Bitcoin Miner CleanSpark Reports FY24 Earnings, Shares Climb

CleanSpark Inc (NASDAQ:CLSK) reported fourth-quarter financial results after the market close on Monday. Here’s a look at the key details from the quarter.

Q4 Earnings: CleanSpark reported full-year 2024 revenue of $378.97 million, missing analyst estimates of $397.32 million. The Bitcoin (CRYPTO: BTC) mining company reported a full-year adjusted loss of 69 cents per share, missing analyst estimates for a loss of 62 cents per share, according to Benzinga Pro.

Total revenue was up 125% on a year-over-year basis. CleanSpark said it ended the quarter with 8,049 Bitcoin and $122.2 million in cash.

“Our performance this year reflects a sustained growth trajectory, solidifying our position as one of the top Bitcoin miners in the world, as we move into an anticipated new bull market,” said Zach Bradford, CEO of CleanSpark.

“We anticipated that there would be prime opportunities for M&A paired with organic growth, and over the past year we capitalized by adding 423 MWs to our operating portfolio bringing us to 726 MW, as of today. As we continue focusing on scale in FY 2025 and beyond, we will develop the remaining hundreds of MW in the near-term pipeline while always staying opportunistic.”

CleanSpark said its hashrate grew to 33.5 EH/s in the quarter. The company noted that it’s on track to reach 37 EH/s by the end of the year and “50 EH and beyond” in 2025.

“CleanSpark’s financial strength continued to grow in fiscal 2024. Heading into 2025, we have significant scale and size, a healthy balance sheet, industry-leading operations and a strong liquidity position, and we are well positioned to pursue diverse capital raising strategies,” said CFO Gary Vecchiarelli.

Management is discussing the quarter on a conference call with analysts and investors that kicked off at 4:30 p.m. ET.

CLSK Price Action: CleanSpark shares were up 1.24% in after-hours, trading at $14.70 at the time of publication Monday, according to Benzinga Pro.

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