Business
CleanSpark Reports Fourth Quarter and Year End FY2022 Financial Results
2022 Revenue of $131.5 million, net loss of $(57.3) million and Adjusted EBITDA of $65.7 million Q4 revenue of $26.2 million, net loss of $(42.3) million and
About this update from Cleanspark, Inc.
[{"type":"text","content":"2022 Revenue of $131.5 million, net loss of $(57.3) million and Adjusted EBITDA of $65.7 million \nQ4 revenue of $26.2 million, net loss of $(42.3) million and Adjusted EBITDA of $2.9 million\nCurrent hashrate surpasses 5.8 EH/s and daily mining high reaches 21.7 BTC\nLAS VEGAS, Dec. 14, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the \"Company\"), America's Bitcoin Miner™, today reported financial results for the three and twelve months ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nCleanSpark surpasses 5.8EH/s and 21.7 bitcoin per day.\"Our business model and capital strategy continue to be standouts in our industry,\" said Zach Bradford, CEO. \"Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market. We continue to execute our business plans with best-in-class efficient mining operations and by identifying potential accretive acquisitions while maintaining very little leverage on our balance sheet. This team continues to exceed my expectations and I'm so proud of them.\"\n\"This is a world class team that has doubled, tripled and even quadrupled multiple key performance indicators this fiscal year,\" said Gary A. Vecchiarelli, CFO. \"Our revenue for fiscal year 2022, which ended on September 30, was $131.5M, almost a 250% increase over the prior year. However, we recognized a net loss of $57.3M for the year, of which $42.3M occurred in the fourth quarter. The majority of these fourth quarter losses were primarily due to impairment of goodwill and bitcoin balances, as well as non-cash charges due to modification of equity instruments. Even then, our adjusted EBITDA was $65.7M, a 500% increase over the prior year, which represents the power and scale of our business model. Our rapid growth has continued subsequent to our fiscal year end as we approach 6.0 EH/s, exceeding our calendar year end guidance once again. We have four impressive sites that we own 100% with no partners and little debt, which resulted in mining 3,750 bitcoins, a 320% increase in production for the fiscal year.\"\nFinancial Highlights of Fiscal Year 2022\nFinancial Results for the Fiscal Year Ended September 30, 2022\nRevenues for the year grew to $131.5 million, an increase of $92.2 million, or 235%, from $39.3 million in the p...