The miner’s adjusted EBITDA margin slipped to 48% in the fiscal third quarter versus 72% in the prior quarter and 57% a year ago.Read MoreFeedzy
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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
