CleanSpark reported revenue of $162.3 million for the fourth quarter of 2024. This is 120% more than the figures for the same reporting period in 2023.
According to available information, net income amounted to $246.8 million, or $0.85 per share. For comparison: for the same period in 2023, this figure was $25.9 million. Adjusted EBITDA (earnings before taxes) increased to $321.6 million.
As of December 31, 2024, the company had assets of $2.8 billion, including $929.1 million in bitcoin. Net liabilities were $757.7 million, and shareholders’ equity was $2 billion. The company uses a $50 million credit line secured by the first cryptocurrency, which allows it to reduce the marginal cost of mining to $34,000 per bitcoin.
CleanSpark CFO Gary Vecchiarelli noted that the company has successfully adapted to the impact of the halving. The firm has increased its crypto reserves to 10,500 BTC, mined at its own facilities in the US. He emphasized that the company has one of the cleanest balance sheets in the industry and ambitious plans for further growth.
CEO Zach Bradford announced that the company exceeded its 2024 targets. The company’s operating hashrate has reached 40 EH/s. According to him, CleanSpark plans to expand in Wyoming, Tennessee, and Georgia to reach 50 EH/s in the first half of 2025.
