CleanSpark Q1 Earnings Preview: Hash Rate, Bitcoin Holdings In The Spotlight
CleanSpark, Inc. (NASDAQ:CLSK) is set to report its first-quarter results on Thursday after the closing bell. Investors will be looking for updates on the company's average hash rate, total Bitcoin (CRYPTO: BTC) mined and bitcoin holdings.
What To Watch: The company released its January operational update on Tuesday and reported mining 626 bitcoin, down from 668 bitcoin mined in December.
CleanSpark's average hash rate throughout January was 34.76 EH/s. The company ended the period with an operating hash rate of 40.1 EH/s. In its fourth-quarter report, CleanSpark set a goal to reach "50 EH and beyond" in 2025.
A recent report from Bernstein highlighted CleanSpark's 400% year-over-year hash rate increase and now holds 5% of the network's total hash rate, surpassing Riot Platforms, Inc. (NASDAQ:RIOT).
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What Else: In January, the bitcoin miner announced it holds more than 10,000 self-mined bitcoin in its treasury, highlighting a 236% year-over-year increase in the company's bitcoin-denominated treasury.
“This achievement is not just about a number, it is a direct reflection of the success of our financial strategy and how far our industry-leading operations have come, which have evolved since we mined our first bitcoin in December 2021,” said Gary Vecchiarelli, CFO of CleanSpark.
Heading into the company's first-quarter report, HC Wainwright & Co. analyst Mike Colonnese reiterated Cleanspark with a Buy rating and $27 price target on the stock.
According to estimates from Benzinga Pro, analysts expect CleanSpark to report quarterly earnings of 21 cents per share and revenue of $150.87 million after Thursday's closing bell.
CLSK Price Action: According to data from Benzinga Pro, CleanSpark shares are up 2.72% at $10.59 in premarket trading Thursday.
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Posted-In: Gary Vecchiarelli Mike ColonneseCryptocurrency Earnings News Previews Markets
