CleanSpark Achieves Unprecedented Financial Growth in FY2024

Record-Breaking Growth in FY 2024

CleanSpark, Inc. (NASDAQ: CLSK), a leader in Bitcoin mining, recently released its impressive financial results for the fiscal year that ended. The company reported a remarkable revenue increase of 125% year-over-year, underlining its robust growth trajectory.

Incredible Hashrate Expansion

In 2024, CleanSpark's hashrate surged beyond 33.5 EH/s, positioning the company on a path to achieve 37 EH/s by the year's end. This strategic growth places the company at a competitive advantage, anticipating further success in an evolving market.

CEO's Insights on Performance

CEO Zach Bradford reflected on the past year's achievements, noting, "Our strong performance underscores our commitment to effective capital allocation. Our focus on building sustainable infrastructure has allowed us to enhance the performance of our portfolio, delivering optimal returns for our shareholders. We are excited about our path towards 50 EH/s and beyond in the coming years."

Expanding Operational Capacity

Over the past year, CleanSpark expanded its operations, adding 423 MWs to its portfolio, totaling 726 MW. Bradford indicated plans for further growth, emphasizing that they would remain opportunistic while developing hundreds of MWs in the near-term pipeline.

Financial Highlights

Highlighting financial achievements in FY 2024, CleanSpark recorded annual revenues of $378.9 million, an increase of $210.5 million from the previous year. Despite the challenges posed by market volatility, the company's adjusted EBITDA reached $245.8 million, reflecting a significant leap from $25 million the prior year.

Balance Sheet Strength

As of the end of the fiscal year, CleanSpark's financial health included total current assets amounting to $705.4 million and total assets of $2.0 billion, showcasing a solid foundation for future growth. The company maintains a strong liquidity position, allowing for flexibility in operational decision-making.

Continuous Commitment to Shareholders

CFO Gary Vecchiarelli remarked upon entering the new year with a well-positioned balance sheet and a focus on operational excellence. "Our financial strength has grown significantly, and we are equipped to explore diverse capital-raising strategies to fuel our expansion objectives," said Vecchiarelli.

About CleanSpark

CleanSpark (NASDAQ: CLSK) stands as a pure play Bitcoin miner in the U.S., focused on capital efficiency and operational excellence. The company operates a portfolio of mining facilities powered by competitively priced energy, strategy-driven to optimize profitability while securing Bitcoin as a global asset. Their commitment to sustainability and efficiency places them at the forefront of the industry, intending to maximize shareholder value.

Looking Ahead

With a continuously evolving market, CleanSpark is set to leverage its operational efficiencies to navigate challenges and accelerate growth. The leadership remains focused on long-term value generation for investors, constantly evaluating opportunities to enhance its position within the competitive landscape of Bitcoin mining.

Frequently Asked Questions

1. What is CleanSpark's primary business focus?

CleanSpark primarily focuses on Bitcoin mining, leveraging efficient energy solutions and advanced technology to optimize operations.

2. How much did CleanSpark's revenue grow in FY 2024?

The company's revenue grew by 125%, reaching $378.9 million compared to the previous fiscal year, which demonstrates exceptional growth.

3. What is the significance of CleanSpark’s hashrate?

CleanSpark's hashrate is critical as it determines the company's ability to mine Bitcoin efficiently, with the current rate surpassing 33.5 EH/s and set to reach 37 EH/s.

4. What expansion plans does CleanSpark have?

CleanSpark plans to continue expanding its operational capacity, targeting significant increases in hashrate and infrastructure in the near future.

5. How is CleanSpark positioned financially for 2025?

With a robust balance sheet, strong liquidity, and an ongoing commitment to operational excellence, CleanSpark is well-prepared to pursue diverse capital-raising opportunities and sustainable growth.

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