CleanSpark Shares Are On The Rise Today: What's Going On?

Zinger Key Points

CleanSpark reported strong Q1 earnings, with revenue and EPS significantly exceeding analyst expectations, driving the stock higher.
The company increased its Bitcoin mining capacity, surpassing 40 EH/s in January, and plans to reach 50 EH/s in the first half of 2025.
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CleanSpark Inc. CLSK shares are trading higher Wednesday after the company reported stronger-than-expected first-quarter financial results Tuesday.

What To Know: CleanSpark reported its first-quarter revenue of $162.3 million, exceeding analyst estimates of $150.87 million. The company posted earnings of 85 cents per share, well above the 9-cent consensus estimate.

The company ended the quarter with $929.1 million in Bitcoin holdings and $276.6 million in cash, with total working capital of $1.2 billion as of Dec. 31. CEO Zach Bradford said CleanSpark exceeded its 2024 guidance and surpassed 40 EH/s in January while lowering fleet efficiency to 16.15 J/Th. The company mined all of its 10,500 Bitcoin holdings in the quarter at an approximate cost of $34,000 per Bitcoin.

CFO Gary Vecchiarelli emphasized that CleanSpark prefers mining Bitcoin rather than purchasing it at current market prices. The company aims to reach a hashrate of 50 EH/s in the first half of 2025.

CLSK Price Action: CleanSpark shares were up 14% at $11.79 at the time of writing, according to Benzinga Pro.