CleanSpark, Inc. reported record financial results for the fiscal first quarter ended December 31, 2024. The company achieved $162.3 million in quarterly revenue, marking a 120% increase from the prior year, and reported an impressive $241.7 million in quarterly net income, translating to $0.85 basic EPS.
Operational efficiency continued to improve, with the marginal cost to mine one Bitcoin decreasing by 6% to approximately $34,000 at owned facilities. CleanSpark surpassed 40 EH/s in operational hashrate in January and drove fleet efficiency down to 16.15 J/Th, demonstrating continuous improvements across key industry metrics.
The company's Bitcoin treasury grew to over 10,500 Bitcoin, all self-mined in the USA, and its balance sheet showed significant strength with nearly $2.8 billion in assets and $1.2 billion in total liquidity. CleanSpark's capital strategy evolved with the closing of its $650 million convertible bond and the conclusion of its at-the-market offering program, enabling non-dilutive growth and positioning the company for its 50 EH/s target in the first half of 2025.
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