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CleanSpark Reports Third Quarter FY2024 Financial Results

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CleanSpark (NASDAQ: CLSK) reported its Q3 FY2024 financial results, showing significant growth and strategic decisions. Revenue increased 129% year-over-year to $104.1 million, despite a 50% reduction in block rewards due to Bitcoin halving. The company mined 1,583 bitcoins during the quarter. However, CleanSpark reported a net loss of $236.2 million, primarily due to non-cash factors including an unfavorable mark-to-market on bitcoin holdings and an impairment on older miners.

CleanSpark's current hashrate surpassed 22 EH/s, with a 24% increase during the quarter and a 21% improvement in efficiency year-to-date. The company is expanding into Tennessee and Wyoming. CleanSpark also partnered with Coinbase for a $50 million revolving line of credit collateralized by bitcoin holdings. As of June 30, 2024, CleanSpark had $129.2 million in cash, $413 million in bitcoin, and total assets of $1.48 billion.

CleanSpark (NASDAQ: CLSK) ha riportato i risultati finanziari per il terzo trimestre dell'anno fiscale 2024, mostrando una crescita significativa e decisioni strategiche. I ricavi sono aumentati del 129% rispetto all'anno precedente, raggiungendo i 104,1 milioni di dollari, nonostante una riduzione del 50% dei premi per blocco a causa dell'halving del Bitcoin. Durante il trimestre, l'azienda ha estratto 1.583 bitcoin. Tuttavia, CleanSpark ha registrato una perdita netta di 236,2 milioni di dollari, principalmente a causa di fattori non monetari tra cui un'analisi di mercato sfavorevole delle partecipazioni in bitcoin e una svalutazione dei vecchi miner.

Attualmente, il hashrate di CleanSpark ha superato i 22 EH/s, con un aumento del 24% durante il trimestre e un miglioramento del 21% nell'efficienza dall'inizio dell'anno. L'azienda si sta espandendo in Tennessee e Wyoming. CleanSpark ha anche collaborato con Coinbase per una linea di credito revolving di 50 milioni di dollari garantita dalle partecipazioni in bitcoin. Al 30 giugno 2024, CleanSpark aveva 129,2 milioni di dollari in contanti, 413 milioni in bitcoin e attivi totali per 1,48 miliardi di dollari.

CleanSpark (NASDAQ: CLSK) reportó sus resultados financieros del tercer trimestre del año fiscal 2024, mostrando un crecimiento significativo y decisiones estratégicas. Los ingresos aumentaron un 129% interanual, alcanzando los 104,1 millones de dólares, a pesar de una reducción del 50% en las recompensas por bloque debido a la reducción a la mitad del Bitcoin. La empresa extrajo 1,583 bitcoins durante el trimestre. Sin embargo, CleanSpark reportó una pérdida neta de 236,2 millones de dólares, principalmente debido a factores no monetarios, incluidos un marcado desfavorable sobre las participaciones en bitcoin y una disminución de los mineros más antiguos.

El hashrate actual de CleanSpark superó los 22 EH/s, con un incremento del 24% durante el trimestre y una mejora del 21% en la eficiencia desde el comienzo del año. La empresa se está expandiendo a Tennessee y Wyoming. CleanSpark también se asoció con Coinbase para una línea de crédito revolving de 50 millones de dólares colateralizada por participaciones en bitcoin. Al 30 de junio de 2024, CleanSpark tenía 129,2 millones de dólares en efectivo, 413 millones en bitcoin y activos totales de 1,48 mil millones de dólares.

CleanSpark (NASDAQ: CLSK)는 2024 회계 연도 3분기 재무 결과를 발표하며 중요한 성장과 전략적 결정을 보여주었습니다. 수익은 전년 대비 129% 증가하여 1억 410만 달러에 달했습니다, 비트코인 반감기로 인해 블록 보상이 50% 감소했음에도 불구하고. 이 회사는 분기 동안 1,583 비트코인을 채굴했습니다. 그러나 CleanSpark는 236.2 백만 달러의 순손실을 보고했으며, 이는 주로 비트코인 보유의 시장 가치 하락과 구형 채굴기의 감가상각 등 비현금 요인 때문입니다.

현재 CleanSpark의 해시레이트는 22 EH/s를 초과했습니다, 분기 동안 24% 증가했으며 연초 대비 효율성이 21% 향상되었습니다. 이 회사는 테네시주와 와이오밍주로 확장하고 있습니다. CleanSpark는 또한 비트코인 보유를 담보로 하는 5천만 달러의 회전 신용 한도를 위해 Coinbase와 파트너십을 맺었습니다. 2024년 6월 30일 기준으로 CleanSpark는 1억 2920만 달러의 현금, 4억 1300만 달러의 비트코인 및 총 자산으로 14억 8000만 달러를 보유하고 있었습니다.

