CleanSpark Inc CLSK reported its fourth quarter results after the market close on Monday. Here are the key details for this quarter.
Fourth-quarter revenue: CleanSpark reported full-year 2024 revenue of $378.97 million, below analyst expectations of $397.32 million. The Bitcoin BTC/USD mining company reported a full-year adjusted loss of 69 cents per share, below analysts' expectations of a loss of 62 cents per share, according to Benzinga Pro.
Total revenue increased 125% year over year. CleanSpark announced it ended the quarter with 8,049 Bitcoin and $122.2 million in cash.
Zach Bradford, CEO of CleanSpark, said: “Our results this year reflect a sustained growth trajectory, and we believe we are one of the world's top Bitcoin miners as we move into an expected new bull market. We are solidifying our position as such.”
“We anticipate excellent M&A opportunities in conjunction with organic growth and have leveraged capital by adding 423 MW to our operating portfolio over the past year, and as of today, Our portfolio now stands at 726 MW. We remain opportunistic in developing the remaining few hundred MW in our near-term pipeline, with a continued focus on scale beyond 2025.”
CleanSpark said its hashrate increased to 33.5 EH/s during the quarter. The company said it plans to reach 37 EH/s by the end of the year and “more than 50 EH/s” in 2025.
“CleanSpark’s financial strength continued to grow in fiscal 2024. Looking ahead to 2025, we have significant size and scale, a strong balance sheet, industry-leading operations, a strong liquidity position, and a diversified CFO Gary Vecchiarelli said:
Management is discussing the quarter on a conference call with analysts and investors that began at 4:30 p.m. ET.
CLSK Stock Price Movement: According to Benzinga Pro, CleanSpark stock rose 1.24% in the after-hours to trade at $14.70 as of press time on Monday.
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