On August 9, 2024, CleanSpark, Inc., a Nevada-based company listed on the Nasdaq Stock Market under the symbol CLSK, reported its financial results for the fiscal quarter ending June 30, 2024. The company announced a significant increase in revenue, which grew by 129% year-over-year to $104.1 million. Despite the revenue growth, CleanSpark incurred a net loss of $236.2 million, primarily due to non-cash factors such as an unfavorable mark-to-market on bitcoin holdings and impairment on older mining equipment. Adjusted EBITDA for the quarter was reported at a negative $12.7 million. The company's CEO, Zach Bradford, highlighted a 24% increase in hashrate and a 21% increase in efficiency year to date, as well as expansions into Tennessee and Wyoming. CFO Gary A. Vecchiarelli noted...Show More

On August 9, 2024, CleanSpark, Inc., a Nevada-based company listed on the Nasdaq Stock Market under the symbol CLSK, reported its financial results for the fiscal quarter ending June 30, 2024. The company announced a significant increase in revenue, which grew by 129% year-over-year to $104.1 million. Despite the revenue growth, CleanSpark incurred a net loss of $236.2 million, primarily due to non-cash factors such as an unfavorable mark-to-market on bitcoin holdings and impairment on older mining equipment. Adjusted EBITDA for the quarter was reported at a negative $12.7 million. The company's CEO, Zach Bradford, highlighted a 24% increase in hashrate and a 21% increase in efficiency year to date, as well as expansions into Tennessee and Wyoming. CFO Gary A. Vecchiarelli noted the company's resilience during the bitcoin halving and the acquisition of a $50 million line of credit with Coinbase. As of June 30, 2024, CleanSpark's balance sheet showed $129.2 million in cash, $413.0 million in bitcoin, and total assets of $1.48 billion against $73.4 million in total liabilities. The company held an investor conference call on the same day to discuss the quarterly results and business updates.