a year ago, in part thanks to higher corporate costs following November’s initial public offering as well as expenses associated with the company’s expansion plans.

Iris mined 357 bitcoins in the quarter, down 2% from the previous quarter and up 449% from a year ago. Positive cash flow from operations for the quarter was $4.6 million

The company also took note of continued progress in its plans to expand to 15 EH/s of installed capacity, with work taking place across four data center sites.

Iris shares fell 10.3% Wednesday alongside another tough day for bitcoin, which tumbled below $30,000. Iris hares are down 2.8% in after-hours action and remain lower by more than 50% for the year to date.

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