CleanSpark (NASDAQ: CLSK) a annoncé ses résultats financiers pour le troisième trimestre de l'exercice 2024, montrant une croissance significative et des décisions stratégiques. Les revenus ont augmenté de 129 % par rapport à l'année précédente, atteignant 104,1 millions de dollars, malgré une réduction de 50 % des récompenses de bloc en raison du halving du Bitcoin. L'entreprise a extrait 1 583 bitcoins au cours du trimestre. Cependant, CleanSpark a enregistré une perte nette de 236,2 millions de dollars, principalement en raison de facteurs non monétaires, notamment une évaluation défavorable de ses actifs en bitcoin et une dépréciation sur les anciens mineurs.

Le hashrate actuel de CleanSpark a dépassé 22 EH/s, avec une augmentation de 24 % au cours du trimestre et une amélioration de 21 % de l'efficacité depuis le début de l'année. L'entreprise s'étend au Tennessee et au Wyoming. CleanSpark a également établi un partenariat avec Coinbase pour une ligne de crédit revolving de 50 millions de dollars garantie par des actifs en bitcoin. Au 30 juin 2024, CleanSpark disposait de 129,2 millions de dollars en liquidités, de 413 millions de dollars en bitcoin et d'actifs totaux de 1,48 milliard de dollars.

CleanSpark (NASDAQ: CLSK) hat seine finanziellen Ergebnisse für das 3. Quartal des Geschäftsjahres 2024 veröffentlicht, die ein erhebliches Wachstum und strategische Entscheidungen zeigen. Der Umsatz stieg um 129% im Vergleich zum Vorjahr auf 104,1 Millionen US-Dollar, trotz einer Reduzierung der Blockbelohnungen um 50% aufgrund des Bitcoin-Halvings. Das Unternehmen hat im Quartal 1.583 Bitcoins geschürft. CleanSpark meldete jedoch einen Gesamtverlust von 236,2 Millionen US-Dollar, was hauptsächlich auf nicht monetäre Faktoren zurückzuführen ist, einschließlich ungünstiger Marktwerte für Bitcoin-Bestände und Abschreibungen auf ältere Miner.

Der aktuelle Hashrate von CleanSpark überstieg 22 EH/s, mit einem Anstieg von 24% im Quartal und einer Verbesserung der Effizienz um 21% seit Jahresbeginn. Das Unternehmen expandiert nach Tennessee und Wyoming. CleanSpark hat auch eine Partnerschaft mit Coinbase für eine 50 Millionen US-Dollar revolving Kreditlinie abgeschlossen, die durch Bitcoin-Bestände besichert ist. Zum 30. Juni 2024 hatte CleanSpark 129,2 Millionen US-Dollar in bar, 413 Millionen US-Dollar in Bitcoin und Gesamtvermögen von 1,48 Milliarden US-Dollar.

Positive
  • Revenue grew 129% year-over-year to $104.1 million
  • Hashrate increased 24% during the quarter, surpassing 22 EH/s
  • Efficiency improved 21% year-to-date
  • Secured $50 million revolving line of credit from Coinbase
  • Strong balance sheet with $129.2 million cash and $413 million in bitcoin
Negative
  • Net loss of $236.2 million for the quarter
  • Adjusted EBITDA decreased to -$12.7 million
  • Non-cash impairment on older, less-efficient miners
  • Unfavorable mark-to-market on bitcoin holdings

Insights

CleanSpark's Q3 FY2024 results present a mixed picture. While revenue grew impressively by 129% year-over-year to $104.1 million, the company reported a substantial net loss of $236.2 million. This loss is primarily attributed to non-cash factors: an unfavorable mark-to-market on bitcoin holdings and an impairment on older miners. The strategic decision to upgrade their mining fleet, while causing short-term pain, positions CleanSpark for long-term efficiency.

The company's ability to mine 1,583 bitcoins despite the halving event demonstrates operational resilience. The new $50 million revolving credit line from Coinbase, backed by bitcoin holdings, provides additional financial flexibility. With $129.2 million in cash and $413 million in bitcoin, CleanSpark maintains a strong balance sheet in the volatile crypto mining sector.

