B. Riley raised the firm’s price target on Iris Energy to $10 from $8 and keeps a Buy rating on the shares. Iris Energy reported adjusted EBITDA in Q1 and Q2 of $6.8M and $14M, respectively, driven by higher electricity and other costs, below the firm’s estimates, the analyst tells investors in a research note. Financing is underway to support further growth in the AI cloud business, the firm says.
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