"America's Bitcoin Miner" was identified as the top stock pick in the 1-week time horizon before the earnings release of CLSK.
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. When combined with machine learning, these incredibly intricate mathematical functions for statistical programming and modeling are capable of comparing their current coefficients and algorithms to newly added data and then adapting to improve the models' accuracy through a process of validation and reflection. On May 2nd, 2023, our AI predictions system recognized CleanSpark (NASDAQ: CLSK) as a top stock pick in the 7-day time horizon and exactly 1 week prior to the company's earnings release on May 10th. CleanSpark 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.
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Below is our stock prediction from our weekly stock forecast (7 days) publicly announcing CLSK as a strong buy on May 3rd, 2023 to our subscribers getting exclusive market insights based on artificial intelligence. Subscribers who bought CLSK stock based on our AI forecast on this date generated a profit of 34.62%. We offer 4 packages you can choose from. From the Top 5 to the Top 30, subscribers get advanced notifications of upcoming market opportunities. 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.
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. 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 34%.
As previously noted, this stock received several recommendations throughout a range of time intervals. 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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