CleanSpark stock slips 2% after the bell on major losses in Q4, dimmed hashrate outlook

CleanSpark ( NASDAQ: CLSK ) stock slipped 2.2% after the bell on Wednesday as the bitcoin miner reported major losses in Q4 and slashed its 2023-end hashrate guidance. FY net loss was $57.3M vs. $21.8M, of which $42.3M was recorded in Q4. Adj. EBITDA in Q4 slid 72.5% Y/Y to $2.9M. Majority of Q4 losses was due to impairment of goodwill and bitcoin balances as well as non-cash charges from modification of equity instruments. Current hashrate crossed 5.8 EH/s and daily mining output is at a record 21.7 BTC. CleanSpark ( CLSK ) slashed its 2023-end hashrate guidance to 16 EH/s vs. prior guidance of 22.4 EH/s. This is due to delays in Lancium's clean campuses in west Texas, which would host 200 MW of CleanSpark's ( CLSK ) mining operations, or about 6.6 EH/s. Lancium informed the miner that "capital constraints affected their ability to meet their commitments". Expected completion dates have been pushed into late 2023 and could be delayed even further, based on current market conditions. CleanSpark ( CLSK ) had working capital of $16.8M and $21.2M of debt as of September 30.