LAS VEGAS - CleanSpark , Inc. (NASDAQ:CLSK), a leading Bitcoin mining company, reported strong fiscal year 2024 results, with revenue more than doubling YoY as the company significantly expanded its mining operations.
Shares of CleanSpark edged up 1.3% following the earnings release.
The company reported revenue of $378.9 million for the fiscal year ended September 30, 2024, up 125% from $168.4 million in the prior year. CleanSpark posted an adjusted loss per share of $0.69 for the year.
CleanSpark's Bitcoin production grew substantially, with the company mining approximately 7,100 BTC during the fiscal year despite the Bitcoin halving event that occurred during the period. The company's current hashrate has surpassed 33.5 EH/s as it progresses toward its 37 EH/s target.
"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 CleanSpark CEO Zach Bradford.
The company ended the fiscal year with $122.2 million in cash and $509.5 million worth of Bitcoin on its balance sheet. CleanSpark's total assets stood at $2.0 billion as of September 30, 2024.
For fiscal 2025, CleanSpark aims to reach 50 EH/s of mining capacity as it continues to focus on scaling operations and optimizing its portfolio of data centers.
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