CleanSpark Reports Fiscal Year First Quarter 2025 Results
CleanSpark (CLSK) reported strong financial results for Q1 FY2025, with quarterly revenue reaching $162.3 million, up 120% year-over-year. The company achieved a net income of $246.8 million with basic EPS of $0.85, compared to $25.9 million and $0.14 EPS in the prior year.
Key operational highlights include reaching over 40 EH/s in January, with fleet efficiency improving to 16.15 J/Th. The marginal cost per bitcoin decreased 6% to approximately $34,000 at owned facilities. The company's bitcoin treasury grew to over 10,500 coins, all self-mined in the USA.
Financial position strengthened with $2.8 billion in total assets, including $276.6 million in cash and $929.1 million in bitcoin. The company secured a $650 million convertible bond and maintains $1.2 billion in total liquidity. CleanSpark is progressing toward its goal of 50 EH/s in the first half of 2025 through expansion projects in Wyoming, Tennessee, and Georgia.
CleanSpark (CLSK) ha riportato risultati finanziari solidi per il primo trimestre dell'anno fiscale 2025, con entrate trimestrali che hanno raggiunto 162,3 milioni di dollari, in aumento del 120% rispetto all'anno precedente. L'azienda ha ottenuto un utile netto di 246,8 milioni di dollari con un EPS base di $0,85, rispetto ai 25,9 milioni di dollari e $0,14 di EPS dell'anno precedente.
I punti salienti operativi includono il superamento di 40 EH/s a gennaio, con un'efficienza della flotta migliorata a 16,15 J/Th. Il costo marginale per bitcoin è diminuito del 6%, arrivando a circa 34.000 dollari nelle strutture di proprietà. Il tesoro di bitcoin dell'azienda è cresciuto a oltre 10.500 monete, tutte auto-minate negli Stati Uniti.
La posizione finanziaria si è rafforzata con 2,8 miliardi di dollari in attivi totali, di cui 276,6 milioni di dollari in contanti e 929,1 milioni di dollari in bitcoin. L'azienda ha garantito un'obbligazione convertibile da 650 milioni di dollari e mantiene 1,2 miliardi di dollari in liquidità totale. CleanSpark sta proseguendo verso il suo obiettivo di 50 EH/s nella prima metà del 2025 attraverso progetti di espansione in Wyoming, Tennessee e Georgia.
CleanSpark (CLSK) informó resultados financieros sólidos para el primer trimestre del año fiscal 2025, con ingresos trimestrales que alcanzaron $162.3 millones, un aumento del 120% interanual. La compañía logró un ingreso neto de $246.8 millones con un EPS básico de $0.85, en comparación con $25.9 millones y $0.14 de EPS en el año anterior.
Los aspectos operativos clave incluyen alcanzar más de 40 EH/s en enero, con una eficiencia de flota mejorada a 16.15 J/Th. El costo marginal por bitcoin disminuyó un 6% a aproximadamente $34,000 en las instalaciones de propiedad. El tesoro de bitcoin de la compañía creció a más de 10,500 monedas, todas auto-minadas en EE. UU.
La posición financiera se fortaleció con $2.8 mil millones en activos totales, incluyendo $276.6 millones en efectivo y $929.1 millones en bitcoin. La compañía aseguró un bono convertible de $650 millones y mantiene $1.2 mil millones en liquidez total. CleanSpark avanza hacia su objetivo de 50 EH/s en la primera mitad de 2025 a través de proyectos de expansión en Wyoming, Tennessee y Georgia.
CleanSpark (CLSK)는 2025 회계연도 1분기 재무 실적을 발표했으며, 분기 매출은 1억 6,230만 달러에 달해 전년 대비 120% 증가했습니다. 회사는 2억 4,680만 달러의 순이익을 기록했으며, 기본 주당순이익(EPS)은 $0.85로, 전년의 $2,590만과 $0.14 EPS와 비교됩니다.
주요 운영 하이라이트로는 1월에 40 EH/s를 초과 달성하고, 플릿 효율성이 16.15 J/Th로 향상되었습니다. 비트코인당 한계 비용은 6% 감소하여 약 34,000달러에 달했습니다. 회사의 비트코인 보유량은 10,500코인 이상으로 증가했으며, 모두 미국에서 자가 채굴되었습니다.
