CleanSpark Inc reported first-quarter financial results after the market close on Thursday. Here’s a rundown of the report.

Q1 Earnings: CleanSpark reported first-quarter revenue of $162.3 million, beating analyst estimates of $150.87 million, according to Benzinga Pro. The Bitcoin miner reported earnings of 85 cents per share, beating analyst estimates of 9 cents per share.

Total revenue was up 120% on a year-over-year basis. Adjusted EBITDA came in at $321.6 million, up from $69.1 million in the prior year’s quarter. CleanSpark said it ended the quarter with $929.1 million in Bitcoin and $276.6 million in cash. The company had working capital of $1.2 billion as of Dec. 31.

CleanSpark shares jumped 6% in overnight trading.

“This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime,” said Zach Bradford, CEO of CleanSpark.

“We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th. “CleanSpark delivered $162.3 million in revenue at a marginal cost to mine of approximately $34,000 per bitcoin for the quarter.”

CleanSpark’s Bitcoin holdings grew to over 10,500 in the quarter. The company noted that all of its Bitcoin has been self-mined.

CleanSpark CFO Gary Vecchiarelli said, “We continue to invest in ourselves because why buy Bitcoin at current spot prices when we can mine it for $34,000?”

CleanSpark noted that its hashrate surpassed 40 EH/s in January. The company expects to reach its goal of 50 EH/s in the first half of 2025.