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CleanSpark | 8-K: CleanSpark Reports Second Quarter FY2024 Financial Results

SEC announcement ·  May 9 09:10
Summary by Moomoo AI
On May 9, 2024, CleanSpark, Inc., a Nevada-based company listed on the Nasdaq under the symbol CLSK, reported its financial results for the fiscal quarter ending March 31, 2024. The company announced a significant increase in revenue and net income, with quarterly revenues rising to $111.8 million, a 163% increase from the previous year's $42.5 million. Net income for the quarter was reported at $126.7 million, a substantial improvement from the prior year's loss of $18.5 million. Adjusted EBITDA also saw a dramatic increase to $181.8 million from the previous year's $12.7 million. CleanSpark attributed its financial success to operational capacity growth, expansion into new facilities, and a strategic focus on innovation and market positioning. The company's balance sheet showed $687.8 million in current assets, including $323.1 million...Show More
On May 9, 2024, CleanSpark, Inc., a Nevada-based company listed on the Nasdaq under the symbol CLSK, reported its financial results for the fiscal quarter ending March 31, 2024. The company announced a significant increase in revenue and net income, with quarterly revenues rising to $111.8 million, a 163% increase from the previous year's $42.5 million. Net income for the quarter was reported at $126.7 million, a substantial improvement from the prior year's loss of $18.5 million. Adjusted EBITDA also saw a dramatic increase to $181.8 million from the previous year's $12.7 million. CleanSpark attributed its financial success to operational capacity growth, expansion into new facilities, and a strategic focus on innovation and market positioning. The company's balance sheet showed $687.8 million in current assets, including $323.1 million in cash and $358.0 million in Bitcoin, with total assets amounting to $1.54 billion. Liabilities stood at $74.4 million, and stockholders' equity was reported at $1,462.9 million. CleanSpark highlighted its strong financial position with almost $700 million in cash and Bitcoin and minimal debt, positioning it favorably for the upcoming Bitcoin halving event. The earnings call was scheduled for the same day to discuss the results and provide a business update.

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