Bitcoin miner CleanSpark continued rallying Friday after on Thursday posting a major quarterly beat, driven by soaring bitcoin prices. Bitcoin on Friday extended its gains from its Thursday rebound, which ended a four-day streak of declines.
CleanSpark reported earnings of 58 cents per share, improving from a loss of 23 cents last year. FactSet analysts expected earnings of 7 cents per share.
Revenue spiked 163% to $111.8 million, clearing views of $106.6 million and marking three straight quarters of triple-digit gains.
CleanSpark during the quarter increased its operational capacity by over 60%, which contributed to the revenue growth, CEO Zach Bradford said. Meanwhile, margins expanded vs. the first quarter driven by the rise in bitcoin prices.
The company listed $358 million in bitcoin and $323.1 million in cash at the end of the quarter.
Also Thursday, CleanSpark announced plans to purchase two bitcoin mining locations in Wyoming with 75 megawatts of power for $18.75 million in cash. The agreement is expected to close in 45 days, and the sites will add four exahashes per second of processing power once fully operational. CleanSpark plans to break ground on the facilities shortly after closing. The deal also includes the possibility of expanding the sites by an additional 55 megawatts.
CleanSpark Stock
CLSK stock leapt another 8% early Friday. Shares on Thursday jumped 6% in initial trade, then settled to a 1.3% gain to close shy of its 10-day line.
CleanSpark has tumbled from its March 27 high of 24.72. Still, shares are up more than 50% year to date through Thursday.
Meanwhile, bitcoin rose 3.3% over the last 24 hours to trade above $63,000 early Friday. Bitcoin snapped a four-day losing streak on its Thursday gain.
The world's largest cryptocurrency has soared about 50% in 2024. But bitcoin is down about 15% from its March 14 record high near $74,000.
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