CleanSpark提供了一個出色的財務季度，但其市場業績並沒有反映出相同的實力

該分析打破了關鍵的財務，運營見解和戰略方向，以了解完整的情況。

CleanSpark (NYSE: CLSK) delivered an outstanding financial quarter with stellar revenue growth, strong profitability, and notable progress in operational metrics. However, the market didn’t react with the same strength, leaving some investors wondering: What numbers surprised investors? Did the company provide guidance that concerned investors? Let’s break down CleanSpark’s fiscal Q1 2025 earnings report in detail to get the full picture.

CleanSpark（NYSE：CLSK）提供了一個出色的財務季度，其收入增長，強勁的盈利能力以及運營指標的顯著進步。但是，市場並沒有以相同的實力做出反應，使一些投資者想知道：哪些數字使投資者感到驚訝？公司是否提供有關投資者的指導？讓我們詳細分解CleanSpark的財政Q1 2025收益報告，以獲取完整的情況。

Financial Highlights: Revenue & Profitability Surged

財務重點：收入和盈利能力飆升

CleanSpark’s fiscal Q1 2025 (Oct 1 – Dec 31, 2024) was an outstanding quarter financially, demonstrating robust revenue growth and strong profitability. This was largely driven by Bitcoin’s price increase and improved operational efficiency, as the company managed to reduce cost of revenue and administrative expenses.

CleanSpark的財政第一季度2025（10月31日至2024年12月31日）在財務上是一個未來的季度，表明收入增長和強勁的盈利能力。這在很大程度上是由比特幣的價格上漲和提高運營效率驅動的，因為該公司設法降低了收入成本和行政費用。

Key Income Statement Metrics:

關鍵損益表指標：

Key Balance Sheet Metrics

關鍵資產負債表指標

Key Cash Flow Metrics

關鍵現金流量指標

Valuation Metrics & Enterprise Value

估值指標和企業價值

I’ll come back and compare with other miners, who have a similar operational scale, once data becomes available.

一旦數據可用，我會回來與其他具有類似運營量表的礦工進行比較。

Operational Metrics: Hash Rate Growth & Efficiency Improvement

操作指標：哈希速率增長和效率提高

Key Hash Rate & Efficiency Metrics:

關鍵哈希速率和效率指標：

Energy Cost Analysis & Mitigation Strategies

能源成本分析和緩解策略

Bitcoin Holding & Treasury Strategy: HODL Over Sell

比特幣持有和財政策略：Hodl賣出

BTC Treasury:

BTC財政部：

Expansion & M&A: Scaling Up for 50 EH/s

擴展與併購：擴大50 EH/S

Growth & Expansion Plans:

增長與擴張計劃：

Thoughts: The Big Picture & Key Considerations

思想：大圖和關鍵考慮因素

By looking at numbers from the financial report, I still believe CleanSpark holds a strong position in the Bitcoin mining sector. The company positions itself as a premier American Bitcoin miner, which could become even more advantageous under the current U.S. administration.

通過查看財務報告中的數字，我仍然相信CleanSpark在比特幣採礦業中擁有強大的地位。該公司將自己定位為美國總理比特幣礦工，在當前的美國政府下，這可能會變得更加有利。

However, my main concern remains Bitcoin’s price movement. Historically, CleanSpark’s stock price is tightly correlated with BTC performance. If Bitcoin surges, CleanSpark can become more attractive; but if BTC stagnates or dips, CLSK may face massive sell-offs.

但是，我的主要關注仍然是比特幣的價格變動。從歷史上看，CleanSpark的股價與BTC性能密切相關。如果比特幣湧動，CleanSpark可能會變得更具吸引力。但是，如果BTC停滯不前或下降，clsk可能會面臨大量拋售。

Another key factor to consider is how CleanSpark manages revenue across different market cycles. Unlike peers diversifying into AI/HPC, CleanSpark remains committed to Bitcoin mining. Its CEO stays skeptical of HPC, statingthat “ repurposing a Bitcoin mining facility for high-performance computing is far more complex than it may appear”, and reinforcing CleanSpark’s long-term focus on Bitcoin as an efficient, proven, and scalable business model. This indicates the company is unlikely to pivot like its peers any time soon.

要考慮的另一個關鍵因素是CleanSpark如何管理不同市場週期的收入。與同齡人多樣化為AI/HPC不同，CleanSpark仍然致力於比特幣採礦。它的首席執行官對HPC保持持懷疑態度，並指出“重新利用比特幣採礦設施來進行高性能計算，遠比看起來更複雜”，並強化了CleanSpark對比特幣的長期關注，作為一種有效的，經過證明和可擴展的商業模型。這表明該公司不太可能很快像同齡人那樣旋轉。

That said, the company may find ways to leverage its BTC holdings strategically—perhaps through treasury strategies that minimize counterparty risks while enhancing financial flexibility.

話雖如此，該公司可能會找到一種方法來利用其BTC持有的方法，這可能是通過最大程度地降低對手風險同時提高財務靈活性的國庫策略。

Ultimately, CleanSpark boasts one of the largest mining operations, top range efficiency, disciplined capital management and excellent executions (exceeded their annual hash rate target), and ambitious expansion plans. I currently see no strong reason to be bearish on CleanSpark as long as Bitcoin mining remains a viable industry.

最終，CleanSpark擁有最大的採礦業務之一，最高範圍的效率，紀律嚴明的資本管理和出色的執行（超過了其年度哈希率目標）以及雄心勃勃的擴張計劃。目前，只要比特幣採礦仍然是一個可行的行業，我目前沒有強有力的理由在清潔板上看跌。

Even if we talk about the current trending Bitcoin Treasury Strategy, Cleanspark can be a compelling investment opportunity. In comparison with Strategy (MSTR)- the most well-known advocate of this strategy, CleanSpark holds a critical advantage: they can obtain Bitcoin at a significantly lower price (all-in cost: $66,058 per coin) by mining. As people say “If you can mine at a lower price, why buy?”

即使我們談論當前的趨勢比特幣國庫策略，CleanSpark也可能是一個令人信服的投資機會。與策略（MSTR）相比，這是該策略的最著名的倡導者，CleanSpark擁有一個關鍵的優勢：他們可以通過採礦以明顯較低的價格獲得比特幣（每枚硬幣66,058美元）。人們說：“如果您可以以較低的價格開採，為什麼要購買？”