Bitcoin miner CleanSpark Q3 revenue surges

Overview

• CleanSpark fiscal Q3 rev grows 91% yr/yr to $198.6 mln

• Adjusted EBITDA beats analyst expectations, reflecting strong operational efficiency

• Net income reaches $257.4 mln, with record basic EPS of $0.90

Outlook

• CleanSpark aims to expand market share in bitcoin production

• CleanSpark emphasizes vertically integrated model for leadership

• Company plans to leverage operational playbook for expansion

Result Drivers

• HASHRATE MILESTONE - CleanSpark reached 50 EH/s of operational hashrate, becoming the first public company to achieve this with American infrastructure, per CEO Zach Bradford

• TREASURY GROWTH - The company expanded its bitcoin treasury to over $1 bln without raising capital through equity offerings since November 2024

• DERIVATIVES STRATEGY - CleanSpark's new Digital Asset Management team derivatives strategy began producing promising early returns, according to CFO Gary A. Vecchiarelli

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for CleanSpark Inc is $20.13, about 45.3% above its August 6 closing price of $11.00

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release: ID:nPn9QQs7Za