CleanSpark Shares Fall as Fiscal 2024 Profit, Revenue Miss Estimates

Dow Jones12-03

By Connor Hart

CleanSpark shares slid after the bitcoin miner posted a wider-than-expected loss for fiscal 2024, even as revenue more than doubled.

Shares of the Henderson, Nev., company were down 7% at $13.50 in premarket trading Tuesday. The stock was up 32% from the start of the year as of the close of Monday's regular session.

CleanSpark reported a net loss of $145.8 million, or 69 cents a share, for the fiscal year ended Sept. 30, compared with a loss of $138.1 million, or $1.30 a share, a year earlier. The company has nearly 217 million outstanding shares, compared with about 103 million last year.

Revenue rose 125% to $378.9 million. Analysts surveyed by FactSet had expected a per-share loss of 49 cents on revenue of $394.9 million.

Bitcoin miners harness high-powered computers to hash out solutions to the formulae that undergird the cryptocurrency, and new bitcoins are minted from the work.

The price of bitcoin has soared to record highs since the election, boosted by anticipation of a more amenable regulatory environment under the administration of President-elect Donald Trump and the election of crypto-friendly lawmakers to Congress.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 03, 2024 08:36 ET (13:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The stock was up 32% from the start of the year as of the close of Monday's regular session. \n</p>\n<p>\n  CleanSpark reported a net loss of $145.8 million, or 69 cents a share, for the fiscal year ended Sept. 30, compared with a loss of $138.1 million, or $1.30 a share, a year earlier. The company has nearly 217 million outstanding shares, compared with about 103 million last year. \n</p>\n<p>\n  Revenue rose 125% to $378.9 million. 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