CleanSpark posts Q2 earnings beat as bitcoin rebound boosts gross profit margins

CleanSpark ( NASDAQ: CLSK ) on Wednesday reported better-than-expected Q2 earnings as a rebound in bitcoin ( BTC-USD ) prices boosted gross profit margins. Q2 EPS from continuing operations was -$0.23 vs. $0.05 in Q2 2022. Revenue grew 14.3% Y/Y to $42.5M, translating to 53% growth from Q1. CleanSpark ( CLSK ) mined 1,871 bitcoin ( BTC-USD ) during Q2, more than double Y/Y. "Our increased gross profit margins and stable cost structure resulted in 30% adjusted EBITDA margins and will also help grow our bitcoin balance going forward," said CFO Gary Vecchiarelli. CleanSpark's ( CLSK ) liquidity, in cash and bitcoin ( BTC-USD ), was ~$15.6M at March 31. Total mining assets, including prepaid deposits and miners, stood at $367.9M. The cryptocurrency miner's debt totaled $17.6M at March 31 as it paid down $1.9M, or ~11% of its outstanding debt, in Q2. "Our planned expansions are proceeding according to timelines, with Washington expected to be fully operational next month and the Sandersville land ready to start construction," said CEO Zach Bradford. "We've acquired 99% of the machines, either under contract or in transit, to fill these facilities." Shares of CleanSpark ( CLSK ), which ended 14.8% higher on Wednesday, dipped 1% after the bell. More on CleanSpark CleanSpark's bitcoin production declines 12% in April CleanSpark to double hashrate with 45K mining rigs CleanSpark: Production Growth Is On Track