Iris Energy may be able to continue operating without the burden of expensive debt, Compass Point analyst Chase White told clients in a research note Thursday.
White's comments come after Iris earlier this week said some of its mining equipment – owned by special-purpose vehicles – isn't producing enough cash to meet financing obligations. Additionally, Iris said the equipment has a market value"well below the principal amount of the relevant loans," and that it is in talks with the lender.
White thinks negotiations may aid the company's financial position. “Given the depressed pricing for mining rigs in the market , we believe the smartest choice for the lenders is to voluntarily restructure the debt to reduce monthly debt service payments, for instance, by extending the maturity of the loans,” White wrote.
Compass Point has a buy rating and $8.50 price target on the stock. Shares are down 6% on Thursday, trading at $2.70.
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