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    CleanSpark Reports Record-Breaking FY 2024 Results: Outpacing Halving and Difficulty

    12/2/24 4:05:00 PM ET
    $CLSK
    Finance: Consumer Services
    Finance
    Get the next $CLSK alert in real time by email

    Revenue grows 125% year over year 

    Current hashrate surpasses 33.5 EH/s on track for 37 EH/s

    LAS VEGAS, Dec. 2, 2024 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2024.

    CleanSpark, Inc. Logo (PRNewsfoto/CleanSpark, Inc.)

    "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. "Reflecting on the past year, our results in FY 2024 and the positioning of the company going into 2025 demonstrated the wisdom of our counter-cyclical growth and capital allocation strategy. We produce durable, high performing growth and have been since our earliest days in Bitcoin mining," Bradford said. "CleanSpark has prioritized owned infrastructure as its core foundation, putting us in the best position to optimize our portfolio of data centers to drive ROI to our shareholders as we continue to rapidly deploy additional hashrate on our path to 37 EH by year-end and 50 EH and beyond in 2025."  

    "We anticipated that there would be prime opportunities for M&A paired with organic growth, and over the past year we capitalized by adding 423 MWs to our operating portfolio bringing us to 726 MW, as of today. As we continue focusing on scale in FY 2025 and beyond, we will develop the remaining hundreds of MW in the near-term pipeline while always staying opportunistic," said Bradford.

    "The team produced our strongest year of financial performance to date, solidifying a track record of effective execution and keeping commitments to shareholders. This fiscal year included the fourth halving event in Bitcoin's history, and our organizational commitment to operational excellence has allowed us to weather it more successfully than many of our industry peers," said CleanSpark CFO Gary Vecchiarelli. "Even with the halving event impacting block rewards and a significant increase in difficulty, our production outpaced both, yielding approximately 7,100 BTC thanks to our growth in hashrate and the efficiency improvements to our fleet.

    "CleanSpark's financial strength continued to grow in fiscal 2024," said Vecchiarelli. "Heading into 2025, we have significant scale and size, a healthy balance sheet, industry leading operations and a strong liquidity position, and we are well positioned to pursue diverse capital raising strategies," Vecchiarelli said.

    Financial Highlights: Full Fiscal Year 2024

    Financial Results for the Fiscal Year Ended September 30, 2024.

    • The Company's annual revenues were $378.9 million, an increase of $210.5 million, or 125%, from $168.4 million for the prior fiscal year.
    • Net loss for the year ended September 30, 2024, was ($145.8) million or ($0.69) basic loss per share compared to a net loss of ($138.1) million or ($1.30) loss per share for the prior fiscal year.
    • Adjusted EBITDA was $245.8 million, an increase of $220.8 million from $25.0 million for the prior fiscal year. 1

    Balance Sheet Highlights as of September 30, 2024

    Assets

    • Cash: $122.2 million
    • Bitcoin: $509.5 million (includes bitcoin receivable of $77.8 million posted as collateral), based upon 8,049 bitcoin at a price of $63,301 at September 30, 2024
    • Total Current Assets: $705.4 million
    • Total Mining Assets (including prepaid deposits & deployed miners): $902.0 million
    • Total Assets: $2.0 billion

    Liabilities and Stockholders' Equity

    • Current Liabilities: $187.9 million
    • Total Liabilities: $201.8 million
    • Total Stockholders' Equity: $1.8 billion

    The Company had working capital of $517.5 million and $66.0 million of loans payable as of September 30, 2024.

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

    Investor Conference Call and Webcast

    The Company will hold its fiscal year 2024 earnings presentation and business update for investors and analysts today, December 2, 2024, at 1:30 p.m. PT / 4:30 p.m. ET.

    Webcast URL: https://investors.cleanspark.com   

    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.

    About CleanSpark

    CleanSpark (NASDAQ:CLSK), America's Bitcoin Miner®, is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world.

     Visit our website at www.cleanspark.com. 

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the Company's ability to successfully completed acquisitions, including integration risks relating to completed and potential acquisitions, the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

    Non-GAAP Measure

    The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

    Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis.  Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues).  For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue.

