Bitcoin Miner CleanSpark Misses Q1 Earnings Estimates, Company On Track To Reach 50 EH/s Target In June, Shares Slide

Bitcoin miner CleanSpark Inc CLSK reported first-quarter financial results after the market close on Thursday. Here’s an overview of the report.

Q1 Earnings: CleanSpark reported first-quarter revenue of $181.71 million, missing analyst estimates of $190.95 million, according to Benzinga Pro. The company reported a first-quarter loss of 49 cents per share, missing estimates for a loss of eight cents per share.

Total revenue was up 62.5% year-over-year. CleanSpark said it mined 1,957 Bitcoin in the quarter and ended the period with $979.6 million in total Bitcoin holdings. The company also had $97 million in cash at the quarter’s end.

“This was a quarter defined by discipline, scale and continued strategic clarity. As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public Bitcoin miner,” said Zach Bradford, CEO of CleanSpark.

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“We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our Bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value.”

CLSK Price Action: CleanSpark shares were down 4.95% in Thursday’s after-hours session, trading at $8.25 at the time of publication, per Benzinga Pro.

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