재무 상태는 총 자산 28억 달러로 강화되었으며, 현금 2억 7,660만 달러와 비트코인 9억 2,910만 달러를 포함하고 있습니다. 회사는 6억 5천만 달러의 전환사채를 확보하였으며, 총 유동성 12억 달러를 유지하고 있습니다. CleanSpark는 와이오밍, 테네시 및 조지아에서의 확장 프로젝트를 통해 2025년 상반기 50 EH/s 목표를 향해 나아가고 있습니다.
CleanSpark (CLSK) a annoncé de bons résultats financiers pour le premier trimestre de l'exercice 2025, avec un chiffre d'affaires trimestriel atteignant 162,3 millions de dollars, en hausse de 120 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net de 246,8 millions de dollars avec un bénéfice par action de base (EPS) de $0,85, comparativement à 25,9 millions de dollars et $0,14 EPS l'année dernière.
Les points clés opérationnels comprennent un dépassement de 40 EH/s en janvier, avec une efficacité de flotte améliorée à 16,15 J/Th. Le coût marginal par bitcoin a diminué de 6 % à environ 34 000 dollars dans les installations détenues. Le trésor bitcoin de l'entreprise a augmenté à plus de 10 500 pièces, toutes auto-minées aux États-Unis.
La position financière a été renforcée avec 2,8 milliards de dollars d'actifs totaux, y compris 276,6 millions de dollars en liquidités et 929,1 millions de dollars en bitcoin. L'entreprise a sécurisé une obligation convertible de 650 millions de dollars et maintient 1,2 milliard de dollars de liquidités totales. CleanSpark progresse vers son objectif de 50 EH/s au premier semestre 2025 grâce à des projets d'expansion dans le Wyoming, le Tennessee et la Géorgie.
CleanSpark (CLSK) hat starke Finanzergebnisse für das erste Quartal des Geschäftsjahres 2025 gemeldet, mit einem Quartalsumsatz von 162,3 Millionen Dollar, was einem Anstieg von 120 % im Jahresvergleich entspricht. Das Unternehmen erzielte einen Nettogewinn von 246,8 Millionen Dollar mit einem Grund-EPS von $0,85, im Vergleich zu $25,9 Millionen und $0,14 EPS im Vorjahr.
Wichtige betriebliche Höhepunkte umfassen das Erreichen von über 40 EH/s im Januar, wobei die Flotteneffizienz auf 16,15 J/Th verbessert wurde. Die Grenzkosten pro Bitcoin sanken um 6 % auf etwa 34.000 Dollar in den eigenen Anlagen. Der Bitcoin-Schatz des Unternehmens wuchs auf über 10.500 Münzen, die alle selbst in den USA geschürft wurden.
Die finanzielle Position wurde durch 2,8 Milliarden Dollar an Gesamteigentum gestärkt, darunter 276,6 Millionen Dollar in bar und 929,1 Millionen Dollar in Bitcoin. Das Unternehmen sicherte sich eine wandelbare Anleihe über 650 Millionen Dollar und hält 1,2 Milliarden Dollar an Gesamtl liquidität. CleanSpark arbeitet auf das Ziel hin, in der ersten Hälfte von 2025 50 EH/s zu erreichen, durch Expansionsprojekte in Wyoming, Tennessee und Georgia.
