CleanSpark, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Covered: October 1, 2022 – December 31, 2022
  • Core Focus: Bitcoin mining using proprietary data centers and optimization strategies for operational efficiency and scalability.

Key Performance Highlights

  • Bitcoin Production: 1,531 BTC mined, a 131% increase year-over-year (YoY) compared to 660 BTC in Q1 FY2022. Quarter-over-quarter (QoQ) increase of 25%.
  • Network Hashrate: Began Q1 with 4.2 EH/s, increased by 48% to 6.2 EH/s by quarter end. As of the call, hashrate at 6.6 EH/s.
  • Machines Running: 63,700 miners active as of December 31, 2022.
  • Energy Efficiency: Fleet operated at 31W per terahash, better than peers (>40W/TH). Immersion-cooled facility being leveraged for further optimizations.
  • Infrastructure Expansion:
    • Sandersville (GA): Acquired 80MW facility in Oct 2022. Expansion to add 150MW by end of 2023, increasing site capacity to 230MW / ~7 EH/s.
    • Washington (GA): 50MW expansion underway. Expected 1.9 EH/s increase by end of June 2023.
  • Growth Guidance: Reiterated objective of reaching 16 EH/s by year-end 2023.

Financial Highlights

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Operator: Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. [Operator Instructions] At this time, I would like to turn the conference over to Isaac Holyoak, Chief Communications Officer. Please go ahead. Isaac Holyoak: Thanks, Audra, and thank you for joining us today for CleanSpark's Fiscal First Quarter Financial Results Call covering the period October 1, 2022, through December 31, 2022. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com/investors. Today's call is also being webcast, and a replay and transcript will be available on our website. I'm here with Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our businesses as we see them today. As described in our SEC filings and on our website, those elements may change as the world changes. We will also discuss certain non-GAAP financial measures about our performance during today's call. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. It is now my pleasure to turn the call over to Zach. Zach Bradford: Thanks, Isaac. Good afternoon, and thank you for joining our call. The last time we spoke with you, we shared the results of our first fiscal

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