CleanSpark, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Covered: January 1 – March 31, 2024
  • Revenue: $111.8 million (Up 52% QoQ, Up 163% YoY)
  • Adjusted EBITDA: $181.8 million (Up 163% QoQ, 12x YoY)
  • Net Income: $126.7 million or $0.59 EPS (Q2 FY2023: -$18.5 million or -$0.23 EPS; Q1 FY2024: $26 million or $0.14 EPS)
  • Bitcoin Production: Strong output despite increased global hashrate; growth outpaced global network
  • Total Hashrate: Over 17 EH/s (Up from 6.7 EH/s YoY; +63% YTD)
  • Total Machines Deployed: 134,000 (Up from 68,000 YoY)
  • Cash & Liquidity: $681 million total liquidity, including $323 million cash and 5,021 BTC valued at $358 million
  • Debt Levels: Less than $13 million in loans payable
  • Hash Cost: Current ~$32 per TH; Expected to decline below $28 with deployment of S21 Pro miners
  • Strategic Additions: Acquired 100,000 S21 Pro miners, gaining 3.4 EH/s at same cost/TH as prior purchase
  • New Expansion: Two sites in Wyoming (45MW + 30MW) targeting combined 4.2 EH/s, operational by H2 2024; potential expansion to 130MW / 7.4 EH/s
  • Facility Portfolio: 8 owned/operated data centers in Georgia and Mississippi; colocation in New York

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Operator: Ladies and gentlemen, good afternoon. My name is Regina and I will be your conference operator today. I would like to welcome everyone to CleanSpark's Second Quarter Fiscal Year 2024 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the floor over to Isaac Holyoak, Chief Communications [Technical Difficulty] Isaac Holyoak: Thanks, Regina. Appreciate it, and thank you for joining us today for our second quarter fiscal year financial results call covering the period January 1st, 2024 through March 31st, 2024. Our press release was issued earlier this morning and is available on our website at www.cleanspark.com. Today's call is also being webcast and a replay and transcript will be available on our website. On the call with me are 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 business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our most recently filed Annual Report. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which

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