Cleanspark Inc Up 16.99% To $7.23 After Earnings Miss

Cleanspark Inc (CLSK) said after close Thursday that it lost $0.57 per share in quarter four 2023.

On the revenue line, the company reported $52.5 million, missing estimates by $1.2 million.

In the same quarter a year ago, the company lost $0.97 per share on revenue of $26.2 million.

The stock is up 16.99% to $7.23 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Cleanspark Inc a Neutral Sentiment Rank from InvestorsObserver.

Cleanspark Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 85, putting Cleanspark Inc in the top 25% of stocks. The firm set a 52-week high on July 17, 2023 at $7.6 and set a 52-week low on December 19, 2022 at $1.74.

Cleanspark Inc is engaged in acquiring, licensing and marketing patents and technology to create sustainable energy for its energy customers. Its technology includes FLEX power system, Microgrid Technology, and Microgrid-as-a-service. In addition, the company converts various materials, including municipal solid waste, municipal sewage sludge, food and cooking waste, petroleum sludge and oily wastes, animal manures, cellulosic and non-cellulosic biomass, energy crops, scrap tires, and coal into SynGas. Its SynGas is used as clean, renewable, environmentally friendly, and warming fuel for power plants and motor vehicles, and as feedstock for the generation of di-methyl ether.