February 23, 2024

CleanSpark (NASDAQ:CLSK) Reports Q1 FY2024 Financial Results

DENVER, Colo., Feb. 9, 2024 (www.247marketnews.com)- CleanSpark, Inc. (NASDAQ:CLSK) shared, after yesterday’s market close, its first quarter financial results for the period that ended December 31, 2023.

CLSK is trading at $12.80, up $2.30 (+21.90%), on 2M shares traded.       

Its 52-week range is $2.035 to $13.56. CLSK is within striking distance of a new 52-week high.

Financial results and asset highlights for the quarter ended December 31, 2023

  • The Company increased its quarterly revenues by $46M to $73.8 M, for the same prior year period.
  • Net income for the quarter was $25.9 M or $0.14 basic income per share compared to a loss of ($29.0) Mor ($0.46) loss per share for the same prior year period.
  • Adjusted EBITDAincreased to $69.1 M, reversing from ($2.0) M in the same prior year period.
  • Cash: $48.5 M
  • Bitcoin: $127.0 M
  • Total Assets: $862.7 M
  • Total Stockholders’ Equity: $810.6 M

“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.”

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