CleanSpark Q1 Earnings: Income Beat, EPS Beat, Stock Jump – “Why buy Bitcoin at spot price when we mine at $34,000?” – CleanSpark (NASDAQ: CLSK)

CleanSpark Inc clsk First-quarter financial results were reported after the market ended on Thursday. Here is a summary of the report.

Q1 Income: CleanSpark’s first-quarter revenue was $162.3 million, beating analysts’ estimated $150.87 million, according to Benzinga Pro. this Bitcoin BTC/USD Miners reported earnings per share of 85 cents, beating analysts’ estimated 9 cents per share.

Total revenue increased by 120% year-on-year. Adjusted EBITDA revenue was $321.6 million, up from $69.1 million in the previous quarter. CleanSpark said the quarter ended with $929.1 million in Bitcoin and $276.6 million in cash. As of December 31, the company had working capital of $1.2 billion.

“This quarter, we saw the impact of continuous improvements that we consider to be the most important industry metrics: hashtt of operations, fleet efficiency, marginal cost of mines, Bitcoin treasury and portfolio uptime.” Zach BradfordCEO of CleanSpark.

“We surpassed the guidance for 2024, exceeding 40 EH/s in January while reducing fleet efficiency to 16.15 j/th.” CleanSpark paid $162.3 million on marginal cost per bitcoin this quarter income. ”

CleanSpark’s Bitcoin holdings rose to more than 10,500 in the quarter. The company notes that all its bitcoins are self-mined.

CleanSpark CFO Gary Vecchiarelli “We continue to invest in ourselves because when we mine for $34,000, why buy bitcoin at the current spot price?”

See also: Czech Republic approves Bitcoin tax exemption for long-term holders

CleanSpark noted that its hashrat exceeded 40 EH/s in January. The company is expected to reach its 50 EH/s target in the first half of 2025.

CleanSpark executives are currently discussing the quarter’s call, which begins at 4:30 p.m. ET.

Clsk price action: CleanSpark shares rose 4.62% after get off work, trading at $10.86 when it was published Thursday, according to Benzinga Pro.

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