CleanSpark reports a 47% annualised growth in quarterly revenue

  • CleanSpark narrowed its loss in its fiscal third quarter.
  • The bitcoin mining firm had a blockbuster July.
  • CleanSpark shares are up over 150% YTD at writing.

Bitcoin miner CleanSpark Inc is buying and selling barely up in prolonged hours after reporting a narrower-than-expected loss for its fiscal third quarter.

CleanSpark Q3 monetary highlights

Misplaced $14.2 million versus the year-ago $29.3 million

Per-share loss additionally narrowed from 40 cents to 12 cents

Income jumped 47% year-on-year to $45.5 million

Consensus was 17 cents loss on $45.7 million income

Ended the quarter with $125 million of money and bitcoin

The bitcoin mining firm now has property price greater than liabilities on its steadiness sheet. Gary Vecchiarelli – the Chief Monetary Officer of CleanSpark mentioned in the present day within the press launch:

I like the pliability of our steadiness sheet and our operational efficiency. We’ve all items in place to increase our sturdy observe file of development and operational excellence.

CleanSpark had a blockbuster July

CleanSpark had its Georgia location go dwell in July that added greater than 15,000 miners and 50 megawatts of energy, as per the press launch.

The Nasdaq-listed agency trailed solely Marathon Digital and Core Scientific by way of the variety of bitcoin mined final month. Based on its CEO Zach Bradford:

We’ve absolutely funded our development to 16 EH/s, together with miners, services, and different infrastructure. We proceed to construct on our observe file of executing on commitments.

The hash price improved to 9 EH/s in its lately concluded quarter. At writing, shares of CleanSpark Inc are up greater than 150% versus the beginning of 2023. Its peer Marathon Digital additionally studies its quarterly replace earlier this week (learn extra).

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