CleanSpark Stock Surge 22% After Q1 Results

CleanSpark Stock Surge 22% After Q1 Results Feb. 9, 2024, 9:04 a.m., readers: 19

CleanSpark (NASDAQ:CLSK) experienced a more than 22% surge pre-market today, following the Bitcoin mining company's fiscal first-quarter earnings and revenue that exceeded Wall Street's forecasts. The company achieved an earnings per share (EPS) of $0.14, which notably outperformed the anticipated loss of $0.22 per share by analysts. CleanSpark's revenue for the quarter was $73.8 million, surpassing the consensus expectation of $65.91 million. Additionally, CleanSpark reported a significant boost in its liquidity, with its cash and cash equivalents climbing 66% quarter-over-quarter to $48.5 million. The company's adjusted EBITDA for the quarter was $69.1 million, far exceeding the forecast of $21 million. For the quarter ending December 31, 2023, CleanSpark announced a net income of $25.9 million, or $0.14 per share. This marks a remarkable recovery from the previous year's same period, which saw a loss of $29.0 million, or $0.46 per share.