Why Cleanspark Shares Are Trading Lower Today

Cleanspark Inc CLSK is trading lower Tuesday after the company announced worse-than-expected financial results. 

Cleanspark reported a quarterly earnings loss of 38 cents per share, which came in below the estimate for earnings of 7 cents per share. The company reported quarterly revenue of $11.92 million, which came in below the estimate of $15.2 million. 

Cleanspark produced more than 191 Bitcoins BTC/USD in the quarter and has produced an aggregate of 598 Bitcoins since acquiring its mining operations in December.

The company said it had working capital of $39.9 million at the end of the quarter, which was up from $2.9 million year over year.

Cleanspark offers software and intelligent controls for microgrid and distributed energy resource management systems and design services. The company also focuses on clean Bitcoin mining.

Price Action: Cleanspark has traded as high as $42.60 and as low as $6.92 over a 52-week period.

At last check Tuesday, the stock was down 22.10% at $10.69.