CleanSpark, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $42.5 million, up 14% YoY vs Q2 FY2022 ($37.3 million). Up over 50% quarter-over-quarter (Q1 FY2023: ~$28.3 million).
  • Bitcoin Production: 1,871 BTC mined, more than doubling YoY (Q2 FY2022: ~935 BTC). Up 22% from Q1 FY2023.
  • Adjusted EBITDA: $12.7 million. Down $7 million YoY due to lower BTC prices, but reversed prior quarter's negative $2 million adjusted EBITDA.
  • GAAP Net Loss: $18.5 million, compared to a slight loss YoY. Favorably decreased 36% QoQ (Q1 FY2023 loss: $28.9 million). Driven by ~$11 million increase in depreciation and $2.7 million legal reserve.
  • Average Revenue per BTC: $22,700 (Q2 FY2023) vs $41,000 (Q2 FY2022); vs $18,100 (Q1 FY2023).
  • Cost per Bitcoin Mined: $11,700 in Q2 vs $9,600 YoY; down 16% vs Q1 ($13,900).
  • Fleet Efficiency: Current average is 31 watts/TH; expected to improve to ≤26 watts/TH with incoming S19 XP machines.
  • Cash & Liquidity: $10.3 million cash and 196 BTC as of March 31 (~$15M liquidity); rose to 313 BTC by April 30, 2023.
  • Debt Reduction: Paid down 11% of debt in Q2; total long-term debt now $17.6 million.

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Operator: Good afternoon, my name is Jean-Louis and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. [Operator Instructions] Thank you. At this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer. Go ahead, sir. Isaac Holyoak: Thanks, JL and thank you for joining us today for CleanSpark's Fiscal Second Quarter Financial Results Call, covering the period January 1 2023 through March 31st, 2023. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com forward/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 concerning our performance during toady'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: Thank you, Isaac. Good afternoon and welcome to our second quarter earnings presentation. Thank you for joining us to learn more

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