Published: Feb. 15, 2023 at 6:19 p.m. ET
By Stephen Nakrosis
Shares of Iris Energy Ltd., which owns and operates Bitcoin mining data centers powered by 100% renewable energy, were trading lower in Wednesday’s after-hours session, following the release of second-quarter financial results which showed a decline in Bitcoin mining revenue.
At 6:07 p.m. ET, the company’s shares had fallen…
By Stephen Nakrosis
Shares of Iris Energy Ltd., which owns and operates Bitcoin mining data centers powered by 100% renewable energy, were trading lower in Wednesday’s after-hours session, following the release of second-quarter financial results which showed a decline in Bitcoin mining revenue.
At 6:07 p.m. ET, the company’s shares had fallen 15.32% to trade at $3.62 per share. The stock finished the day’s regular session with a 66.99% gain, closing at $4.27 per share.
After the bell, the company said second-quarter Bitcoin mining revenue was $13.8 million, below the $16.2 million reported in the prior quarter, “primarily driven by reduction in the number of Bitcoin mined and decrease in the Bitcoin price.” The company said it mined 722 Bitcoin in the second quarter, compared to 780 Bitcoin in the first quarter.
Iris Energy also said it had electricity costs of $7.4 million, above the $6.6 million in the first quarter.
In the second quarter, Iris Energy reported a net loss after income tax of $144 million, compared to a $17.9 million loss in the first quarter.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
