The company reported revenue of $223.7 million for the three months ended Sept. 30, while analysts expected $227.1 million, according to Fiscal.ai data.CleanSpark also posted a net loss of $900,000, compared with a profit of $257.4 million in the previous quarter. This is due to a much larger gain on the fair value of Bitcoin during the third quarter and noncash tax adjustments recorded at fiscal year-end.The company has moved to close the gap with peers with rapidly expanding operations. It acquired 271 acres of land in Austin County, Texas, last month.”Our conversations with offtakers are ongoing, and it is not a matter of if but when we will have our first customer.” — Chief Financial Officer Gary Vecchiarelli.
CleanSpark (CLSK) stock fell 2.3% in extended trading on Tuesday after the Bitcoin miner’s fiscal fourth quarter revenue missed Wall Street’s estimates.
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The company reported revenue of $223.7 million for the three months ended Sept. 30, while analysts expected $227.1 million, according to Fiscal.ai data. CleanSpark also posted a net loss of $900,000, compared with a profit of $257.4 million in the previous quarter. This is due to a much larger gain on the fair value of Bitcoin during the third quarter and noncash tax adjustments recorded at fiscal year-end.
What Are Stocktwits Users Thinking?
Retail sentiment on Stocktwits about CleanSpark was in the ‘extremely bullish’ territory, compared with ‘neutral’ a day ago, while retail chatter was high.
“We are still in the very early stages of AI and this company will help power all the heavy hitters,” one trader said.
AI Play
Like peers, CleanSpark joined the AI bandwagon by naming veteran executive Jeffrey Thomas as senior vice president of AI data centers to lead the company’s transformation.
The company has moved to close the gap with peers with rapidly expanding operations. It acquired 271 acres of land in Austin County, Texas. It executed long-term power supply agreements totaling 285 megawatts to support the development of a next-generation data center campus, late last month.
“While we are in the early innings of our AI data center journey, the market is moving quickly, and so is CleanSpark. Our conversations with offtakers are ongoing, and it is not a matter of if but when we will have our first customer,” said Chief Financial Officer Gary Vecchiarelli.
Cleanspark stock has risen over 25% this year.
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