Shares of Cleanspark sank 7% in premarket trading. Cleanspark reported full-year 2024 revenue of $378.97 million, missing analyst estimates of $397.32 million. The Bitcoin mining company reported a full-year adjusted loss of 69 cents per share, missing analyst estimates for a loss of 62 cents per share
“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 Zach Bradford, CEO of CleanSpark.
“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.”
CleanSpark said its hashrate grew to 33.5 EH/s in the quarter. The company noted that it’s on track to reach 37 EH/s by the end of the year and “50 EH and beyond” in 2025.
“CleanSpark’s financial strength continued to grow in fiscal 2024. 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,” said CFO Gary Vecchiarelli.
