Summary:
CleanSpark's Q4 revenue of $378.97 million missed estimates of $397.32 million.
Adjusted loss of 69 cents per share, higher than the expected 62 cents.
Total revenue up 125% year-over-year, ending with 8,049 Bitcoin and $122.2 million in cash.
Capacity expansion includes adding 423 MWs, reaching 726 MW total capacity.
Stock price increase of 1.24% in after-hours trading.
CleanSpark Inc's Financial Overview
CleanSpark Inc (NASDAQ: CLSK) reported its fourth-quarter financial results after the market closed on Monday. Here are the key details from the quarter:
Q4 Earnings Report
- Revenue: CleanSpark reported a full-year 2024 revenue of $378.97 million, which fell short of analyst estimates of $397.32 million.
- Adjusted Loss: The Bitcoin mining company recorded a full-year adjusted loss of 69 cents per share, missing the anticipated loss of 62 cents per share.
- Year-Over-Year Growth: Despite the revenue miss, total revenue was up 125% compared to the previous year.
CleanSpark ended the quarter with 8,049 Bitcoin and $122.2 million in cash.
“Our performance this year reflects a sustained growth trajectory, solidifying our position as one of the top Bitcoin miners in the world, as we move into an anticipated new bull market,” said Zach Bradford, CEO of CleanSpark.
Strategic Expansion
CleanSpark has been proactive in expanding its capacity:
- The company added 423 MWs to its operating portfolio, bringing total capacity to 726 MW.
- It aims to reach 37 EH/s by the end of the year and 50 EH/s and beyond in 2025.
“CleanSpark’s financial strength continued to grow in fiscal 2024. Heading into 2025, we are well positioned to pursue diverse capital raising strategies,” stated Gary Vecchiarelli, CFO.
Market Reaction
- Stock Performance: CleanSpark shares rose 1.24% in after-hours trading, priced at $14.70 at the time of publication.
Management is currently discussing these results during a conference call with analysts and investors.
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