CleanSpark Reports Record-Breaking FY 2024 Results

CleanSpark, Inc., America's Bitcoin Miner®, has released its financial results for the fiscal year ended September 30, 2024. The company has demonstrated significant growth and resilience in a challenging market environment, marked by a 125% increase in revenue year-over-year and a substantial rise in its hashrate.

Financial Highlights

For the fiscal year 2024, CleanSpark reported annual revenues of $378.9 million, a notable increase from $168.4 million in the previous year. Despite this growth, the company recorded a net loss of $145.8 million, slightly higher than the $138.1 million loss reported in the prior year. Adjusted EBITDA saw a significant rise to $245.8 million from $25.0 million in the previous fiscal year.

Business and Operational Highlights

CleanSpark's operational performance was robust, with the company's current hashrate surpassing 33.5 EH/s and on track to reach 37 EH/s by year-end. The company produced approximately 7,100 BTC, outpacing the halving event and increased mining difficulty. Additionally, CleanSpark expanded its operating portfolio by adding 423 MWs, bringing the total to 726 MW.

Strategic Initiatives and Corporate Developments

CleanSpark has been active in mergers and acquisitions, capitalizing on opportunities to enhance its growth. The company plans to develop the remaining hundreds of MW in its near-term pipeline while maintaining an opportunistic approach. The balance sheet remains strong with $122.2 million in cash and $509.5 million in Bitcoin assets.

Management's Perspective

CEO Zach Bradford highlighted the company's sustained growth trajectory and strategic positioning for the anticipated new bull market. CFO Gary Vecchiarelli emphasized the company's financial strength and operational excellence, which have allowed CleanSpark to navigate the halving event and increased mining difficulty successfully.

Future Outlook

Looking ahead, CleanSpark aims to achieve a hashrate of 50 EH/s and beyond in 2025. The company is well-positioned to pursue diverse capital-raising strategies, supported by its significant scale, healthy balance sheet, and strong liquidity position.

SEC Filing: CLEANSPARK, INC. [ CLSK ] - 8-K - Dec. 02, 2024