Iris Energy $IREN misses estimates in a tough environment for bitcoin mining, but remains on track with ambitious expansion plans. Aoyon_A reports.
) miner Iris Energy remains on track for 15 exahash per second 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,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.
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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