CleanSpark(CLSK) - 2024 Q3 - Quarterly Results

Revenue and Financial Performance - Q3 FY2024 revenue reached $104.1 million, a 129% year-over-year increase from $45.5 million in the same period last year[1][3] - Bitcoin mining revenue for Q2 2024 reached $104.1 million, a significant increase from $45.4 million in Q2 2023[12] - Total revenues for Q2 2024 were $104.1 million, compared to $45.5 million in Q2 2023[12] Net Loss and Adjusted EBITDA - Net loss for Q3 FY2024 was ($236.2) million, compared to a net loss of ($14.1) million in the prior year period[3] - Adjusted EBITDA for Q3 FY2024 decreased to ($12.7) million, down from $13.3 million in the prior year[4] - Net loss for Q2 2024 was $236.2 million, compared to a net loss of $14.2 million in Q2 2023[12] - Adjusted EBITDA for Q2 2024 was $(236.2 million), compared to $(14.2 million) in Q2 2023[14] Bitcoin Mining and Hashrate - The company mined 1,583 bitcoin in Q3 FY2024, with block rewards cut by 50%, resulting in only a 7% decrease in revenue[2] - Current hashrate surpassed 22 EH/s, with a 24% increase in hashrate during the quarter and a 21% increase in efficiency year-to-date[1][2] Strategic Growth and Expansion - The company entered into a $50 million revolving line of credit partnership with Coinbase, collateralized by a portion of its bitcoin holdings[1][2] - The company is expanding into two new states, Tennessee and Wyoming, as part of its strategic growth plan[2] - The company replaced a substantial portion of its mining fleet, resulting in a non-cash impairment expense but positioning it for long-term efficiency and success[2] Assets and Equity - Total assets as of June 30, 2024, were $1.48 billion, including $413.0 million in bitcoin and $129.2 million in cash[4] - Total stockholders' equity as of June 30, 2024, was $1.40 billion, reflecting a strong balance sheet[4] Expenses and Impairment - Depreciation and amortization expenses for Q2 2024 were $40.7 million, up from $21.9 million in Q2 2023[12] - Impairment expense for fixed assets in Q2 2024 was $189.2 million, with no such expense in Q2 2023[12] - Share-based compensation expense for Q2 2024 was $2.9 million, down from $5.9 million in Q2 2023[14] Share and Interest Metrics - Weighted average common shares outstanding for Q2 2024 were 228.6 million, up from 114.8 million in Q2 2023[13] - Loss from continuing operations per common share for Q2 2024 was $(1.03), compared to $(0.12) in Q2 2023[13] - Interest income for Q2 2024 was $2.6 million, up from $52,000 in Q2 2023[12]