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Bitcoin Miner CleanSpark Tops Quarterly Estimates
The company funded its growth and capital expenditure plans with the sale of mined bitcoin.
By Aoyon Ashraf
Updated May 11, 2023, 5:39 p.m. Published May 10, 2022, 8:56 p.m.
Bitcoin miner CleanSpark (CLSK) reported fiscal second-quarter revenue of $41.6 million and adjusted earnings before interest, taxes, depreciation (Ebitda) of $22.5 million. Both results beat analysts' average estimates tallied by FactSet.
- While quarterly revenue edged up only slightly from the previous quarter, it was up fivefold from the year-ago level and beat estimates by $400,000.
- Adjusted Ebitda slipped 7% from the previous quarter’s $24.1 million. It was up from $1.9 million a year ago and topped estimates of $18.4 million.
- “While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy,” CEO Zach Bradford said in a statement.
- Bradford noted that 100% of growth and capital spending was funded from the conversion of bitcoin (BTC). He also said the company hasn't used its shelf offering to raise capital since November.
- The company ended the quarter with $1.9 million in cash and $17 million in digital currencies.
- In March, CleanSpark said it aims to be among the top bitcoin miners with an expansion of up to 500 megawatts (MW).
- CleanSpark's shares rose 5.3% in after-hours trading on Tuesday. They are down about 40% year to date.
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