Cleanspark, Inc. · NASDAQ:CLSK

Cleanspark — Investor Presentation (December 2023)

38 slides from Cleanspark's investor presentation, Dec 8, 2023

Slide 2: Forward-Looking Statements
NASDAQ: CLSK All Rights Reserved. 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
Slide 3: CleanSpark is America's Bitcoin Miner
$168M Revenue FYTD Industry-leading operational track record ~$71M Cash balance1 Exceptionally strong balance sheet 155,000 88,825 Miners at full deployment Miners deployed Transformational infrastructure NASDAQ: CLSK 3 Copyright 2023 CleanSpark | 20.4 EH/s 10 EH/s After full deployment2 Deployed ha
Slide 4: With a Proven Track Record of Strategic Growth
NASDAQ: CLSK All Rights Reserved. With a Proven Track Record of Strategic Growth 4 Copyright 2023 CleanSpark | From September 30, 2022, to September 30, 2023 From September 30, 2022, to September 30, 2023 FY2023 wholesale low. FY2023 all-in power rate at wholly-owned and operated facilities is 4.8 c
Slide 5: A Track Record of Never Letting a Bear Market Go to Waste
5 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 8 EH/s JULY 2023 A Track Record of Never Letting a Bear Market Go to Waste *EH/s = Exahash per second 6 EH/S December 2022 5 EH/S & ACQUIRED NEW SANDERSVILLE, GA, FACILITY FROM MAWSON, INC October 2022 3 EH/S August 2022 ACQUIRED FACILI
Slide 6: A Track Record of Pragmatically Growing our Bitcoin Balance
Price Per Bitcoin A Track Record of Pragmatically Growing our Bitcoin Balance Bitcoin is a strategic part of our capital strategy. We are bullish on bitcoin and believe it plays an important role in our growth plans. 6 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Bitcoins in Treasur
Slide 7: A Track Record of Being a Top Bitcoin Producer
BEGINNING OF FISCAL YEAR 2023 42,000+ Operational Miners 4.2 EH/s ~88,825 Operational Miners 10+ EH/s NOVEMBER 30, 2023 7 NASDAQ: CLSK All Rights Reserved. Hashrate (EH/s) Quarterly Bitcoin Mined 660₿ 889₿ 964₿ 1,227₿ 1,530₿ 1,872₿ Forecasted Hashrate 1,624₿ Copyright 2023 CleanSpark | A Track Recor
Slide 8: Bitcoin vs Gold and Fiat Currency
8 Copyright 2023 CleanSpark | NASDAQ: CLSK All Rights Reserved. Source: Bitcoin First, Fidelity Digital Assets, 2022 Durable Divisible Fungible Portable Verifiable Scarce Track Record Gold Bitcoin Fiat Currency While all are physically durable, fiat currency over history has not maintained purchasin
Slide 9: Best Operators in the Industry
9 Copyright 2023 CleanSpark | NASDAQ: CLSK All Rights Reserved. Best Operators in the Industry Leading efficiency Proprietary infrastructure Extraordinary people Energy expertise Massive scale
Slide 10: Leaders in Efficiency
Efficiency of Fleet: We mine more bitcoin with less power Current fleet efficiency: 26.4 J/TH1 Expected fleet efficiency at 20.4 EH/s: 24.1 J/TH2 Efficiency of Operations: We run our own facilities Highest hashrate realization in the industry at scale3 Maximum flexibility and industry-leading margin
Slide 11: Building Proprietary Infrastructure
11 NASDAQ: CLSK All Rights Reserved. As of November 30, 2023 of real estate and infrastructure adjacent to energy resources, putting us in control of our destiny. 3.2 million sq. ft. We own “Owning our infrastructure makes us more efficient, predictable, and reliable. This strategy has made us one o
Slide 12: Extraordinary People
Best Mining Technicians: We have a team of experts who deeply understand Bitcoin technology with extensive knowledge of mining equipment, safety protocols, and the latest technological advancements in the field. Best Repair Teams: They are the heartbeat of our mining operations. Our team is dedicate
Slide 13: Our Energy Expertise Drives Sophisticated Power Management
13 NASDAQ: CLSK All Rights Reserved. “By running at max operating power when electricity costs are lowest, and optimizing when electricity costs are higher, we have been able to achieve some of the best margins in the industry, all while maintaining one of the highest realized hashrates in North Ame
Slide 14: Positioned to Accumulate Rapid Gains as We Scale
$20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 300 EH/s $44m $65m $86m $107m $128m $149m $171m 5.3% 325 EH/s $37m $57m $76m $96m $115m $135m $154m 4.9% 350 EH/s $31m $50m $68m $86m $104m $122m $140m 4.6% 375 EH/s $27m $44m $60m $77m $94m $111m $128m 4.3% 400 EH/s $22m $38m $54m $70m $86m $1
Slide 15: Bitcoin Mining Data Centers
15 NASDAQ: CLSK All Rights Reserved. Dalton, Georgia .8 EH/s Massena, New York 1.6 EH/s Copyright 2023 CleanSpark | Bitcoin Mining Data Centers *Hashrate as of November 30, 2023. College Park, Georgia 1.5 EH/s Sandersville, Georgia 2.4 EH/s Washington, Georgia 3.2 EH/s Norcross, Georgia .5 EH/s
Slide 16: Georgia: the Best State to Mine Bitcoin
Why We Love Georgia: 16 NASDAQ: CLSK All Rights Reserved. Best State for Business 9 years in a row – Area Development, 2022 Competitive Fiscal and Tax Structure Ranked 8 for corporate tax climate – Tax Foundation, 2023 Educated and Growing Workforce McKinsey Global Institute Analysis, 2022 Temperate
Slide 17: Community Impact
$145+ million in capital commitments over five years in Gwinnett county $2.5+ million in local sales tax across Georgia (FYTD) Supporting renewable generation with Georgia's Flex REC program Chamber Memberships: Georgia, Washington-Wilkes, Washington, Las Vegas, Henderson, Chamber of Digital Commerc
Slide 18: Our Facilities
