HomeTop MoversWhy CleanSpark Inc. (CLSK) stock plunged on Tuesday?

Why CleanSpark Inc. (CLSK) stock plunged on Tuesday?

CleanSpark Inc. (CLSK) shares declined 3.22% in after-hours on Tuesday, December 14, 2021, and closed the daily trading at $11.72. Even in the regular trading session on Tuesday, CLSK’s stock lost 1.06%. CLSK shares have fallen 25.52% over the last 12 months, and they have moved down 19.91% in the past week. Over the past three months, the stock has lost 4.72%, while over the past six months, it has plunged 37.64%.

Let’s have a brief discussion about its latest news.


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CLSK latest development

On December 14, 2021, CleanSpark, Inc. (CLSK) reported financial results for its fourth quarter and 2021 fiscal year.

Q4 2021 financial highlights

  • CLSK reported total revenue of $27.1 million for Q4 2021 compared to $1.95 million for Q4 2020.

FY 2021 financial highlights

  • CLSK’s total revenue was $49.4 million for FY 2021 compared to $10.0 million for the same prior-year period.
  • Total cost and expenses were $78.01 million in FY 2021 compared to $25.17 million in FY 2020.
  • It suffered a net loss of $21.8 million or $0.75 loss per share in FY 2021 compared to a net loss of $23.3 million or $2.44 loss per share in FY 2020.
  • Adjusted EBITDA was $9.0 million, or $0.31 gain per share in FY 2021, compared to $10.2 million, or $1.07 loss per share in FY 2020.

CLSK new cooling infrastructure

On December 09, 2021, CleanSpark, Inc. (CLSK) purchased immersion cooling infrastructure for its Norcross bitcoin mining facility. Phased installation starts immediately, with the first 8 MW expected to go live in February.

Liquid immersion cooling has proven to significantly increase the hash rate of bitcoin mining machines, reduce power consumption, and extend the life of the machines, thereby maximizing financial gains.

CLSK November Bitcoin Mining Updates

On December 06, 2021, CleanSpark, Inc. (CLSK) released its unaudited bitcoin production and operations update for the calendar year-to-date ending November 30, 2021.

  • In November 2021, the company produced 218 bitcoins.
  • The calendar year-to-date production ending November 30 was 1,301 bitcoins.
  • Total BTC holdings are 838 as of November 30, 2021.
  • Total BTC converted for operational growth in CY2021: 478

CLSK strategic rebranding

On November 30, 2021, CleanSpark Inc. (CLSK) unveiled a new logo, including a new wordmark and icon, and a new website. The new brand identity reflects the Company’s strategic focus on sustainable bitcoin mining using the Company’s background in energy technology.

CLSK bought more mining machines

On November 19, 2021, CleanSpark, Inc. (CLSK) purchased additional 2,597 units of the Antminer S19 bitcoin (BTC) mining machines.

The company got immediate delivery of the machines, adding to the 2,711 rigs already purchased machines.

Conclusion

The recent financial results were the reason behind its poor performance on Tuesday. It can further decline in the coming trading sessions.

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