CleanSpark Inc (NASDAQ:CLSK) announced that its third-quarter 2022 revenue surged 243% year-over-year to $31 million, as the company mined a record 964 Bitcoins and increased its Hashrate by 22% during the period.
The sustainable bitcoin mining and energy technology firm also recorded positive Adjusted EBITDA of $15.2 million during the 3Q, which represents margins on revenue of 49%, compared with negative Adjusted EBITDA of $1.7 million a year ago.
“We are optimizing uptime and maximizing profits with our wholly owned locations,” CleanSpark CEO Zach Bradford said in a statement.
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“Despite macroeconomic headwinds, our results demonstrate the resiliency of our strategy, and we expect to grow in what is otherwise a bear market,” Bradford added.
CleanSpark noted that it realized a net loss of $29.3 million during the quarter after the company recorded an impairment charge of $10.6 million in connection with the reclassification of its energy business as discontinued operations.
CleanSpark had $2.7 million in cash and $10.5 million in digital currency on its balance sheet as of June 30, 2022.
In addition, the company boosted its 2023 year-end Hashrate guidance to 22.4 exahashes per second (EH/s).
CleanSpark, a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges.
Contact Sean at sean@proactiveinvestors.com