CleanSpark reports a 47% annualised growth in quarterly revenue

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CleanSpark reports a 47% annualised growth in quarterly revenue

By Wajeeh Khan - min read
cleanspark q3 earnings report
  • CleanSpark narrowed its loss in its fiscal third quarter.
  • The bitcoin mining company had a blockbuster July.
  • CleanSpark shares are up over 150% YTD at writing.

Bitcoin miner CleanSpark Inc is trading slightly up in extended hours after reporting a narrower-than-expected loss for its fiscal third quarter.

CleanSpark Q3 financial highlights

Lost $14.2 million versus the year-ago $29.3 million

Per-share loss also narrowed from 40 cents to 12 cents

Revenue jumped 47% year-on-year to $45.5 million

Consensus was 17 cents loss on $45.7 million revenue

Ended the quarter with $125 million of cash and bitcoin

The bitcoin mining company now has assets worth more than liabilities on its balance sheet. Gary Vecchiarelli – the Chief Financial Officer of CleanSpark said today in the press release:

I like the flexibility of our balance sheet and our operational performance. We have all pieces in place to extend our strong track record of growth and operational excellence.

CleanSpark had a blockbuster July

CleanSpark had its Georgia location go live in July that added more than 15,000 miners and 50 megawatts of power, as per the press release.

The Nasdaq-listed firm trailed only Marathon Digital and Core Scientific in terms of the number of bitcoin mined last month. According to its CEO Zach Bradford:

We have fully funded our growth to 16 EH/s, including miners, facilities, and other infrastructure. We continue to build on our track record of executing on commitments.

The hash rate improved to 9 EH/s in its recently concluded quarter. At writing, shares of CleanSpark Inc are up more than 150% versus the start of 2023. Its peer Marathon Digital also reports its quarterly update earlier this week (read more).