Cleanspark, Inc. · NASDAQ:CLSK
Cleanspark — Investor Presentation (February 2023)
29 slides from Cleanspark's investor presentation, February 2023
Slide 1: Investor Presentation February 2023
® Investor Presentation February 2023
Slide 2: Disclaimer
Disclaimer CleanSpark cautions you that statements in this presentation that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a
Slide 3: What is Bitcoin Mining?
What is Bitcoin Mining? A bitcoin mining company uses specialized computers to verify transactions on the bitcoin blockchain. Bitcoin is the reward miners earn for performing this service. Without mining, there would be no bitcoin. Mining is very energy intensive, so maintaining this increasingly im
Slide 4: What Do Miners Do?
What Do Miners Do? Bitcoin wallet Bitcoin wallet transaction transaction CleanSpark & other decentralized miners support the network by verifying and securing transactions.
Slide 5: What are Block Rewards?
What are Block Rewards? 1 block every 10 min. 6.25 BTC per block 21,000,000 BTC 900 BTC per day mined by 2140 Today 2024 2140 Block rewards are reduced by half every 210,000 blocks (roughly every four years) until all 21M bitcoin are mined. When will that be? Sometime around 2140.
Slide 6: Top 5 North American Bitcoin Miner: Metrics That Matter
Metrics That Matter Vision: Top 5 North American Bitcoin Miner Hashrate Sustainability Our total computational power; when understood in the We target energy sources that are primarily renewable & carbon- context of global hashrate, it determines how much free; we participate in local renewable ener
Slide 7: Key Indicators
Key Indicators* 209.5 MW 6.6 EH/s 66,750+ Current Operational Current Hashrate Machines Operating Power 200 MW 16 EH/s 3,680 Planned Expansion Projected Hashrate Machines to be Delivered 24 BTC 2,228 BTC 697 BTC Daily Production High BTC Mined FYTD Monthly Production January *As of February 9, 2023
Slide 8: What Makes CleanSpark Different?
What Makes CleanSpark Different? Leave the world better than we found it. Build the infrastructure of the future. Value growth for the greater good.
Slide 9: Leave the World Better than We Found It
Leave the World Better than We Found It We care about the environment and believe that bitcoin miners have an important role to play in decarbonizing our economy. We source sustainable energy and strive to constantly optimize our operations to make them more efficient. We collaborate with utilities
Slide 10: Build the Infrastructure of the Future
Build the Infrastructure of the Future We partner with the communities we operate in and work to earn their trust. Whether building our own facilities or choosing partners to host our machines, we make a positive impact on local economies by developing underused infrastructure and creating new job o
Slide 11: Value Growth for the Greater Good
Value Growth for the Greater Good We use capital transparently because securing the bitcoin blockchain is a privilege and a responsibility we take to heart. Bitcoin is a store of value and medium of exchange. We combine it with the wise stewardship of our equity and the responsible deployment of deb
Slide 12: Current and Future Performance
Current and Future Performance
Slide 13: Hashrate: Bitcoin Mined and Hashrate Growth (Historical)
Bitcoin Mined and Hashrate Growth (Historical) 7 700 697 6 600 5 535 Total Bitcoin Mined 500 532 Hashrate 464 448 4 400 384 395 339 3 300 318 305 313 312 276 200 2 216 218 226 100 1 0 0 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 Jan 23 To
Slide 14: Hashrate: Bitcoin Mined and Hashrate Growth (Projected)
Bitcoin Mined and Hashrate Growth (Projected) 16 5000 PROJECTED 4500 14 4000 12 Total Bitcoin Mined 3500 10 Hashrate 3000 8 2500 2000 6 1500 1531 4 1000 1227 899 964 2 500 660 529 0 0 JUL - SEPT OCT - DEC JAN - MAR APR - JUN JUL - SEPT OCT - DEC JAN - MAR APR - JUN JUL - SEPT OCT - DEC Q4 2021 Q1 20
Slide 15: Capital Expenditures
