CleanSpark, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

CleanSpark Q3 FY2024 Earnings Summary (Apr 1 - Jun 30, 2024)

  • Revenue: $104 million, +129% vs. Q3 FY2023; -7% ($7.7M) vs. Q2 FY2024 despite Bitcoin halving.
  • Gross Profit: $59 million (+137% or +$34M vs. Q3 FY2023); down from $78M in Q2 FY2024 but gross margin remained above 50%.
  • Net Loss: $236 million (driven by non-cash items: $48M Bitcoin fair value adjustment and $189M miner impairment).
  • Adjusted EBITDA: -$12.7 million (impacted by $48M non-cash fair value adjustment; operations remained profitable).
  • Bitcoin Produced: 1,583 (vs. 2,031 in Q2 FY2024; only -22% despite 50% halving reduction in block rewards).
  • Cost Metrics: Energy cost per Bitcoin ~$27,000 at owned sites; all-in cost <$44,000 per Bitcoin (avg. revenue ~$66,000 per Bitcoin). All-in energy cost $0.048/kWh (Q3); $0.045/kWh average for first 9 months of FY2024.
  • Liquidity: $542 million (cash $129M + ~6,600 Bitcoin valued at $413M + $284M miner deposits); total assets $1.5B; virtually no long-term debt. New $50M Coinbase line of credit secured (cost below 10%).

Operational & Strategic Highlights

  • Hash Rate: Achieved 20 EH/s target by quarter-end (doubled since Jan 2024); reached 22.3 EH/s shortly after. On track for 32 EH/s by end of FY2024 and 50 EH/s in 2025.

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Operator: Ladies and gentlemen, good afternoon. My name is [ Krista ], and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark's Third Quarter Fiscal Year Financial Results Conference Call. [Operator Instructions] I will now turn your conference over to Brittany Moore, Director of Investor Relations. Brittany, you may begin. Brittany Moore: Thank you, Krista, and welcome to CleanSpark's Third Quarter 2024 Earnings Call, covering the period April 1 to June 30, 2024. Our press release was issued about 5 minutes ago and is available on our website at cleanspark.com. Today's call is also being webcast, and a replay and transcript will be available on our website. On the call with me are Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our business as we see them today. The statements and information provided remains subject to the risk factors disclosed in our most recently filed annual report. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website. And with that, it is my pleasure to turn the call over to Zach. Zachary Bradford: Thank you, Brittany. Good afternoon, everyone, and thank you for joi

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