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Bitcoin Miner Iris Energy Reiterates Hashrate View While Revenue Misses Estimates

www.coindesk.com 11 May 2022 21:30, UTC
Reading time: ~2 m

Australian bitcoin miner Iris Energy (IREN) remains on track for 15 exahash per second (EH/s) hashrate – 10 EH/s of that by early 2023 – but its fiscal third quarter revenue of $15.2 million was shy of the FactSet 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 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 IPO 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% today alongside another tough day for bitcoin (BTC), which tumbled below $30,000. Shares are down 2.8% in after hours action and remain lower by more than 50% year-to-date.

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