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Why CleanSpark (CLSK) Stock Got Crushed Today
Shares of CleanSpark (CLSK - Free Report) , an energy-technology and cryptocurrency-mining company, dropped significantly in Tuesday’s trading session after it reported Q3 earnings. After falling as much as 22% earlier in the day, CLSK closed down 15.2%.
Revenue of $11.9 million missed analyst expectations despite increasing 250% year-over-year. Most of this growth came from CleanSpark’s Bitcoin mining business. The company mined a record 191 tokens during the period, which brings its total to 301.4 Bitcoin on its balance sheet. But investors were shocked at the size of CLSK’s net loss: $16.7 million, or -$0.49 per share. Wall Street was anticipating a profit instead.
Management still raised its full-year guidance, and now projects revenue in the range of $49 million to $62 million. However, much of this new outlook is reliant on the price of Bitcoin shooting higher to the $47,000 level.
CLSK is now down more than 61% year-to-date.