$CLSK (-1.17%)

- Revenue: $181.7M, +62.5% YoY

- Net loss: ($138.8M) vs $126.7M in Q2 2024

- Bitcoin production: 1,957, +24% YoY

CEO Zach Bradford: "CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner."

CFO Gary Vecchiarelli: "We maintain one of the most efficient cost structures in the industry."

🌱Revenue & Growth

- Bitcoin mining revenue: $181.7M, +62.5% YoY

- Average revenue per bitcoin: $92,811, +38% YoY

- Operational hashrate: 45 EH/s, +165% YoY

💰Profits & Health

- Gross margin: 53%, vs 69% in Q2 2024

- Adjusted EBITDA: ($57.8M) vs $181.8M in Q2 2024

- Working capital: $838.2M, +124% YoY

- Total assets: $2.7B, +75% YoY

- Total stockholders’ equity: $1.9B, +123% YoY

📌Business Highlights

- Expanded revolving line with Coinbase

- Progress in Digital Asset Management group

- Maintained low all-in energy cost: $36,200 per bitcoin

- Acquired GRIID Infrastructure Inc.

- Fleet efficiency improved to 16.15 J/Th

🔮Future Outlook

- Target 50 EH/s by Jun 30, 2025

- Expand operations in Wyoming, Tennessee, Georgia

- Optimize bitcoin treasury for non-dilutive financing

- Focus on scale, capital efficiency, stockholder value

I’m disappointed in the bitcoin miners. They have underperformed. They were supposed to act as a leverage play on bitcoin, but that hasn’t happened over the past year.

I’m planning to sell them and move the money into dividend stocks instead.

I already have a large crypto position, so I can afford to let go of the miners.

$RIOT (-0.97%)
$MARA (-2.73%)
$CLSK (-1.17%)
$HUT (-1.03%)

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$MU (-2.19%)
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$CLSK (-1.17%)

- Revenue: $162.3M, +120% YoY

- Net Income: $246.8M vs $25.9M YoY

- Adjusted EBITDA: $321.6M vs $69.1M YoY

CEO Zach Bradford: "We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th. CleanSpark delivered $162.3 million in revenue at a marginal cost to mine of approximately $34,000 per bitcoin for the quarter."

CFO Gary Vecchiarelli: "We overcame virtually all of the halving impact on the bitcoin block subsidy while growing our current bitcoin treasury to over 10,500 – 100% of which was entirely self-mined by CleanSpark and exclusively in the USA."

🌱Revenue & Growth

- Bitcoin Mining Revenue: $162.3M, +120% YoY from $73.8M

- Bitcoin Treasury: Over 10,500 BTC, all self-mined in USA

- Operating Hashrate: Exceeded 40 EH/s in January

- Fleet Efficiency: Improved to 16.15 J/Th

💰Profits & Financials

- Gross Margin: 57%

- Total Assets: $2.8B

- Cash: $276.6M

- Bitcoin Holdings Value: $929.1M

- Total Liquidity: $1.2B

- Long-term Debt: $641.4M

📌Business Highlights

- Closed $650M convertible bond offering

- Concluded at-the-market offering program

- Marginal cost per bitcoin decreased 6% to ~$34,000 at owned facilities

🔮Future Outlook

- Targeting 50 EH/s in first half of 2025

- Planning expansion in Wyoming, Tennessee, and Georgia

- Replicating regional expansion strategy developed in Georgia nationally

#CleanSpark, Inc. FY2024 #EarningsReport Summary | $CLSK (-1.17%)

In FY2024, CleanSpark achieved record-breaking results, leveraging a counter-cyclical growth strategy and operational excellence to outpace Bitcoin halving and network difficulty increases. Strategic expansion in infrastructure and efficiency improvements contributed to substantial financial and operational progress.

📊 Income Statement Highlights (vs. FY2023):

▫️Total Revenue: $378.97M vs. $168.41M (+125.00%)

▫️Net Loss: ($145.78M) vs. ($138.15M)

▫️Loss per Share (Basic): ($0.69) vs. ($1.30) (+46.92%)

▫️Adjusted EBITDA: $245.85M vs. $25.03M (+882.92%)

▫️Bitcoin Production: 7,100 BTC (+~30% YoY).

📈 Operational Metrics:

▫️Current hashrate: 33.5 EH/s, targeting 37 EH/s by end of 2024 and 50 EH/s in 2025.

▫️Energy portfolio expanded to 726 MW (+423 MW YoY).

💼 Balance Sheet Highlights (as of September 30, 2024, vs. FY2023):

▫️Cash and Equivalents: $122.22M vs. $29.22M (+318.22%)

▫️Bitcoin Holdings: $509.49M vs. $56.24M (+806.14%)

▫️Total Assets: $1.96B vs. $761.58M (+157.60%)

▫️Total Liabilities: $201.82M vs. $85.91M (+134.82%)

▫️Stockholders' Equity: $1.76B vs. $675.67M (+160.66%).

🔮 Future Outlook:

CleanSpark anticipates further growth in mining capacity, aiming to achieve a hashrate of 50 EH/s by 2025. The company plans to capitalize on scale efficiencies and favorable energy markets to maximize profitability while managing risks associated with Bitcoin price volatility and regulatory changes.