Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-02-09 22:00:05

CleanSpark stock jumps 8% as Q1 crypto holdings surge; robust operating leverage

Cryptocurrency miner CleanSpark's (NASDAQ:CLSK) stock jumped as much as 8% in after-hours trading after first-quarter earnings came in better-than-expected. Meanwhile, “Given our success with bitcoin mining, CleanSpark is considering strategic alternatives for our legacy energy business," said CEO Zach Bradford. Q1 digital currency held on its balance sheet was $30.2M, up from $23.6M Q4 2021. Q1 crypto mining net revenue of $37M substantially rose from just $733.41K in the same year-ago period. Q1 energy hardware, software and services revenue were $3.97M, up from $1.21M in the year-ago quarter. Q1 total revenues were $41.24M, compared with the $43.60M consensus and up from $2.25M in Q1 2021. Q1 adjusted EBITDA of $24.1M jumped from a loss of $2.74M in Q1 of last year. Conference call starts at 5:00 p.m. ET. Earlier, CleanSpark Q1 EPS was $0.35 vs. the $0.31 consensus.

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer