CleanSpark Earnings Call Transcripts
Fiscal Year 2026
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A 20-year, $6.6 billion triple-net lease was signed for the Sandersville site, transforming it into a high-performance compute data center with 250 MW capacity. The company plans to finance the build-out primarily through project-based debt, maintain strong community ties, and continue expanding its portfolio and pipeline.
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Revenue declined 25% sequentially due to lower Bitcoin prices, but gross margin remained above 40%. Liquidity is strong at $1.2 billion, supporting expansion into AI and HPC infrastructure, with disciplined capital deployment and ongoing tenant negotiations for long-term leases.
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Revenue grew 12% year-over-year to $180M, but gross margin fell to 47% and net loss reached $379M due to non-cash Bitcoin revaluations. AI data center expansion is accelerating, with strong tenant demand and disciplined capital allocation, while Bitcoin mining remains foundational.
Fiscal Year 2025
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Record revenue and margins were achieved, with a strategic pivot toward AI and HPC data centers. Major capital raises, stock buybacks, and a growing Bitcoin treasury support expansion, while demand for AI-ready infrastructure and modular deployment drives future growth.
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Panelists highlighted the evolution from Bitcoin mining to integrated energy and AI/HPC services, emphasizing talent, power assets, and rapid deployment as key differentiators. The next five years will see surging demand for data centers, with modular, edge, and retrofit models gaining ground.
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Record Q3 results with revenue up 91% year-over-year, 2,012 Bitcoin produced, and EPS of $0.90. Operational hash rate reached 50 EH, treasury grew to 12,608 BTC, and gross margin was 54.6%. Focus remains on expanding hash rate, optimizing power, and disciplined capital management.
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Q2 saw 62.5% year-over-year revenue growth and a 53% gross margin, with operational efficiency offsetting higher power costs and mining difficulty. Strategic Bitcoin monetization and non-dilutive funding support expansion toward 50 EH/s, while a robust balance sheet and disciplined capital management position the company for continued growth.
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The discussion highlighted a disciplined, energy-first approach to Bitcoin mining, emphasizing operational efficiency, strategic growth, and capital stewardship. Industry consolidation is expected, with a focus on U.S. expansion, non-dilutive funding, and innovative yield strategies for Bitcoin holdings.
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Q1 saw 120% revenue growth and record profitability, driven by operational efficiency, scale, and Bitcoin price appreciation. The path to 50 exahash is fully funded, with a strong balance sheet, disciplined capital strategy, and a leading self-mined Bitcoin treasury.
Fiscal Year 2024
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Revenue surged 125% to $378.9M, with adjusted EBITDA up 882% and major efficiency gains. Expansion was driven by infrastructure growth, acquisitions, and disciplined capital allocation, with a focus on organic growth and a target of 50 EH/s in 2025.
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Revenue rose 129% year-over-year to $104 million, with gross margin at 57% and operational hash rate reaching 22.3 EH/s. Despite a net loss from non-cash items, liquidity remains strong, and expansion plans target 32 EH/s by year-end and 50 EH/s in 2025.