CleanSpark Inc.'s CLSK stock fell Tuesday following the company's fourth-quarter results. CleanSpark also provided an update on Bitcoin BTC/USD mining on Tuesday morning. Here's what you need to know:
What Happened: According to Benzinga Pro, CleanSpark had revenue of $89.28 million in the fourth quarter, beating analyst estimates of $88.64 million. The company reported a loss of 27 cents per share for the quarter, missing expectations for a loss of 21 cents per share.
Full-year 2024 revenue increased 125% year over year. CleanSpark said its hashrate increased to 33.5 EH/s during the quarter. The company said it plans to reach 37 EH/s by the end of the year and “more than 50 EH/s” in 2025.
CleanSpark announced it ended the quarter with 8,049 Bitcoin and $122.2 million in cash.
“As we look to 2025, our significant size and scale, strong balance sheet, industry-leading operations, and strong liquidity position position us well to pursue a variety of capital raising strategies. “Yes,” said CleanSpark CFO Gary Vecchiarelli.
Following the company's quarterly results, HC Wainwright & Company analyst Mike Colonese reiterated CleanSpark's Buy rating and $27 price target.
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CleanSpark also released mining metrics for November on Tuesday morning. The company announced that it mined 622 Bitcoins in November, down from 655 Bitcoins mined in October. CleanSpark has mined a total of 6,356 Bitcoins since the beginning of the year. The company announced that it held a total of 9,297 Bitcoins as of November 30th.
CleanSpark's average hashrate during November was 32.32 EH/s. The company said it sold 26.11 Bitcoins last month at an average price of about $84,356.
Two Bitcoin mining sites in Mississippi were delivered turnkey by CleanSpark and are operational as of December 2nd. These sites are expected to have a total operational hash rate of 1 EH/s. The company also said two Bitcoin mining data centers in Wyoming are under construction, with immersion cooling equipment expected to be delivered this month. It is expected that approximately 5 EH/s will be added when the site is energized.
CLSK Price Action: CleanSpark stock was down 5.3% at $13.75 at the time of writing on Tuesday, according to Benzinga Pro.
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