We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. The forward-looking statements in this press release are only predictions. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations. ![]() In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. All statements other than statements of historical facts contained in this press release may be forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The webcast will be accessible for at least 30 days on the Company's website.Ī transcript of the call will be available on the Company’s website following the call. The Company will hold its first quarter 2022 earnings presentation and business update for investors and analysts today,February 9, 2022, at 2:00 p.m. The Company had working capital of $36.2 million and no long-term debt as of December 31, 2021. Total Stockholders’ Equity: $394.1 million.Total Mining assets (including prepaid deposits & deployed miners): $286.9m.Adjusted EBITDA1 was $24.1 million, increasing almost 700% from $3.6 million in the fourth quarter.īalance Sheet Highlights as of December 31, 2021 Net income for the first quarter was $14.5 million reversing a net loss of $(5.4) million in the fourth quarter. Revenues increased $14.1 million or 52% from the fourth quarter. The Company also saw substantial sequential revenues growth in the first quarter compared to the previous quarter.Adjusted EBITDA1 improved significantly to $24.1 million, compared to Adjusted EBITDA1 of $(2.7) million from the same prior year period.Net income for the three months ended Decemwas $14.5m or $0.35 basic income per share compared to a loss of $(7.2) million or $(0.32) loss per share for the same prior year period.The Company increased its quarterly revenues to $41.2 million, an increase of $38.9 million or 17x from $2.3 million for the same prior year period.CleanSpark also has zero long-term debt, and we will be looking to use our strong balance sheet and operating cash flows as a springboard for future growth expansion.”įinancial Results for the Three Months Ended December 31, 2021 “Gross margins remain high at almost 80%, and much of that profitability translates to the bottom line as we saw $14.5m of net income and $24.1m of Adjusted EBITDA, which represents net margins of approximately 35% and 58%, respectively. “Our strong financial results are evidence of the operating leverage of our business model,” said Gary A. We look forward to sharing our corporate vision on our first quarter earnings call and discussing the strategic pillars we believe are crucial to our long-term success.” ![]() Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents. “Given our success with bitcoin mining,” Bradford continued, “CleanSpark is considering strategic alternatives for our legacy energy business. ![]() “As of the date of this release, we have 20,900 machines in operation with a total hashrate exceeding 2.1 EH/s and producing approximately 10 bitcoin per day. “December 16th marked our one-year anniversary of sustainable bitcoin mining and since then we have brought the Company to record revenues and profit,” said Zach Bradford, CleanSpark’s Chief Executive Officer. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today reported financial results for the three months ended December 31, 2021. 09, 2022 (GLOBE NEWSWIRE) - CleanSpark, Inc.
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