CleanSpark (CLSK) Q4 2024 earnings summary

Executive summary

• Fiscal year revenue reached $378.9 million, up 125% year-over-year, driven by increased Bitcoin production, higher prices, and operational scale.

• Adjusted EBITDA soared to $245.8 million, an 882% increase from the prior year.

• Surpassed 33.5 EH/s hashrate, on track for 37 EH/s by year-end and targeting 50 EH/s in 2025.

• Expansion included greenfield development, organic growth, acquisitions, and the GRIID acquisition post-year-end.

• Company remains a pure-play Bitcoin miner, prioritizing rapid revenue generation and high margins over diversification.

Financial highlights

• Revenue for the year was $378.9 million, up from $164.8 million last year.

• Gross profit reached $213.5 million, a 185% increase year-over-year.

• GAAP net loss was $145.8 million, primarily due to a $197 million non-cash impairment expense.

• Adjusted EBITDA rose to $245.8 million from $25 million in 2023.

• Cash position at year-end was $122.2 million; Bitcoin holdings valued at $509.5 million (8,049 BTC at $63,301 each).

Outlook and guidance

• Targeting 37 EH/s by year-end and 50 EH/s or more in 2025, with plans to exceed 1 GW of contracted capacity.

• Focus for 2025 will be on organic growth, increasing installed hash rate, and boosting monthly Bitcoin production.

• Plans to develop remaining hundreds of MW in the near-term pipeline and remain opportunistic for M&A.

• Management expects to maintain strong liquidity and pursue diverse capital raising strategies.