These Analysts Boost Their Forecasts On Iris Energy Following Q1 Results

Company Performance - Iris Energy Ltd reported first-quarter Bitcoin mining revenue of $49.6 million and a 28% increase in AI Cloud Services revenue quarter-over-quarter to $3.2 million [1][2] - The company mined 813 Bitcoin during the quarter and ended with $98.6 million in cash and cash equivalents, with a total cash balance of $182.4 million as of October 31 [2] Financial Metrics - Adjusted EBITDA for the quarter was $2.6 million [2] - Following the earnings announcement, analysts adjusted their price targets for Iris Energy, with HC Wainwright & Co. raising it from $13 to $16, Canaccord Genuity from $15 to $17, and Cantor Fitzgerald from $20 to $23 [2] Growth Outlook - The company aims to achieve a mining capacity milestone of 31 EH/s shortly and plans to accelerate growth to 50 EH/s in the first half of 2025, previously set for the second half of 2025 [2] - Iris Energy shares increased by 29.1% to trade at $12.34 following the earnings report [2]