CleanSpark Reports Q1 2025 Financials

TL;DR

CleanSpark's Q1 2025 10-Q is out, showing Bitcoin holdings and loan details. #Crypto #Finance

AI Summary

CleanSpark, Inc. filed its 10-Q for the period ending December 31, 2024. The filing details financial performance and operational updates, including information on Bitcoin holdings and various loan agreements such as the Coinbase Line of Credit and Senior Secured Term Loan Credit Agreement. The company also reported on restricted stock units and incentive plans.

Why It Matters

This filing provides investors with a crucial update on CleanSpark's financial health and operational status in the cryptocurrency and digital asset space.

Risk Assessment

Risk Level: medium — The company operates in the volatile cryptocurrency market and has significant debt obligations.

Key Numbers

• 2024-12-31 — Reporting Period End Date (Fiscal Quarter End)
• 2024-10-01 — Reporting Period Start Date (Fiscal Quarter Start)
• 2023-12-31 — Prior Year Period End Date (Comparison Period)

Key Players & Entities

• CleanSpark, Inc. (company) — Filer
• 2024-12-31 (date) — Reporting Period End Date
• Coinbase Line of Credit (financial_instrument) — Loan Agreement
• Senior Secured Term Loan Credit Agreement (financial_instrument) — Loan Agreement
• Bitcoin (cryptocurrency) — Asset Held

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share CLSK The Nasdaq Stock Mar
• $165.24 — of common stock at an exercise price of $165.24 per whole share CLSKW The Nasdaq St

Filing Documents

• clsk-20241231.htm (10-Q) — 2606KB
• clsk-ex3_1.htm (EX-3.1) — 79KB
• clsk-ex31_1.htm (EX-31.1) — 27KB
• clsk-ex31_2.htm (EX-31.2) — 28KB
• clsk-ex32_1.htm (EX-32.1) — 11KB
• clsk-ex32_2.htm (EX-32.2) — 11KB
• 0000950170-25-015470.txt ( ) — 12886KB
• clsk-20241231.xsd (EX-101.SCH) — 2303KB
• clsk-20241231_htm.xml (XML) — 2213KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1:

Financial Statements

Financial Statements 5 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 6 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4:

Controls and Procedures

Controls and Procedures 18

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 21 Item 1A:

Risk Factors

Risk Factors 21 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3: Defaults Upon Senior Securities 23 Item 4: Mine Safety Disclosures 23 Item 5: Other Information 24 Item 6: Exhibits 25 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, future hash rate capacity, industry and business trends, equity compensation, business strategy, plans, market growth and objectives for future operations. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our ability to achieve profitability, and to maintain prof

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our condensed consolidated financial statements included in this Quarterly Report Form 10-Q are as follows: Condensed Consolidated Balance Sheets as of December 31, 2024 (unaudited) and September 30, 2024; F- 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended December 31, 2024 and 2023 (unaudited); F- 3 Condensed Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2024 and 2023 (unaudited); F- 5 Condensed Consolidated Statements of Cash Flow for the three months ended December 31, 2024 and 2023 (unaudited); and F- 7 Notes to Condensed Consolidated Financial Statements (unaudited). F- 9 This Quarterly Report on Form 10-Q for the quarter ended December 31, 2024, should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on December 3, 2024. The accompanying condensed consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC's instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended December 31, 2024 are not necessarily indicative of the results that can be expected for the full fiscal year. 5 CLEANSPARK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) December 31, 2024 September 30, 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 276,599 $ 121,222 Restricted cash 3,408 3,056 Prepaid expense and other current assets 10,732 7,995 Bitcoin (see Note 4) 929,080 431,661 Receivable from bitcoin collateral (See Note 9) — 77,827 Note receivable from GRIID (see Note 5)

View Full Filing

View this 10-Q filing on SEC EDGAR