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CleanSpark Inc. (CLSK+5.17%) has filed its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that CleanSpark operates as a bitcoin mining company with data centers across several U.S. states including Georgia, Tennessee, Mississippi, and Wyoming. The company has increased its mining capacity to 31.5 exahash per second by October 31, 2024.
During fiscal year 2024, CleanSpark mined 7,092 bitcoins, a 3% increase from the previous year. The company generated $378.97 million in bitcoin mining revenue, a 125% increase from 2023.
The company reported a net loss of $145.78 million for the year, compared to a net loss of $138.15 million in 2023. The loss was attributed to increased operational expenses and impairment charges.
CleanSpark's total assets as of September 30, 2024, were valued at $1.96 billion, with $705.43 million in current assets. The company held 6,819 bitcoins valued at $431.66 million at the end of the fiscal year.
The company has been actively expanding its operations, acquiring additional mining facilities and infrastructure in several states. Notable acquisitions include facilities in Tennessee and Mississippi.
CleanSpark's operations are subject to various risks, including bitcoin price volatility, regulatory changes, and competition in the bitcoin mining industry.
The company has identified material weaknesses in its internal controls over financial reporting and is taking steps to address these issues.
CleanSpark does not anticipate paying cash dividends to its common stockholders in the near future, as it focuses on reinvesting in its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CleanSpark Inc. annual 10-K report dated December 3, 2024. To report an error, please email earnings@qz.com.