Australian bitcoin miner Iris Energy (IREN) remains on track to reach a hashrate of 15 exahash per second (EH/s) - 10 EH/s of which by early 2023 - but its third-quarter revenue of $15.2 million was below the FactSet consensus forecast of $16 million.
- Revenue of $15.2 million was down 24% from $20 million in the previous quarter, but up more than fivefold from $2.8 million a year earlier, according to the press release.
- Third quarter adjusted EBITDA of $7.3 million was also below the average analyst estimate of $9.6 million, falling 49% from $14.3 million last quarter. EBITDA margin fell to 48% from 72% in the previous quarter and 57% a year ago, due in part to higher corporate costs following the November IPO and expenses related to 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 noted continued progress on its plans to expand installed capacity to 15 EH/s, with work taking place at four data center sites.
- Iris shares fell 10.3% today, while bitcoin (BTC) had another difficult day, falling below $30,000. Shares are down 2.8% in after-hours trading and are down more than 50% year-to-date.