Core Insights - CleanSpark has successfully pivoted from being a Bitcoin mining company to a digital infrastructure operator, focusing on high-performance computing and data centers [2][4] - The company has contracted power supply agreements and power generation assets, which adds value to its transition into computing services [2] - Despite missing earnings expectations, CleanSpark's stock has seen a bounce, largely influenced by Bitcoin's performance [5][6] Financial Performance - CleanSpark reported an adjusted loss of $0.01 per share, missing the estimated earnings of $0.38 per share [4] - The company's sales for the quarter were $766 million, which also fell short of expectations [4] - Year-to-date, CleanSpark's stock is up 37%, but it has decreased by 37% in the last month [5] Market Trends - The performance of CleanSpark is closely tied to Bitcoin's price movements, particularly after Bitcoin broke below the $98,000 support level [6][10] - There is a growing trend in the industry where companies are leveraging their power resources for high-performance computing, indicating a shift towards computing as a service [8][9] - Other companies in the space, such as Applied Digital and Nebius Group, are also pivoting towards high-performance computing, creating a competitive landscape [2][8]

Financial Performance - Hive opens door to $300 million stock sales after record quarter [1] Company Strategy - Bitcoin miner Hive plans stock sales [1]

Core Viewpoint - Cipher, a Bitcoin miner, announced the redemption of all outstanding warrants at a price of $0.01 per warrant, triggered by its share price performance [1][2]. Group 1: Redemption Details - Cipher will redeem all unexercised warrants at 5:00 p.m. New York time on December 26, with the redemption triggered after shares closed at or above $18.00 for 20 trading days within a 30-day period ending November 21 [2]. - Holders can exercise warrants until the December deadline at an exercise price of $11.50 per share, with a cashless exercise option yielding 0.2687 shares of common stock per exercised warrant [4]. Group 2: Financial Performance and Contracts - Cipher's share price has been increasing, supported by contracts with major firms like Google, AWS, and Fluidstack, with a reported 6% rise on Wednesday morning [3]. - The recent extension of Cipher's contract with Fluidstack adds 56 megawatts of critical IT load over a 10-year term, contributing approximately $830 million in contracted revenue, bringing total contracted revenue with Fluidstack to about $3.8 billion [5]. - Google expanded its backstop of Fluidstack's obligations by $333 million, totaling approximately $1.73 billion, providing credit support for Fluidstack's payment obligations during construction [6]. Group 3: Proposed Financing - Cipher proposed issuing $333 million in secured notes due 2030 at an interest rate of 7.125%, backed by revenue from the Barber Lake project and secured by site-level cash flows tied to Fluidstack's obligations [7].

Core Insights - Tether has acquired an additional 1.89 million shares in Bitdeer through open-market purchases between November 17 and November 21 [1] - Bitdeer's stock has significantly declined following its Q3 earnings call, which revealed a net loss of $266.7 million and a fire at its Ohio facility [2] - The company announced indefinite delays in the production schedule of its SEAL04 miner due to technical complexities and design changes [3] - Tether previously reduced its Bitdeer stake by approximately 7.7 million shares for $166 million since its peak holding in April [4] - The broader bitcoin mining market has lost $32 billion in market capitalization since October, with bitcoin's hashprice dropping to an all-time low below $35 per petahash per second [5] Company Developments - Tether's recent acquisition of shares indicates continued investment interest despite Bitdeer's challenges [1] - Bitdeer's operational setbacks, including a significant quarterly loss and production delays, raise concerns about its future performance [2][3] - The company is currently reviewing the SEAL miner timeline, with engineering teams addressing necessary design adjustments before mass production [4] - The overall decline in the bitcoin mining sector reflects broader economic pressures affecting profitability and operational viability [5] Market Context - The bitcoin mining public market has experienced a substantial decrease in market capitalization, highlighting the industry's struggles [5] - The decline in bitcoin's hashprice is attributed to lower bitcoin prices and high network difficulty, impacting mining economics [5]

Bitcoin miner CleanSpark reports record revenue for FY 2025 amid broader AI shift https://t.co/aftwBBWpIY ...

