- 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