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As the crypto market continues to evolve, it is essential for investors to stay informed about the latest developments in the industry. Today, we are excited to share with you the latest news from CleanSpark (Nasdaq: CLSK), a leading Bitcoin mining company.
CleanSpark recently announced its financial results for the third quarter of fiscal year 2024, ending June 30, 2024. The company reported a remarkable 129% increase in revenue, reaching $104.1 million, compared to the same period last year.
Key Highlights
Despite the substantial revenue growth, CleanSpark reported a net loss of $236.2 million for the quarter. This was attributed to strategic decisions aimed at replacing a significant portion of their mining fleet. The company’s Adjusted EBITDA was negative $12.7 million, a decrease from the previous year.
CleanSpark also achieved operational milestones, including a 24% increase in hashrate and a 21% improvement in efficiency year-to-date. The company is expanding its operations into Tennessee and Wyoming, showcasing its commitment to growth and innovation.
Partnership with Coinbase
In a strategic move, CleanSpark partnered with Coinbase to secure a $50 million revolving line of credit, collateralized by a portion of its Bitcoin holdings. This partnership will provide CleanSpark with the financial flexibility to capitalize on market opportunities.
Financial Snapshot
- Quarterly revenue increased to $104.1 million
- Net loss for Q3 FY2024 was $236.2 million
- Adjusted EBITDA decreased to negative $12.7 million
Conference Call and Webcast
CleanSpark will be hosting its Q3 FY2024 earnings presentation and business update on August 9, 2024. Investors can access the webcast on the company’s investor relations website for further insights into CleanSpark’s performance and future prospects.
About CleanSpark
CleanSpark, known as America’s Bitcoin Miner®, operates data centers powered by low-carbon energy sources. The company’s infrastructure supports Bitcoin mining, promoting financial independence and inclusion. To learn more about CleanSpark and their initiatives, visit their official website.
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