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, reflecting a net margin of about 40% [20] - The company produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19][20] Business Line Data and Key Metrics Changes - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own hash rate [9] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] - The company is deploying 19,000 S21 XP immersion units, expected to be completed in Q1 2026 [9][10] Market Data and Key Metrics Changes - CleanSpark's operational efficiency improved significantly, contributing to consistent gross margins despite market fluctuations [20] - The company is strategically positioned to support the growing demand for AI compute alongside Bitcoin mining [7][8] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to monetizing its portfolio [8] - A significant focus is on securing tenants for AI campuses while expanding land and power capabilities [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC-AI space, citing strong inquiries for their facilities [43] - The company is confident in its ability to navigate market volatility and capitalize on opportunities due to its strong financial position [44] - CleanSpark is committed to maintaining operational excellence and leveraging its infrastructure-first model to maximize value [36][38] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million [17][33] - The company has secured a 285 MW site in Texas for AI factory development, with a multi-gigawatt pipeline of additional opportunities [12][13] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC-AI? - Management reported extensive discussions with potential clients, including strong interest in their Texas and Georgia sites, indicating robust demand in the HPC-AI space [43][44] Question: How does the company view pairing Bitcoin mining with HPC campuses? - Management sees potential in blending Bitcoin mining with HPC to provide power usage versatility, which could enhance operational flexibility [45][48] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of the Texas and Sandersville sites, which are positioned for rapid deployment to meet 2026 demand [51][52] Question: What are the near-term expansion plans for Bitcoin mining? - The company plans to migrate Bitcoin mining operations to more remote locations, prioritizing efficiency and favorable utility rates [56][58] Question: How does the company plan to utilize its Bitcoin balance strategically? - Management intends to monetize the Bitcoin stack through yield strategies and opportunistic borrowing, maintaining flexibility in capital management [66] Question: What is the economic impact of the MOU with Submer? - The partnership with Submer is expected to enhance speed to market and reduce costs for AI and HPC infrastructure development [70][71]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA for the year exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [20] - The company reported a significant positive net income of about $365 million [20] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] Market Data and Key Metrics Changes - The company has a Bitcoin treasury that grew by nearly 62% to over 13,000 Bitcoin, generated entirely from its own mining operations [9] - The average spot Bitcoin sales price for the fourth quarter was $111,721, with additional premiums generated per Bitcoin of $4,184, leading to an effective cash generated per Bitcoin of almost $116,000 [26] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company is prioritizing a blended approach to grow and monetize its portfolio, aiming to diversify revenue and enhance margins [8] - A significant focus is on securing tenants for AI-ready locations while expanding land and power footprints to meet market demand [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC AI space, citing strong inquiries for their facilities [42] - The company is well-prepared for future growth, leveraging its strong balance sheet and operational excellence [6][36] - Management acknowledged the challenges in the market but emphasized their competitive position due to their efficient operations and strategic planning [43] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [17][33] - The company has secured a 285-megawatt site in Texas for AI factory development, with plans for further expansion [12][34] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC AI? - Management reported extensive discussions with potential clients, indicating strong demand for their facilities, particularly in Texas and Georgia [42] Question: How do you view the pairing of Bitcoin mining with HPC campuses? - Management sees potential in blending AI, HPC, and Bitcoin mining to provide versatile power usage, which could benefit both operations [47] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of speed to market and modular approaches in their development strategy, particularly at the Sandersville and Sealy sites [52][53] Question: What are the near-term expansion plans for Bitcoin mining? - Management indicated a shift of Bitcoin mining operations to more remote locations with favorable utility rates, while continuing to grow their operational capacity [56][58] Question: How should we think about the economic impact of the MoU with Submer? - Management emphasized the cost savings and speed to market advantages of their partnership with Submer, which is expected to enhance their competitive position [70]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [17] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-halving of Bitcoin block rewards [7][17] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [18] - The company reported a significant positive net income of about $365 million [18] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [17] - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own mining operations [8] Market Data and Key Metrics Changes - The company reached an operational hash rate of 50 exahash per second, with 100% U.S.-based infrastructure [7] - The company has secured over a gigawatt of power under contract across its data centers, with nearly 300 megawatts in Texas scheduled to begin energization in early 2027 [10] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to growing and monetizing its portfolio [6] - A strategic partnership with Submer aims to enhance energy efficiency and speed to market for AI data center development [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI compute and the company's ability to secure tenants for its AI-ready locations [36][39] - The company is focused on operational excellence and leveraging its strong balance sheet to capitalize on growth opportunities in the AI sector [6][33] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [16][30] - The Digital Asset Management (DAM) strategy generated $9.3 million in premiums during the fourth quarter, with an annualized yield of approximately 12% [23][29] Q&A Session Summary Question: Can you provide insights on demand in the HPC AI space? - Management noted strong inquiries about the Sandersville site and additional traction at the Sealy, Texas site, indicating optimism about demand [36] Question: How will Bitcoin mining and HPC campuses be paired? - The company sees potential in blending AI, HPC, and Bitcoin mining to provide power usage versatility, which utilities find appealing [38] Question: What key milestones should investors look for in 2026 regarding HPC? - The focus will be on deployments at the Texas and Sandersville sites, with significant demand for critical IT loads expected [39] Question: What are the expansion plans for the Bitcoin mining business? - The company plans to migrate Bitcoin mining operations to more remote locations while prioritizing HPC AI at sites with quick access to fiber [42] Question: How will the Texas facility energization proceed? - The first 200 megawatts are scheduled to come online in the first half of 2027, with additional tranches in subsequent years [52] Question: What is the CapEx required for the Sandersville site to upgrade to HPC? - The facility is not currently set for HPC but has additional land secured for future construction, allowing for a smooth transition when ready [63]

