Shares of the CleanSpark, Inc. (CLSK) stock were falling in the intraday session today on August 17, 2021. CLSK stock price saw a downtrend of 18.86% to drop at $11.14 a share at the time of this writing. The stock was also gloomy in the previous trading session and went low by 1.36% at closing. CleanSpark stock released financial results for the third quarter ended June 30, 2021 yesterday after the market close. Let’s discuss the financial results in depth.

3rd Quarter Financial Results:

• CleanSpark generated $11.9 million in revenue in the three months ended June 30, 2021. This represents an increase of  250% or $8.5 million as compared to the same period of the previous year.
• CLSK stock suffered a net loss of $16.7 million, or $0.49 basic loss per share in the reported quarter. Net loss improved as compared to a loss of $8.5 million, or $0.77 loss per share in the prior year same quarter.
• Non-GAAP net loss of CLSK stock reached $3.6 million, or $0.11 loss per share in the three months ended June 30, 2021. This represents an increase of $0.01 loss per share as compared to the same tenure of the previous year.
• Non-GAAP net income of CLSK stock for the reported quarter was $2.3 million, or $0.07 earnings per share. The previous year’s same quarter non-GAAP net income was $1.1 million or $0.10 loss per share.

CLSK Stock Nine Months Ended June 30, 2021:

• CLSK stock recorded $22.3 million revenue for the nine months ended June 30, 2021, 176% higher than the prior-year same period.
• Net loss for the CleanSpark improved by $1.72 per share to reach $16.4 million, or a $0.60 loss per share.
• Non-GAAP net loss for the nine months reached $2.7 million, or $0.10 loss per share.
• Non-GAAP net income of the CLSK stock for the nine months ended June 30, 2021, was $6.2 million, or $0.23 earnings per share.

Balance Sheet of CLSK stock:

CLSK stock had $22.2 million in cash, 10.4 million in digital currency, and  $297.5 million in total assets as of June 30, 2021. The working capital of CLSK stock by the end of June 2021 was $39.9 million.

Bitcoin Mining:

CleanSpark stock produced over 191 Bitcoins in the quarter ended June 30, 2021. The stock has produced 598 Bitcoins from the beginning of mining operations through August 14, 2021.

Wrap Up:

CleanSpark stock was falling despite reporting increased revenue in the third quarter of 2021. The stock has lost 2.30% in the last 12 months and has a market cap of 380.276 million.