The bitcoin miner reported a wider net loss for Q1, missing estimates as bitcoin holdings valuations declined sharply.
CleanSpark reported a net loss of $378.3 million for the quarter ended March 31, widening from a $138.8 million loss in the same period last year. The company attributed the miss to a decline in the valuation of its bitcoin holdings, which weighed on earnings amid market volatility.
Analysts had anticipated a narrower loss, but the $378.3 million figure fell short of expectations. The prior-year loss of $138.8 million reflected a less severe downturn in bitcoin prices during that period.
Shares of CleanSpark fell 9% in premarket trading following the earnings release, reflecting investor disappointment over the results.