In This Article:
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Revenue: $162.3 million, a 120% increase compared to the same period last year.
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Net Income: $246.8 million, or $0.85 per basic share.
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Adjusted EBITDA: $321.6 million.
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Bitcoin Treasury: 9,952 Bitcoins at the end of the quarter, increasing to 10,556 by the end of the following month.
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Average Bitcoin Price: Exceeded $83,000, peaking above $108,000.
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Marginal Cost per Bitcoin: Approximately $34,000, a $2,000 improvement from the prior quarter.
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Fleet Efficiency: Improved to 16.15 joules per Terahash as of January 31.
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Gross Profit Margin: 57% for the quarter.
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Cost of Power: 4.09 cents per kilowatt-hour.
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Total Assets: Almost $2.8 billion, with nearly half in liquid form (cash and Bitcoin).
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Convertible Bond: Secured $650 million, with a 0% coupon and 100% conversion premium.
Release Date: February 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cleanspark Inc (NASDAQ:CLSK) achieved a significant revenue growth of 120% year-over-year, reaching $162.3 million for the first quarter.
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The company secured a $650 million convertible bond, fully funding its growth strategy to reach 50 exahash by mid-2025 without relying on equity.
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Cleanspark Inc (NASDAQ:CLSK) reported a net income of $246.8 million, demonstrating strong financial performance.
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The company holds one of the largest self-mined Bitcoin treasuries in the industry, with over 10,000 Bitcoins mined in the U.S.
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Cleanspark Inc (NASDAQ:CLSK) has improved its fleet efficiency, reducing the marginal cost per Bitcoin to approximately $34,000, enhancing profitability.
Negative Points
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The company's uptime slightly decreased to 94% due to factors like a hurricane and moving miners, impacting operational consistency.
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Cleanspark Inc (NASDAQ:CLSK) faces increased power costs, with the cost per kilowatt hour rising to $0.09, slightly higher than previous quarters.
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The company is cautious about leveraging its balance sheet further, indicating potential limitations in accessing additional non-dilutive capital.
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There is uncertainty in the Bitcoin rig market, with prices potentially 37% higher than Cleanspark Inc (NASDAQ:CLSK)'s fixed price options, affecting future growth costs.
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Cleanspark Inc (NASDAQ:CLSK) acknowledges the complexity and challenges of repurposing Bitcoin mining facilities for high-performance computing, which could impact strategic diversification.
Q & A Highlights
Q: Can you provide more details on your Bitcoin Treasury Management strategy and how you plan to utilize your Bitcoin reserves? A: Gary Vecchiarelli, CFO, explained that they are currently evaluating options through requests for proposals from counterparties. They plan to adopt a cautious approach, gradually implementing strategies without leveraging 100% of their Bitcoin holdings. More details will be shared in future quarters.