Based on the provided financial report articles, the title of the article is: "Form 10-K for the Fiscal Year Ended September 30, 2024" This is an annual report filed by CleanSpark, Inc. with the Securities and Exchange Commission (SEC) for the fiscal year ended September 30, 2024.

Press release·03/03/2025 20:05:36

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Based on the provided financial report articles, the title of the article is: "Form 10-K for the Fiscal Year Ended September 30, 2024" This is an annual report filed by CleanSpark, Inc. with the Securities and Exchange Commission (SEC) for the fiscal year ended September 30, 2024.

CleanSpark, Inc. filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The company reported total revenues of $[insert amount], a significant increase from the previous year. Net income for the year was $[insert amount], with earnings per share (EPS) of $[insert amount]. CleanSpark’s total assets increased to $[insert amount], with cash and cash equivalents of $[insert amount]. The company’s total liabilities decreased to $[insert amount], with a current ratio of [insert ratio]. CleanSpark’s stock price increased by [insert percentage] over the past year, with a market capitalization of approximately $4.883 billion as of March 28, 2024. The company has 292,561,667 shares of common stock outstanding as of December 3, 2024.

Financial Overview

The financial report provides a comprehensive analysis of CleanSpark’s financial performance and position for the fiscal years ended September 30, 2024, 2023, and 2022. The key highlights are:

Revenue and Profitability

Bitcoin mining revenue increased significantly from $131,000 in fiscal 2022 to $168,121 in fiscal 2023 and $378,968 in fiscal 2024, driven by growth in the number of miners in operation and higher bitcoin prices.
However, the company reported net losses of $57,326 in fiscal 2022, $138,148 in fiscal 2023, and $145,777 in fiscal 2024 due to rising costs and impairment charges.

Mining Operations

As of September 30, 2024, the company owned approximately 235,000 miners, of which 189,000 were in service. The miners have an average age of 12 months and average energy efficiency of 21.9 watts per terahash.
The company’s hashrate, or total computational power, increased from 4.2 EH/s in fiscal 2022 to 27.6 EH/s in fiscal 2024, representing 4.4% of the global hashrate.
Energy costs, the largest direct expense, increased from 19.6% of revenue in fiscal 2022 to 39.7% in fiscal 2024 due to higher power prices.
The company recorded significant impairment charges of $197,041 in fiscal 2024 related to the phasing out of certain older miner models.

Liquidity and Capital Resources

As of September 30, 2024, the company had $705,430 in total current assets, including $431,661 in bitcoin holdings, and $517,543 in working capital.
The company generated $1,249,123 in cash from financing activities in fiscal 2024, primarily from an at-the-market equity offering program.
Management believes the company has sufficient liquidity to fund operations for the next 12 months, but may require additional capital in the future to support growth and respond to market conditions.

Overall, the report highlights CleanSpark’s rapid growth in mining operations, but also the challenges it faces in maintaining profitability amidst volatile bitcoin prices, rising energy costs, and the need for ongoing capital investment. The company’s ability to effectively manage these factors will be critical to its future success.

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