CleanSpark's technological strategy is noteworthy. The 24% increase in hashrate during the quarter, coupled with a 21% increase in efficiency year-to-date, showcases their commitment to staying competitive in the rapidly evolving Bitcoin mining landscape. The decision to replace a substantial portion of their mining fleet before the end of its expected lifecycle, while resulting in a short-term financial hit, is a forward-thinking move to maintain their position as one of the most efficient large-scale publicly traded Bitcoin miners.

The expansion into Tennessee and Wyoming diversifies their operations geographically, potentially accessing new energy sources and regulatory environments. This tech-driven approach, focusing on efficiency and strategic upgrades, could give CleanSpark a significant edge in the post-halving era where margins are tighter.

CleanSpark's performance should be viewed in the context of the broader Bitcoin mining industry. The recent halving event has put pressure on all miners, making efficiency crucial. CleanSpark's ability to maintain strong gross margins and minimize revenue loss post-halving (7% decrease despite 50% block reward reduction) is impressive. Their claim of being the most efficient large-scale public Bitcoin miner, if verified, could attract investor interest.

However, the substantial net loss, even if primarily non-cash, may concern some investors. The company's strategic decisions, including fleet upgrades and geographical expansion, align with industry trends towards efficiency and operational diversification. The partnership with Coinbase for a credit line also indicates growing mainstream financial integration for Bitcoin miners. Investors should watch for the long-term impact of these strategies on CleanSpark's market position and financial performance.

FY2024 Third Quarter Revenue of $104.1 million, net loss of ($236.2) million and Adjusted EBITDA of ($12.7) million  

Revenue grows 129% year over year 

Current hashrate surpasses 22 EH/s 

Partners with Coinbase on $50 million line of credit

LAS VEGAS, Aug. 9, 2024 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the three months ended June 30, 2024.

"We had a tremendous quarter with a 24% increase in hashrate during the quarter and an 21% increase in efficiency year to date. We are also executing on expansions into two new states, Tennessee and Wyoming," said Zach Bradford, CEO. "We have made a strategic decision to best position the company to thrive now and into the future, recognizing the need to maximize efficiency of our miners and operations. Specifically, we determined to replace a substantial portion of our fleet before the miners reached the end of their originally expected life cycle. Although that decision has generated a non-cash expense that negatively affects our reported operating results for this quarter. We believe this is the most prudent step for the long-term success of the company. Our team has done an incredible job optimizing the efficiency of our deployed fleet to maximize profitability. We believe, based on information from independent third-party sources, that CleanSpark is currently the most efficient large-scale publicly traded Bitcoin miner."

"CleanSpark weathered the challenges of the bitcoin halving with one of the most efficient mining portfolios as evidenced by our strong gross margins," said Gary A. Vecchiarelli, CFO. "During the third quarter, we saw block rewards get cut by 50%, yet we managed to recognize only 7% less revenue by mining 1,583 bitcoin in the period. Additionally, we recognized a net loss primarily due to two non-cash factors: an unfavorable mark-to-market on the fair value of our large bitcoin holdings and an impairment on older, less-efficient miners. The non-cash impairment was directly attributable to a conscious strategic decision to upgrade and maintain one of the world's largest and most efficient state-of-the-art mining fleets. We continue to have one of the strongest balance sheets in the industry and as a result I am happy to announce that we have also entered into a partnership with Coinbase where we have acquired a $50 million revolving line of credit collateralized by a portion of our bitcoin holdings. This line of credit will help us continue to take advantage of opportunities in the marketplace at a low cost of capital."

Q3 Financial Highlights

Financial Results for the Three Months Ended June 30, 2024.

  • The Company increased its quarterly revenues to $104.1 million, an increase of $58.6 million, or 129% from $45.5 million for the same prior year period.
  • Net loss for the three months ended June 30, 2024 was ($236.2) million or ($1.03) basic income loss per share compared to a loss of ($14.1) million or ($0.12) loss per share for the same prior year period.
  • Adjusted EBITDA1 decreased to ($12.7) million, a decrease of ($26.0) million from $13.3 million in the prior year.

Balance Sheet Highlights as of June 30, 2024

Assets

  • Cash: $129.2 million
  • Bitcoin: $413.0 million
  • Total Current assets: $598.8 million
  • Total Mining assets (including prepaid deposits & deployed miners): $625.8 million
  • Total Assets: $1.48 billion

Liabilities and Stockholders' Equity

  • Current Liabilities: $67.0 million
  • Total Liabilities: $73.4 million
  • Total Stockholders' Equity: $1.40 billion

The Company had working capital of $531.9 million and $11.0 million of debt as of June 30, 2024.

