CleanSpark, Inc.'s stock plummeted 8.05% during intraday trading on Friday, continuing its downward trajectory following a disappointing earnings report.

The sharp decline comes after the company reported fiscal second-quarter revenue of $136.4 million, which missed the consensus estimate of $152.32 million and represents a significant 24.9% decline from the $181.7 million reported in the year-ago period. The earnings miss had already triggered an immediate after-hours drop of over 10% when initially announced.

Despite the revenue shortfall, the company highlighted some positive metrics including Bitcoin holdings that grew 14% year over year to $925.2 million as of March 31, and average monthly hash rate that increased 18% over the same period. However, these factors were insufficient to offset investor concerns about the revenue miss and continued selling pressure in the session.