*As of November 30, 2023 Hashrate No. of Machines MW Uptime Square Footage Utility Provider 1.5 EH/s 12,022 38 99.82% 261,360 MEAG/Georgia Power .5 EH/s 4,289 17.7 99.94% 317,988 Georgia Power 3.2 EH/s 25,840 82 98.83% 1,176,120 MEAG 2.4 EH/s 23,600 72 98.53% 1,437,480 MEAG .8 EH/s 6,114 20 99.70% 8
Slide 19: Investment Highlights
NASDAQ: CLSK All Rights Reserved. Efficiency Operational Leader Infrastructure First Profitable Operations Regional Expertise (Georgia) Clean Balance Sheet, Low Leverage As of November 30, 2023 26.4 J/Th September 30, 2023 $14.8m $761.6m Total Debt Total Assets 78% 22% Investment Highlights Septemb
Slide 21: Glossary of Terms
21 NASDAQ: CLSK All Rights Reserved. Word Definition CY Abbreviation for calendar year; refers to the timeframe of January 1, 2023, through December 31, 2023. EBITDA Abbreviation for earnings before interest, taxes, depreciation, and amortization; is a widely-used, non-GAAP measure of a company’s fi
Slide 22: Leaders of Teams and Industries
Natasha Betancourt Chief of Staff Taylor Monnig SVP, Mining Isaac Holyoak Chief Communications Officer Gary A. Vecchiarelli Chief Financial Officer Zach Bradford CEO & President S. Matthew Schultz Executive Chairman Bradley Audiss VP, Operations Scott Garrison SVP, Growth Joni McMillan VP, Organizat
Slide 24: Bitcoin & Traditional Assets ROI
24 NASDAQ: CLSK All Rights Reserved. Bitcoin Gold NASDAQ 100 S&P 500 2014 -58% -2% 19% 14% 2015 35% -11% 10% 1% 2016 125% 8% 7% 12% 2017 1331% 13% 33% 22% 2018 -73% -2% 0% -4% 2019 95% 18% 39% 3% 2020 301% 25% 49% 18% 2021 66% -4% 27% 29% 2022 -66% -1% -33% -18% 2023 YTD 127% 11% 36% 18% 2014-23 Ann
Slide 25: Quarterly Income Statement FY2023
Q1-23 December 31, 2022 Q2-23 March 31, 2023 Q3-23 June 30, 2023 Q4-23 September 30, 2023 FYE-23 September 30, 2023 Revenue, net Bitcoin mining revenue, net $ 27,746 42,488 45,427 52,460 $ 168,121 Other services revenue 73 58 96 60 287 Total revenue, net $ 27,819 42,546 45,523 52,520 $ 168,408 Costs
Slide 26: Quarterly Net Loss FY2023
Q1-23 December 31, 2022 Q2-23 March 31, 2023 Q3-23 June 30, 2023 Q4-23 September 30, 2023 FYE-23 September 30, 2023 Loss before income tax expense (30,488) (18,166) (14,117) (68,532) (131,303) Income tax expense - - - 857 857 Loss from continuing operations $ (30,488) (18,166) (14,117) (69,389) $ (1
Slide 27: Quarterly Income Statement FY2022
Q1-22 December 31, 2021 Q2-22 March 31, 2022 Q3-22 June 30, 2022 Q4-22 September 30, 2022 FYE-22 September 30, 2022 Revenue, net Bitcoin mining revenue, net $ 36,975 $ 36,965 $ 30,942 $ 26,118 $ 131,000 Other services revenue 150 233 87 55 525 Total revenue, net $ 37,125 $ 37,198 $ 31,029 $ 26,173 $
Slide 28: Quarterly Net Income FY2022
Q1-22 December 31, 2021 Q2-22 March 31, 2022 Q3-22 June 30, 2022 Q4-22 September 30, 2022 FYE-22 September 30, 2022 Income (loss) before income tax expense $ 15,644 $ 2,032 $ (16,611) $ (41,154) $ (40,089) Income tax expense - - - - - Income (loss) from continuing operations 15,644 2,032 (16,611) (4
Slide 29: Balance Sheet: Assets
September 30, 2023 September 30, 2022 Assets Current assets Cash and cash equivalents $ 29,215 $ 20,463 Accounts receivable, net 5 27 Inventory 809 216 Prepaid expense and other current assets 12,034 7,931 Bitcoin 56,241 11,147 Derivative investment asset 2,697 2,956 Investment in debt security, AFS
Slide 30: Balance Sheet: Liabilities and Equity
September 30, 2023 September 30, 2022 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $ 65,577 $ 24,662 Current portion of operating lease liability 181 113 Current portion of finance lease liability 130 260 Current portion of long-term loans payable
Slide 31: Facility: College Park
31 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Facility: College Park CleanSpark's first ever bitcoin mining facility is in College Park, Georgia. It sits on six acres near the Hartsfield-Jackson Atlanta International Airport and features at its heart 48 new generation air-cooled p
Slide 32: Facility: Norcross
32 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Facility: Norcross An 87,000-square-foot data center in Norcross was purchased and transformed into CleanSpark's second Bitcoin mining facility. Situated on over seven acres, the immersion-cooled site participates in Georgia’s Flex REC
Slide 33: Facility: Washington
33 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Facility: Washington Nestled between Augusta and Athens, the historic town of Washington is home to CleanSpark’s third bitcoin mining facility. It was purchased during the summer 2022 bear market from another bitcoin miner as an alread
Slide 34: Facility: Sandersville
34 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Facility: Sandersville CleanSpark’s fourth bitcoin mining site (and second to be purchased during the summer 2022 bear market) is the largest facility in our portfolio. The turnkey operation in Sandersville was acquired from another bi
Slide 35: Facility: Dalton
35 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Facility: Dalton Dalton marks CleanSpark's fifth campus in Georgia. We collaborate closely with the local utility, which is owned and operated by the City of Dalton. This campus is unique, being made of two separate sites a few miles f
Slide 36: Facility: Co-locations
36 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | Facility: Co-locations Most of CleanSpark’s hashrate comes from the bitcoin mining locations that we own and operate. However, we also co-locate some of our machines at Coinmint in Massena, New York. The facility runs on hydroelectric
Slide 37: Adjusted EBITDA Non-GAAP Note
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 non-cash operatin

