CleanSpark (CLSK) Reports Q3 FY2024 Financial Results, Revenue Surges 129%

CleanSpark,
Inc.
(Nasdaq:
CLSK),
a
prominent
Bitcoin
mining
company,
has
revealed
its
financial
results
for
the
third
quarter
of
fiscal
year
2024,
ending
June
30,
2024.
According
to

CleanSpark,
the
company
achieved
a
revenue
of
$104.1
million,
marking
a
significant
increase
of
129%
from
the
same
period
last
year.

Revenue
and
Losses

Despite
the
impressive
revenue
growth,
CleanSpark
reported
a
net
loss
of
$236.2
million
for
the
quarter.
The
company’s
Adjusted
EBITDA
stood
at
a
negative
$12.7
million,
a
substantial
decrease
from
the
previous
year’s
$13.3
million.
CEO
Zach
Bradford
attributed
the
losses
to
strategic
decisions
aimed
at
replacing
a
significant
portion
of
their
mining
fleet
before
the
end
of
its
expected
lifecycle,
which
resulted
in
non-cash
expenses.

Operational
Efficiency
and
Expansion

Bradford
highlighted
the
company’s
operational
achievements,
including
a
24%
increase
in
hashrate
and
a
21%
improvement
in
efficiency
year-to-date.
CleanSpark
is
also
expanding
its
operations
into
Tennessee
and
Wyoming.
CFO
Gary
A.
Vecchiarelli
emphasized
the
company’s
resilience
during
the
Bitcoin
halving
event,
noting
that
despite
a
50%
reduction
in
block
rewards,
CleanSpark’s
revenue
only
dropped
by
7%
due
to
efficient
operations.

Partnership
with
Coinbase

In
a
significant
move,
CleanSpark
has
partnered
with
Coinbase
to
secure
a
$50
million
revolving
line
of
credit,
collateralized
by
a
portion
of
its
Bitcoin
holdings.
Vecchiarelli
stated
that
this
line
of
credit
would
enable
the
company
to
capitalize
on
market
opportunities
with
a
low
cost
of
capital.

Financial
Highlights

• Quarterly
  revenue
  increased
  to
  $104.1
  million,
  up
  from
  $45.5
  million
  the
  previous
  year.
• Net
  loss
  for
  Q3
  FY2024
  was
  $236.2
  million,
  compared
  to
  a
  $14.1
  million
  loss
  in
  the
  same
  period
  last
  year.
• Adjusted
  EBITDA
  decreased
  to
  a
  negative
  $12.7
  million
  from
  $13.3
  million
  the
  previous
  year.

Balance
Sheet

As
of
June
30,
2024,
CleanSpark
reported
cash
assets
of
$129.2
million
and
Bitcoin
holdings
valued
at
$413.0
million.
The
company’s
total
assets
stood
at
$1.48
billion,
with
total
liabilities
amounting
to
$73.4
million.
CleanSpark’s
working
capital
was
$531.9
million,
and
it
had
$11.0
million
in
debt.

Conference
Call
and
Webcast

CleanSpark
will
host
its
Q3
FY2024
earnings
presentation
and
business
update
on
August
9,
2024,
at
1:30
p.m.
PT
/
4:30
p.m.
ET.
The
webcast
will
be
accessible
on
the
company’s
investor
relations
website
for
at
least
30
days,
with
a
transcript
available
post-call.

About
CleanSpark

CleanSpark,
known
as
America’s
Bitcoin
Miner®,
operates
several
data
centers
primarily
running
on
low-carbon
power.
The
company’s
infrastructure
supports
Bitcoin
mining,
promoting
financial
independence
and
inclusion.
More
information
can
be
found
on
their

website.

Image
source:
Shutterstock