Business
CleanSpark Reports First Quarter FY2023 Financial Results
First quarter revenue of $27.8 million, net GAAP loss of $(29.0) million and Adjusted EBITDA of ($1.4) million; Mined 1,531 Bitcoin, a 132% increase over same
About this update from Cleanspark, Inc.
[{"type":"text","content":"First quarter revenue of $27.8 million, net GAAP loss of $(29.0) million and Adjusted EBITDA of ($1.4) million; Mined 1,531 Bitcoin, a 132% increase over same prior year period \nLAS VEGAS, Feb. 9, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the \"Company\"), America's Bitcoin Miner™, today reported financial results for the three months ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nWe believe we are one of the most reliable, efficient, and fastest growing public bitcoin miners in North America.\"We have reliably grown, quarter over quarter, as we execute an operational strategy that we believe makes us one of the fastest growing, most reliable, and most efficient publicly traded bitcoin miners in North America,\" said Chief Executive Officer Zach Bradford. \"While we faced headwinds due to depressed bitcoin prices during most of our fiscal first quarter, we persisted and grew. Our average hashrate rapidly increased, outpacing global hashrate, and we mined the most bitcoin ever in a single quarter. Last month we had our highest monthly production ever, at nearly 700 bitcoins. We are starting to see all the hard work we put in during our last quarter pay off and we expect to continue to deliver on our goals as we work toward our calendar year end guidance of 16 EH/s.\"\n\"Exactly one year ago we shared our vision and strategy for being a top five miner. Not only did we achieve that goal rather quickly, but we have also set the tone for other miners about what a proper and prudent business model looks like in this industry,\" said Chief Financial Officer Gary A. Vecchiarelli. \"We have been thoughtful and calculated buyers in this market, seeking out accretive acquisitions and efficiently deploying capital. We have been successful in sourcing and closing transactions which not only grow our percentage of the total global hash rate, but also produce meaningful bitcoin and cash flow while still paying down what little debt we have. Despite recent macro headwinds in our first quarter, we are excited for 2023 as a year of continued execution and growth.\"\nQ1 Financial Highlights\nFinancial Results for the Three Months Ended December 31, 2022\nRevenues for the quarter were $27.8 million, a decrease of $9.3 million, or 25%, from $37.1 million for the same prior year period.The Company recognized a net loss for the three ...