CleanSpark, Inc.(CLSK) 2025年第四季度盈利电话会议记录

100truth行大运

2025-11-29 12:48 · 广东

$CleanSpark, Inc.(CLSK)$ $IREN(IREN)$ $CoreWeave(CRWV)$

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Company Participants

Harry Sudock - Chief Business Officer
S. Schultz - CEO & Chairman
Gary Vecchiarelli - President & CFO

Harry Sudock - 首席商务官 S. Schultz - 首席执行官兼董事长 Gary Vecchiarelli - 总裁兼首席财务官

Conference Call Participants

Brian Dobson - Clear Street LLC
Michael Colonnese - H.C. Wainwright & Co, LLC, Research Division
Paul Golding - Macquarie Research
Gregory Lewis - BTIG, LLC, Research Division
John Todaro - Needham & Company, LLC, Research Division
Reginald Smith - JPMorgan Chase & Co, Research Division
Brett Knoblauch - Cantor Fitzgerald & Co., Research Division
James McIlree - Chardan Capital Markets, LLC, Research Division
Jon Hickman - Ladenburg Thalmann & Co. Inc., Research Division
Nick Giles - B. Riley Securities, Inc., Research Division

Brian Dobson - Clear Street LLC Michael Colonnese - H.C. Wainwright & Co, LLC，研究部 Paul Golding - Macquarie Research Gregory Lewis - BTIG, LLC，研究部 John Todaro - Needham & Company, LLC，研究部 Reginald Smith - JPMorgan Chase & Co，研究部 Brett Knoblauch - Cantor Fitzgerald & Co., 研究部 James McIlree - Chardan Capital Markets, LLC，研究部 Jon Hickman - Ladenburg Thalmann & Co. Inc.，研究部 Nick Giles - B. Riley Securities, Inc.，研究部

Presentation

Operator

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I'd like to welcome you to the CleanSpark's Fiscal Full Year 2025 Earnings Results. [Operator Instructions] Thank you.

女士们，先生们，感谢您的等候。我叫Colby，今天由我担任本次会议的主持人。现在，我谨欢迎大家参加CleanSpark 2025财年全年财务业绩发布会。[操作说明] 谢谢。

Harry, you may begin your conference.

哈利，你可以开始你的会议了。

Harry Sudock
Chief Business Officer

Thanks, Colby, and thank you for joining us today to review the fourth quarter and full fiscal year 2025 financial results for CleanSpark. We encourage you to review our earnings results press release, which was issued today and is available on our website. Our 10-K will be filed shortly. A webcast replay and transcript of today's call will be added to our website once available.

谢谢，Colby，感谢您今天加入我们，共同回顾 CleanSpark 2025 财年第四季度及全年财务业绩。我们鼓励您查阅我们今天发布的财报新闻稿，该新闻稿可在我们的网站上获取。我们的 10-K 报告将很快提交。今天的电话会议网络回放和文字记录将在可用后添加至我们的网站。

On the call today, I am joined by Matt Schultz, our Chairman and Chief Executive Officer; and Gary Vecchiarelli, our President and Chief Financial Officer.

今天参加电话会议的有我们的董事长兼首席执行官 Matt Schultz，以及总裁兼首席财务官 Gary Vecchiarelli。

Some of the statements we make today will be forward-looking, based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our 10-K. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website.

我们今天所作的一些陈述将是前瞻性陈述，基于我们目前对世界以及自身业务的最佳判断。这些陈述和提供的信息仍受我们在10-K文件中披露的风险因素影响。在今天的电话会议中，我们还将讨论某些与业绩相关的非公认会计准则（non-GAAP）财务指标。您可以在我们网站上发布的新闻稿中找到非GAAP财务指标的调节说明。

And with that, it's my pleasure to introduce Matt Schultz.