    The Company's adjusted EBITDA measure may not be directly comparable to similar measures  provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

    Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.

    CLEANSPARK, INC.

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except par value and share amounts)

     





    September 30,

    2024





    September 30,

    2023



    ASSETS













    Current assets













    Cash and cash equivalents



    $

    121,222





    $

    29,215



    Restricted cash





    3,056







    —



    Receivable for equity offerings





    —







    9,590



    Prepaid expense and other current assets





    7,995







    3,258



    Bitcoin (See Note 2 and Note 6)





    431,661







    56,241



    Receivable for bitcoin collateral (See Note 2 and Note 12)





    77,827







    —



    Note receivable from GRIID (see Note 7)





    60,919







    —



    Derivative investments





    1,832







    2,697



    Investment in debt security, AFS, at fair value





    918







    726



    Current assets held for sale





    —







    445



    Total current assets



    $

    705,430





    $

    102,172

















    Property and equipment, net



    $

    869,693





    $

    564,395



    Operating lease right of use asset





    3,263







    688



    Intangible assets, net





    3,040







    4,603



    Deposits on miners and mining equipment





    359,862







    75,959



    Other long-term asset





    13,331







    5,718



    Goodwill





    8,043







    8,043



    Total assets



    $

    1,962,662





    $

    761,578

















    LIABILITIES AND STOCKHOLDERS' EQUITY













    Current liabilities













    Accounts payable



    $

    82,992





    $

    39,900



    Accrued liabilities





    43,874







    25,677



    Other current liabilities





    2,240







    311



    Current portion of loans payable





    58,781







    6,992



    Current liabilities held for sale





    —







    1,175



    Total current liabilities



    $

    187,887





    $

    74,055



    Long-term liabilities













    Operating lease liability, net of current portion





    997







    519



    Finance lease liability, net of current portion





    —







    9



    Loans payable, net of current portion





    7,176







    8,911



    Deferred income taxes





    5,761







    2,416



    Total liabilities



    $

    201,821





    $

    85,910

















    Commitments and contingencies - Note 18



























     

    CLEANSPARK, INC.

    CONSOLIDATED BALANCE SHEETS (continued)

    (in thousands, except par value and share amounts)

     





    September 30,

    2024





    September 30,

    2023

















    Stockholders' equity













    Preferred stock; $0.001 par value; 10,000,000 shares authorized;

        Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding

            (liquidation preference $0.02 per share)

        Series X shares; 1,000,000 and 0 authorized, issued and outstanding,

            respectively





    3







    2



    Common stock; $0.001 par value; 300,000,000 shares authorized; 270,897,784

    and 160,184,921 shares issued and outstanding, respectively





    271







    160



    Additional paid-in capital





    2,239,367







    1,009,482



    Accumulated other comprehensive income





    418







    226



    Accumulated deficit





    (479,218)







    (334,202)



    Total stockholders' equity





    1,760,841







    675,668

















    Total liabilities and stockholders' equity



    $

    1,962,662





    $

    761,578



     

    The accompanying notes are an integral part of these consolidated financial statements.

     

    CLEANSPARK, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

     (in thousands, except per share and share amounts)

     





    For the year ended







    September 30,

    2024





    September 30,

    2023





    September 30,

    2022



    Revenues, net



















    Bitcoin mining revenue, net



    $

    378,968





    $

    168,121





    $

    131,000



    Other services revenue





    —







    287







    525



    Total revenues, net



    $

    378,968





    $

    168,408





    $

    131,525























    Costs and expenses



















    Cost of revenues (exclusive of depreciation and amortization shown below)





    165,516







    93,580







    41,234



    Professional fees





    13,806







    10,869







    6,469



    Payroll expenses





    74,095







    45,714







    40,920



    General and administrative expenses





    30,185







    20,823







    10,423



    Loss on disposal of assets





    5,466







    1,931







    (643)



    Gain on fair value of bitcoin, net (see Note 2 and Note 6)





    (113,423)







    —







    —



    Other impairment expense (related to bitcoin)





