Bitcoin miner CleanSpark reports $42.3 million net loss, missi | • CRYPTO NEWS • #BTC • #ETH •
Bitcoin miner CleanSpark reports $42.3 million net loss, missing estimates
Bitcoin miner CleanSpark reported $26.2 million in revenue, missing the average estimate of $27.1 million. The non-GAAP net loss of $42.3 million was also worse than the estimate of $15.4 million for the three months ending in September.The company was down about 5% in after-hours trading. "The majority of these fourth quarter losses were primarily due to impairment of goodwill and bitcoin balances, as well as non-cash charges due to modification of equity instruments," said CFO Gary A. Vecchiarelli in a statement. "Even then, our adjusted EBITDA was $65.7M , a 500% increase over the prior year, which represents the power and scale of our business model. Miners have been struggling with higher energy costs.
