CleanSpark, Inc. Q2 FY2022 Earnings Call
· Earnings call transcript and AI-powered summary
CleanSpark Fiscal Q2 2022 Earnings Summary
Operational Highlights
- Record Bitcoin Production: 899 Bitcoins mined, a 36% increase over Q1 FY2022.
- Average Daily Production: Over 10 BTC/day, up from prior quarter.
- Infrastructure Growth: Line of sight on 600MW of power, enough to support up to 20 EH/s.
- Financing: Secured $35M non-dilutive financing from Trinity Capital post quarter-end.
- Employee Compensation: Raised wages for mining techs above industry norms and launched equity participation programs.
- Norcross Facility: Progressing towards 100% operational status with immersion cooling setup.
- Energy Segment Update: Still evaluating strategic options, considering a full pivot toward mining operations.
Financial Performance (Compared to Q2 FY2021)
- Total Revenue: $41.6M (up 414% from $8.1M in Q2 FY2021).
- Digital Currency Segment: $37M in revenue driven by mining growth.
- Energy Segment: $4.6M (vs. $1.3M last year), driven by Solar Watt acquisition.
- Gross Profit: $29.5M vs. $6.6M last year.
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