Business
CleanSpark Reports Third Quarter FY2022 Financial Results
Third quarter revenue of $31.0 million, net GAAP loss of $(29.3) million and Adjusted EBITDA of $15.2 million; Mined 964 Bitcoin and Increased Hashrate by
About this update from Cleanspark, Inc.
[{"type":"text","content":"Third quarter revenue of $31.0 million, net GAAP loss of $(29.3) million and Adjusted EBITDA of $15.2 million; Mined 964 Bitcoin and Increased Hashrate by 22%; Increases 2023 Year-end Hashrate Guidance to 22.4 EH/s\nLAS VEGAS, Aug. 9, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the \"Company\"), America's Bitcoin Miner™, today reported financial results for the three and nine months ended June 30, 2022.\n\"CleanSpark continued to grow by mining a record number of bitcoin and substantially increasing our hashrate,\" said Zach Bradford, Chief Executive Officer. \"We are optimizing uptime and maximizing profits with our wholly owned locations. We have also made efficient use of our capital by putting new miner purchases to work quickly. Despite macroeconomic headwinds, our results demonstrate the resiliency of our strategy, and we expect to grow in what is otherwise a bear market.\"\nBradford continued: \"In line with our strategy to make CleanSpark a top five publicly traded miner, today we announced two transformative matters. Foremost, we have entered into an asset purchase agreement for the acquisition of a third wholly owned facility, located in Washington, GA. This new facility has 86MW of total capacity, 36MW of which is online and available immediately. An additional 50MW is expected to be available in 2023. We are also announcing that CleanSpark is formally selling its energy business assets. We are now a pure play bitcoin miner. These two announcements represent the closing of one chapter and the opening of another, and I look forward to where our strategic direction is taking us.\"\n\"The importance of our Adjusted EBITDA margins is not to be overlooked,\" said Gary A. Vecchiarelli, CFO. \"Our Adjusted EBITDA for the third quarter was approximately $15 million, which represents margins on revenue of 49%. These are great margins and why we are in the bitcoin mining business. Furthermore, our decision to divest energy assets will allow us to focus our time, people, and resources on our core business.\"\nIn connection with the decision to classify its energy business assets as \"held for sale,\" the Company has met the accounting criteria for the energy business to be classified as discontinued operations. All results and comparisons for the periods reported are presented on a continuing operations basis with the ...