CleanSpark (CLSK) stock jumps 10% on impressive FQ1 report

CleanSpark (NASDAQ: CLSK) saw its stock pop over 9% in after-hours trading after the Bitcoin miner surpassed Wall Street’s estimates for FQ1 earnings and revenue.

Specifically, the mining firm posted earnings per share (EPS) of $0.14, significantly better than the loss of $0.22 per share anticipated by analysts. The company's revenue reached $73.8 million, exceeding the consensus estimate of $65.91 million.

The company also saw a substantial increase in its cash position, with cash and cash equivalents rising by 66% quarter-over-quarter to $48.5 million.

Adjusted EBITDA was reported at $69.1 million, well ahead of the estimated $21 million.

For the quarter ending December 31, 2023, CleanSpark posted a net income of $25.9 million, or $0.14 per share, a significant turnaround from a loss of $29.0 million, or $0.46 per share, in the same period the previous year.

"This quarter's performance is a powerful reminder of what we're capable of when we channel our collective efforts towards a common goal. Importantly, it sets the stage for what's to come," said CleanSpark’s CEO Zach Bradford.

"In a single quarter we have covered nearly half the distance to reach our total revenue from last year. We beat all consensus estimates across the board, including revenue, EPS, and profitability.

By Vahid Karaahmetovic

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