CleanSpark Reports First Quarter FY2024 Financial Results

FY2024 First Quarter Revenue of $73.8 million, net income of $25.9 million and Adjusted EBITDA of $69.1 million  Revenue grows 165% year over year Current hashrate surpasses 12.5 EH/s LAS VEGAS, Feb. 8, 2024 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner, today reported financial results for the three months ended December […]

The post CleanSpark Reports First Quarter FY2024 Financial Results first appeared on Kaj News.

CleanSpark Reports First Quarter FY2024 Financial Results

Cyber News - Kaj News originally published at Cyber News - Kaj News

FY2024 First Quarter Revenue of $73.8 million, net income of $25.9 million and Adjusted EBITDA of $69.1 million 

Revenue grows 165% year over year

Current hashrate surpasses 12.5 EH/s

LAS VEGAS, Feb. 8, 2024 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner, today reported financial results for the three months ended December 31, 2023.

__________________________

1 See “Non-GAAP Measure” and the related reconciliation below.

CLEANSPARK, INC.
CONSOLIDATED BALANCE SHEETS
($ in thousands, except par value and share amounts)





December 31,
2023



September 30,
2023




(Unaudited)





ASSETS







Current assets







Cash and cash equivalents, including restricted cash


$

48,458



$

29,215


Accounts receivable, net






5


Inventory



732




809


Prepaid expense and other current assets



2,971




12,034


Bitcoin (See Note 2 and Note 5)



126,951




56,241


Derivative investment asset



1,454




2,697


Investment in debt security, AFS, at fair value



755




726


Current assets held for sale



384




445


Total current assets


$

181,705



$

102,172









Property and equipment, net


$

637,481



$

564,395


Operating lease right of use asset



647




688


Intangible assets, net



4,089




4,603


Deposits on miners and mining equipment



25,048




75,959


Other long-term asset



5,718




5,718


Goodwill



8,043




8,043


Total assets


$

862,731



$

761,578









LIABILITIES AND STOCKHOLDERS’ EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

33,415



$

65,577


Current portion of operating lease liability



176




181


Current portion of finance lease liability



96




130


Current portion of long-term loans payable



7,421




6,992


Dividends payable



579





Current liabilities held for sale



706




1,175


Total current liabilities


$

42,393



$

74,055


Long-term liabilities







Operating lease liability, net of current portion



474




519


Finance lease liability, net of current portion






9


Loans payable, net of current portion



7,047




8,911


Deferred income taxes



2,256




857


Total liabilities


$

52,170



$

84,351









Stockholders’ equity







Common stock; $0.001 par value; 300,000,000 shares authorized; 185,554,611
and 160,184,921 shares issued and outstanding, respectively



186




160


Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares;
2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively



2




2


Additional paid-in capital



1,113,248




1,009,482


Accumulated other comprehensive income



255




226


Accumulated deficit



(303,130)




(332,643)


Total stockholders’ equity



810,561




677,227









Total liabilities and stockholders’ equity


$

862,731



$

761,578


CLEANSPARK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited, in thousands, except per share and share amounts)




For the three months ended




December 31,
2023



December 31,
2022


Revenues, net







Bitcoin mining revenue, net


$

73,786



$

27,746


Other services revenue






73


Total revenues, net


$

73,786



$

27,819









Costs and expenses







Cost of revenues (exclusive of depreciation and amortization shown below)



28,896




20,416


Professional fees



1,572




2,831


Payroll expenses



15,321




9,802


General and administrative expenses



5,003




3,724


Loss on disposal of assets



677





Gain on fair value of bitcoin, net (see Note 2 and Note 5)



(36,041)





Other impairment expense (related to bitcoin)






83


Realized loss on sale of bitcoin






517


Depreciation and amortization



29,847




19,329


Total costs and expenses


$

45,275



$

56,702









Income (loss) from operations



28,511




(28,883)









Other income (expense)







Change in fair value of contingent consideration






485


Unrealized loss on derivative security



(1,243)




(1,271)


Interest income



586




70


Interest expense



(546)




(889)


Total other (expense) income


$

(1,203)



$

(1,605)









Income (loss) before income tax expense



27,308




(30,488)


Income tax expense



1,399





Income (loss) from continuing operations


$

25,909



$

(30,488)









Discontinued operations







Income from discontinued operations


$



$

1,457


Income tax expense







Income on discontinued operations


$



$

1,457









Net income (loss)


$

25,909



$

(29,031)









Preferred stock dividends



579












Net income (loss) attributable to common shareholders


$

25,330



$

(29,031)









Other comprehensive income



29




29









Total comprehensive income (loss) attributable to common shareholders


$

25,359



$

(29,002)


CLEANSPARK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)
(Unaudited, in thousands, except per share and share amounts)




For the three months ended




December 31,
2023



December 31,
2022


Income (loss) from continuing operations per common share – basic


$

0.14



$

(0.46)









Weighted average common shares outstanding – basic



178,809,264




66,395,174









Income (loss) from continuing operations per common share – diluted


$

0.14



$

(0.46)









Weighted average common shares outstanding – diluted



180,783,535




66,395,174









Income (loss) on discontinued operations per common share – basic


$



$

0.02









Weighted average common shares outstanding – basic



178,809,264




66,395,174









Income (loss) on discontinued operations per common share – diluted


$



$

0.02









Weighted average common shares outstanding – diluted



180,783,535




67,400,334


CLEANSPARK, INC.
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited, in thousands)




Three Months Ended December 31,




2023



2022


Net income (loss)


$

25,909



$

(29,031)


Adjustments:









Loss on discontinued operations


$



$

(1,457)


Depreciation and amortization



29,847




19,329


Share-based compensation expense



9,953




5,878


Change in fair value of contingent consideration






(485)


Unrealized loss on derivative security



1,243




1,271


Interest income



(586)




(70)


  Interest expense



546




889


  Loss on disposal of assets


677




  Income tax expense


1,399




  Other2


102



1,705


Total Adjusted EBITDA


$

69,090



$

(1,971)