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CleanSpark(CLSK) - 2024 Q4 - Annual Results
CLSKCleanSpark(CLSK)2024-12-02 21:27

Revenue Growth - Revenue grew 125% year over year to 378.9millioninFY2024[1][5]−Bitcoinminingrevenueincreasedto378.9 million in FY 2024[1][5] - Bitcoin mining revenue increased to 378,968K in 2024, up 125.4% from 168,121Kin2023[19]−Totalrevenuesroseto168,121K in 2023[19] - Total revenues rose to 378,968K in 2024, a 125.1% increase from 168,408Kin2023[19]HashrateandBitcoinProduction−Currenthashratesurpassed33.5EH/s,ontracktoreach37EH/sbyyear−end[1]−Companyproducedapproximately7,100BTCinFY2024[3]−Companyaimstoreach50EH/sandbeyondin2025[2]FinancialPerformance−AdjustedEBITDAincreasedto168,408K in 2023[19] Hashrate and Bitcoin Production - Current hashrate surpassed 33.5 EH/s, on track to reach 37 EH/s by year-end[1] - Company produced approximately 7,100 BTC in FY 2024[3] - Company aims to reach 50 EH/s and beyond in 2025[2] Financial Performance - Adjusted EBITDA increased to 245.8 million, up from 25.0millioninthepriorfiscalyear[6]−NetlossforFY2024was(25.0 million in the prior fiscal year[6] - Net loss for FY 2024 was (145.8) million, compared to (138.1)millionintheprioryear[5]−AdjustedEBITDAimprovedsignificantlyto138.1) million in the prior year[5] - Adjusted EBITDA improved significantly to 245,848K in 2024, up 882.5% from 25,028Kin2023[22]−Netlossattributabletocommonshareholderswidenedto25,028K in 2023[22] - Net loss attributable to common shareholders widened to 149,199K in 2024, up 8.0% from 138,148Kin2023[19]AssetsandHoldings−Totalassetsreached138,148K in 2023[19] Assets and Holdings - Total assets reached 2.0 billion as of September 30, 2024[6] - Bitcoin holdings valued at 509.5million,including8,049BTCat509.5 million, including 8,049 BTC at 63,301 per BTC[6] - Total current assets stood at 705.4millionasofSeptember30,2024[6]OperatingPortfolioExpansion−Operatingportfolioexpandedto726MW,adding423MWinFY2024[2]ExpensesandImpairment−Costofrevenues(excludingdepreciationandamortization)grewto705.4 million as of September 30, 2024[6] Operating Portfolio Expansion - Operating portfolio expanded to 726 MW, adding 423 MW in FY 2024[2] Expenses and Impairment - Cost of revenues (excluding depreciation and amortization) grew to 165,516K in 2024, up 76.9% from 93,580Kin2023[19]−Impairmentexpenseforfixedassetssurgedto93,580K in 2023[19] - Impairment expense for fixed assets surged to 197,041K in 2024, compared to 0in2023[19]−Depreciationandamortizationexpensesincreasedto0 in 2023[19] - Depreciation and amortization expenses increased to 154,609K in 2024, up 28.1% from $120,728K in 2023[19] Shareholder Metrics - Weighted average common shares outstanding - basic expanded to 216,860,819 in 2024, a 111.2% increase from 102,707,509 in 2023[20]