Iris Energy Ltd (NASDAQ:IREN) shares are trading higher Wednesday on the heels of the company’s first-quarter financial results. Multiple analysts raised price targets following the print. Here’s what you need to know.
What Happened: After the market close on Tuesday, Iris reported first-quarter Bitcoin (CRYPTO: BTC) mining revenue of $49.6 million. The company reported a 28% increase in AI Cloud Services revenue quarter-over-quarter to $3.2 million.
Adjusted EBITDA was $2.6 million in the quarter. The company said it mined 813 bitcoin in the period and ended the quarter with $98.6 …
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