CleanSpark (NASDAQ:CLSK) saw its stock pop over 9% in after-hours trading after the Bitcoin miner surpassed Wall Street’s estimates for FQ1 earnings and revenue.
Specifically, the mining firm posted earnings per share (EPS) of $0.14, significantly better than the loss of $0.22 per share anticipated by analysts. The company's revenue reached $73.8 million, exceeding the consensus estimate of $65.91 million.
The company also saw a substantial increase in its cash position, with cash and cash equivalents rising by 66% quarter-over-quarter to $48.5 million.
Adjusted EBITDA was reported at $69.1 million, well ahead of the estimated $21 million.
For the quarter ending December 31, 2023, CleanSpark posted a net income of $25.9 million, or $0.14 per share, a significant turnaround from a loss of $29.0 million, or $0.46 per share, in the same period the previous year.
"This quarter's performance is a powerful reminder of what we're capable of when we channel our collective efforts towards a common goal. Importantly, it sets the stage for what's to come," said CleanSpark’s CEO Zach Bradford.
"In a single quarter we have covered nearly half the distance to reach our total revenue from last year. We beat all consensus estimates across the board, including revenue, EPS, and profitability.