- Revenue increased 120% YoY to $162.3M
- Net income grew to $246.8M from $25.9M YoY
- EPS increased to $0.85 from $0.14 YoY
- Bitcoin mining cost reduced to $34,000 per coin
- Bitcoin treasury grew to 10,500 coins
- Secured $650M convertible bond
- Total assets reached $2.8B with $1.2B in liquidity
- 57% gross margin achieved
- Long-term debt of $641.4M
Insights
CleanSpark's Q1 FY2025 results demonstrate exceptional execution across all key metrics. The 120% YoY revenue growth to
The balance sheet has been transformed into an institutional-grade powerhouse with total assets of
The achievement of 40 EH/s hashrate and 16.15 J/Th fleet efficiency places CleanSpark at the forefront of mining efficiency. Their expansion strategy, focused on existing operational regions, minimizes execution risk while leveraging established infrastructure and relationships. The successful placement of a
The
Marginal cost per coin decreases
"This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime," said CleanSpark CEO Zach Bradford. "We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th," Bradford said. "CleanSpark delivered
"We are well on our way towards achieving 50 EH/s in the first half of 2025. We expect this growth will happen in the communities in which we already operate through expansion and greenfield projects in
"Our capital strategy continues to evolve, as demonstrated by the closing of our
"CleanSpark's financial strength continued to grow in fiscal Q1, with
Financial Highlights: First Quarter Fiscal Year 2025
Financial Results for the Three Months Ended December 31, 2024
- Quarterly revenues were
$162.3 million $88.5 million 120% , from$73.8 million - Net income for the three months ended December 31, 2024, was
$246.8 million $0.85 $25.9 million $0.14 - Adjusted EBITDA(1) increased to
$321.6 million $69.1 million
Balance Sheet Highlights as of December 31, 2024
Assets
- Cash:
$276.6 million - Bitcoin:
$929.1 million - Total Current Assets:
$1.2 billion - Total Mining Assets (including prepaid deposits & deployed miners):
$938.8 million - Total Assets:
$2.8 billion
Liabilities and Stockholders' Equity
- Current Liabilities:
$96.7 million - Total long-term debt, net of debt discount & issuance costs:
$641.4 million - Total Liabilities:
$757.7 million - Total Stockholders' Equity:
$2.0 billion
The Company had working capital of
1 See "Non-GAAP Measure" and the related reconciliation below
Investor Conference Call and Webcast
The Company will hold its fiscal Q1 2025 earnings presentation and business update for investors and analysts today, February 6, 2025, at 1:30 p.m. PT / 4:30 p.m. ET.
Webcast URL: clsk.news/q1fy25
The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.
About CleanSpark
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies, including its expectations regarding reaching 50 EH/s in the first half of 2025. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to our facilities does not increase as expected; the success of our digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated import and delivery dates of new miners; the ability to successfully import and deploy new miners and other mining equipment; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.
Non-GAAP Measure
The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in
Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue.
The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.
Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.
CLEANSPARK, INC. | ||||||||
December 31, | September 30, | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 276,599 | $ | 121,222 | ||||
Restricted cash | 3,408 | 3,056 | ||||||
Prepaid expense and other current assets | 10,732 | 7,995 | ||||||
Bitcoin (see Note 4) | 929,080 | 431,661 | ||||||
Receivable from bitcoin collateral (See Note 9) | — | 77,827 | ||||||
Note receivable from GRIID (see Note 5) | — | 60,919 | ||||||
Derivative investments | 4,496 | 1,832 | ||||||
Investment in debt security, AFS, at fair value | 950 | 918 | ||||||
Total current assets | $ | 1,225,265 | $ | 705,430 | ||||
Property and equipment, net | $ | 1,256,000 | $ | 869,693 | ||||
Operating lease right of use assets | 4,293 | 3,263 | ||||||
Intangible assets, net | 5,945 | 3,040 | ||||||
Deposits on miners and mining equipment | 126,867 | 359,862 | ||||||
