CleanSpark Inc. ( CLSK ) shares are trading higher Wednesday after the company reported stronger-than-expected first-quarter financial results Tuesday.

What To Know: CleanSpark ( CLSK ) reported its first-quarter revenue of $162.3 million, exceeding analyst estimates of $150.87 million. The company posted earnings of 85 cents per share, well above the 9-cent consensus estimate.

The company ended the quarter with $929.1 million in Bitcoin holdings and $276.6 million in cash, with total working capital of $1.2 billion as of Dec. 31. CEO Zach Bradford said CleanSpark ( CLSK ) exceeded its 2024 guidance and surpassed 40 EH/s in January while lowering fleet efficiency to 16.15 J/Th. The company mined all of its 10,500 Bitcoin holdings in the quarter at an approximate cost of $34,000 per Bitcoin.

CFO Gary Vecchiarelli emphasized that CleanSpark ( CLSK ) prefers mining Bitcoin rather than purchasing it at current market prices. The company aims to reach a hashrate of 50 EH/s in the first half of 2025.

CLSK Price Action: CleanSpark ( CLSK ) shares were up 14% at $11.79  at the time of writing, according to Benzinga Pro.

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