Iris Energy reinstated with Neutral from Overweight at JPMorgan » 04:5409/2809/28/22
JPMorgan analyst Reginald…
JPMorgan analyst Reginald Smith downgraded Iris Energy to Neutral from Overweight without a price target after reinstating coverage of the name. The past six months have been an "imperfect storm of sorts" for bitcoin mining operators, as bitcoin is down, the network hashrate, a proxy for competition, is up, and funding has essentially dried up, Smith tells investors in a research note. Despite offering "good relative value" relative to other mining stocks, sustained share upside for Iris is contingent on a bitcoin rally, which seems less likely in a rising interest rate environment, says the analyst. He thinks bitcoin and the miners are a 2023 story and would be more constructive in the quarters ahead of the next block reward halving date, or Q2 of 2024.
|Over a week ago|
Iris Energy increases operating capacity to over 3.7 EH/s » 07:4809/2709/27/22
Iris Energy announced it…
Iris Energy announced it has increased its operating capacity to exceed 3.7 EH/s. The full energization of 1.4 EH/s at Prince George, BC was on schedule and marks delivery of the Company's third operating site, increasing the Company's operating capacity by greater than60% to 3.7 EH/s. This follows the recent full energization of 1.5 EH/s at the Company's second operating site in Mackenzie, BC less than two months ago. Phase three expansion of a further 1.0 EH/s at Mackenzie also remains on track to be energized by the end of Q4 2022, increasing the Company's expected near-term operating capacity to 4.7 EH/s. As previously announced, an initial 1.3 EH/s development is currently planned at Childress, Texas, to reach total expected Company operating capacity of 6.0 EH/s in 2023.
Iris Energy files to sell 25M shares of common stock for holders 08:1209/2309/23/22
Iris Energy downgraded to Market Perform at Cowen after Q4 report » 16:1009/2209/22/22
Cowen analyst Stephen…
Cowen analyst Stephen Glagola downgraded Iris Energy to Market Perform from Outperform with a price target of $4.30, down from $14, following the company's Q4 report. He sees challenges to meaningful adjusted EBITDA growth in FY23-FY24 and says that management's revised hash rate guidance "eliminates lower Texas-driven energy costs and increases jurisdiction risk." He also sees looming risks on borrowing repayments and the potential for dilutive financing, the analyst tells investors.
Iris Energy downgraded to Market Perform from Outperform at Cowen » 16:0609/2209/22/22
Cowen analyst Stephen…
Cowen analyst Stephen Glagola downgraded Iris Energy to Market Perform from Outperform with a price target of $4.30, down from $14.
Iris Energy price target lowered to $7 from $22 at Cantor Fitzgerald » 07:1109/1509/15/22
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Josh Siegler lowered the firm's price target on Iris Energy to $7 from $22 and keeps an Overweight rating on the shares after he "completely overhauled" his Iris model to reflect updated guidance and current Bitcoin prices and lowered his estimates to account for smaller mining revenue as a result. He believes management's 6.0 EH/s target is achievable without any further capital raises, noted Siegler.
Compass Point upgrades 'best-in-class' miner Iris Energy to Buy » 07:3909/1409/14/22
Compass Point analyst…
Compass Point analyst Chase White upgraded Iris Energy to Buy from Neutral with a price target of $6.50, up from $6, after the company reported results for the year ending June 30 yesterday. Management indicated operations at the Prince George facility were energized just before the call, putting Iris on track to hit its target of 3.7 EH/s by the end of Sept, which "marks yet another target hit on, or ahead of, schedule," according to White. Given the issues other miners in the space have had with hitting hash rate targets or operating at 100% of nameplate capacity, he thinks Iris has demonstrated a "best-in-class" ability to execute and he believes the company may be able to increase its contracted hash rate through a deal similar to the one executed in August with vendor Bitmain to secure additional hash rate at a low cost.
Iris Energy upgraded to Buy from Neutral at Compass Point » 07:3409/1409/14/22
Compass Point analyst…
Compass Point analyst Chase White upgraded Iris Energy to Buy from Neutral.
Iris Energy reports FY22 revenue $59M, consensus $57.43M » 16:3009/1309/13/22
Reports FY22 adjusted…
Reports FY22 adjusted EBITDA $26.2M. Reports record average operating hashrate of 747 PH/s and 1,398 Bitcoin mined in FY22 from 100% renewable energy powered operations since inception. "We are pleased to report record financial and operating results as part of our inaugural full year report as a listed company," said Daniel Roberts, co-founder and co-CEO of Iris Energy. "FY22 was a transformational year for Iris Energy where we continued to deliver on our plan to significantly expand our operations beyond our first site in Canal Flats (BC, Canada) that has been operating since 2019. Our average operating hashrate increased by 611% during the period (from 0.1 EH/s to 0.7 EH/s), and our operating capacity is expected to be 3.7 EH/s by the end of September 2022 across three operating sites in BC, Canada. Our proprietary data centers continue to lead the market in terms of efficiency, with Iris Energy mining 16% more Bitcoin per EH/s compared to the peer average5. Further, our strategy of selling our mined Bitcoin daily has allowed us to achieve a 75% higher average realized price per Bitcoin for fiscal year 2022 compared to the average Bitcoin price in June 20226. These factors helped grow our revenue by 647% to $59.0 million and operating cash flows by 1,124% to $21.6 million." Daniel Roberts concluded, "Looking forward, the recent volatility in the Bitcoin price and related industry challenges reaffirms our confidence in our long-term, vertically integrated strategy. We remain focused on building a multi-decade, institutional grade, infrastructure platform while maintaining balance sheet discipline."
Iris Energy reports 301 bitcoin mined in August » 08:0309/0709/07/22
Corporate: Prince George…
Corporate: Prince George on track for energization in September 2022, increasing total expected Company operating capacity to 3.7 EH/s; Company operating capacity guidance increased from 4.3 EH/s to 4.7 EH/s by the end of Q4 2022; Company to publish its financial results for the full year ended June 30, 2022 on Tuesday, September 13, 2022 Eastern Time. Operations: Average operating hashrate of 2,204 PH/s; Monthly operating revenue of US$6.6 million; 301 Bitcoin mined. Construction: Mackenzie; Construction activities continue to progress for expansion from 50MW to 80MW and remains on track to be completed by the end of Q4 2022; Expected site operating capacity increased from 2.1 EH/s to 2.5 EH/s by the end of Q4 2022; Prince George: Commissioning activities underway, with major equipment installation in the substation close to complete; Construction of all three data center buildings complete; Internal fit out for the first and third data center buildings complete and well progressed for the second data center building; Construction of the high voltage connection to the BC; Hydro transmission network complete; Childress; An initial 40MW development is planned at the 600MW site; Earthworks have commenced for the substation area, the first data center building area and internal road network. As previously announced on August 1, 2022, the Company reached agreement with Bitmain to ship an additional 1.7 EH/s of S19j Pro miners, increasing expected operating capacity from 4.3 EH/s to 6.0 EH/s. $46.7 million of the previous $130 million of payments made to Bitmain, along with an additional payment of $5.9 million of cash on hand, were utilized as payment for the additional 1.7 EH/s of miners.3 0.4 EH/s of the additional miners are expected to be deployed at Mackenzie, increasing the Company's expected total operating capacity from 4.3 EH/s to 4.7 EH/s by the end of Q4 2022. An initial 40MW is planned at Childress for deployment of the remaining 1.3 EH/s of additional miners, to reach total expected Company operating capacity of 6.0 EH/s.