In the first quarter of 2024, CleanSpark, a U.S. bitcoin mining company listed on the stock market, reported revenues exceeding $111.8 million. The company’s net income for the same period was $126.7 million. Gary A. Vecchiarelli, the CFO of CleanSpark, partially attributes the company’s “record-breaking” performance to the surge in bitcoin prices.
Impact of Bitcoin Rally on CleanSpark’s Financial Performance
In the first three months of 2024, CleanSpark (Nasdaq: CLSK), a U.S. Bitcoin mining firm listed on the stock exchange, saw its revenues reach $111.8 million. This figure represents an increase of $69.3 million, or 163%, from the $42.5 million recorded in the same period the previous year. The revenue growth, which coincided with the recent bitcoin (BTC) rally, resulted in the miner posting a net income of $126.7 million for the period.
According to the company’s press statement, the quarterly profit, which equates to a basic income of $0.59 per share, is significantly higher than the loss of $18.5 million incurred during the same period last year.
In the same quarter, CleanSpark’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $181.8 million. In the corresponding period in 2023, the company’s EBITDA was $12.7 million.
Commenting on his company’s Q2 financial results, CEO Zach Bradford attributed the impressive performance to the decision to increase CleanSpark’s operational capacity by over 60%. This decision led to a rise in the company’s total capacity to more than 17 exahash per second (EH/s).
“These efforts have driven a significant rise in our revenue, underscoring the effectiveness of our strategic initiatives and targeted growth. As we press ahead, our focus remains on innovation, measured growth, and strengthening our unique position in the market to deliver sustained value to our shareholders,” Bradford said.
Gary A. Vecchiarelli, CFO of the bitcoin mining company, said CleanSpark’s Q2 performance was “record-breaking and historic.” He attributed the company’s success during this period, in part, to the rise in BTC prices.
In addition to its positive financial performance, CleanSpark ended the quarter with “virtually no debt,” positioning the bitcoin miner strongly for the halving, the CFO said.
