CleanSpark, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

CleanSpark Fiscal Year 2024 Earnings Summary

  • Reporting Period: October 1, 2023 – September 30, 2024
  • Total Revenue: $378.9 million, up 125% from $164.8 million in FY2023
  • Adjusted EBITDA: $245.8 million, a sharp increase from $25 million in FY2023 (up 882%)
  • Gross Profit: $213.5 million, up 185% from the prior year
  • Net Loss (GAAP): $145.8 million, primarily due to a $197 million non-cash impairment
  • Total Bitcoin Mined: Approx. 7,100 vs. 6,900 in FY2023
  • Mining Fleet Efficiency: Improved to 19 joules per terahash from 28.4 joules last year
  • Hash Rate Growth:
    • Sept 2023: 9.6 EH/s
    • Sept 2024: 27.6 EH/s
    • Current: 33.5 EH/s, targeting 37 EH/s by December 2024
    • 2025 Goal: 50 EH/s
  • Power Capacity: Increased by 425 MW to a total of 726 MW
  • All-in Power Cost (2024): $0.046/kWh vs. $0.048/kWh in 2023
  • Cost to Mine One Bitcoin:
    • 2024 Avg.: $21,400
    • Q4 2024: $36,250 (up from $26,950 in Q3)
  • Bitcoin Holdings: Nearly 10,000 BTC valued at ~$1B

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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 our conference call. All lines have been placed on mute to prevent any background noise and after the speaker's remarks there will be a question-and-answer session. [Operator Instructions] Thank you. And at this time I would like to turn the floor over to Brittany Moore, Director of Investor Relations. Brittany Moore: Thank you, Krista. And welcome to CleanSpark’s Fiscal Full-Year Financial Results Call covering the period October 1, 2023 through September 30, 2024. Our press release was issued about 30 minutes ago and is available on our website at CleanSpark.com. 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 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. 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 is my pleasure to turn the call over to Zach. Za

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