Sustainable bitcoin miner CleanSpark CLSK) reported second-quarter revenue of $41.6 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $22.5 million, with both results exceeding FactSet consensus estimates.
- While quarterly revenue increased only slightly from the previous quarter, it increased nearly five-fold year-over-year and exceeded estimates by $400,000.
- Adjusted EBITDA increased 7% from the previous quarter ($24.1 million), but was up from $1.9 million a year ago and exceeded estimates of $18.4 million.
- "While the industry as a whole faced macroeconomic headwinds primarily caused by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy," CEO Zach Bradford said in a statement.
- Bradford continued, noting that 100% of growth and capital expenditures were funded by bitcoin (BTC) conversion. He also said that the company has not used its shelf offering to raise capital since November.
- The company ended the quarter with $1.9 million in cash and $17 million in digital currencies on its balance sheet.
- On March 31, CleanSpark said it aims to be among the leading bitcoin miners with an expansion of up to 500 megawatts (MW).
- CleanSpark shares rose 5.25% in after-hours trading, but are still down about 40% year to date.