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CleanSpark Inc. (CLSK-7.90%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports an increase in bitcoin mining revenue to $162,306,000 from $73,786,000 in the same quarter the previous year. The increase is attributed to a higher average bitcoin price and an expanded mining fleet.
Cost of revenues for the quarter was $70,290,000, representing a 143% increase from the previous year, primarily due to higher energy costs associated with the increased number of miners.
The company reported a net income of $246,791,000 for the quarter, up from $25,909,000 in the previous year, largely driven by gains from bitcoin held.
CleanSpark completed the acquisition of GRIID Infrastructure Inc., enhancing its bitcoin mining capacity, particularly in Tennessee, and broadening its operational footprint.
The company issued $650,000,000 in convertible senior notes due 2030, using part of the proceeds to repurchase 11,759,935 shares of its common stock.
Cash used in operating activities was $119,452,000, while cash used in investing activities was $255,947,000, primarily for the purchase of miners and mining equipment.
CleanSpark had total assets of $2,779,292,000 and total liabilities of $757,706,000 as of December 31, 2024. The company held 9,952 bitcoins valued at $929,080,000.
The filing details various legal proceedings, including class action and derivative lawsuits, and outlines the company's efforts to address material weaknesses in internal controls.
CleanSpark continues to focus on expanding its bitcoin mining operations and infrastructure, with plans for further growth in Wyoming, Georgia, and Tennessee.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CleanSpark Inc. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.