Cleanspark, Inc. · NASDAQ:CLSK
Cleanspark — Investor Presentation (March 2022)
28 slides from Cleanspark's investor presentation, Mar 25, 2022
Slide 1: Investor Presentation March 2022
Investor Presentation March 2022
Slide 2: Disclaimer
INVESTOR RELATIONS DEC 2021 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
Slide 3: What is Bitcoin Mining?
v 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. But mining is very energy intensive, so maintaining this increasin
Slide 4: What Do Miners Do?
Bitcoin wallet transaction CleanSpark & other decentralized miners support and verify the network Bitcoin wallet transaction What Do Miners Do?
Slide 5: What are Block Rewards?
What are Block Rewards? 21,000,000 BTC mined by 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. 1 block every 10 min. 2140 2024 6.25 BTC per block 900 BTC per day Today
Slide 6: Vision: Top North American Bitcoin Miner
Vision: Top 5 North American Bitcoin Miner Metrics That Matter Hashrate: Our total computational power; when understood in the context of global hashrate, it determines how much bitcoin we are able to mine. Efficiency: We determine efficiency by starting with our power costs and dividing it by our h
Slide 7: Operational Highlights
Revenue Operational Highlights 74 MW Current Operational Power Capacity* 20 MW Under Development* 9.9 BTC Avg Daily Production* >22,000 Machines Operating* ~20,000 Machines To Be Delivered* (expected by October 2022) *As of February 28, 2022
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
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 constantly optimize our operations to make them more efficient. We collaborate with utilities to make the grid better for everyone. Leave the wo
Slide 10: Build the infrastructure of the future
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 constantly optimize our operations to make them more efficient. We collaborate with utilities to make the grid better for everyone. Build the in
Slide 11: Value growth for the greater good
Bitcoin is our currency: we think it makes sense to sell bitcoin to generate more bitcoin Our approach to HODLing is strategic – a 100% HODL strategy comes at a cost to shareholders We expect our bitcoin holdings to incrementally increase over time We care about the environment and believe that bitc
Slide 12: Current and Future Performance
Current and Future Performance
Slide 13: Bitcoin Mined and Hashrate Growth
Revenue Bitcoin Mined and Hashrate Growth Total Bitcoin Mined Hashrate (EH/s) Cumulative/LTD: 1,826 ~22,000 Latest Gen Miners* *As of February 28, 2022 (see monthly bitcoin production releases for additional information.) 2.2 EH/s* 74 MW Operational*
Slide 14: Future ASIC Miners Deliveries
Revenue Future ASIC Miners Deliveries $117.7m Future Deliveries Previously Funded 21,994 Machines to be Delivered $39.3m Remaining $ Commitments All amounts as of December 31, 2021. Hash Rate to be Delivered 2.17 EH/s
Slide 15: Our Facilities
Our Facilities *Percentage indicates energy mix comprised of non-carbon producing energy sources, including solar, wind, hydro, and nuclear, based on publicly reported energy mix data and/or data provided directly by utilities. Wholly-owned locations includes renewable credits; co-location data as r
Slide 16: Recent Financial Performance
NASDAQ: CLSK Recent Financial Performance (as reported in US GAAP) Gross Profit $41.24m $27.14m $41.24m $2.26m $32.44m 78.7% $19.91m 73.3% $32.44m 78.7% $0.93m 41.0% Revenue
Slide 17: Recent Financial Performance (Continued)
NASDAQ: CLSK Recent Financial Performance (Continued) $24.10m 58.4% ($3.56m) 13.1% $14.49m 35.1% ($5.37m) $14.49m 35.1% ($7.17m) ($2.74m) Adjusted EBITDA* Net Income/Loss $24.10m 58.4% *Non-GAAP. Please see appendix for additional details.
Slide 18: Hashrate Landscape
Hashrate Landscape In EH/s Note: Hashrate as of 3/1/2022, Hashrate Index.
Slide 19: Market Cap Landscape
Market Cap Landscape In Millions Note: Market cap as of 3/17/2022, Nasdaq.
Slide 20: CleanSpark is a sustainable bitcoin miner
CleanSpark is a sustainable bitcoin miner that is transforming how bitcoin is mined. 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 74MW operational, with 20MW under development,
Slide 21: Appendix
Appendix
Slide 22: Management Team
Management Team Rachel Silverstein VP of Compliance and General Counsel Gary A. Vecchiarelli Chief Financial Officer Zachary K. Bradford CEO, President and Director S. Matthew Schultz Executive Chairman and Director
Slide 23: Income Statement
Income Statement Q1-21 December 31, 2021 Q2-21 March 31, 2021 Q3-21 June 30, 2021 Q4-21 September 30, 2021 FY-21 September 30, 2021 Revenue, Net Digital Currency Mining Revenue, Net 733,410 6,715,792 8,649,440 22,747,991 38,846,633 Energy Hardware, Software and Services Revenue 1,213,870 891,965 2,8
Slide 24: Q1-21 December 31, 2021 Q2-21 March 31, 2021 Q3-21 June 30, 2021 Q4-21 September
Q1-21 December 31, 2021 Q2-21 March 31, 2021 Q3-21 June 30, 2021 Q4-21 September 30, 2021 FY-21 September 30, 2021 Income (loss) before income tax (expense) or benefit (7,167,530) 7,400,040 (16,677,127) (5,367,393) (21,812,010) Income tax (expense) or benefit - - - - - Net income (loss) (7,167,530)
Slide 25: Balance Statement
Balance Statement September 30, 2021 December 31, 2021 Assets Current assets Cash and cash equivalents, including restricted cash $18,040,327 $5,212,414 Accounts receivable, net $2,619,957 $4,622,002 Contract assets $0 Inventory $2,672,744 $1,432,110 Prepaid expense and other current assets $5,129,0
Slide 26: Balance Statement (cont'd)
Balance Statement (cont’d) September 30, 2021 December 31, 2021 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $296,964 $20,237,550 Contract liabilities $256,195 $386,740 Operating lease liability $413,798 $261,101 Finance lease liability $300,000 $
Slide 27: 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 28: CleanSpark for a better world
CleanSpark + for a better world.