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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Operator: Good afternoon and welcome to the CleanSpark Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would like to turn the floor over to Rachel Silverstein, Senior VP of Compliance and General Counsel. Rachel Silverstein: Welcome everyone. On behalf CleanSpark, Inc., thank you for joining our second quarter financial results conference call for fiscal year 2022. 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 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 about our performance. You can find the reconciliation of GAAP financial measures in our press release, which is in our 8-K and will be posted on our website during this call. With that, it is my pleasure to turn the call over to our CEO, Zach Bradford. Zach B

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