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

What Happened: CleanSpark 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 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 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 with a Buy rating and price target of $27.

See Also: What’s Going On With Palantir Technologies Stock Today?

CleanSpark 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 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 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 shares were down 5.3% at $13.75 at the time of writing Tuesday, per Benzinga Pro.

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