Bitcoin miner CleanSpark beats estimates, posts $29 million loss

Bitcoin miner CleanSpark reported a net loss of $29 million for the quarter ending in December, beating analyst estimates of a $31.3 million loss.

It narrowly missed revenue estimates, posting $27.8 million, compared to the $29.5 million expected, according to analyst estimates compiled by FactSet.

“While we faced headwinds due to depressed bitcoin prices during most of our fiscal first quarter, we persisted and grew,” said CEO Zach Bradford. “Our average hashrate rapidly increased, outpacing global hashrate, and we mined the most bitcoin ever in a single quarter.”

The company had total assets of $487 million and liabilities of $59.8 million as of Dec. 31.

CleanSpark was up about 1.9% in after-hours trading as of 4:15 pm ET.

While many miners struggled with liquidity during the second half of the year, the company was able to take advantage of the down market and acquire thousands of discounted machines as well as two mining sites in Georgia.

The last quarter culminated in Core’s Scientific bankruptcy filing and Argo Blockchain’s sale of its flagship facility.

“We have been thoughtful and calculated buyers in this market, seeking out accretive acquisitions and efficiently deploying capital,” CFO Gary A. Vecchiarelli said. “We have been successful in sourcing and closing transactions which not only grow our percentage of the total global hash rate, but also produce meaningful bitcoin and cash flow while still paying down what little debt we have.”

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