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Bitcoin Stock News Bite: CleanSpark (Nasdaq: CLSK) Reports First Quarter FY2024 Financial Results


February 9, 2024 ( Newswire) ( Bitcoin/Crypto Stock News Bites - Bitcoin/crypto Stock News Bites- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, reported financial results for the three months ended December 31, 2023.

"This quarter's performance is a powerful reminder of what we're capable of when we channel our collective efforts towards a common goal. Importantly, it sets the stage for what's to come," said Chief Executive Officer Zach Bradford. "In a single quarter we have covered nearly half the distance to reach our total revenue from last year. We beat all consensus estimates across the board, including revenue, EPS, and profitability. This achievement is not just a number-it's a reflection of our growing efficiency, our strategic acquisitions, and our deep commitment to smart growth. It underscores our position as leaders in the bitcoin mining industry and fortifies the trust our investors place in us. As we move forward, our eyes are set on harnessing our momentum to further accelerate our growth and continue delivering unmatched value to our stakeholders as we work to execute on our commitment of 20 exahashes per second in the first half of this year."

"We've frequently emphasized the three efficiencies that we believe are imperative to our continued success, efficiency of our equipment fleet, efficiency of our facilities, and efficient use of capital. The results this quarter are the culmination of that focus," said Chief Financial Officer Gary A. Vecchiarelli. "To present these results, to have demonstrated exponential growth, and to have secured our path to 50 exahashes per second while exceeding all market expectations is proof that the CleanSpark Way is working. I'm extremely proud of the growth that we've accomplished as a team. We're well positioned for the halving, and we have the liquidity and balance sheet strength to enable us to continue to not only survive, but to thrive into the halving and beyond."

Q1 Financial Highlights

Financial Results for the Three Months Ended December 31, 2023

The Company increased its quarterly revenues to $73.8 million, an increase of $46.0 million, or 165% from $27.8 million for the same prior year period.

Net income for the three months ended December 31, 2023, was $25.9 million or $0.14 basic income per share compared to a loss of ($29.0) million or ($0.46) loss per share for the same prior year period.

Adjusted EBITDA1 increased to $69.1 million, reversing from ($2.0) million in the same prior year period.


1 See "Non-GAAP Measure" and the related reconciliation below.

Balance Sheet Highlights as of December 31, 2023


Cash: $48.5 million

Bitcoin: $127.0 million

Total Current assets: $181.7 million

Total Mining assets (including prepaid deposits & deployed miners): $484.0 million

Total Assets: $862.7 million

Liabilities and Stockholders' Equity

Current Liabilities: $42.4 million

Total Liabilities: $52.2 million

Total Stockholders' Equity: $810.6 million

The Company had working capital of $139.3 million and $14.5 million of debt as of December 31, 2023.

Investor Conference Call and Webcast

The Company will hold its first quarter FY2024 earnings presentation and business update for investors and analysts today, February 8, 2024, at 1:30p.m. PT / 4:30p.m. ET.

Webcast URL:

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

Read the company's full news and disclaimer here:

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