Bitcoin (BTC) mining company CleanSpark plans to continue its strategy to collect distressed mining company assets this year.
The Bitcoin miner released its fiscal Q1 earnings presentation on February 9, where the company remained optimistic about the year ahead and continued growth.
Chief Financial Officer, Gary Vecchiarelli, said CleanSpark has seen “explosive growth” in the last 12 months and feels very comfortable with its plans. He added that growth in terms of mergers and acquisitions will continue until 2023.
“With our M&A strategy, we have been one of the most active miners to date in acquiring infrastructure and machinery, and we will continue to be active.”
“We are still buyers in this market, and our strategy has not changed,” he said before stating that “we are not forced to go out and have to do M&A. But obviously, if we see a good deal, we will benefit from it.
Our earnings call will be live. Just a reminder, we’re at the end of the year 9/30, so this is the Q1 ’23 filing. I hope you have time to join and listen. All rough years –@CleanSpark_Inc #bitcoin pic.twitter.com/1uWmZpTLJO
— S Matthew Schultz (@smatthewschultz) February 9, 2023
He said smaller mining operations could run into trouble. Therefore, the company wants to be in a position where it can “choose infrastructure and assets with good deals” similar to what it has done before.
In November last year, the company acquired more than 3,840 Antminer S19J Pro mining machines at below-market prices.
A month earlier in September, the firm acquired Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million as well as a 36-megawatt facility in the same state for $16.2 million.
The company also bought thousands of Bitcoin miners at “substantially discounted prices” in June and July 2022.
related: BTC miner CleanSpark gains thousands of miners amid ‘distressed market’
In early 2023, the company continued its expansion plan.
In January, CleanSpark announced that it was expanding operations in the state of Georgia. A new 50-megawatt Bitcoin mining facility in the city of Washington is expected to be completed by the end of spring.
According to its fiscal Q1 earnings report, CleanSpark reported that it had mined 1,531 BTC for the period, a 132% increase over the same period a year earlier.
However, revenue has decreased by 25% from the same period last year to $27.8 million. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) has fallen to $1.4 million.
Despite the positive outlook, the company’s ( CLSK ) shares fell 5.2% on the day to $3.13 in after-hours trading.