CleanSpark Inc CLSK Shares are trading down 7.49% to $3.00 during Friday’s session. The company reported mixed first quarter financial results.

What happened?

CleanSpark reported quarterly losses of 46 cents per share, beating analysts’ consensus estimate of a loss of 62 cents. The company also reported quarterly revenue of $27.82 million, which missed analysts’ consensus estimate of $30.01 million by 7.30%. This revenue figure represents a 32.6% decrease from revenue of $41.24 million for the same period last year.

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Specifically, the Company reported a net loss of $29.0 million for the three months ended December 31, 2022 compared to a net income of $14.5 million for the same period last year.

Meanwhile, Adjusted EBITDA declined to a loss of $1.4 million, compared to Adjusted EBITDA of $25.1 million in the same period last year.

What else?

“We have consistently grown quarter on quarter as we execute an operational strategy that we believe makes us one of the fastest growing, most reliable and most efficient publicly traded companies Bitcoin miners in North America,” said chief executive officer Zach Bradford.

“While we faced headwinds due to depression Bitcoin For most of the first quarter of our fiscal year, we persevered and grew. Our average hashrate increased rapidly, surpassing the 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 bitcoins. All the hard work we put in last quarter is starting to pay off and we expect to continue to meet our targets as we work towards our calendar year-end guidance of 16 EH/s.”

Updates to analyst ratings

Additionally, on Friday, CLSK received a number of analyst rating updates, including:

• HC Wainwright & Co. analyst Mike Colonnese reiterated this with a Buy, keeping the price target at $12.
• BTIG analyst Gregory Lewis stuck to a buy and lowered the price target…