Bitcoin Miner CleanSpark Tops Quarterly Estimates

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.