The actions of CleanSpark Inc (NASDAQ:CLSK) are trading lower on Tuesday following the announcement of the company’s fourth quarter financial results. CleanSpark also offered an update to Bitcoin Mining (CRYPTO: BTC) on Tuesday morning.
What happened
CleanSpark reported fourth-quarter revenue of $89.28 million, beating analyst estimates of $88.64 million, according to Benzinga Pro. The company reported a quarterly loss of 27 cents per share, missing estimates for a loss of 21 cents per share.
Revenue for 2024 experienced a growth of 125% compared to the previous year. CleanSpark announced that its hash rate has risen to 33.5 EH/s in the quarter. The company noted that it is on track to reach 37 EH/s by the end of the year and that by 2025 it hopes to exceed 50 EH/s.
CleanSpark said it closed the quarter with 8,049 Bitcoin and $122.2 million in cash.
“As we move towards 2025, we have significant scale and size, a healthy balance sheet, industry-leading operations and a strong liquidity position, and we are well positioned to pursue various capital raising strategies,” said the CFO of CleanSpark, Gary Vecchiarelli.
Following the release of the company’s quarterly results, HC Wainwright & Co. analyst Mike Colonnese reiterated his recommendation on CleanSpark with a Buy rating and a $27 price target.
You can also read: Why does Bitcoin (BTC) fail to exceed $100,000? Experts explain
CleanSpark also released its mining metrics for the month of November this Tuesday morning. The company reported that it mined 622 Bitcoin in November, a decrease from the 655 Bitcoin it mined in October. CleanSpark has mined a total of 6,356 Bitcoin so far this year. The company said that as of November 30 it had a total of 9,297 Bitcoin.
CleanSpark’s average hash rate throughout the month of November stood at 32.32 EH/s. The company noted that last month it sold 26.11 Bitcoin at an average price of approximately $84,356.
Two Bitcoin mining sites in Mississippi were handed over to CleanSpark turnkey and have been powered since December 2. Sites are expected to have a hash rate of 1 EH/s. The company also reported that two Bitcoin mining data centers in Wyoming are already operational and that immersion cooling equipment will be delivered this month. Once launched, the sites are expected to add around 5 EH/s.
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