Investor Conference Call and Webcast

The Company will hold its third quarter FY2024 earnings presentation and business update for investors and analysts today, August 9, 2024, at 1:30 p.m. PT / 4:30 p.m. ET.

Webcast URL: https://investors.cleanspark.com  

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) is America's Bitcoin Miner®. We own and operate multiple data centers that primarily run on low-carbon power. Our infrastructure responsibly supports Bitcoin, the world's most important digital commodity and an essential tool for financial independence and inclusion. We cultivate trust and transparency among our employees and the communities we operate in. Visit our website at www.cleanspark.com.

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. 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: achieving our future growth plans; using the line of credit and realizing a lower cost of capital; closing on announced expansions; the risk that the electrical power available to our facilities does not increase as expected; the success of its 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 delivery dates of new miners; the ability to successfully deploy new miners; 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 the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and any subsequent filings with the SEC. 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.










1 See "Non-GAAP Measure" and the related reconciliation below.

Non-GAAP Measure

The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from our calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from our calculation of adjusted EBITDA.

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 our 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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value and share amounts)




June 30,
2024



September 30,
2023




(Unaudited)





ASSETS







Current assets







Cash and cash equivalents


$

126,141



$

29,215


Restricted cash



3,023





Receivable from equity offerings



31,158




9,590


Prepaid expense and other current assets



7,656




3,258


Bitcoin (see Note 2 and Note 5)



413,033




56,241


Note receivable from GRIID (see Note 6)



15,000





Derivative investment asset



1,692




2,697


Investment in debt security, at fair value



812




726


Current assets held for sale



320




445


Total current assets


$

598,835



$

102,172









Property and equipment, net


$

568,393



$

564,395


Operating lease right of use asset



2,872




688


Intangible assets, net



3,580




4,603


Deposits on miners and mining equipment



284,541




75,959


Other long-term assets



9,311




5,718


Goodwill



8,043




8,043


Total assets


$

1,475,575



$

761,578









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

56,488



$

65,577


Current portion of operating lease liability



198




181


Current portion of finance lease liability



23




130


Current portion of long-term loans payable



9,665




6,992


Current liabilities held for sale



611




1,175


Total current liabilities


$

66,985



$

74,055


Long-term liabilities







Operating lease liability, net of current portion



721




519


Finance lease liability, net of current portion






9


Loans payable, net of current portion



1,314




8,911


Deferred income taxes, net



4,356




857


Total liabilities


$

73,376



$

84,351









Stockholders' equity







Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares;
2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively



2




2


Common stock; $0.001 par value; 300,000,000 shares authorized; 235,525,077 and
160,184,921 shares issued and outstanding, respectively



236




160


Additional paid-in capital



1,817,128




1,009,482


Accumulated other comprehensive income



312




226


Accumulated deficit



(415,479)




(332,643)


Total stockholders' equity



1,402,199




677,227









Total liabilities and stockholders' equity


$

1,475,575



$

761,578


 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, in thousands, except per share and share amounts)






For the three months ended




For the nine months ended




June 30,
2024



June 30,
2023




June 30,
2024



June 30,
2023


Revenues, net














Bitcoin mining revenue, net


$

104,108



$

45,427




$

289,693



$

115,661


Other services revenue






96








227


Total revenues, net


$

104,108



$

45,523




$

289,693



$

115,888
















Costs and expenses














Cost of revenues (exclusive of depreciation and amortization
shown below)



45,180




20,681





108,374




63,179


Professional fees



4,368




2,225





8,149




8,806


Payroll expenses



17,150




10,405





49,291




29,957


General and administrative expenses



8,235




5,064





20,058




13,117


(Gain) loss on disposal of assets



(47)








2,281




3


Loss (gain) on fair value of bitcoin, net (see Note 2 and Note
5)



48,338








(107,406)





Impairment expense - bitcoin






740








1,017


Impairment expense - fixed assets



189,235








189,235





Impairment expense - other










396





Realized loss (gain) on sale of bitcoin






143








(762)


Depreciation and amortization



40,727




21,850





102,761




62,525


Total costs and expenses


$

353,186



$

61,108




$

373,139



$

177,842
















Loss from operations



(249,078)




(15,585





(83,446)




(61,954)
















Other income (expense)














Other income













11


Change in fair value of contingent consideration






2,000








2,485


Unrealized gain (loss) on derivative security



1,188




105





(1,005)




(1,110)


Interest income



2,638




52





5,909




174


Interest expense



(485)




(689





(1,557)




(2,377)


Total other income (expense)


$

3,341



$

1,468




$

3,347



$

(817)
















Loss before income tax expense



(245,737)




(14,117





(80,099)




