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.
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