CleanSpark, Inc. (CLSK) gained in the normal trading on Thursday after announcing its first-quarter 2022 results in a press release. CLSK values at $9.31, gaining more than 11.63% compared to the previous closing price. The stock closed at $8.34 at the end of Wednesday’s trading session.
CLSK: Q1 2022 Key Financials
- CleanSpark, Inc. (CLSK) announced $41.2 million in the first quarter of 2022. In the first quarter of fiscal 2021, the revenue was $2.3 million. The revenue increased by 17 times.
- CleanSpark, Inc. (CLSK) net income was around $14.5 million in Q1 2022. The company’s net loss in Q1 2021 was $7.2 million.
- CleanSpark, Inc. (CLSK) basic earnings per share were around $0.35 in the first quarter of 2022. The basic loss per share in Q1 of fiscal 2021 was $0.32.
CLSK CEO’s remarks on the Q1 2022 results
Last year was a great year for CleanSpark, according to CEO Zach Bradford. They presently have 20,900 machines working with a total hash rate of 2.1 EH/s, which is generating about ten bitcoins a day.
CleanSpark is looking towards strategic options for its old energy company. In order to take full use of the huge potential that bitcoin offers, they have narrowed their focus to a single bitcoin mining region. To better understand our company’s long-term strategy, they will describe it on their first-quarter results call.
CLSK reported a strong balance sheet
The company had cash of around $5.2 million on hand as of the first quarter. The company had zero long-term debts, which represents its stability.
Conclusion
CleanSpark, Inc. has reported a tremendous first quarter. They have started with excellent performance. Their numbers speak for themselves. The revenue grew by more than 17 times compared to the same quarter of last year.
