CleanSpark, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ending: June 30, 2021
  • Date of Call: August 16, 2021
  • CEO: Zach Bradford
  • CFO: Lori Love

Financial Highlights

  • Q3 Revenue: $11.9 million — Up 250% compared to Q3 FY2020
  • YTD (9 months) Revenue: $22.3 million — Up 176% compared to same period FY2020
  • Digital Currency Mining Revenue (Q3): $8.6 million (73% of total revenue) — Increased $1.9 million or 22% from Q2 FY2021
  • Energy Revenue (Q3): $2.9 million (24% of total revenue) — Up $1.8 million or 61% from Q2 FY2021
  • Other Revenues (Q3): $400,000
  • Q3 Net Loss: $16.7 million — Compared to $8.6 million Q3 FY2020
  • EPS (Basic): Loss of $0.60 per share — Improved from $2.32 loss per share in Q3 FY2020
  • Working Capital: $36.2 million
  • Net Assets: $281.8 million — 17x increase since start of FY2021
  • Cash on Hand: $22.2 million
  • Inventory: $4 million
  • Mining Equipment: $62.4 million (installed and hashing)
  • Deposits on Future Mining Equipment: $125.8 million

Operational Highlights

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Rachel Silverstein: Welcome everyone. On behalf CleanSpark Inc., I welcome you to our Third Fiscal Quarter financial results conference call. My name is Rachel Silverstein, I'm CleanSpark 's VP of compliance and General Counsel. 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 as defined within federal securities laws. Investors are cautioned that these forward-looking statements involve a number of risks and uncertainties. The actual results of the Company could differ materially 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, regulatory developments, changes in Bitcoin difficulty rates, the Company's ability to achieve future growth, the Company's ability to produce and market new products in a timely fashion, uncertainties surrounding the pandemic, 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. Forward-looking statements may include words such as anticipate, could, estimate, intend, expect, belief, potential, will, should, project, and similar expressions. Further information

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