IREN Ltd Stock Price, News & Analysis

Iris Energy reported robust third-quarter results for FY22, with revenue soaring to $15.2 million (A$20.2 million), a 445% increase year-over-year. Adjusted EBITDA reached $7.3 million (A$9.8 million), up 358% year-over-year, reflecting strong operational performance. Despite an IFRS net loss of $2.7 million (A$3.6 million), driven by unrealized foreign exchange losses of $5.8 million (A$7.8 million), the company generated positive cash flow from operations of $4.6 million (A$6.1 million). Expansion efforts are on track, with an increase in Bitcoin mined to 357 units (+449% YoY).

On May 9, 2022, Iris Energy Limited (NASDAQ: IREN) announced its participation in upcoming investor conferences. The management team will attend the 2022 EIC Investor Conference on May 16, followed by the H.C. Wainwright Global Investment Conference from May 23-26, which will be virtual. The company aims to lead in sustainable Bitcoin mining with a planned capacity of 15 EH/s, emphasizing operations in markets with low-cost renewable energy and supporting local communities. Investors interested in participating should contact their sales representatives for registration.

Iris Energy (NASDAQ: IREN) reported significant operational progress with its second site in Mackenzie, BC, commissioned ahead of schedule, enhancing average operating capacity above 1.0 EH/s, targeting 10 EH/s by early 2023. In April 2022, the company mined 137 Bitcoin, with a monthly revenue of $5.4 million, reflecting a 6% increase compared to March. Electricity costs amounted to $21.2 million, yielding a revenue per Bitcoin of $39,740. Additional projects in Prince George and Childress are underway, aiming to boost total capacity significantly.

Iris Energy Limited (NASDAQ: IREN), a sustainable Bitcoin mining company, will release its third quarter FY22 financial results on May 11, 2022, after market close. The company has secured 15 EH/s of miners, with 10 EH/s expected to be operational by early 2023. A conference call is scheduled for the same day at 5:00 PM Eastern Time, featuring a Q&A session. Iris Energy focuses on low-cost renewable energy and operational control over assets, aiming to support local communities and decarbonize energy markets.

Iris Energy Limited (NASDAQ: IREN) announced an increase in its operating hashrate by 33%, exceeding 1.1 EH/s after commissioning 0.3 EH/s at its second site in Mackenzie, BC, Canada. The operational launch is ahead of schedule, contributing to the company's goal of achieving 15 EH/s across multiple sites. Continued construction is on track, with phase two expected to bring an additional 1.5 EH/s online in Q3 2022 and phase three aiming for an installed capacity of 2.4 EH/s in 2023.

Iris Energy Limited (NASDAQ: IREN) achieved a 10% increase in Bitcoin mined and a 14% rise in revenue for March 2022, generating US$5.1 million in mining revenue. The company secured a US$71 million equipment financing facility with NYDIG, backed by 19,800 Bitmain miners, enhancing financial flexibility. Construction is progressing on multiple sites in Canada and Texas, with the Mackenzie and Prince George projects ahead of schedule. Average operating hashrate rose to 850 PH/s, reflecting operational optimization. New executive hires aim to bolster project management and investor relations.

Iris Energy Limited (NASDAQ: IREN), a sustainable Bitcoin mining company, announced its participation in the Cowen Bitcoin Mining Summit on April 12-13, 2022. Co-Founder and Co-CEO Daniel Roberts will engage in a panel discussion and offer 1x1 meetings with institutional investors. The summit will focus on North American miners and their advantages in cryptocurrencies and digital assets. Iris Energy aims to enhance the Bitcoin network while supporting local communities through renewable energy initiatives and securing its infrastructure.

Iris Energy (NASDAQ: IREN) has successfully closed a US$71 million limited recourse equipment financing facility with NYDIG, marking its third such partnership. The financing is secured by 19,800 Bitmain S19j Pro miners. With approximately 10 EH/s of miners still unencumbered, the company maintains significant balance sheet flexibility for future funding. Currently, Iris Energy operates 15 EH/s of mining power, utilizing 100% renewable energy since inception, and is on track for further growth with an operational goal of 10 EH/s by early 2023.

Iris Energy Limited (NASDAQ: IREN) reported a 5% increase in average operating hashrate to 844 PH/s and a total power capacity expansion to 795MW, following a 30MW increase at Mackenzie. In February 2022, the company mined 110 Bitcoin, generating $4.5 million in mining revenue. Financial highlights include record quarterly revenue of $20 million and Adjusted EBITDA of $14 million, reflecting significant growth. Cantor Fitzgerald initiated coverage with an Overweight rating and a price target of $25. The company continues to advance its construction projects across several sites.