CleanSpark, Inc. · NASDAQ:CLSK
CleanSpark — Investor Presentation (May 2022)
30 slides from CleanSpark's investor presentation, May 2022
Slide 1: Investor Presentation May 2022
Investor Presentation May 2022
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. But mining is very energy intensive, so maintaining this increasingl
Slide 4: What Do Miners Do?
What Do Miners Do? Bitcoin wallet Bitcoin wallet transaction transaction CleanSpark & other decentralized miners support and verify the network
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 sources for our energy use that are primarily renewable context of global hashrate, it determines how much & carbon-free; we participate in local r
Slide 7: Operational Highlights
Revenue Operational Highlights 80 MW Current Operational Power* 529 MW Under Development or Contracted* 10.75 BTC Avg Daily Production* ~24,000 Machines Operating* Machines To Be Delivered* ~12,961 (expected by October 2022) *As of April 30, 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 Leave the have an important roleworld better to play than we found in decarbonizing it. our economy. We source sustainable energy and constantly optimize our operations to make them We We more efficient. carecollaborate about the environm
Slide 10: Build the infrastructure of the future
We care about the environment and believe that bitcoin miners Build the have an important infrastructure role of the future. to play in decarbonizing our economy. We source sustainable energy and constantly optimize our operations to make them We We more efficient. partner with the communities colla
Slide 11: Value growth for the greater good
We care about the environment and believe that bitcoin miners Value growth have an important role toforplaythe greater good.our economy. We in decarbonizing source sustainable energy and constantly optimize our operations to make them We We more efficient. use capital transparently collaborate becau
Slide 12: Current and Future Performance
Current and Future Performance
Slide 13: Bitcoin Mined and Hashrate Growth
Bitcoin Mined and Hashrate Growth 309 MW 609 MW 500 20 Contracted Lancium Option 450 18 400 16 Total Bitcoin Mined 350 14 Hashrate (EH/s) 300 318 313 12 305 276 250 10 226 200 216 218 8 189 193 150 6 147 100 4 73 50 60 2 56 56 42 45 0 0 t 2 1 21 22 21 23 1 2 21 21 1 22 21 21 21 21 22 21 en l2 r2 r2
Slide 14: Future ASIC Miners Deliveries
Revenue Future ASIC Miners Deliveries $66.8m Future Deliveries Previously Funded $20.4m Remaining $ Commitments 12,961 Machines to be Delivered 1.3 EH/s Hash Rate to be Delivered All amounts as of March 31, 2022.
Slide 15: Our Facilities
Our Facilities Facility College Park Norcross Co-Locations Type Owned Owned Hosted Capacity 47 MW 20 MW 542 MW** Operational 41 MW 6 MW 33 MW Clean Energy* 95% 100% 99% *Percentage indicates energy mix comprised of non-carbon producing energy sources, including solar, wind, hydro, and nuclear, based
Slide 16: Recent Financial Performance (as reported in US GAAP)
Recent Financial Performance (as reported in US GAAP) Revenue Gross Profit $41.64m $29.50m 0.01 70.8% 4.59 $8.12m $6.58m 1.31 36.97 81.0% 29.5 0.09 6.72 6.58 Q2 2021 Q2 2022 Q2 2021 Q2 2022 $41.64m $32.44m $41.24m 0.01 $29.50m 0.30 78.7% 70.9% 3.97 4.60 32.44 29.5 36.97 36.97 Q1 2022 Q2 2022 Q1 2022
Slide 17: Recent Financial Performance (Continued)
Recent Financial Performance (Continued) Net Income/Loss Adjusted EBITDA $22.51m $7.40m 58.1% 91.1% $(0.17m) $1.90m 23.4% Q2 2021 Q2 2022 Q2 2021 Q2 2022 $24.24m $14.49m 58.8% $22.51m 35.1% 54.1% $(0.17m) Q1 2022 Q2 2022 Q1 2022 Q2 2022 NASDAQ: CLSK
Slide 18: Hashrate Landscape
Hashrate Landscape 4.7 3.9 3.3 2.58 In EH/s 2.4 2.15 1.6 1.6 1.04 0.552 RIOT MARA BITF HUT CLSK HIVE ARBK GREE IREN BTBT Note: Hashrate as of 4/30/2022, Hashrate Index.
Slide 19: Market Cap Landscape
Market Cap Landscape $986 $826 In Millions $509 $441 $364 $332 $287 $219 $199 $119 MARA RIOT HUT BITF HIVE IREN ARBK CLSK GREE BTBT Note: Market cap as of 5/19/2022, Nasdaq.
Slide 20: CleanSpark is a sustainable bitcoin miner transforming how bitcoin is mined
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 80MW operational, with 529MW under development
Slide 21: Appendix
Appendix
Slide 22: Management Team
Management Team Zachary K. Bradford Gary A. Vecchiarelli Rachel Silverstein S. Matthew Schultz CEO, President and Director Chief Financial Officer SVP of Compliance and General Counsel Executive Chairman and Director
Slide 23: Income Statement FY22
Income Statement FY22 Q1-22 Q2-22 6-Months Ended December 31, 2021 March 31, 2022 March 31, 2022 Revenue, Net Digital Currency Mining Revenue, Net 36,974,578 36,965,739 73,940,317 Energy Hardware, Software and Services Revenue 3,970,210 4,585,971 8,556,181 Other Services Revenue 297,181 86,282 383,4
Slide 24: Income Statement FY22 (cont'd)
Income Statement FY22 (cont’d) Q1-22 Q2-22 6-Months Ended December 31, 2021 March 31, 2022 March 31, 2022 Income (loss) before income tax (expense) or benefit 14,485,755 (170,735) 14,315,020 Income tax (expense) or benefit - - - Net income (loss) 14,485,755 (170,735) 14,315,020 Other comprehensive i
Slide 25: Income Statement FY21
Income Statement FY21 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 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 1,213,870 891,96
Slide 26: Income Statement FY21 (cont'd)
Income Statement FY21 (cont’d) Q1-21 Q2-21 Q3-21 Q4-21 FY-21 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 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 - - - - -
Slide 27: Balance Sheet
Balance Sheet March 31, 2022 (Unaudited) September 30, 2021 Assets Current assets Cash and cash equivalents, including restricted cash $1,912,947 $18,040,327 Accounts receivable, net $6,836,253 $2,619,957 Inventory $1,259,423 $2,672,744 Prepaid expense and other current assets $10,316,242 $5,129,047
Slide 28: Balance Sheet (cont'd)
Balance Sheet (cont’d) March 31, 2022 (Unaudited) September 30, 2021 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $21,385,732 $7,975,263 Contract liabilities $188,929 $296,964 Operating lease liability $321,600 $256,195 Finance lease liability $34
Slide 29: 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 30: CleanSpark + for a better world
CleanSpark + for a better world.