CleanSpark, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • First Profitable Quarter: CleanSpark reported a net income of $7.4 million for Q2 FY2021, a significant turnaround from a $5.8 million loss in Q2 FY2020.
  • Revenue Growth: Consolidated revenue reached $10.4 million for the six months ended March 31, 2021, surpassing total revenue of full fiscal year 2020. Q2 revenue alone totaled $8.2 million, with:
    • Bitcoin Mining: $6.7 million (82% of quarterly revenue)
    • Energy Segment: $1.1 million (down from $3.4 million YoY due to delayed commercial projects)
    • Digital Agency (p2klabs): $426,000
  • Profit Margins and Costs:
    • Cost of revenue decreased from $2.9 million to $1.5 million YoY for Q2
    • Bitcoin mining operates with over 85% margins and costs <$6,000 per Bitcoin
    • Energy business targets ~30% margins
  • Bitcoin Mining Expansion:
    • Current capacity: 330 PH/s; Expected to reach 400 PH/s within a month
    • Targeting >1.2 EH/s by September 2021; >3.2 EH/s by September 2022
    • Potential annual revenue (at $57,000 BTC): $145–$185 million (1.2 EH/s); $370–$415 million (3.2 EH/s)
    • 95% carbon neutral operations—aiming to be fully carbon neutral

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Natasha Betancourt: Welcome everyone On behalf of CleanSpark, Inc. I welcome you to our Second Quarter 2021 Financial Results Conference Call. My name is Natasha Betancourt. I'm CleanSpark's Chief of Staff. With us today with prepared remarks are CleanSpark's Chief Executive Officer, Zach Bradford; and Lori Love, our Chief Financial Officer. Before beginning, I would like to remind everyone that with the exception of historical information, the matters discussed in this presentation are forward-looking statements that involve a number of risks and uncertainties. The actual results of the company could differ significantly from those statements. Factors that can cause or contribute to such differences include, but are not limited to continued demand for the company's products, competitive factors, the company's ability to achieve future growth, the company's ability to produce and market new products in a timely fashion, the company's ability to continue to attract and retain skilled personnel and the company's ability to sustain or improve the current levels of productivity. These forward-looking statements are subject to risk and uncertainties and actual results may vary – differ materially. When used in this call, the words anticipate, could, estimate, intend, expect, believe, potential, will, should, project and similar expressions as they relate to CleanSpark, Inc. are as such a forward-looking statement. Investors are cautioned that all forward-looking statements involve

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional