• CleanSpark reported $162.3M in Q1 2025 revenue, a 120% increase from the previous year, with net income rising to $246.8M.
  • The company surpassed 40 EH/s in January and aims to reach 50 EH/s in early 2025 through expansions in Wyoming, Tennessee, and Georgia.

CleanSpark, America's Bitcoin Miner, has reported its financial results for the quarter ending December 31, 2024, showing significant growth in revenue, mining efficiency, and bitcoin holdings.

The company stated that its expansion efforts and operational improvements contributed to a strong performance, with quarterly revenue reaching $162.3 million—up 120% from the same period in the previous year.

CEO Zach Bradford highlighted key industry metrics, including CleanSpark’s operating hashrate, fleet efficiency, and Bitcoin treasury.

"We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th," Bradford stated.

He added that the company’s marginal cost to mine stood at approximately $34,000 per Bitcoin for the quarter.

CleanSpark reaffirmed its goal of reaching 50 EH/s in the first half of 2025, with planned expansion in Wyoming, Tennessee, and Georgia. The company indicated that its regional expansion model, first implemented in Georgia, is now being scaled nationwide.

Financially, CleanSpark reported a net income of $246.8 million for the quarter, a substantial increase from $25.9 million in the same period a year earlier. Adjusted EBITDA rose to $321.6 million, up from $69.1 million. The company’s total assets stood at $2.8 billion, including $929.1 million in Bitcoin holdings and $276.6 million in cash.

CFO Gary Vecchiarelli emphasized CleanSpark’s financial position and funding strategy, pointing to the completion of a $650 million convertible bond offering and the company’s decision to end its at-the-market offering program. He also noted the company’s bitcoin holdings, stating that all 10,500 bitcoins in its treasury were self-mined in the U.S.

“We overcame virtually all of the halving impact on the bitcoin block subsidy while growing our current bitcoin treasury to over 10,500,” Vecchiarelli said.

He also highlighted CleanSpark’s liquidity position, which includes $1.2 billion in working capital and a $50 million bitcoin-backed credit line.

The company will hold an earnings presentation and business update for investors on February 6, 2025, at 4:30 p.m. ET. The webcast will be available for at least 30 days on CleanSpark’s website.

Edited by Harshajit Sarmah