Business
CleanSpark Reports Second Quarter FY2023 Financial Results
Second quarter revenue of $42.5 million, GAAP net loss of $(18.5) million and Adjusted EBITDA of $12.7 million; Mined 1,871 Bitcoin, a 109% increase over same
About this update from Cleanspark, Inc.
[{"type":"text","content":"Second quarter revenue of $42.5 million, GAAP net loss of $(18.5) million and Adjusted EBITDA of $12.7 million; Mined 1,871 Bitcoin, a 109% increase over same prior year period \nLAS VEGAS, May 10, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the \"Company\"), America's Bitcoin Miner™, today reported financial results for the three and six months ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nCleanSpark mined 1,871 bitcoin in its fiscal 2023 second quarter, a 109% increase over same prior year period.\"This has been a quarter of execution as we've made major progress toward achieving our stated year-end target of 16 EH/s,\" said Chief Executive Officer Zach Bradford. \"Our planned expansions are proceeding according to timelines, with Washington expected to be fully operational next month and with the Sandersville land already graded and ready to start construction. Importantly, we've acquired 99% of the machines, either under contract or in transit, to fill these facilities. The addition of these machines into our fleet, most of which are Bitmain's XPs, are expected to make us one of the most efficient miners on the network, positioning us to take optimal advantage of halving next year.\"\n\"The rebound in bitcoin prices translated to greater gross profit margins and cash flow in the second quarter,\" said Chief Financial Officer Gary A. Vecchiarelli. \"Our increased gross profit margins and stable cost structure resulted in 30% adjusted EBITDA margins and will also help grow our bitcoin balance going forward.\"\nQ2 Financial Highlights\nFinancial Results for the Three Months Ended March 31, 2023\nRevenues for the quarter were $42.5 million, an increase of $5.3 million, or 14%, from $37.2 million for the same prior year period.The Company recognized a GAAP net loss for the three months ended March 31, 2023, of $(18.5) million, compared to a GAAP net loss of $(0.2) million for the same prior year period.Adjusted EBITDA* decreased to $12.7 million, compared to Adjusted EBITDA of $19.6 million from the same prior year period.The Company saw sequential revenues increase in the second quarter of fiscal 2023 compared to the fiscal quarter ended December 31, 2022. Revenues increased $14.7 million, or 53%, from the preceding first quarter. GAAP net loss for the second quarter was $(18.5) million, decreasing $10.5 million from...