Other long-term assets | 25,671 | 13,331 | ||||||
Goodwill | 135,251 | 8,043 | ||||||
Total assets | $ | 2,779,292 | $ | 1,962,662 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 27,622 | $ | 82,992 | ||||
Accrued liabilities | 51,006 | 43,874 | ||||||
Other current liabilities | 5,693 | 2,240 | ||||||
Current portion of loans payable | 7,215 | 58,781 | ||||||
Dividends payable | 5,141 | — | ||||||
Total current liabilities | $ | 96,677 | $ | 187,887 | ||||
Long-term liabilities | ||||||||
Loans payable, net of current portion, debt discount and debt issuance costs | 641,433 | 7,176 | ||||||
Deferred income taxes | 14,978 | 5,761 | ||||||
Other long-term liabilities | 4,618 | 997 | ||||||
Total liabilities | $ | 757,706 | $ | 201,821 | ||||
CLEANSPARK, INC. | ||||||||
Stockholders' equity | ||||||||
Preferred stock; | 2 | 3 | ||||||
Common stock; | 293 | 271 | ||||||
Additional paid-in capital | 2,403,409 | 2,239,367 | ||||||
Accumulated other comprehensive income | 450 | 418 | ||||||
Accumulated deficit | (237,568) | (479,218) | ||||||
Treasury stock at cost; 11,759,935 and 0 shares held, respectively | (145,000) | — | ||||||
Total stockholders' equity | 2,021,586 | 1,760,841 | ||||||
Total liabilities and stockholders' equity | $ | 2,779,292 | $ | 1,962,662 | ||||
CLEANSPARK, INC. | ||||||||
For the three months ended | ||||||||
December 31, | December 31, | |||||||
Revenues, net | ||||||||
Bitcoin mining revenue, net | $ | 162,306 | $ | 73,786 | ||||
Costs and expenses | ||||||||
Cost of revenues (exclusive of depreciation and amortization shown below) | 70,290 | 28,896 | ||||||
Professional fees | 3,885 | 1,572 | ||||||
Payroll expenses | 20,869 | 15,321 | ||||||
General and administrative expenses | 10,054 | 5,003 | ||||||
(Gain) loss on disposal of assets | (791) | 677 | ||||||
Gain on fair value of bitcoin, (see Note 2 and Note 4) | (218,206) | (36,041) | ||||||
Depreciation and amortization | 66,229 | 29,847 | ||||||
Total costs and expenses | $ | (47,670) | $ | 45,275 | ||||
Income from operations | 209,976 | 28,511 | ||||||
Other income (expense) | ||||||||
Gain on bitcoin collateral | 42,493 | — | ||||||
Gain (loss) on derivative securities | 3,622 | (1,243) | ||||||
Interest income | 1,476 | 586 | ||||||
Interest expense | (1,559) | (546) | ||||||
Total other income (expense) | $ | 46,032 | $ | (1,203) | ||||
Income before income tax expense | 256,008 | 27,308 | ||||||
Income tax expense | 9,217 | 1,399 | ||||||
Net income | $ | 246,791 | $ | 25,909 | ||||
Preferred stock dividends | 5,141 | 579 | ||||||
Net income attributable to common shareholders | $ | 241,650 | $ | 25,330 | ||||
Other comprehensive income | 32 | 29 | ||||||
Total comprehensive income attributable to common shareholders | $ | 241,682 | $ | 25,359 | ||||
CLEANSPARK, INC. | ||||||||
For the three months ended | ||||||||
December 31, | December 31, | |||||||
Income from operations per common share - basic | $ | 0.85 | $ | 0.14 | ||||
Weighted average common shares outstanding - basic | 284,549,900 | 178,809,264 | ||||||
Income from operations per common share - diluted | $ | 0.83 | $ | 0.14 | ||||
Weighted average common shares outstanding - diluted | 297,887,140 | 180,783,535 | ||||||
CLEANSPARK, INC. | |||||||||||
For the Three Months Ended December 31, | |||||||||||
($ in thousands) | 2024 | 2023 | |||||||||
Reconciliation of non-GAAP Adjusted EBITDA | |||||||||||
Net income | $ | 246,791 | $ | 25,909 | |||||||
Depreciation and amortization | 66,229 | 29,847 | |||||||||
Share-based compensation expense | 3,021 | 9,953 | |||||||||
Unrealized loss (gain) of derivative security | (3,622) | 1,243 | |||||||||
Interest income | (1,476) | (586) | |||||||||
Interest expense | 1,559 | 546 | |||||||||
(Gain)/Loss on disposal of assets | (791) | 677 | |||||||||
Income tax expense | 9,217 | 1,399 | |||||||||
Fees related to financing & business development transactions | 373 | — | |||||||||
Litigation & settlement related expenses | 348 | — | |||||||||
Severance and other expenses | — | 102 | |||||||||
Non-GAAP adjusted EBITDA | $ | 321,649 | $ | 69,090 | |||||||
Investor Relations Contact
Barbara Domingo
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.
FAQ
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