Core Insights - CleanSpark reported a revenue of $766.3 million for the fiscal year 2025, more than double the previous year's revenue, driven by an expansion in bitcoin mining capacity and new financing [1] - The company achieved a net income of $346.5 million, or $1.25 per share, compared to a net loss of $145.8 million, or $0.69 per share, in the prior year [2] - Adjusted EBITDA increased to $823.4 million from $245.8 million year-over-year, influenced by the fair value change of CleanSpark's 13,033 BTC treasury [2] Financial Performance - CleanSpark's bitcoin mining operations grew to 50 EH/s, up from 27.6 EH/s at the end of fiscal year 2024 [2] - The company reported cash of $43 million, $1.2 billion in bitcoin, and $1 billion in working capital as of September 30 [5] - Total liabilities were reported at $1.0 billion, with stockholders' equity at $2.2 billion [5] Operational Developments - The company increased its contracted power by 43% to 1,027 MWs during the year [3] - CleanSpark closed a $1.15 billion zero-percent convertible transaction to fund infrastructure development and land and power acquisitions [3] - The company is building a compute platform to support both artificial intelligence and bitcoin workloads, with ongoing evaluations of its Georgia site for AI workloads [4]

Financial Highlights - Revenue for fiscal year 2025 reached $766.3 million[9], a significant increase compared to fiscal year 2024's $378.9 million[21] - GAAP Net Income for fiscal year 2025 was $364.5 million[9], a substantial turnaround from a loss of $145.8 million in fiscal year 2024[21] - Adjusted EBITDA for fiscal year 2025 was $823.4 million[9], a 107.5% increase from $245.8 million in fiscal year 2024[21] - Gross Profit for fiscal year 2025 was $423.2 million[21], with a gross profit margin of 55.2%[21] - The company mined 7,873 Bitcoin[9] with an operational hashrate of 50 EH/s as of October 31, 2025[9] Operational Metrics - The marginal cost per Bitcoin was $42,956[9], and the company held 13,011 Bitcoins[9], including receivables from collateral of 2,583[9] - The company has contracted capacity of 1,312 MW[13] across 33 operating data center sites[13] with an average fleet efficiency of 16.07 J/Th[13] - Q4 2025 revenue was $377.7 million[24], a 46.7% increase from Q3 2025's $257.4 million[24] Strategic Initiatives - The company is evolving from pure-play Bitcoin mining to an energy and infrastructure compute platform[10, 11, 16] - The company is expanding into the market for high-performing computing (HPC) and artificial intelligence (AI)[4] - The company closed a $1.15 billion convertible bond at 0% interest and has Bitcoin-collateralized facilities with $400 million capacity[30]