CleanSpark reports a 47% annualised growth in quarterly revenue
- CleanSpark narrowed its loss in its fiscal third quarter.
- The bitcoin mining company had a blockbuster July.
- CleanSpark shares are up over 150% YTD at writing.
Bitcoin miner CleanSpark Inc is trading slightly up in extended hours after reporting a narrower-than-expected loss for its fiscal third quarter.
CleanSpark Q3 financial highlights
Lost $14.2 million versus the year-ago $29.3 million
Per-share loss also narrowed from 40 cents to 12 cents
Revenue jumped 47% year-on-year to $45.5 million
Consensus was 17 cents loss on $45.7 million revenue
Ended the quarter with $125 million of cash and bitcoin
The bitcoin mining company now has assets worth more than liabilities on its balance sheet. Gary Vecchiarelli – the Chief Financial Officer of CleanSpark said today in the press release:
I like the flexibility of our balance sheet and our operational performance. We have all pieces in place to extend our strong track record of growth and operational excellence.
CleanSpark had a blockbuster July
CleanSpark had its Georgia location go live in July that added more than 15,000 miners and 50 megawatts of power, as per the press release.
The Nasdaq-listed firm trailed only Marathon Digital and Core Scientific in terms of the number of bitcoin mined last month. According to its CEO Zach Bradford:
We have fully funded our growth to 16 EH/s, including miners, facilities, and other infrastructure. We continue to build on our track record of executing on commitments.
The hash rate improved to 9 EH/s in its recently concluded quarter. At writing, shares of CleanSpark Inc are up more than 150% versus the start of 2023. Its peer Marathon Digital also reports its quarterly update earlier this week (read more).