就此，我很荣幸地介绍马特·舒尔茨。

S. Schultz
CEO & Chairman

Thanks, Harry. Good afternoon, everyone, and thank you for joining us. I'm so excited to have stepped back into the role of CEO of CleanSpark this past August after serving as Executive Chairman for the past 5 years. In my first 100 days, the team has been relentlessly cementing our current leadership position in Bitcoin mining, while simultaneously positioning us to evolve our portfolio. We've also set a strategic direction for CleanSpark going forward as a digital infrastructure platform serving a wide range of compute opportunities.

谢谢，Harry。大家下午好，感谢各位的参与。今年八月，我在过去五年担任执行主席之后，重新回到CleanSpark首席执行官的岗位，对此我感到非常振奋。在上任的前100天里，团队一直在全力巩固我们目前在比特币挖矿领域的领先地位，同时也在为拓展我们的业务组合做好准备。此外，我们还为CleanSpark未来的发展确立了战略方向，即转型为一个数字基础设施平台，服务于广泛的计算需求机会。

These opportunities include, but are not limited to, generative AI workloads, grid balancing through Bitcoin mining and high-performance computing broadly. I've also had the opportunity to meet with many of you listening to today's call. Your enthusiasm for the future of CleanSpark's business means the world to us and we're excited to execute our strategic plan and extend our track record of operational excellence into AI factories.

这些机遇包括但不限于生成式人工智能工作负载、通过比特币挖矿实现电网平衡，以及高性能计算的广泛应用。我也很荣幸与今天参与电话会议的许多各位进行了交流。你们对CleanSpark未来业务发展的热情对我们意义重大，我们期待推进战略计划，将我们在运营卓越方面的优良记录进一步拓展到人工智能工厂领域。

As the company has matured, I'm inspired by our world-class team and operating business. Our strong balance sheet and most excitingly, our growing power and land portfolio across the U.S. and the optionality it represents. Together, all of these elements are evolving into a diversified compute platform to serve the needs of the next digital age.

随着公司的发展壮大，我为我们世界级的团队和运营业务感到振奋。我们拥有雄厚的资产负债表，更令人振奋的是，我们在全美不断扩大电力和土地组合，以及其所带来的丰富选择性。所有这些要素共同推动着我们逐步发展成为一个多元化的计算平台，以满足下一个数字时代的需求。

I've taken stock of what we built. And I want to share with you just how well prepared the company is for this moment in time. While Bitcoin mining remains foundational to our business, we recognize that our expertise in securing power, developing infrastructure and deploying at scale uniquely positions us to support the fast-growing demand for AI compute, a blended approach to growing and monetizing our portfolio serves to diversify revenue, enhance margin and build long-term shareholder value.

我审视了我们所建立的一切，想与你们分享公司如今是多么充分地为这一时刻做好了准备。尽管比特币挖矿仍然是我们业务的基石，但我们意识到，我们在电力保障、基础设施开发以及大规模部署方面的专长，使我们处于独特的优势地位，能够支持人工智能计算快速增长的需求。通过采用混合策略来拓展和变现我们的投资组合，不仅能够实现收入多元化、提升利润率，还能创造长期的股东价值。

2025 was the year CleanSpark achieved escape velocity, reaching 50 exahash per second in operational hash rate with 100% U.S.-based infrastructure and run by our operations and technology teams. We delivered record revenues and demonstrated capital stewardship by not issuing a single share through an equity offering throughout this calendar year, all without slowing down our growth. I'm proud to share a few financial highlights from our 2025 fiscal year.

2025年是CleanSpark实现突破性增长的一年，我们的运营算力达到了每秒50 exahash，全部依托于美国本土的基础设施，并由我们的运营和技术团队自主运行。我们在本财年实现了创纪录的收入，并展现了卓越的资本管理能力——全年未通过任何股权发行募集新股，且未因此放缓增长步伐。我很自豪地与大家分享我们2025财年的一些财务亮点。

We achieved record revenues of $766 million. Our gross margin was 55%. Now that's a 1% decrease year-over-year. This small decrease is actually impressive due to this being the first full year post-halving, when the Bitcoin block rewards were reduced by 50%. Our Bitcoin treasury grew by nearly 62% to over 13,000, generated entirely from our wholly owned and operated hash rate. This puts us in a fundamentally different position relative to treasury companies purchasing spot Bitcoin since we mine it at greater than a 55% gross margin, and we're actively monetizing our holdings.

