Business
CleanSpark Reports Second Quarter FY2022 Financial Results
Second quarter revenue of $41.6 million, net loss of $(0.17) million and Adjusted EBITDA of $22.5 million; Company continues to execute its strategic plan and
About this update from Cleanspark, Inc.
[{"type":"text","content":"Second quarter revenue of $41.6 million, net loss of $(0.17) million and Adjusted EBITDA of $22.5 million; Company continues to execute its strategic plan and make significant headway in mining operations \nLAS VEGAS, May 10, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the \"Company\"), a sustainable bitcoin mining and energy technology company, today reported financial results for the three and six months ended March 31, 2022.\n\"The theme for this quarter has been operational and financial execution,\" said Zach Bradford, Chief Executive Officer. \"While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy. We have line-of-sight on 600MW of power, driven in large part by the recent agreement we signed with Lancium at the end of the quarter. We continue to make strides in our commitment to ESG principles, most notably by working on attracting and retaining a diverse and highly qualified workforce. As for our capital strategy, our growth capex was funded 100% from the conversion of bitcoin. We have not utilized the shelf offering since November and we continue to right size our capital structure through means of non-dilutive capital.\"\nQ2 Financial Highlights\nFinancial Results for the Three Months Ended March 31, 2022\nRevenues for the quarter grew to $41.6 million, an increase of $33.5 million, or 4x, from $8.1 million for the same prior year period.The Company recognized a net loss for the three months ended March 31, 2022, of $(0.17) million or $(0.00) basic loss per share compared to net income of $7.4 million or $0.28 basic earnings per share for the same prior year period.Adjusted EBITDA1 improved significantly to $22.5 million, compared to Adjusted EBITDA1 of $1.9 million from the same prior year period.The Company also saw sequential revenues grow slightly in the second quarter compared to the previous quarter. Revenues increased $0.4 million, or 1%, from the first quarter. Net loss for the second quarter was $(0.17) million, reversing net income of $14.5 million in the first quarter. Adjusted EBITDA1 was $22.5 million, decreasing 7.2% from $24.2 million in the first quarter.Balance Sheet Highlights as of March 31, 2022\n Assets\nCash: $1.9 millionDigital Currency: $17.0 millionTotal Current assets: $42.0 mill...