Bitcoin miner CleanSpark beats quarterly estimates

Bitcoin miner CleanSpark beats quarterly estimates

The company financed its growth and investment plans by selling mined Bitcoins.

Sustainable bitcoin miner CleanSpark CLSK) reported second-quarter revenue of $41.6 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $22.5 million, with both results exceeding FactSet consensus estimates.

  • While quarterly revenue increased only slightly from the previous quarter, it increased nearly five-fold year-over-year and exceeded estimates by $400,000.
  • Adjusted EBITDA increased 7% from the previous quarter ($24.1 million), but was up from $1.9 million a year ago and exceeded estimates of $18.4 million.
  • "While the industry as a whole faced macroeconomic headwinds primarily caused by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy," CEO Zach Bradford said in a statement.
  • Bradford continued, noting that 100% of growth and capital expenditures were funded by bitcoin (BTC) conversion. He also said that the company has not 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 on its balance sheet.
  • On March 31, CleanSpark said it aims to be among the leading bitcoin miners with an expansion of up to 500 megawatts (MW).
  • CleanSpark shares rose 5.25% in after-hours trading, but are still down about 40% year to date.