Iris Energy Has $39 Million In Cash And No Debt In December
Key Points:
- Iris Energy released its operating results and business updates for December 2022.
- The company had $39 million in cash and no debt.
- Iris stated that it would continue to explore strategic options for monetizing assets in the future, including an advance payment of approximately $67 million to Bitmain.
Bitcoin mining company Iris Energy released its operating results and business updates for December 2022.
The company produced 123 BTCs in December, down 19% month-on-month, with an average operating computing power of 1086 PH/s, down 25% compared to November. Operating income fell 27% to $2.1 million in December compared with November.
The decrease in operating metrics compared to November is primarily attributable to the first full month of operations following the termination of hosting agreements related to some of the group’s limited recourse equipment financing facilities after receiving an acceleration notice from the relevant lender under such facilities.
As of the end of December 2022, the company had $39 million in cash and no debt. The company stated that it would continue to explore strategic options for monetizing assets in the future, including an advance payment of approximately $67 million to Bitmain to increase mining machines by approximately 6.7 EH/s and expand self-mining capacity. Also, assess opportunities to utilize available data center capacity in short to medium term through potential third-party colocation.
S19j Pro miners were shipped by the company from Texas, US, to British Columbia, Canada, for installation at Mackenzie, during the month. As of January 8, 2023, it has installed roughly 0.4 EH/s of the miners, boosting its overall working capacity by over 30% to 1.5 EH/s. The group has installed, in transit, or prepared a mining capacity of 2.0 EH/s.
The group additionally monetized a further portion of its prepayments to Bitmain in January 2023 by buying and reselling miners to a third party, generating net cash revenues of about $6 million. Iris’s previously stated 2.0 EH/s of capacity were supplemented with an additional 6.7 EH/s of S19j Pro miners, bringing the total amount of unutilized prepayments made to Bitmain down to about $67 million (from $75 million).
Last month, Iris Energy faced a class-action lawsuit alleging that it issued a false and seriously misleading Declaration of Registration in support of its IPO. According to the complaint, Iris conducted its IPO on November 17, 2021, issuing approximately 8.27 million shares at $28.00 per share. However, the Offering Document in support of the IPO was misleading.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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Iris Energy Has $39 Million In Cash And No Debt In December
Key Points:
- Iris Energy released its operating results and business updates for December 2022.
- The company had $39 million in cash and no debt.
- Iris stated that it would continue to explore strategic options for monetizing assets in the future, including an advance payment of approximately $67 million to Bitmain.
Bitcoin mining company Iris Energy released its operating results and business updates for December 2022.
The company produced 123 BTCs in December, down 19% month-on-month, with an average operating computing power of 1086 PH/s, down 25% compared to November. Operating income fell 27% to $2.1 million in December compared with November.
The decrease in operating metrics compared to November is primarily attributable to the first full month of operations following the termination of hosting agreements related to some of the group’s limited recourse equipment financing facilities after receiving an acceleration notice from the relevant lender under such facilities.
As of the end of December 2022, the company had $39 million in cash and no debt. The company stated that it would continue to explore strategic options for monetizing assets in the future, including an advance payment of approximately $67 million to Bitmain to increase mining machines by approximately 6.7 EH/s and expand self-mining capacity. Also, assess opportunities to utilize available data center capacity in short to medium term through potential third-party colocation.
S19j Pro miners were shipped by the company from Texas, US, to British Columbia, Canada, for installation at Mackenzie, during the month. As of January 8, 2023, it has installed roughly 0.4 EH/s of the miners, boosting its overall working capacity by over 30% to 1.5 EH/s. The group has installed, in transit, or prepared a mining capacity of 2.0 EH/s.
The group additionally monetized a further portion of its prepayments to Bitmain in January 2023 by buying and reselling miners to a third party, generating net cash revenues of about $6 million. Iris’s previously stated 2.0 EH/s of capacity were supplemented with an additional 6.7 EH/s of S19j Pro miners, bringing the total amount of unutilized prepayments made to Bitmain down to about $67 million (from $75 million).
Last month, Iris Energy faced a class-action lawsuit alleging that it issued a false and seriously misleading Declaration of Registration in support of its IPO. According to the complaint, Iris conducted its IPO on November 17, 2021, issuing approximately 8.27 million shares at $28.00 per share. However, the Offering Document in support of the IPO was misleading.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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