Capital Expenditures* EXISTING FLEET 66,768 Deployed 3,680 Ready for Deployment 70,448 Miners on Hand 2023 CAPEX $140m - $200m Miner CapEx** $70m Construction CapEx*** $210m - $280m Estimated CapEx MINERS NEEDED 75,000 - 95,000 Miners to be purchased 9.4 EH/s Hashrate to meet 2023 YE guidance *As of
Slide 16: Our Facilities
Our Facilities* Facility College Park Norcross Washington Sandersville Co-Locations Total Type Owned Owned Owned Owned Hosted Operational 38 MW 17.5 MW 32 MW 72 MW 50 MW 209.5 MW Planned Expansion 0 MW 0 MW 50 MW 150 MW 0 MW 200 MW Carbon Free Energy** 95% 40%*** 70% 72% 99% *As of Feb 5, 2023 **Per
Slide 17: Key Indicators Year-over-Year
Key Indicators Year-over-Year Hashrate Bitcoin Mined Wholly-owned Facilities 1.9 EH/s 6.2 EH/s 660 BTC 1,531 BTC 2 4 Dec 31, 2021 Dec 31, 2022 Q1 FY22 Q1 FY23 Dec 31, 2021 Dec 31, 2022 Machines Operating MW Operational 18,800 63,700+ 66.5MW 200MW Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Dec 31, 2022
Slide 18: Performance Landscape: Top of Pack for Hashrate, BTC Mined, & Efficiency
Performance Landscape: Top of Pack for Hashrate, BTC Mined, & Efficiency Hashrate BTC Mined Source: Most recently available company filings (January 2023) Source: Most recently available company filings (January 2023) 9.3 740 697 687 7.3 6.6 BTC Mined 486 In EH/s 4.7 4.3 343 260 2.68 2.5 2.5 188 172
Slide 19: CleanSpark is America's Bitcoin Miner
CleanSpark is America's Bitcoin Miner™ Our vision is to build the infrastructure of the future by being a Top 5 North American miner in terms of hashrate, sustainability, efficiency, & profitability. We have 209.5 MW operational, a daily BTC production average of 22.4 per day, and a rapidly expandin
Slide 20: Appendix
Appendix
Slide 21: Management Team
Management Team Natasha Betancourt Isaac Holyoak Zach Bradford Rachel Silverstein Joni McMillan C H I E F O F S T A F F C H I E F C O M M U N I C A T I O N S C E O & P R E S I D E N T S V P , C O M P L I A N C E & V P , O R G A N I Z A T I O N A L O F F I C E R G E N E R A L C O U N S E L D E V E L
Slide 22: Income Statement FY23
Income Statement FY23 ($ in thousands, except per value and share amounts) Q1-23 YTD-23 December 31, 2022 December 31, 2022 Revenue, Net Bitcoin mining revenue, net $ 27,746 $ 27,746 Other services revenue 73 73 Total revenue, net $ 27,819 $ 27,819 Costs and Expenses Cost of revenues (exclusive of d
Slide 23: Income Statement FY23 (cont'd)
Income Statement FY23 (cont’d) ($ in thousands, except per value and share amounts) Q1-23 YTD-23 December 31, 2022 December 31, 2022 (Loss) Income before income tax (expense) or benefit (30,488) (30,488) Income tax expense - - Loss from continuing operations $ (30,488) $ (30,488) Discontinued operat
Slide 24: Income Statement FY22
Income Statement FY22 ($ in thousands, except per value and share amounts) Q1-22 Q2-22 Q3-22 Q4-22 FY-22 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2022 Revenue, Net Bitcoin Mining Revenue, Net $ 36,975 $ 36,966 $ 30,942 $ 26,117 $ 131,000 Other Services Revenue
Slide 25: Income Statement FY22 (cont'd)
Income Statement FY22 (cont’d) ($ in thousands, except per value and share amounts) Q1-22 Q2-22 Q3-22 Q4-22 FY-22 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2022 Income (loss) before income tax (expense) or benefit $ 15,644 $ 1,018 $ (16,236) $ (40,515) $ (40,089
Slide 26: Balance Sheet
Balance Sheet ($ in thousands, except per value and share amounts) December 31, 2022 September 30, 2022 Assets Current assets Cash and cash equivalents $ 2,061 $ 20,463 Accounts receivable, net 30 27 Inventory 392 216 Prepaid expense and other current assets 6,069 7,931 Bitcoin 3,863 11,147 Derivati
Slide 27: Balance Sheet (cont'd)
Balance Sheet (cont’d) ($ in thousands, except per value and share amounts) December 31, 2022 September 30, 2022 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $ 27,927 $ 24,662 Operating lease liability 260 113 Finance lease liability 218 260 Conti
Slide 28: Non-GAAP Measures
Non-GAAP Measures Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States (“GAAP”). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's
Slide 29: CleanSpark: America's Bitcoin Miner
CleanSpark + America’s Bitcoin Miner ™ NASDAQ: CLSK +