CleanSpark Showcases Robust Growth in Fiscal 2024, Eyes Ambitious Expansion Goals

CleanSpark, Inc. (Nasdaq: CLSK), known as “America’s Bitcoin Miner®,” has announced impressive financial results for the fiscal year ending September 30, 2024. The company recorded a 125% increase in annual revenue, reaching $378.9 million, up from $168.4 million the previous year. CEO Zach Bradford attributed this success to a counter-cyclical growth strategy and a focus on optimizing infrastructure. “Our performance this year reflects a sustained growth trajectory,” Bradford said.

Despite market challenges, including Bitcoin’s halving event and increased mining difficulty, CleanSpark mined approximately 7,100 BTC, bolstered by expanded hashrate and fleet efficiency. Bradford emphasized the company’s commitment to achieving a hashrate of 37 EH by the end of 2024 and 50 EH or more in 2025.

Strategic Expansion and Financial Highlights

CleanSpark expanded its operational capacity significantly, adding 423 MW to its portfolio, bringing the total to 726 MW. CFO Gary Vecchiarelli highlighted the company’s financial resilience, citing a healthy balance sheet, $122.2 million in cash, and $509.5 million in Bitcoin assets. “Our organizational commitment to operational excellence has allowed us to weather challenges more successfully than many of our industry peers,” Vecchiarelli noted.

Adjusted EBITDA surged to $245.8 million, up from $25.0 million last year, demonstrating improved profitability. The company’s total assets stood at $2 billion, with total liabilities limited to $201.8 million, reinforcing its financial stability.

Bradford further outlined plans for continued growth in fiscal 2025, including developing additional MW in its pipeline and pursuing strategic mergers and acquisitions. CleanSpark remains focused on scaling operations while maintaining a strong liquidity position to support future endeavors.

CleanSpark’s fiscal 2024 results highlight its position as a leader in Bitcoin mining. By prioritizing infrastructure ownership and operational efficiency, the company is well-prepared to capitalize on opportunities in an evolving market. As Bradford noted, “We produce durable, high-performing growth,” a sentiment reflected in CleanSpark’s ongoing commitment to its shareholders and strategic vision.