CleanSpark kicks off bitcoin miner earnings with revenue expected to rise 13%: Preview
Quick Take
- Revenue and net income for CleanSpark’s quarter ending in December 2022 are estimated to improve over the previous period, but be below last year’s numbers.
- The miner will post results Thursday after market close.
CleanSpark is expected to post a nearly 13% bump in revenue from the previous quarter when it kicks off the earnings season for bitcoin miners after the U.S. close today.
The company is expected to report a loss of $31.3 million on revenue of $29.5 million for the quarter that ended in December, according to analyst estimates compiled by FactSet. That would be narrower than the $42.3 million loss from the previous period.
The miner posted net income of $14.5 million on revenue of $41.2 million in the same period a year earlier.
CleanSpark will be the first miner to report results for the quarter, which saw the biggest player in the space, Core Scientific, file for bankruptcy and Argo Blockchain sell its flagship facility to Galaxy Digital in order to avoid the same fate.
Miners are still struggling as a result of months operating at depressed margins, but January has been kinder with bitcoin surging back up to August levels at around $23,000.
CleanSpark picked up thousands of discounted machines, as well as two sites in Georgia, during the down market.
It also met its 2022 hashrate goal of 5.0 EH/s in October, although it cut back projections for 2023 from 22.4 EH/s to 16 EH/s because of build-out delays coming from its infrastructure partner, Lancium.
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