CLSK - Bitcoin-Miner CleanSpark's Stock Climbs After Strong Q2 Revenue 2 New Mining Locations | Benzinga
CleanSpark, Inc. (NASDAQ:CLSK) shares are trading higher Friday after the company posted better-than-expected second-quarter financial results and announced it will acquire two new Bitcoin mining locations.
The Details:
CleanSpark said quarterly revenue clocked in at $111.8 million which beat the analyst consensus estimate of $102.574 million by 8.99% and represents a 162.77% increase in revenue from the same period last year. The company also reported quarterly GAAP earnings of 58 per share.
“The second quarter was record breaking and historic for CleanSpark, as we recognized approximately $112 million of revenue,” said Gary A. Vecchiarelli, CFO of CleanSpark.
“Our margins have also increased over the preceding first quarter which were helped by the rise in bitcoin prices and expanded margins. At our wholly owned sites, we experienced wholesale power costs as low as 1.3 cents per kilowatt hour, and a very favorable all-in power cost of 4.3 cents per kilowatt hour. We also ended the quarter with almost $700 million in cash and bitcoin, and virtually no debt, which ...