Bitcoin Miner CleanSpark Tops Quarterly Estimates

The company funded its growth and capital expenditure plans with the sale of mined bitcoin.

By Aoyon Ashraf

May 10, 2022 at 8:56 p.m. UTC

Updated May 10, 2022 at 9:14 p.m. UTC

A mining facility in Georgia that uses 95% non-carbon energy (CleanSpark) — A CleanSpark mining facility in Georgia that uses 95% non-carbon energy (CleanSpark)

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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Bitcoin miner CleanSpark (CLSK) reported fiscal second-quarter revenue of $41.6 million and adjusted earnings before interest, taxes, depreciation (Ebitda) of $22.5 million. Both results beat analysts' average estimates tallied by FactSet.

While quarterly revenue edged up only slightly from the previous quarter, it was up fivefold from the year-ago level and beat estimates by $400,000.
Adjusted Ebitda slipped 7% from the previous quarter’s $24.1 million. It was up from $1.9 million a year ago and topped estimates of $18.4 million.
“While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy,” CEO Zach Bradford said in a statement.
Bradford noted that 100% of growth and capital spending was funded from the conversion of bitcoin (BTC). He also said the company hasn't 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.
In March, CleanSpark said it aims to be among the top bitcoin miners with an expansion of up to 500 megawatts (MW).
CleanSpark's shares rose 5.3% in after-hours trading on Tuesday. They are down about 40% year to date.

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