我们实现了7.66亿美元的创纪录收入，毛利率为55%。尽管这与去年同期相比下降了1个百分点，但考虑到这是减半后的第一个完整年度（比特币区块奖励减少了50%），这一微小降幅实际上已属难能可贵。我们的比特币储备增长了近62%，超过13,000枚，全部由我们全资拥有并运营的算力挖取而来。这使我们相对于那些通过现货市场购买比特币的公司处于一个根本不同的位置——我们以超过55%的毛利率自行挖矿，并且正在积极实现储备资产的货币化。

We now have a sustainable self-funded mining business, thanks to our industry-leading mining team, and they're backed by an innovative digital asset management operation that's generating meaningful premiums and leveraging our treasury balance as a truly productive asset. We're in the process of deploying the 19,000 S21 XP Immersion units that have an industry-leading 13.5 joules per terahash. It's beginning this quarter, and we expect that process to be complete in calendar Q1 of '26. Now while this time line is a bit longer than we had initially contemplated, our priority was a comprehensive portfolio review to ensure that we would not consume any AI-applicable megawatts with this deployment.

得益于业内领先的采矿团队，我们现在拥有一个可持续且自给自足的采矿业务。该团队由创新的数字资产管理运作为后盾，持续创造可观的溢价，并将我们的资金储备作为真正具有生产力的资产加以利用。我们目前正在部署19,000台S21 XP浸没式矿机，其能效达到行业领先的每兆哈希13.5焦耳。部署工作从本季度开始，预计将在2026年第一季度完成。尽管这一时间表比我们最初设想的稍长，但我们的首要任务是进行全面的投资组合审查，以确保此次部署不会占用任何可用于人工智能的兆瓦电力资源。

We have always had an infrastructure-first thesis we avoided the asset-light strategies of past cycles, and we prioritized control of power and infrastructure given the fundamental scarcity we're now seeing borne out in the market. Scaling our mining business required securing and developing a world-class power and land portfolio and growing significant supply chain, engineering, construction and operational capabilities, all highly relevant as we evolve into AI data center development.

我们始终秉持基础设施优先的理念，避开了以往周期中轻资产的战略，并且鉴于目前市场所体现出的基础性资源稀缺状况，我们优先确保对电力和基础设施的控制权。扩展我们的采矿业务需要获取并开发世界级的电力和土地资源，同时大幅提升供应链、工程、建设以及运营能力——这些能力在我们向人工智能数据中心开发转型的过程中都具有高度相关性。

Today, we have more than 1 gigawatt of power under contract live in our data centers and infrastructure. Additionally, we have nearly 300 megawatts in Texas, fully contracted and scheduled to begin energization in early 2027, coupled with a multi-gigawatt pipeline of additional near-term opportunities. Importantly, many of these locations are excellent candidates for AI campuses while others are best positioned for Bitcoin mining, load balancing and securing the grid. Our objective is clear: to deliver each megawatt to its optimal use case.

目前，我们的数据中心和基础设施已有超过1吉瓦（gigawatt）的电力合同正在生效。此外，我们在德克萨斯州还拥有近300兆瓦（megawatts）的电力容量，已全部完成签约，计划于2027年初开始通电，并且还有额外数吉瓦的短期项目储备。重要的是，这些地点中的许多都非常适合作为AI园区，而另一些则非常适合用于比特币挖矿、负荷平衡以及电网安全。我们的目标非常明确：将每一兆瓦电力都用于最合适的用途。

We have always had an internal philosophy of people first as we look to expand our business. That was true in the earliest days of microgrid development. It was true as we grew into a Bitcoin mining company. It was clearly a winning strategy when we hired Taylor Monnig to lead us to the forefront of immersion cooling. And most recently, it remains true as we added Jeff Thomas to lead our AI data center initiatives following his successful tenure as President at Humain.

