Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.<\/p>\n
Bitcoin miner CleanSpark (CLSK) reported fiscal second-quarter revenue of $41.6 million and adjusted earnings before interest, taxes, depreciation (Ebitda) of $22.5 million. Both results beat analysts' average estimates tallied by FactSet.<\/p>\n
While quarterly revenue edged up only slightly from the previous quarter, it was up fivefold from the year-ago level and beat estimates by $400,000.<\/p>\n
Adjusted Ebitda slipped 7% from the previous quarters $24.1 million. It was up from $1.9 million a year ago and topped estimates of $18.4 million.<\/p>\n
While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy, CEO Zach Bradford said in a statement.<\/p>\n
Bradford noted that 100% of growth and capital spending was funded from the conversion of bitcoin (BTC). He also said the company hasn't used its shelf offering to raise capital since November.<\/p>\n
The company ended the quarter with $1.9 million in cash and $17 million in digital currencies.<\/p>\n
In March, CleanSpark said it aims to be among the top bitcoin miners with an expansion of up to 500 megawatts (MW).<\/p>\n
CleanSpark's shares rose 5.3% in after-hours trading on Tuesday. They are down about 40% year to date.<\/p>\n
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