"America's Bitcoin Miner" CleanSpark was identified as a top stock to research in the 1-month time horizon by growthtech.ai's AI-powered market research platform.
CleanSpark (NASDAQ: CLSK) is a technology company that provides microgrid software solutions for various energy markets. The company's software enables end-users to design, engineer, and control complex microgrid systems that integrate various distributed energy resources, including solar PV, wind turbines, battery storage, and backup generators. Starting in 2020, CLSK transitioned that expertise to providing sustainable infrastructure for Bitcoin mining, utilizing low-carbon energy sources like wind, solar, nuclear, and hydro. They prioritize leaving a positive impact on the environment and promoting financial independence and inclusion through their services. The company has been recognized for its rapid growth, ranking 44th on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas and 13th on Deloitte's Fast 500. On June 15th, 2023, our AI forecast system using machine learning algorithms recognized CleanSpark as a top stock pick in the 30-day time horizon closing July 14th, 2023 thus yielding an 84.99% profit. The AI stock prediction system analyzes empirical data on financial market irregularities linked to trader overreaction and underreaction to produce circadian forecasts in various frames. Below is the Top 5 forecast for the 1-month time horizon on June 15th resulting in a hit ratio of 80% and an average return of 27.36% if all stocks were purchased in equal weights from June 15th until July 15th, 2023.
You can compare this to the S&P 500 over the same time frame which resulted in a return of only 3.21% over the same time frame meaning that the Top 5 beat it by 8.5X. Take note that the key benefit of employing artificial intelligence for stock market analysis is that it can study more assets objectively and continually throughout the day. By merging big data analytics, you can improve decision-making, result modeling and forecasting, and market knowledge to drastically enhance your due diligence capabilities.
CleanSpark (CLSK) 30-Day Stock Forecast
Below is our stock prediction from our monthly stock forecast (30 days) publicly announcing CLSK as a strong buy on June 15th, 2023 to our subscribers getting exclusive market insights based on big data predictive analytics. Subscribers who bought CLSK stock based on our AI forecast on this date generated a profit of 84.99%. We offer 4 packages you can choose from. From the Top 5 to the Top 30, subscribers get advanced notifications of upcoming market opportunities to research. Bigger forecasts also come with more enhanced features. Generally, we advise a larger forecast because it provides much more market coverage, makes it much easier to follow trends, and of course, you will certainly find A LOT more market opportunities.
Based on the historical accuracy of each prior financial asset forecast as well as current market variables important to stock price, the AI system calculates the Signal Confidence (SC), which is stated as a percentage out of 100%. In this stock prediction, the Signal Confidence (SC) is 62%.
This stock prediction has been consistently accessible in numerous predictions recently as well as in different time frames. As a subscriber, you may spot greater possibilities when you review your daily forecasts by monitoring stock picks that keep appearing regularly in the AI stock predictions. Another indicator is stock picks that appear in multiple anticipated time periods, particularly throughout multiple predictions released each morning. Remember to always exercise discretion when studying the market. Prior to putting any financial plans into action, you should always conduct your own due diligence and seek assistance from a licensed financial advisor.
CLSK 2Q23 Results
Referring to themselves as "America's Bitcoin Miner," CLSK released their Q2 2023 earnings report which highlighted their progress toward achieving their year-end target of 16 EH/s. The CEO, Zach Bradford, stated that the company's planned expansions are proceeding on schedule, with their Washington facility expected to be fully operational next month and their Sandersville land already graded and ready to start construction. Furthermore, CleanSpark has acquired 99% of the machines, either under contract or in transit, to fill these facilities. The addition of these machines, most of which are Bitmain's XPs, is expected to make them one of the most efficient miners on the network, positioning them to take optimal advantage of halving next year.
According to the CFO, Gary A. Vecchiarelli, the rebound in Bitcoin prices translated to greater gross profit margins and cash flow in Q2 2023. The company increased gross profit margins and stable cost structure resulted in 30% adjusted EBITDA margins and will also help grow their Bitcoin balance going forward.
In terms of financial highlights, CleanSpark reported revenues of $42.5 million, a 14% increase from the same prior year period. However, their GAAP net loss for the quarter was $(18.5) million, compared to $(0.2) million for the same prior year period. Adjusted EBITDA decreased to $12.7 million, compared to $19.6 million from the same prior year period. Sequentially, CleanSpark saw revenues increase by 53% in Q2 2023 compared to the preceding quarter, and their GAAP net loss decreased by $10.5 million. Adjusted EBITDA was $12.7 million, compared to $(1.9) million in the preceding quarter.
As of March 31, 2023, CleanSpark's liquidity, in cash and Bitcoin, was approximately $15.6 million, with a debt totaling $17.6 million. Their balance sheet highlights show that their total assets are $531.6 million, with total stockholders' equity at $473.9 million. Overall, CleanSpark's Q2 2023 earnings report indicates progress toward their year-end target and a rebound in Bitcoin prices contributing to increased gross profit margins and cash flow. However, their GAAP net loss for the quarter was significant and their adjusted EBITDA decreased compared to the same prior year period. It will be interesting to see how CleanSpark's planned expansions and efficient miners will contribute to their future financial performance.
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Sources: 1. Clearspark Investor Relations, "CleanSpark Reports Second Quarter FY2023 Financial Results" (2023)
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