我们始终秉持以人为本的内部理念来拓展业务。早在微电网开发初期便是如此；当我们发展成为一家比特币挖矿公司时也是如此；当我们聘请泰勒·莫尼格带领我们在浸没式冷却领域走在前列时，这一策略显然取得了成功；最近，随着我们任命杰夫·托马斯领导AI数据中心业务，这一理念依然得到坚持。此前，杰夫在Humain公司担任总裁期间成绩斐然。

We've accomplished three key initial steps in our business evolution thus far with Jeff on board. The first thing is we reviewed our diverse portfolio to identify the most productive use of every single megawatt. Second, we secured a 285-megawatt site in Texas with the explicit intent of building an AI factory for a high-quality tenant. And three, we are aligning and expanding our internal team, in conjunction with market-leading partners, to deliver projects on time and on budget that meet the exacting needs of offtake customers.

到目前为止，在杰夫的参与下，我们在业务发展过程中已经完成了三个关键的初步步骤。第一，我们审视了多元化的投资组合，以确定每一兆瓦电力的最高效率用途。第二，我们在德克萨斯州获得了一个285兆瓦的场地，明确旨在为优质租户建设一座人工智能工厂。第三，我们正在与市场领先的合作方协同，调整并扩充内部团队，确保按时、按预算交付项目，满足承购客户严格的需求。

When we took a close look at our facilities, it became clear that our 250-megawatt site in Sandersville, Georgia, provides an immediate opportunity to host a large-scale tenant. Other sites surrounding the Atlanta Hartsfield Airport, totaling over 100 megawatts with ready access to fiber are already in extremely high demand.

当我们仔细审视我们的设施时，发现位于佐治亚州桑德斯维尔的250兆瓦站点，可立即为大规模租户提供入驻机会。而围绕亚特兰大哈茨菲尔德机场的其他站点，总容量超过100兆瓦，且已具备光纤接入条件，目前需求极高。

In Texas, the site we recently acquired just outside of Houston will be the location of our first exclusive -- exclusively purpose-built AI factory. We hold 271 contiguous acres of land located on a regional fiber backbone and have executed 285 megawatts in long-term power supply agreements that have already been fully approved by ERCOT. Better still, the site is located near several high-capacity natural gas pipelines, which are being evaluated for industrial scale behind-the-meter generation opportunities.

在得克萨斯州，我们最近在休斯顿郊外收购的场地将成为我们首个专为人工智能打造的专用工厂所在地。我们拥有271英亩相连的土地，位于区域光纤主干网上，并已签署总容量达285兆瓦的长期供电协议，这些协议已获得ERCOT的全面批准。更理想的是，该场地靠近多条大容量天然气管道，目前正在评估将其用于工业规模的表后发电机会。

This purchase positions us to deliver scalable, resilient and energy-efficient capacity to meet demand from AI, cloud and enterprise workload and represents a key step in our long-term strategy to leverage our vertically integrated infrastructure-first model. While this may be our first purpose-built facility, it certainly won't be our last.

此次采购使我们能够提供可扩展、有弹性且节能的算力容量，以满足人工智能、云服务和企业工作负载的需求，并标志着我们在长期战略中迈出关键一步，即利用垂直整合的基础设施优先模式。尽管这可能是我们首个专门建造的设施，但绝不会是最后一个。

The entire team is focused on first securing tenants for Sandersville and Houston, which will then drive efforts to take the projects from commercialization to commissioning. Long-term tenants represent a superior risk-adjusted profile -- return profile, pardon me, for these assets rather than direct GPU exposure initially.

