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CleanSpark revenue miss drags shares as quarterly results show decline

CleanSpark reported third-quarter revenue of $138 million, down 30.5% year over year, and posted a $239 million net loss for the three months ended June 30.

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Cointelegraph reports that CleanSpark shares slid 5.5% on Thursday after the Nasdaq-listed Bitcoin miner released third-quarter results that fell just short of Wall Street’s expectations.

The company reported quarterly revenue of $138 million, narrowly missing the $142.2 million consensus estimate compiled by Yahoo Finance, and the figure represented a 30.5% year-over-year decline from $198 million.

CleanSpark also reported a net loss of $239 million, or $0.89 per basic share, for the three months ended June 30, compared with a net income of $257 million, or $0.90 per share, in the prior-year period.

Cointelegraph adds that CleanSpark has expanded beyond Bitcoin mining into AI and high-performance computing, including a 20-year data center lease signed July 14 for a 175-megawatt site in Sandersville, Georgia, expected to generate $6.6 billion in contracted revenue over the initial term.

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