Release Date: February 06, 2025
- Revenue: $162.3 million, a 120% increase compared to the same period last year.
- Net Income: $246.8 million, or $0.85 per basic share.
- Adjusted EBITDA: $321.6 million.
- Bitcoin Treasury: 9,952 Bitcoins at the end of the quarter, increasing to 10,556 by the end of the following month.
- Average Bitcoin Price: Exceeded $83,000, peaking above $108,000.
- Marginal Cost per Bitcoin: Approximately $34,000, a $2,000 improvement from the prior quarter.
- Fleet Efficiency: Improved to 16.15 joules per Terahash as of January 31.
- Gross Profit Margin: 57% for the quarter.
- Cost of Power: 4.09 cents per kilowatt-hour.
- Total Assets: Almost $2.8 billion, with nearly half in liquid form (cash and Bitcoin).
- Convertible Bond: Secured $650 million, with a 0% coupon and 100% conversion premium.
Positive Points
- Cleanspark Inc achieved a significant revenue growth of 120% year-over-year, reaching $162.3 million for the first quarter.
- The company secured a $650 million convertible bond, fully funding its growth strategy to reach 50 exahash by mid-2025 without relying on equity.
- Cleanspark Inc reported a net income of $246.8 million, demonstrating strong financial performance.
- The company holds one of the largest self-mined Bitcoin treasuries in the industry, with over 10,000 Bitcoins mined in the U.S.
- Cleanspark Inc has improved its fleet efficiency, reducing the marginal cost per Bitcoin to approximately $34,000, enhancing profitability.
Negative Points
- The company's uptime slightly decreased to 94% due to factors like a hurricane and moving miners, impacting operational consistency.
- Cleanspark Inc faces increased power costs, with the cost per kilowatt hour rising to $0.09, slightly higher than previous quarters.
- The company is cautious about leveraging its balance sheet further, indicating potential limitations in accessing additional non-dilutive capital.
- There is uncertainty in the Bitcoin rig market, with prices potentially 37% higher than Cleanspark Inc fixed price options, affecting future growth costs.
- acknowledges the complexity and challenges of repurposing Bitcoin mining facilities for high-performance computing, which could impact strategic diversification.
two months ago- CleanSpark (CLSK) announced achieving over 10,000 bitcoin in its treasury, all self-mined exclusively from its U.S.-based mining operations. The company, which reported 10,097 bitcoin held in treasury, all produced from mining activity, said “the milestone also highlights a 236% year-over-year increase in CleanSpark’s bitcoin-denominated treasury, showcasing the company’s ability to drive substantial growth in a dynamic market environment.” Zach Bradford, Chief Executive Officer and President of CleanSpark, added: “Surpassing the 10,000-bitcoin mark reflects CleanSpark’s commitment to operational excellence, strategic growth, and disciplined capital management. This accomplishment is a direct result of our unwavering focus on scaling efficiently and responsibly. Every bitcoin in our treasury has been mined in the United States, supported by American energy and jobs-underscoring our dedication to sustainable growth and innovation in the global bitcoin ecosystem.”
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