(62,771)


Income tax (benefit) expense



(9,495)








3,499





Loss from continuing operations


$

(236,242)



$

(14,117




$

(83,598)



$

(62,771)
















Discontinued operations














(Loss) income from discontinued operations


$



$

(102




$



$

1,061


Income tax expense














(Loss) income on discontinued operations


$



$

(102




$



$

1,061
















Net loss


$

(236,242)



$

(14,219




$

(83,598)



$

(61,710)
















Preferred stock dividends










3,421



















Net loss attributable to common shareholders


$

(236,242)



$

(14,219




$

(87,019)



$

(61,710)
















Other comprehensive income



28




28





86




86
















Total comprehensive (loss) income attributable to common
shareholders


$

(236,214)



$

(14,191




$

(86,933)



$

(61,624)


 

CLEANSPARK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Continued)

(Unaudited, in thousands, except per share and share amounts)






For the three months ended



For the nine months ended




June 30,
2024



June 30,
2023



June 30,
2024



June 30,
2023


(Loss) income from continuing operations per common share -
basic


$

(1.03)



$

(0.12)



$

(0.42)



$

(0.72)















Weighted average common shares outstanding - basic



228,642,939




114,844,402




205,482,062




87,248,719















(Loss) income from continuing operations per common share -
diluted


$

(1.03)



$

(0.12)



$

(0.42)



$

(0.72)















Weighted average common shares outstanding - diluted



228,642,939




114,844,402




205,482,062




87,638,134















Income on discontinued operations per common share - basic


$



$



$



$

0.01















Weighted average common shares outstanding - basic



228,642,939




114,844,402




205,482,062




87,248,719















Income on discontinued operations per common share - diluted


$



$



$



$

0.01















Weighted average common shares outstanding - diluted



228,642,939




114,844,402




205,482,062




87,638,134


 

CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited, in thousands)






Three Months Ended June 30,




2024



2023


Net income (loss)


$

(236,242)



$

(14,219)


Adjustments:









Loss (income) on discontinued operations






102


Impairment expense - other







Impairment expense - fixed assets



189,235





Depreciation and amortization



40,727




21,850


Share-based compensation expense



2,946




5,947


Change in fair value of contingent consideration






(2,000)


Unrealized loss (gain) of derivative security



(1,188)




(105)


Interest income



(2,638)




(52)


Interest expense



485




689


  Loss on disposal of assets



(47)





  Income tax expense



(9,495)





  Fees related to financing & business development transactions



2,862




85


  Litigation & settlement related expenses



686




1,036


Total Adjusted EBITDA


$

(12,669)



$

13,333






Three months ended

March 31, 2024




Revenues, net






Digital currency mining revenue, net


$

111,799




Other services revenue






Total revenues, net


$

111,799










Net income


$

126,735




Adjustments:







Depreciation and amortization



32,187




Share-based compensation expense



9,797




  Impairment expense - other



396




  Unrealized loss on derivative security



949




  Interest income


(2,684)




  Interest expense


526




  Loss on disposal of assets


1,652




  Income tax expense


11,595




  Other2


676




Total Adjusted EBITDA


$

181,829






We have not excluded the changes fair value of our bitcoin (loss of $48,338 and gain of $119,702 in the quarters ended June 30, 2024 and March 31, 2024, respectively), which we now record in our statement of operations, as provided for in ASC 350-60 and as discussed elsewhere in our Form 10-Q.

2 Includes fees and expenses related to litigation, settlements, financing & business development transactions.

Investor Relations Contact
Brittany Moore
702-989-7693
ir@cleanspark.com

Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-reports-third-quarter-fy2024-financial-results-302219146.html

SOURCE CleanSpark, Inc.

FAQ

What was CleanSpark's revenue for Q3 FY2024?

CleanSpark's revenue for Q3 FY2024 was $104.1 million, representing a 129% increase year-over-year.

How many bitcoins did CleanSpark (CLSK) mine in Q3 FY2024?

CleanSpark mined 1,583 bitcoins during Q3 FY2024.

What was CleanSpark's (CLSK) hashrate at the end of Q3 FY2024?

CleanSpark's hashrate surpassed 22 EH/s at the end of Q3 FY2024, with a 24% increase during the quarter.

What new partnership did CleanSpark (CLSK) announce in Q3 FY2024?

CleanSpark announced a partnership with Coinbase for a $50 million revolving line of credit collateralized by bitcoin holdings.

What was CleanSpark's (CLSK) net loss for Q3 FY2024?

CleanSpark reported a net loss of $236.2 million for Q3 FY2024.

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