CleanSpark Realizes Year-on-Year Revenue Up 235% YoY

Bitcoin miner CleanSpark reported a non-GAAP net loss of $42.3 million, worse than the estimated $15.4 million for the three months ending in September.

CleanSpark reported sales of $26.2 million for the three months that ended September 30, an increase of $3.3 million, or 14%, from $22.9 million for the same prior year period but falling just short of analyst expectations of $27.4 million.

However, the company revenues for the year grew to $131.5 million, an increase of $92.2 million, or 235%, from $39.3 million in the prior year.

Despite recording a significant loss in the past month, Zach Bradford, CEO of the company, said the company’s stabilization plan:

“Despite macro headwinds in the economy and Bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market. We continue to execute our business plans with best-in-class efficient mining operations and by identifying potential accretive acquisitions while maintaining very little leverage on our balance sheet This team continues to exceed my expectations and I’m so proud of them.”

On today’s conference call, management will address plans for 2023, including a modification to its calendar 2023 year-end estimate.

The company established cooperation with Lancium earlier this year. Lancium promised to develop clean campuses in west Texas capable of hosting 200 MW, or around 6.6 EH/s, as part of the arrangement. Lancium advised CleanSpark that capital restrictions have hampered their ability to pay their obligations.

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