Bitcoin Miner Iris Energy Reiterates Hashrate View; Revenue Misses Estimates

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.