整个团队目前专注于首先为桑德斯维尔和休斯顿项目确定租户，这将推动项目从商业化阶段进入投运阶段。对于这些资产而言，长期租户相较于最初直接涉足GPU，能带来更优的风险调整后回报水平。

Similar to past industrial revolutions, AI represents a new ecosystem. Power companies, chip companies, hyperscalers, infrastructure technology providers and others are all collaborating, and we're in direct discussions at every level to deliver maximum value for our customers and our shareholders. Jeff has been building the full life cycle playbook for AI campus development and operations that best serve this ecosystem. Together, his growing team is already vetting potential tenants, building high-quality site commercialization plans for our pipeline and defining our project delivery road map.

与过去的工业革命类似，人工智能代表着一个全新的生态系统。电力公司、芯片公司、超大规模企业、基础设施技术提供商等各方正在携手合作，我们在各个层面都展开了直接对话，旨在为我们的客户和股东创造最大价值。Jeff 一直在制定涵盖人工智能园区开发与运营全生命周期的行动方案，以最好地服务于这一生态系统。目前，他不断壮大的团队已经在筛选潜在租户，为我们的项目储备制定高质量的场地商业化计划，并明确我们的项目交付路线图。

As part of those efforts, we entered into a memorandum of understanding with Submer, a global pioneer in liquid cooled and prefabricated data center solutions. Its end-to-end capabilities spanning from liquid cooling systems and mechanical, electrical and plumbing modules to full facility builds set new benchmarks in energy efficiency, density and sustainability, making them an ideal partner for CleanSpark's growth strategy.

作为这些努力的一部分，我们与全球液冷及预制化数据中心解决方案的先驱企业Submer签署了一份谅解备忘录。Submer具备从液冷系统、机电和管道模块到完整设施建造的端到端能力，在能效、密度和可持续性方面树立了新的标杆，使其成为支持CleanSpark增长战略的理想合作伙伴。

This relationship is our first step in taking elements of the construction process away from the data center and putting them into the factory with approved reference architecture designs to support a broad range of tenant requirements. Together, we're working on an infrastructure platform that integrates power generation, data center development and AI service delivery. Under this framework, CleanSpark focuses on selecting, developing, building and operating AI-focused campuses while Submer will offer its technology and expertise as a strategic vendor in delivering sustainable modular data center systems.

这种合作关系是我们迈出的第一步，即将数据中心建设过程中的部分环节从现场转移到工厂中，通过经批准的参考架构设计来支持广泛的租户需求。双方正在共同打造一个集成发电、数据中心开发和人工智能服务交付的基础设施平台。在此框架下，CleanSpark将专注于选择、开发、建设和运营以人工智能为核心的园区，而Submer将作为战略供应商，提供其技术和专业能力，用于交付可持续的模块化数据中心系统。

Meanwhile, we completed our largest financing ever with a $1.15 billion upsized 0% convertible note. Gary, our President and CFO, will discuss the finer details and numbers momentarily. But before I pass it over to him, there are some elements I'd like to highlight.

与此同时，我们完成了有史以来最大规模的融资，成功发行了11.5亿美元的可转换票据，利率为0%，规模有所扩大。我们的总裁兼首席财务官加里将立即详细介绍相关细节和具体数据。但在交由他说明之前，我想先强调几点内容。

The terms are even better than our prior raise in December 2024, with the same 0% interest rate, a higher 27.5% conversion premium and a 6.25-year term. This financing provides the resources to expand our power and land portfolio, seed our first AI deployments and continue investing in strategic growth opportunities.

条款甚至优于我们2024年12月上一轮融资，依然保持0%的利率，转股溢价提高至27.5%，期限为6.25年。本轮融资将为我们提供资源，以扩大电力和土地资产组合，启动首批AI部署，并持续投资于战略增长机遇。

And as part of this transaction, we bought back $460 million worth of our own stock, more than a 10% reduction in outstanding shares. We've once again bet on ourselves, and we will succeed the CleanSpark way.

作为此次交易的一部分，我们回购了价值4.6亿美元的自家股票，流通股减少了超过10%。我们再次对自己下注，将以CleanSpark的方式取得成功。

With that, I'll hand it over to Gary to take you through the financial results, both for the quarter and the full year. Over to you, Gary.

