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Home»ADOPTION NEWS»CleanSpark (CLSK) Reports Q3 FY2024 Financial Results, Revenue Surges 129%
ADOPTION NEWS

CleanSpark (CLSK) Reports Q3 FY2024 Financial Results, Revenue Surges 129%

By Crypto FlexsAugust 10, 20243 Mins Read
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CleanSpark (CLSK) Reports Q3 FY2024 Financial Results, Revenue Surges 129%
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Peter Zhang
Aug 10, 2024 04:17

CleanSpark (CLSK) announced Q3 FY2024 financial results, with revenue up 129% and a $50 million line of credit from Coinbase.





CleanSpark, Inc. (Nasdaq: CLSK), a prominent Bitcoin mining company, has released its financial results for the third quarter of fiscal 2024, which ends June 30, 2024. According to CleanSpark, the company achieved revenue of $104.1 million, which is a significant 129% increase over the same period last year.

Profit and Loss

Despite impressive revenue growth, CleanSpark reported a net loss of $236.2 million for the quarter. The company’s adjusted EBITDA was negative $12.7 million, down significantly from $13.3 million a year ago. CEO Zach Bradford attributed the loss to a strategic decision to replace a significant portion of its mining fleet before the end of its expected life cycle, which resulted in a non-cash charge.

Operational Efficiency and Scalability

Bradford highlighted the company’s operational performance, including a 24% increase in hashrate and a 21% improvement in efficiency since the beginning of the year. CleanSpark is also expanding its operations into Tennessee and Wyoming. CFO Gary A. Vecchiarelli highlighted the company’s resilience during the Bitcoin halving, noting that despite a 50% decrease in block rewards, CleanSpark’s revenue only decreased by 7% thanks to efficient operations.

Partnership with Coinbase

CleanSpark made a significant move by partnering with Coinbase to secure a $50 million revolving line of credit backed by a portion of its Bitcoin holdings. Vecchiarelli said the line of credit will allow the company to lower its cost of capital and capitalize on market opportunities.

Financial Highlights

  • Quarterly revenue increased to $141 million from $45.5 million a year ago.
  • Net loss for the third quarter of fiscal 2024 was $236.2 million, compared with a loss of $14.1 million in the same period last year.
  • Adjusted EBITDA decreased to minus $12.7 million from $13.3 million a year ago.

Balance sheet

As of June 30, 2024, CleanSpark reported cash assets of $129.2 million and Bitcoin holdings of $413 million. The company’s total assets were $1.48 billion and its total liabilities were $73.4 million. CleanSpark’s working capital was $531.9 million and its liabilities were $11 million.

Conference Calls and Webcasts

CleanSpark will host a Q3 FY2024 earnings call and business update on August 9, 2024 at 1:30 p.m. PT/4:30 p.m. ET. The webcast will be available for viewing on the Company’s Investor Relations website for at least 30 days, and a transcript will be available following the call.

Introducing Cleanspark

CleanSpark is known as America’s Bitcoin Miner® and operates multiple data centers that are primarily powered by low-carbon electricity. The company’s infrastructure supports Bitcoin mining, promoting financial independence and inclusion. More information can be found on their website.

Image source: Shutterstock


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