Shares of CleanSpark ( NASDAQ: CLSK ) on Thursday slipped about 10% in extended trading, after the bitcoin miner's fiscal year 2023 net loss more than doubled from 2022. CLSK stock retreated 9.6% to $5.63 after hours. CleanSpark ( CLSK ) reported a FY 2023 loss per share of $1.29, which came in wider than the consensus by a hefty 52 cents. Revenue rose 28.1% Y/Y to $168.4M, but missed estimates by $1.37M. CleanSpark ( CLSK ) mined a record record 6,903 bitcoin ( BTC-USD ) in the fiscal year. The miner held $56M in bitcoin ( BTC-USD ) assets as of September 30, 2023, versus $11.1M a year ago. In that same period, the world's largest cryptocurrency's price gained 38.8%. Bitcoin ( BTC-USD ) has recently returned to levels from over a year ago, amid growing anticipation for a U.S. approval of a spot bitcoin exchange traded fund. CoinShares on Monday said that crypto funds had garnered their largest weekly inflows of the year. "However, bitcoin price saw much volatility during the year affecting our revenues and margins accordingly. We also incurred an additional $32M of non-cash expense related to accelerated depreciation," CLSK finance chief Gary Vecchiarelli said in a statement . "This acceleration was due to the reduction of estimated useful lives on our older and less efficient miners that we have pulled from service as part of our fleet upgrade or do not intend on using past the halving," Vecchiarelli added. The CFO was referring to an expected bitcoin halving in April 2024, an event in which the rate at which new bitcoins are released into circulation will be cut in half. More on CleanSpark CleanSpark: Buy Before The April 2024 Bitcoin Halving CleanSpark: Deserves Much Better CleanSpark Is Our Top Bitcoin Mining Stock Pick What does the Sam Bankman-Fried verdict mean for crypto markets? Seeking Alpha's Quant Rating on CleanSpark
