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CleanSpark assures investors business developments not at risk amid unexpected share movement

It saw its second-highest trading volume of the month Thursday, and shares dipped 11%

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CleanSpark has achieved six quarters in a row of year-over-year growth

CleanSpark Inc (NASDAQ:CLSK) put out a statement after the bell Thursday, informing investors that it had no material information as to why its share price moved more than usual during trading. 

The energy software and technology company, which uplisted to the Nasdaq in January, saw its second-highest trading volume of the month, and shares dipped 11%, but the company insists there is no clear reason for a decline.  

“While we don’t normally comment on our stock price or performance, it is important to stress that nothing has fundamentally changed in our business,” CEO Zach Bradford said in a statement. “We continue to deliver solid financial results, and we remain very confident in our prospects.”

READ: HC Wainwright reiterates Buy rating with $18 price target on CleanSpark, citing strong growth outlook

For one, the statement noted, the company has achieved six consecutive quarters of year-over-year growth. In the quarter ended December 31, CleanSpark saw revenue of $976,824 — more than four times greater than the same quarter in 2018. 

Bradford also pointed to the company’s recent acquisition of p2kLabs Inc, which Bradford expects will add $2 million in annual revenue at margins greater than 50%. 

In addition, CleanSpark signed a 10-year exclusive agreement with International Land Alliance, which will see the company provide its microgrid Value Stream Optimizer (mVSO) software services and integrate its mPULSE software into ILAL’s energy projects.

Looking ahead, Bradford expects to report another set of strong results in the coming months. 

“In the months ahead, we look forward to reporting our operating results in this fast-growing industry and providing updates on our growth efforts,” stated Bradford.

CleanSpark, based in Utah, makes software that allows an energy microgrid to be scaled to the user's specific needs and implemented across commercial, industrial, military and agricultural sectors.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Cleanspark, Inc.

Price: 1.07 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $5.2 m
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