CleanSpark, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ending: December 31, 2024
  • Total Revenue: $162.3 million, up 120% YoY and 82% QoQ
  • Net Income: $246.8 million or $0.85 per basic share
  • Adjusted EBITDA: $321.6 million, an industry record
  • Bitcoin Treasury: 9,952 BTC at quarter end; 10,556 BTC as of Jan 31, 2025 (fourth-largest publicly held BTC treasury globally)
  • Average BTC Price Realized: ~$84,000 per BTC, up 130% YoY
  • Cost to Mine 1 BTC: $34,000 (down from $36,250 in Q4 — a 6% improvement)
  • Hashrate: Achieved 39.1 exahash by quarter end (above 37 exahash target), 40 exahash deployed by Jan 31
  • Fleet Efficiency: Improved from 21.94 to 17.59 joules per terahash QoQ; further down to 16.15 J/TH in January
  • Power Cost: $0.049/kWh, slightly higher YoY and QoQ, but offset by efficiency gains
  • Gross Margin: 57%, up $59.9 million or 186% from Q4
  • Infrastructure Expansion: Fully funded path to 50 exahash by first half of 2025 via greenfield builds and facility expansions in Georgia, Tennessee, and Wyoming

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Operator: Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark Fiscal Year First Quarter 2025 Earnings Conference Call. [Operator Instructions] Thank you. And Barbara, you may begin your conference. Unknown Executive: Thanks so much, Krista, and thank you for joining us today for the first quarter fiscal year financial results call for CleanSpark, America's Bitcoin Miner, covering the period from October 1 through December 31, 2024. Our press release was issued about 30 minutes ago and is available on our website at www.com -- sorry, www.cleanspark.com. Additionally, the 10-Q will be filed shortly. Today's call is also being webcast, and a replay and transcript will be available on our website. On the call with me are Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer. Keep in mind that some of the statements that we make today are forward-looking and based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our most recently filed annual report and 10-Q. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website. And with that, it's my pleasure to turn the call over to Zack.

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