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CleanSpark reports a 47% annualised growth in quarterly revenue

CleanSpark reports a 47% annualised growth in quarterly revenue

  • CleanSpark narrowed its loss in its fiscal third quarter.
  • The bitcoin mining firm had a blockbuster July.
  • CleanSpark shares are up over 150% YTD at writing.

Bitcoin miner CleanSpark Inc is buying and selling barely up in prolonged hours after reporting a narrower-than-expected loss for its fiscal third quarter.

CleanSpark Q3 monetary highlights

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

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

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

Consensus was 17 cents loss on $45.7 million income

Ended the quarter with $125 million of money and bitcoin

The bitcoin mining firm now has property price greater than liabilities on its stability sheet. Gary Vecchiarelli – the Chief Monetary Officer of CleanSpark stated at the moment within the press launch:

I like the pliability of our stability sheet and our operational efficiency. Now we have all items in place to increase our robust observe document of progress and operational excellence.

CleanSpark had a blockbuster July

CleanSpark had its Georgia location go reside in July that added greater than 15,000 miners and 50 megawatts of energy, as per the press launch.

The Nasdaq-listed agency trailed solely Marathon Digital and Core Scientific by way of the variety of bitcoin mined final month. In response to its CEO Zach Bradford:

Now we have totally funded our progress to 16 EH/s, together with miners, amenities, and different infrastructure. We proceed to construct on our observe document of executing on commitments.

The hash fee improved to 9 EH/s in its not too long ago concluded quarter. At writing, shares of CleanSpark Inc are up greater than 150% versus the beginning of 2023. Its peer Marathon Digital additionally studies its quarterly replace earlier this week (learn extra).

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