![]() The Company had working capital of $36.2 million and no long-term debt as of December 31, 2021. Total Stockholders’ Equity: $394.1 million Total Mining assets (including prepaid deposits & deployed miners): $286.9m Adjusted EBITDA1 was $24.1 million, increasing almost 700% from $3.6 million in the fourth quarter.īalance Sheet Highlights as of December 31, 2021 Net income for the first quarter was $14.5 million reversing a net loss of $(5.4) million in the fourth quarter. Revenues increased $14.1 million or 52% from the fourth quarter. The Company also saw substantial sequential revenues growth in the first quarter compared to the previous quarter. Net income for the three months ended Decemwas $14.5m or $0.35 basic income per share compared to a loss of $(7.2) million or $(0.32) loss per share for the same prior year period.Īdjusted EBITDA1 improved significantly to $24.1 million, compared to Adjusted EBITDA1 of $(2.7) million from the same prior year period. The Company increased its quarterly revenues to $41.2 million, an increase of $38.9 million or 17x from $2.3 million for the same prior year period. CleanSpark also has zero long-term debt, and we will be looking to use our strong balance sheet and operating cash flows as a springboard for future growth expansion.”įinancial Results for the Three Months Ended December 31, 2021 “Gross margins remain high at almost 80%, and much of that profitability translates to the bottom line as we saw $14.5m of net income and $24.1m of Adjusted EBITDA, which represents net margins of approximately 35% and 58%, respectively. “Our strong financial results are evidence of the operating leverage of our business model,” said Gary A. We look forward to sharing our corporate vision on our first quarter earnings call and discussing the strategic pillars we believe are crucial to our long-term success.” Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents. “Given our success with bitcoin mining,” Bradford continued, “CleanSpark is considering strategic alternatives for our legacy energy business. “As of the date of this release, we have 20,900 machines in operation with a total hashrate exceeding 2.1 EH/s and producing approximately 10 bitcoin per day. “December 16th marked our one-year anniversary of sustainable bitcoin mining and since then we have brought the Company to record revenues and profit,” said Zach Bradford, CleanSpark’s Chief Executive Officer. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today reported financial results for the three months ended December 31, 2021. 09, 2022 (GLOBE NEWSWIRE) - CleanSpark, Inc. Our ‘one to many’ approach has continued to pay dividends for both CleanSpark as well as our energy partners.Company Reports Record Revenues of $41.2 million, Significant Gross & Net Margin Expansion Management to Communicate Revised Strategy & Long-Term Vision on Earnings Call Our products and services are a perfect complement to Solar Watt’s existing offerings to bring their customers the benefits of intelligently controlled storage and other microgrid services. “Solar Watt is helping residential and small commercial businesses save on their energy costs via solar and storage solutions as well as providing resiliency solutions. “This is another success for CleanSpark’s strategy of engaging with large regional partners,” Zachary Bradford, president and CEO of CleanSpark. The facility owner anticipates that with CleanSpark’s solution, they can secure a three-year payback on the fully installed system. #Cleanspark commercial software#“Their controls software and energy storage relationships have helped save our customers money and make them less reliant on the utility companies, especially in these uncertain times.”īased on prior results and a recent evaluation the medical facility is expected to save around 90% on the monthly energy costs. “The addition of CleanSpark’s software and engineering resources has allowed us to meet the increased demand in the market for solar + storage solutions,” said David Watt, president of Solar Watt Solutions. CleanSpark’s patented mPulse controller will optimize the solar + storage resources to provide the customer with significant cost savings. The contract was signed this week for a medical facility in Orange County that will feature a 100-kW rooftop and carport solar with a 30-kW/70-kWh battery. CleanSpark, a software and controls technology solutions company focused on solving modern energy challenges, announced a new solar + storage microgrid with EPC partner, Solar Watt Solutions. ![]()
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