Business
CleanSpark Reports Third Quarter FY2023 Financial Results; Announces 16 EH/s Expansion Fully Funded
Achieved record revenue for the quarter of $45.5 million, net loss of $(14.2) million and Adjusted EBITDA of $13.3 million Reports current cash and bitcoin
About this update from Cleanspark, Inc.
[{"type":"text","content":"Achieved record revenue for the quarter of $45.5 million, net loss of $(14.2) million and Adjusted EBITDA of $13.3 million\nReports current cash and bitcoin holdings of $125 million; 16 EH/s target now fully funded\nReports operating hashrate over 9 EH/s, tripling hashrate year over year\nLAS VEGAS, Aug. 9, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the \"Company\"), America's Bitcoin Miner™, today reported financial results for the three and nine months ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"We have fully funded our growth to 16 EH/s,\" said Zach Bradford, CEO.\"We have fully funded our growth to 16 EH/s, including miners, facilities, and other infrastructure, on top of a record-breaking quarter in terms of growth and revenue,\" said Zach Bradford, CEO. \"We now operate over 9 EH/s of efficient computing power at some of the industry's best all-in electric rates. That growth is translating to record-setting revenue. We have over $90 million in cash and almost 1,200 bitcoins on our balance sheet as of today. We continue to build on our longstanding track record of executing on our commitments, and I'm proud to say that this is a truly best-in-class team.\"\n\"Creating certainty is an important part of our strategy, and today we have more than sufficient capital to fund our remaining contractual payments on miners and construction to achieve our 16 EH/s goal,\" said Gary Vecchiarelli, CFO. \"From my perspective, I really like the flexibility of our balance sheet and our operational performance. We have all the pieces in place, from people to capital, to extend our strong track record of growth and operational excellence.\"\nQ3 Financial Highlights\nFinancial Results for the Three Months Ended June 30, 2023\nRevenues for the quarter were $45.5 million, an increase of $14.5 million, or 47%, from $31.0 million for the same prior year period.The Company recognized a net loss for the three months ended June 30, 2023, of $(14.2) million, compared to a net loss of $(29.3) million for the same prior year period.Adjusted EBITDA* increased to $13.3 million, compared to Adjusted EBITDA of $5.1 million from the same prior year period.The Company saw sequential revenues increase in the third quarter of fiscal 2023 compared to the fiscal quarter ended March 31, 2022. Revenues increased $3 million, or 7%, from the preceding...