    —







    7,163







    12,210



    Impairment expense - fixed assets





    197,041







    —







    —



    Impairment expense - other





    716







    —







    250



    Impairment expense - goodwill





    —







    —







    12,048



    Realized gain on sale of bitcoin





    —







    (1,357)







    (2,567)



    Depreciation and amortization





    154,609







    120,728







    49,045



    Total costs and expenses



    $

    528,011





    $

    299,451





    $

    169,389



    Loss from operations



    $

    (149,043)





    $

    (131,043)





    $

    (37,864)























    Other income (expense)



















    Other income





    —







    11







    308



    Change in fair value of contingent consideration





    —







    2,484







    306



    Recognized gain on bitcoin collateral returned





    91







    —







    —



    Change in fair value of bitcoin collateral





    1,384







    —







    —



    Realized gain on sale of equity security





    —







    —







    1



    Unrealized loss on equity security





    —







    —







    (2)



    Unrealized loss on derivative security





    (965)







    (259)







    (1,950)



    Interest income





    8,555







    481







    190



    Interest expense





    (2,455)







    (2,977)







    (1,078)



    Total other income (expense)



    $

    6,610





    $

    (260)





    $

    (2,225)























    Loss before income tax expense





    (142,433)







    (131,303)







    (40,089)



    Income tax expense





    3,344







    2,416







    —



    Loss from continuing operations



    $

    (145,777)





    $

    (133,719)





    $

    (40,089)























    Discontinued operations



















    Loss from discontinued operations



    $

    —





    $

    (4,429)





    $

    (17,237)



    Income tax expense





    —







    —







    —



    Loss on discontinued operations



    $

    —





    $

    (4,429)





    $

    (17,237)























    Net loss



    $

    (145,777)





    $

    (138,148)





    $

    (57,326)























    Preferred stock dividends





    3,422







    —







    336



    Net loss attributable to common shareholders



    $

    (149,199)





    $

    (138,148)





    $

    (57,662)























    Other comprehensive income, net of tax





    192







    116







    115



    Total comprehensive loss attributable to common shareholders



    $

    (149,007)





    $

    (138,032)





    $

    (57,547)



     

    CLEANSPARK, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (continued)

     (in thousands, except per share and share amounts)

     





    For the year ended







    September 30,

    2024





    September 30,

    2023





    September 30,

    2022



    Loss from continuing operations per common share - basic



    $

    (0.69)





    $

    (1.30)





    $

    (0.95)























    Weighted average common shares outstanding - basic





    216,860,819







    102,707,509







    42,614,197























    Loss from continuing operations per common share - diluted



    $

    (0.69)





    $

    (1.30)





    $

    (0.95)























    Weighted average common shares outstanding - diluted





    216,860,819







    102,707,509







    42,614,197























    Loss on discontinued operations per common share - basic



    $

    -





    $

    (0.04)





    $

    (0.40)























    Weighted average common shares outstanding - basic





    216,860,819







    102,707,509







    42,614,197























    Loss on discontinued operations per common share - diluted



    $

    -





    $

    (0.04)





    $

    (0.40)























    Weighted average common shares outstanding - diluted





    216,860,819







    102,707,509







    42,614,197



     

    CLEANSPARK, INC.

    RECONCILIATION OF ADJUSTED EBITDA

     (Unaudited, in thousands)





    For the Year Ended September 30,





    2024





    2023

    Net income (loss)



    $

    (145,777)





    $

    (138,148)

    Adjustments:















    Loss on discontinued operations





    —







    4,429

    Impairment expense – fixed assets





    197,041







    —

    Impairment expense – other





    716







    —

    Depreciation and amortization





    154,609







    120,728

    Share-based compensation expense





    29,555







    24,142

    Other income





    —







    (11)

    Change in fair value of contingent consideration





    —







    (2,484)

    Unrealized loss (gain) of derivative security





    965







    259

    Interest income





    (8,555)







    (481)

    Interest expense





    2,455







    2,977

      Loss on disposal of assets





    5,466







    1,931

      Income tax expense





    3,344







    2,416

      Fees related to financing & business development transactions





    4,059







    697

      Litigation & settlement related expenses





    1,970







    7,872

      Severance and other expenses





    —







    701

        Total Adjusted EBITDA



    $

    245,848





    $

    25,028

    Investor Relations Contact 

    Brittany Moore

    702-989-7693

    [email protected] 

    Media Contact

    Eleni Stylianou

    702-989-7694

    [email protected]

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-reports-record-breaking-fy-2024-results-outpacing-halving-and-difficulty-302320036.html

    SOURCE CleanSpark, Inc.

