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.