CleanSpark, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

CleanSpark Fiscal Q1 2022 Earnings Summary

  • Revenue: Total Q1 2022 revenue rose to $41.2 million from $2 million in Q1 2021, a 1,960% year-over-year increase. Sequentially, revenue grew 52% from $27 million in Q4 2021.
  • Profit: Gross profit increased to $32 million from $930,000 in Q1 2021 (79% margin vs. 41% margin yoY). Sequentially, gross profit rose from $20 million in Q4 2021 (73% margin).
  • Net Income: Q1 2022 net income was $14.5 million, reversing a $7 million loss in Q1 2021 and a $5 million loss in Q4 2021.
  • Adjusted EBITDA: Positive $24 million, up from a $3 million loss in Q1 2021 and a $4 million profit in Q4 2021.
  • Bitcoin Mining Operations:
    • Mined 660 BTC in Q1 2022.
    • Ended the quarter with a hash rate of 1.9 EH/s, now over 2.1 EH/s post-quarter.
    • Operating 74 MW of power: 47 MW owned, 27 MW co-located; additional 20 MW under development.
    • Efficiency: $4,500 energy cost per BTC mined at company-controlled sites.
  • Liquidity:
    • $5.2 million in cash.
    • 633 BTC held with a book value of $30+ million.
    • $6-8 million raised from equity in Q1, used primarily for CapEx.

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Operator: Good afternoon, everyone and welcome to the CleanSpark Fiscal Year 2022 Q1 Earnings Call. [Operator Instructions] Please also note, today’s event is being recorded. At this time, I would like to turn the floor over to Rachel Silverstein, VP of Compliance and General Counsel. Rachel Silverstein: Welcome, everyone. On behalf CleanSpark, Inc., thank you for joining our first quarter financial results conference call for fiscal year 2022. My name is Rachel Silverstein and I am CleanSpark’s VP of Compliance and General Counsel. With us today with prepared remarks are CleanSpark’s Chief Executive Officer, Zach Bradford; and Gary Vecchiarelli, our Chief Financial Officer. On today’s call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that would cause actual results to materially differ from the these forward-looking statements are contained in today’s press release and in our filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During today’s call, we will also discuss certain non-GAAP financial measures in talking about our performance. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. With that, it is my pleasure to turn the call ove

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