CleanSpark stock dips 3% after hours as lower bitcoin prices drag Q1 earnings

CleanSpark ( NASDAQ: CLSK ) on Thursday reported weaker Q1 results as a result of depressed bitcoin ( BTC-USD ) prices during most of the quarter. The cryptocurrency miner's stock edged 3.1% lower in aftermarket trade. Q1 EPS was -$0.46 vs. $0.38 in Q1 2022, while revenue dropped 25.1% Y/Y to $27.8M. CleanSpark ( CLSK ) mined 1,531 bitcoin in Q1, more than double the amount in the year ago period. "Our average hashrate rapidly increased, outpacing global hashrate, and we mined the most bitcoin ever in a single quarter. Last month we had our highest monthly production ever, at nearly 700 BTC," said CEO Zach Bradford. CleanSpark ( CLSK ) had $2.1M cash and ~$3.9M in bitcoin (based on BTC price of ~$17K) as of December 31, 2022. The company had $349M in total mining assets and its debt totaled $19.6M at December 31, 2022. CleanSpark ( CLSK ) paid down $1.6M or ~8% of its outstanding debt in Q4. Earlier, the company mined 697 bitcoin in January .