CleanSpark Q1 revenue rises

Overview

• Data center developer's Q1 revenue rose 11.6% yr/yr to $181.2 mln

• Adjusted EBITDA for Q1 missed analyst expectations

• Company expands AI infrastructure and power capacity in Texas and Georgia

Outlook

• Company focuses on creating multiple revenue streams through infrastructure platform

• CleanSpark leverages bitcoin mining cash flows for long-duration infrastructure investments

Result Drivers

• BITCOIN MINING - CleanSpark's bitcoin mining operations generated significant cash flow, supporting long-term infrastructure investments

• POWER CAPACITY EXPANSION - Co secured up to 890 MW of new utility-grade power capacity in Texas and Georgia

• AI INFRASTRUCTURE - Co expanded its AI-ready site portfolio as part of diversifying revenue streams

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for CleanSpark Inc is $24.00, about 134.8% above its February 4 closing price of $10.22

Press Release: ID:nPn7BtF57a

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