CleanSpark recorded a $433 million swing tied to Bitcoin valuations, accounting for 87 % of its dramatic quarterly results reversal. The company saw its profit of $257.4 million turn into a $239.8 million loss in the fiscal third quarter, while revenue fell 30.5 % year-over-year to $138 million. CleanSpark used $409.3 million in operating cash during the first nine months of its fiscal year and carried $1.78 billion in long-term debt as of June 30. The Sandersville project, intended to support its artificial intelligence transition, will not begin phased deliveries until Q4 2027, leaving the company to weather an extended period of declining mining revenue and cash burn before that project generates any rental income.
Source: Read the original article
