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Bitcoin Miner CleanSpark Tops Quarterly Estimates

www.coindesk.com 10 May 2022 21:19, UTC
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Sustainable bitcoin miner CleanSpark CLSK) reported fiscal Q2 revenue of $41.6 million, and adjusted earnings before interest, taxes, depreciation (EBITDA) of $22.5 million, with both results coming in ahead of FactSet consensus estimates.

While quarterly revenue only edged higher from the previous quarter, it was up nearly five-fold from the year-ago level, and beat estimates by $400,000.

Adjusted EBITDA slipped 7% from the previous quarter’s $24.1 million, 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,” said CEO Zach Bradford in a statement.

Bradford continued, noting 100% of growth and capex spending was funded from the conversion of bitcoin (BTC). He also said the company has not utilized its shelf offering to raise capital since November.

The company ended the quarter with $1.9 million of cash and $17 million of digital currency on the balance sheet.

On March 31, CleanSpark said it aims to be the among top bitcoin miners with expansion of up to 500 megawatts (MW).

CleanSpark shares were higher by 5.25% in after hours trading, but remain lower by about 40% year-to-date.

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