CleanSpark — Investor Presentation (December 2023) on 6ix

Cleanspark — Investor Presentation (December 2023)

Slide 1: Investor Presentation December 2023

Slide 2: Forward-Looking Statements

Slide 3: CleanSpark is America's Bitcoin Miner

Slide 4: With a Proven Track Record of Strategic Growth

Slide 5: A Track Record of Never Letting a Bear Market Go to Waste

Slide 6: A Track Record of Pragmatically Growing our Bitcoin Balance

Slide 7: A Track Record of Being a Top Bitcoin Producer

Slide 8: Bitcoin vs Gold and Fiat Currency

Slide 9: Best Operators in the Industry

Slide 10: Leaders in Efficiency

Slide 11: Building Proprietary Infrastructure

Slide 12: Extraordinary People

Slide 13: Our Energy Expertise Drives Sophisticated Power Management

Slide 14: Positioned to Accumulate Rapid Gains as We Scale

Slide 15: Bitcoin Mining Data Centers

Slide 16: Georgia: the Best State to Mine Bitcoin

Slide 17: Community Impact

Slide 18: Our Facilities

Slide 19: Investment Highlights

Slide 20: Appendix

Slide 21: Glossary of Terms

Slide 22: Leaders of Teams and Industries

Slide 23: Other Resources

Slide 24: Bitcoin & Traditional Assets ROI

Slide 25: Quarterly Income Statement FY2023

Slide 26: Quarterly Net Loss FY2023

Slide 27: Quarterly Income Statement FY2022

Slide 28: Quarterly Net Income FY2022

Slide 29: Balance Sheet: Assets

Slide 30: Balance Sheet: Liabilities and Equity

Slide 31: Facility: College Park

Slide 32: Facility: Norcross

Slide 33: Facility: Washington

Slide 34: Facility: Sandersville

Slide 35: Facility: Dalton

Slide 36: Facility: Co-locations

Slide 37: Adjusted EBITDA Non-GAAP Note

Slide 38: All Rights Reserved. Copyright 2023 CleanSpark