CleanSpark reports Q1 EPS 85c, consensus 14c

Reports Q1 revenue $162.3M , consensus $156.39M. “This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime,” said CEO Zach Bradford. “We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th. CleanSpark (CLSK) delivered $162.3M in revenue at a marginal cost to mine of approximately $34,000 per bitcoin for the quarter. We are well on our way towards achieving 50 EH/s in the first half of 2025″…”Our capital strategy continues to evolve, as demonstrated by the closing of our $650 million convertible bond with industry leading terms, and the conclusion of our at-the-market offering program,” said CFO Gary Vecchiarelli. “We overcame virtually all of the halving impact on the bitcoin block subsidy while growing our current bitcoin treasury to over 10,500 – 100% of which was entirely self-mined by CleanSpark and exclusively in the USA…CleanSpark’s financial strength continued to grow in fiscal Q1, with 57% gross margin, nearly $2.8B in assets, and $1.2B in total liquidity. We continue to invest in ourselves because why buy bitcoin at current spot prices when we can mine it for $34,000?”