CleanSpark, Inc. reported financial results for the fiscal year ended September 30, 2024, achieving record-breaking performance. The company generated $378.9 million in revenue, marking a substantial 125% increase from $168.4 million in the prior fiscal year.
Adjusted EBITDA for the year soared to $245.8 million, an impressive 882% growth over the previous year, underscoring the success of its infrastructure-first expansion strategy and focus on fleet efficiency. While the company reported a net loss of $(145.8) million, or $(0.69) basic EPS, this was primarily due to impairment on older miners, offset by a gain on fair value of Bitcoin due to a new accounting pronouncement.
As of September 30, 2024, CleanSpark's hashrate reached 27.6 EH/s, and it has since surpassed 33.5 EH/s, remaining on track for 37 EH/s by year-end. The company added 423 MW to its operating portfolio, bringing the total to 726 MW, and improved fleet efficiency to 19 J/Th from 28.4 J/Th a year prior. CleanSpark produced approximately 7,100 BTC in FY2024, outpacing the halving event and increased network difficulty.
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