Business
CleanSpark Reports Third Quarter FY2024 Financial Results
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
About this update from Cleanspark, Inc.
[{"type":"text","content":"FY2024 Third Quarter Revenue of $104.1 million, net loss of ($236.2) million and Adjusted EBITDA of ($12.7) million \nRevenue grows 129% year over year \nCurrent hashrate surpasses 22 EH/s \nPartners with Coinbase on $50 million line of credit\nLAS 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.\n\n \n \n \n \n \n \n\n \n\"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.\"\n\"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...