Bitcoin Miner CleanSpark Inc (CLSK) Reports First-Quarter Revenue of $181.71 Million

Bitcoin miner CleanSpark Inc CLSK reported first-quarter financial results after the market close on Thursday. Here’s an overview of the report.

CleanSpark Inc (NASDAQ:CLSK) reported first-quarter financial results after the market close on Thursday. Here’s an overview of the report.

Q1 Earnings: CleanSpark reported first-quarter revenue of $181.71 million, missing analyst estimates of $190.95 million, according to Benzinga Pro. The company reported a first-quarter loss of 49 cents per share, missing estimates for a loss of eight cents per share.

Total revenue was up 62.5% year-over-year. CleanSpark said it mined 1,957 Bitcoin in the quarter and ended the period with $979.6 million in total Bitcoin holdings. The company also had $97 million in cash at the quarter’s end.

“This was a quarter defined by discipline, scale and continued strategic clarity. As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public Bitcoin miner,” said Zach Bradford, CEO of CleanSpark.

“We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our Bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value.”

CLSK Price Action: CleanSpark shares were down 4.95% in Thursday’s after-hours session, trading at $8.25 at the time of publication, per Benzinga Pro.

Related Link: Is It Too Late To Invest In Bitcoin Miners As Price Target Is Hit?

CleanSpark's (NASDAQ:CLSK) first-quarter earnings report highlighted the company's persistent focus on Bitcoin mining despite broader market trends. While CleanSpark might be best recognized for its Bitcoin mining operations, the company's revenue stream is expanding to include services like CleanTech and hosting.

Here's a closer look at CleanSpark's Q1 earnings report:

Revenue: $181.71 million vs. $190.95 million

Earnings (Loss) Per Share: (0.49) vs. (0.08)

CleanSpark's earnings report also revealed a substantial increase in the company's Bitcoin holdings. At the end of the quarter, CleanSpark had 1,957 mined Bitcoin and an additional 943 in BTC Equivalents for a total of 2,900. These holdings amounted to $979.6 million in the report.

The company also announced an increase in its cash position. CleanSpark stated it began the quarter with $58 million in cash and finished with $97 million.

Moving forward, CleanSpark is aiming for its hash rate to reach 50 exahertz (EH/s) by June. The company also expressed its intent to keep expanding its Bitcoin treasury and prioritize long-term value for stockholders.

CleanSpark's performance in the quarter underscores the evolving dynamics in the cryptocurrency domain. As Bitcoin's price experienced a decline from the highs of 2021, CleanSpark and other miners faced pressure to remain profitable despite the changing market conditions.