CleanSpark (CLSK, Financial) presented its latest unaudited figures for Bitcoin (BTC) mining and operations as of April 30. By month's end, the company held 12,101 bitcoins and reported an operational hashrate of 42.4 exahashes per second (EH/s), with 915 megawatts (MW) under contract. The firm's deployed fleet numbers reached 204,770, showing an average efficiency of 16.98 joules per terahash (J/Th). Throughout April 2025, CleanSpark achieved an average hashrate of 40.1 EH/s, mining an average of 21.1 bitcoins daily, peaking at 22.98 bitcoins on the best day.
During April, the company sold 401.39 bitcoins at an average price of about $90,084 each. Despite facing increased network difficulty and temporary hashrate reductions due to construction activities, CleanSpark remains on course to reach a hashrate of 50 EH/s by mid-year. The ongoing infrastructure construction in Tennessee and Wyoming is nearing its conclusion, indicating growth in operational capacity.
In financial maneuvers, CleanSpark secured a $200 million revolving credit facility through Coinbase, an effort to reinforce its financial strategy and optimize its balance sheet. This strategic move reflects the company's dedication to maintaining robust operational fundamentals.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 7 analysts, the average target price for Cleanspark Inc (CLSK, Financial) is $19.57 with a high estimate of $27.00 and a low estimate of $15.50. The average target implies an upside of 141.92% from the current price of $8.09. More detailed estimate data can be found on the Cleanspark Inc (CLSK) Forecast page.
Based on the consensus recommendation from 9 brokerage firms, Cleanspark Inc's (CLSK, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Cleanspark Inc (CLSK, Financial) in one year is $10.56, suggesting a upside of 30.53% from the current price of $8.09. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Cleanspark Inc (CLSK) Summary page.
CLSK Key Business Developments
Release Date: February 06, 2025
- Revenue: $162.3 million, a 120% increase compared to the same period last year.
- Net Income: $246.8 million, or $0.85 per basic share.
- Adjusted EBITDA: $321.6 million.
- Bitcoin Treasury: 9,952 Bitcoins at the end of the quarter, increasing to 10,556 by the end of the following month.
- Average Bitcoin Price: Exceeded $83,000, peaking above $108,000.
- Marginal Cost per Bitcoin: Approximately $34,000, a $2,000 improvement from the prior quarter.
- Fleet Efficiency: Improved to 16.15 joules per Terahash as of January 31.
- Gross Profit Margin: 57% for the quarter.
- Cost of Power: 4.09 cents per kilowatt-hour.
- Total Assets: Almost $2.8 billion, with nearly half in liquid form (cash and Bitcoin).
- Convertible Bond: Secured $650 million, with a 0% coupon and 100% conversion premium.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Cleanspark Inc (CLSK, Financial) achieved a significant revenue growth of 120% year-over-year, reaching $162.3 million for the first quarter.
- The company secured a $650 million convertible bond, fully funding its growth strategy to reach 50 exahash by mid-2025 without relying on equity.
- Cleanspark Inc (CLSK) reported a net income of $246.8 million, demonstrating strong financial performance.
- The company holds one of the largest self-mined Bitcoin treasuries in the industry, with over 10,000 Bitcoins mined in the U.S.
- Cleanspark Inc (CLSK) has improved its fleet efficiency, reducing the marginal cost per Bitcoin to approximately $34,000, enhancing profitability.
Negative Points
- The company's uptime slightly decreased to 94% due to factors like a hurricane and moving miners, impacting operational consistency.
- Cleanspark Inc (CLSK) faces increased power costs, with the cost per kilowatt hour rising to $0.09, slightly higher than previous quarters.
- The company is cautious about leveraging its balance sheet further, indicating potential limitations in accessing additional non-dilutive capital.
- There is uncertainty in the Bitcoin rig market, with prices potentially 37% higher than Cleanspark Inc (CLSK)'s fixed price options, affecting future growth costs.
- Cleanspark Inc (CLSK) acknowledges the complexity and challenges of repurposing Bitcoin mining facilities for high-performance computing, which could impact strategic diversification.
