CleanSpark Reports Significant Revenue Growth Despite Net Loss

According to PANews, CleanSpark, a Nasdaq-listed Bitcoin mining company, has announced its financial results for the fiscal year ending September 30, 2024. The company reported an annual revenue of $378.9 million, marking a substantial increase of $210.5 million, or 125%, compared to the previous fiscal year's revenue of $168.4 million. Despite this revenue growth, CleanSpark recorded a net loss of $145.8 million for the year, with a basic loss per share of $0.69. This is a slight increase from the previous year's net loss of $138.1 million, where the loss per share was $1.30. The adjusted EBITDA for the year was $245.8 million, a significant rise of $220.8 million from the previous year's $25 million. The balance sheet as of September 30, 2024, shows that CleanSpark's assets include $122.2 million in cash, $509.5 million in Bitcoin, and total current assets amounting to $705.4 million. The total mining assets are valued at $902 million, bringing the total assets to $2 billion. On the liabilities side, the company has current liabilities of $187.9 million and total liabilities of $201.8 million, with total shareholder equity standing at $1.8 billion. As of the end of the fiscal year, CleanSpark's operating capital was $517.5 million, and the company had outstanding loans amounting to $66 million.