Bitcoin Miner Iris Energy Reiterates Hashrate View; Revenue Misses Estimates
The miner’s adjusted EBITDA margin slipped to 48% in the fiscal third quarter versus 72% in the prior quarter and 57% a year ago.
May 11, 2022 at 8:52 p.m. UTCUpdated May 11, 2023 at 6:50 p.m. UTC
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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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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets