CleanSpark Inc ( CLSK ) shares are trading lower Tuesday on the heels of the company’s fourth-quarter financial results. CleanSpark ( CLSK ) also provided a Bitcoin (CRYPTO: BTC) mining update Tuesday morning. Here’s what you need to know.

What Happened: CleanSpark ( CLSK ) reported fourth-quarter revenue of $89.28 million, beating analyst estimates of $88.64 million, according to Benzinga Pro. The company reported a quarterly loss of 27 cents per share, missing estimates for a loss of 21 cents per share.

Full-year 2024 revenue was up 125% on a year-over-year basis. CleanSpark ( CLSK ) said its hashrate grew to 33.5 EH/s in the quarter. The company noted that it's on track to reach 37 EH/s by the end of the year and "50 EH and beyond" in 2025.

CleanSpark ( CLSK ) said it ended the quarter with 8,049 Bitcoin and $122.2 million in cash.

“Heading into 2025, we have significant scale and size, a healthy balance sheet, industry-leading operations and a strong liquidity position, and we are well positioned to pursue diverse capital raising strategies,” said CleanSpark CFO Gary Vecchiarelli.

Following the company’s quarterly results, HC Wainwright & Co. analyst Mike Colonnese reiterated CleanSpark ( CLSK ) with a Buy rating and price target of $27.

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CleanSpark ( CLSK ) also released mining metrics for November Tuesday morning. The company said it mined 622 Bitcoin in November, down from 655 Bitcoin mined in October. CleanSpark ( CLSK ) has now mined a total of 6,356 Bitcoin year-to-date. The company said it had 9,297 total Bitcoin holdings as of Nov. 30.

CleanSpark’s average hashrate throughout November was 32.32 EH/s. The company noted that it sold 26.11 Bitcoin last month for an average price of approximately $84,356.

Two Bitcoin mining sites in Mississippi were delivered to CleanSpark ( CLSK ) turnkey ready and have been energized as of Dec. 2. The sites are expected to have a combined operating hashrate of 1 EH/s. The company also said two Bitcoin mining data centers in Wyoming are underway and immersion cooling equipment is being delivered this month. The sites are expected to add about 5 EH/s once energized.

CLSK Price Action: CleanSpark ( CLSK ) shares were down 5.3% at $13.75 at the time of writing Tuesday, per Benzinga Pro.

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