就此，我把时间交给加里，由他来为大家介绍本季度及全年财务业绩。加里，请。

Gary Vecchiarelli
President & CFO

Thank you, Matt. I'd like to start by reviewing the numbers for the entire 12-month fiscal period, which was a landmark year for CleanSpark. Our revenue grew more than 100% year-over-year to $766.3 million with almost 8,000 Bitcoin produced. The major driver of this increase was due to a combination of our growth in exahash and Bitcoin price.

谢谢，Matt。我想先回顾一下整个12个月财年的数据，这对CleanSpark而言是具有里程碑意义的一年。我们的收入同比增长超过100%，达到7.663亿美元，生产了近8,000枚比特币。推动这一增长的主要因素是我们算力（exahash）的增长以及比特币价格的上涨共同作用的结果。

Our full year gross margin was 55%, which we're particularly proud of, given that this was the first full year post-halving. These margins remained relatively in line with the prior year which is attributed to the significant increases in efficiency our fleet had over the last 12 months. Also contributing to our gross margin consistency is our average marginal cost per Bitcoin, which was slightly below $43,000 for the fiscal year, while our average revenue per Bitcoin was approximately $98,000. Our margins and cost per Bitcoin represents the strength of our infrastructure quality, our world-class teams and commitment to managing our business to profitability and margin rather than any single operating metric.

我们全年的毛利率为55%，鉴于这是减半后的第一个完整年度，我们对此尤为自豪。这一毛利率与上一财年基本持平，主要归功于过去12个月我们的矿机集群在效率方面的显著提升。此外，我们每枚比特币的平均边际成本在财年内略低于43,000美元，而每枚比特币的平均收入约为98,000美元，这也支撑了我们毛利率的稳定性。我们的利润率和每枚比特币成本体现了我们基础设施质量的实力、世界级团队的优势，以及我们致力于以盈利和利润率为导向来管理业务，而非单纯追求某一项运营指标的承诺。

Our high margins translated to an adjusted EBITDA of over $800 million, which I must point out, does not adjust for certain noncash items such as the mark-to-market on fair value of Bitcoin. When normalized by excluding our gain on the fair value of Bitcoin, the adjusted EBITDA from operations would be approximately $305 million, which represents a net margin of approximately 40%. Additionally, the combination of increases in margins and fair value of the 13,000-plus Bitcoin we have on the balance sheet contributed to a significant positive net income of about $365 million.

我们的高利润率带来了超过8亿美元的经调整EBITDA，我必须指出，这一数字并未扣除某些非现金项目的影响，例如比特币公允价值的按市价计价。若剔除比特币公允价值收益的影响，经调整后的运营EBITDA约为3.05亿美元，相当于约40%的净利率。此外，利润率提升以及资产负债表上持有的13,000多枚比特币公允价值上升的共同作用，促成了约3.65亿美元的显著正向净利润。

Looking at the most recent quarter-over-quarter performance, we also saw significant gains between the third and fourth quarters. Our revenue increased by approximately $25 million or 13% in Q4 versus Q3 and our margins increased 2 points to 56.5%. It is important to note that we achieved 50 exahash in June. And while that remained our operational high for the fourth quarter, we still experienced increases in revenues and margins because of favorable mining economics during the quarter. Our high uptime also allowed us to capture periods of significant appreciation in Bitcoin price.

从最近一个季度与上个季度的环比表现来看，我们在第三季度和第四季度之间也看到了显著增长。我们的收入在第四季度相比第三季度增加了约2500万美元，增幅达13%，利润率则上升了2个百分点，达到56.5%。值得注意的是，我们在6月份实现了50 exahash的算力，尽管这仍是第四季度的最高运营水平，但由于本季度有利的挖矿经济环境，我们的收入和利润率依然实现了增长。此外，我们较高的正常运行时间使我们能够抓住比特币价格大幅上涨的时期。

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