CleanSpark, a Bitcoin miner, reported impressive quarterly earnings on Thursday, driven by the rising prices of Bitcoin. The price of Bitcoin also saw a slight rebound on Thursday, ending a four-day streak of declines.
The company reported earnings of 58 cents per share, a significant improvement from a loss of 23 cents per share the previous year. FactSet analysts had predicted earnings of just 7 cents per share. Additionally, revenue surged by 163% to $11.8 million, exceeding expectations and marking the third consecutive quarter of triple-digit growth.
CleanSpark’s CEO, Zach Bradford, attributed the revenue growth to the expansion of the company’s operational capacity by over 60%. Margins also increased compared to the first quarter due to the rise in Bitcoin prices. At the end of the quarter, CleanSpark had $358 million in Bitcoin and $323.1 million in cash.
In addition to its strong financial performance, CleanSpark also announced plans to purchase two Bitcoin mining locations in Wyoming with 75 megawatts of power for $18.75 million in cash. The acquisition is expected to be completed in just 45 days and will add four exahashes per second of processing power to CleanSpark’s operations once it becomes operational. The company intends to start construction on these facilities shortly after closing and has even hinted at possibly expanding them by an additional 55 megawatts in the future.
In terms of stock performance, CLSK stock initially surged by 6% before settling for a modest gain of just over 1% on Thursday, closing just below its 10-day line. However, shares continued to rise by another 1.6% in after-hours trading following news