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    • SEC Form S-8 filed by CleanSpark Inc.

      S-8 - CLEANSPARK, INC. (0000827876) (Filer)

      5/8/25 5:20:42 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • SEC Form 10-Q filed by CleanSpark Inc.

      10-Q - CLEANSPARK, INC. (0000827876) (Filer)

      5/8/25 5:15:24 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • CleanSpark Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - CLEANSPARK, INC. (0000827876) (Filer)

      5/8/25 4:08:34 PM ET
      $CLSK
      Finance: Consumer Services
      Finance

    $CLSK
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    • CleanSpark Reports Second Quarter Fiscal 2025 Results

      $181.7M quarterly revenue, up 62.5% from prior year Bitcoin production grew to 1,957, with an average revenue per coin of $92,811 LAS VEGAS, May 8, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the quarter ended March 31, 2025. "This was a quarter defined by discipline, scale, and continued strategic clarity," said Zach Bradford, CleanSpark's CEO. "As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner. W

      5/8/25 4:05:00 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • CleanSpark Releases April 2025 Bitcoin Mining Update

      Exceeds 12,100 bitcoin held in treasury Evolves capital strategy; funding monthly operating expenses through production LAS VEGAS, May 6, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK), America's Bitcoin Miner® (the "Company"), today released its unaudited Bitcoin mining and operations update for the month ending April 30, 2025. "A little over a year after the most recent halving, our operational performance across varying market conditions has validated the strength of our scale, strategic focus, and disciplined execution," said CleanSpark CEO and President Zach Bradford

      5/6/25 9:00:00 AM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • CleanSpark Executives to Discuss Fiscal Q2 2025 Financial Results

      LAS VEGAS, May 2, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, will discuss its fiscal second quarter 2025 financial results via a live webcast beginning at 4:30 p.m. EST / 1:30 p.m. PST on Thursday, May 8, 2025. Webcast Information: To view the webcast, please click here. Downloadable files, including a transcript, will be available on the company website 48 hours after the event. About CleanSpark CleanSpark (NASDAQ:CLSK), America's Bitcoin Miner®, is a market-leading, pure play Bitcoin miner with a proven track record of succ

      5/2/25 9:00:00 AM ET
      $CLSK
      Finance: Consumer Services
      Finance

    $CLSK
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    • CleanSpark Reports Second Quarter Fiscal 2025 Results

      $181.7M quarterly revenue, up 62.5% from prior year Bitcoin production grew to 1,957, with an average revenue per coin of $92,811 LAS VEGAS, May 8, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the quarter ended March 31, 2025. "This was a quarter defined by discipline, scale, and continued strategic clarity," said Zach Bradford, CleanSpark's CEO. "As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner. W

      5/8/25 4:05:00 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • CleanSpark Reports Fiscal Year First Quarter 2025 Results

      $162.3M quarterly revenue, up 120% from prior year $241.7M quarterly net income and basic EPS of $0.85 Marginal cost per coin decreases 6% to ~$34,000 at owned facilities LAS VEGAS, Feb. 6, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the quarter ended December 31, 2024. "This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime

      2/6/25 4:05:00 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • CleanSpark Reports Record-Breaking FY 2024 Results: Outpacing Halving and Difficulty

      Revenue grows 125% year over year  Current hashrate surpasses 33.5 EH/s on track for 37 EH/s LAS VEGAS, Dec. 2, 2024 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2024. "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. "Reflecting on the past year, our results in FY 2024 and the positioning o

      12/2/24 4:05:00 PM ET
      $CLSK
      Finance: Consumer Services
      Finance