Why Bitcoin-Related Stock CleanSpark Is Moving After Hours

CleanSpark Inc CLSK shares are sliding in Wednesday's after-hours session after the company reported fourth-quarter results.

What Happened: CleanSpark reported fourth-quarter revenue of $26.2 million, which was up 14% on a year-over-year basis. The number beat average analyst estimates of $25.1 million, according to Benzinga Pro. The company reported a fourth-quarter net loss of $42.3 million. 

CleanSpark said it ended the quarter with $20.5 million in cash and $11.1 million in Bitcoin BTC/USD.

"Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market," said Zach Bradford, CEO of CleanSpark.

Management will discuss plans for 2023, including a revision to its calendar 2023 year-end guidance, on its conference call at 4:30 p.m. ET.

CleanSpark describes itself as "America's Bitcoin Miner." In 2014, the company started helping people achieve energy independence for their homes and businesses. In 2020, CleanSpark began applying that expertise to develop sustainable infrastructure for Bitcoin.

CLSK Price Action: CleanSpark has a 52-week high of $13.91 and a 52-week low of $1.97.

The stock was down 3.51% in after hours at $2.19 at time of publication, according to Benzinga Pro.

Photo: Ruben from Pixabay.