CleanSpark, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

CleanSpark Q2 FY2024 Earnings Summary (Quarter Ended March 31, 2024)

  • Revenue: $111.8 million, up 52% from Q1 FY2024 ($73.7M) and 163% year-over-year (Q2 FY2023).
  • Net Income: $126.7 million or $0.59 per share, compared with a net loss of $18.5 million or $0.23 per share in Q2 FY2023 and $26 million net income in Q1 FY2024.
  • Adjusted EBITDA: $181.8 million, up 163% quarter-over-quarter and 12x year-over-year. Excluding $120M in Bitcoin fair value gain, mining operations generated ~$60M in EBITDA (50% margin).
  • Bitcoin Holdings: 5,021 Bitcoin, up by over 2,000 BTC in the quarter. CleanSpark held nearly 100% of its production, highlighting its HODL strategy.
  • Hashrate and Fleet:
    • Operating capacity increased 63% in Q2, reaching 16.7 EH/s, compared to 10.1 EH/s in Q1.
    • Year-over-year growth from 6.7 EH/s in Q2 2023 (150%+ annual growth).
    • Current total capacity over 17 EH/s; 134,000 machines deployed.
    • Upgraded order from S21 to S21 Pros, adding 3.4 EH/s in hashrate (+17%) at no additional cost.
  • Efficiency: Hash cost currently around $32, expected to drop below $28 with full deployment of S21 Pros. Current hash price is around $50, supporting ongoing profitability.

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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 CleanSparks' 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 Officer. 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 1, 2024 through March 31, 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 is available on our

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