Slide 1: Investor Presentation May 2023
Investor Presentation May 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 within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on CleanSpark’s current beliefs and expectation
Slide 3: What Is Bitcoin Mining?
s 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 energy intensive, so maintaining this increasingly important com
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 North American Bitcoin Miner: Metrics That Matter
Metrics That Matter Vision: Top 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 energy
Slide 7: Key Indicators
Key Indicators* 6.7 EH/s 67,700+ 2,395 BTC Current Hashrate Machines Operating BTC Mined Calendar Year to Date 16 EH/s 62,000 Projected Hashrate Machines to be (By 12/31/23) Delivered *As of May 10, 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: Corporate Social Responsibility
Corporate Social Responsibility EMPLOYMENT TYPE DEMOGRAPHICS ENERGY MIX Regular Full Time 64.2% White 31.6% Clean Energy 94.02% Manager Full Time 20.0% Black 28.4% Carbon-Based 5.70% Executive Full Time 7.4% Two or More Races 10.5% Undisclosed 0.28% Regular Full Time 7.4% Hispanic 9.5% Temporary Ful
Slide 11: 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 12: 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 13: Current and Future Performance
Current and Future Performance
Slide 14: Hashrate: Bitcoin Mined and Hashrate Growth (Historical)
Bitcoin Mined and Hashrate Growth (Historical) 7 700 697 6 600 598 576 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 J
Slide 15: Hashrate: Bitcoin Mined and Hashrate Growth (Projected)
Bitcoin Mined and Hashrate Growth (Historical & Projected) 5000 16 PROJECTED 4500 14 4000 12 3500 Total Bitcoin Mined 10 3000 Hashrate 2500 8 2000 6 1871 1500 1530 4 1227 1000 964 899 2 500 660 0 0 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Q3 FY2023 Q4 FY2023 Q1 FY2024 Total Bitcoi
Slide 16: Our Facilities
Our Facilities* College Park Sandersville Facility Owned Facility Owned Operating Hashrate 1.25 EH/s Operating Hashrate 2.23 EH/s Expected Hashrate 1.25 EH/s Expected Hashrate 8.53 EH/s Norcross Co-locations Facility Owned Facility Hosted Operating Hashrate 0.5 EH/s Operating Hashrate 1.62 EH/s Expe
Slide 17: Key Indicators
Key Indicators Hashrate Bitcoin Mined Revenue 2.3 EH/s 6.7 EH/s 899 BTC 1,871 BTC $41.6M $42.6M Mar 31, 2022 Mar 31, 2023 Q2 FY22 Q2 FY23 Mar 31, 2022 Mar 31, 2023 Machines Operating Adj. EBITDA Efficiency 23,000 63,700+ $19.6M $12.7M 31.7 W/TH 31 W/TH Mar 31, 2022 Mar 31, 2023 Mar 31, 2022 Mar 31,
Slide 18: Performance Landscape: Top of Pack for Hashrate, BTC Mined, & Efficiency
Performance Landscape: Top of Pack for Hashrate, BTC Mined, & Efficiency Hashrate BTC Mined Source: Most recently available company filings (April 2023) 14 Source: Most recently available company filings (April 2023) 702 10.5 639 524 BTC Mined In EH/s 6.7 406 379 6 5.5 319 5 273 4 239 3.38 2.6 2.5 1
Slide 19: CleanSpark is America's Bitcoin Miner
CleanSpark is America's Bitcoin Miner™ Our vision is to build the infrastructure of the future by being a Top North American miner in terms of hashrate, sustainability, efficiency, & profitability. Current daily BTC production average of 17.47 with a rapidly expanding hashrate of 6.74 EH/s, about 2%
Slide 20: Appendix
Appendix
Slide 21: Management Team
Management Team Natasha Betancourt Isaac Holyoak Zach Bradford Rachel Silverstein Joni McMillan C H I E F O F S T A F F C H I E F C O M M U N I C A T I O N S C E O & P R E S I D E N T S V P , C O M P L I A N C E & V P , O R G A N I Z A T I O N A L O F F I C E R G E N E R A L C O U N S E L D E V E L
Slide 22: Income Statement YTD23
Income Statement YTD23 ($ in thousands, except per value and share amounts) Q1-23 Q2-23 YTD-23 December 31, 2022 March 31, 2023 March 31, 2023 Revenue, Net Bitcoin mining revenue, net $ 27,746 42,488 $ 70,234 Other services revenue 73 58 131 Total revenue, net $ 27,819 42,546 $ 70,365 Costs and Expe
Slide 23: Income Statement YTD23 (cont'd)
Income Statement YTD23 (cont’d) ($ in thousands, except per value and share amounts) Q1-23 Q2-23 YTD-23 December 31, 2022 March 31, 2023 March 31, 2023 Income (loss) before income tax (expense) or benefit (30,488) (18,166) (48,654) Income tax expense - - - Loss from continuing operations $ (30,488)
Slide 24: Income Statement FYE22
Income Statement FYE22 ($ in thousands, except per value and share amounts) Q1-22 Q2-22 Q3-22 Q4-22 FYE-22 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 September 30, 2022 Revenue, Net Bitcoin Mining Revenue, Net $ 36,975 $ 36,965 $ 30,942 $ 26,118 $ 131,000 Other Services Revenu
Slide 25: Income Statement FYE22 (cont'd)
Income Statement FYE22 (cont’d) ($ in thousands, except per value and share amounts) Q1-22 Q2-22 Q3-22 Q4-22 FYE-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 $ 2,032 $ (16,236) $ (41,529) $ (40,0
Slide 26: Balance Sheet
Balance Sheet ($ in thousands, except per value and share amounts) March 31, 2023 September 30, 2022 Assets Current assets Cash and cash equivalents $ 10,345 $ 20,463 Accounts receivable, net 47 27 Inventory 746 216 Prepaid expense and other current assets 8,702 7,931 Bitcoin 5,267 11,147 Derivative
Slide 27: Balance Sheet (cont'd)
Balance Sheet (cont’d) ($ in thousands, except per value and share amounts) March 31, 2023 September 30, 2022 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $ 31,334 $ 24,662 Operating lease liability 119 113 Finance lease liability 216 260 Continge
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 +