CleanSpark narrowed its loss in its fiscal third quarter. The bitcoin mining company had a blockbuster July. CleanSpark shares are up over 150% YTD at writing.

Bitcoin miner CleanSpark Inc is trading slightly up in extended hours after reporting a narrower-than-expected loss for its fiscal third quarter.

Lost $14.2 million versus the year-ago $29.3 million

Per-share loss also narrowed from 40 cents to 12 cents

Revenue jumped 47% year-on-year to $45.5 million

Consensus was 17 cents loss on $45.7 million revenue

Ended the quarter with $125 million of cash and bitcoin

The bitcoin mining company now has assets worth more than liabilities on its balance sheet. Gary Vecchiarelli – the Chief Financial Officer of CleanSpark said today in the press release:

I like the flexibility of our balance sheet and our operational performance. We have all pieces in place to extend our strong track record of growth and operational excellence.

CleanSpark had its Georgia location go live in July that added more than 15,000 miners and 50 megawatts of power, as per the press release.

The Nasdaq-listed firm trailed only Marathon Digital and Core Scientific in terms of the number of bitcoin mined last month. According to its CEO Zach Bradford:

We have fully funded our growth to 16 EH/s, including miners, facilities, and other infrastructure. We continue to build on our track record of executing on commitments.

The hash rate improved to 9 EH/s in its recently concluded quarter. At writing, shares of CleanSpark Inc are up more than 150% versus the start of 2023. Its peer Marathon Digital also reports its quarterly update earlier this week (read more).

The post CleanSpark reports a 47% annualised growth in quarterly revenue appeared first on CoinJournal.

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