CleanSpark, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

CleanSpark Fiscal Q3 2023 Earnings Summary

  • Quarter Period: April 1, 2023 – June 30, 2023
  • Revenue: $45.5M, up 47% YoY ($14.5M increase) and up 7% QoQ ($3M increase)
  • Gross Profit: $24.8M, up $4.4M QoQ
  • Gross Margin: Increased from 48% to 55% QoQ
  • Adjusted EBITDA: $13.3M, up 160% YoY ($8.2M increase); up 5% QoQ
  • Net Loss (GAAP): $14.2M, reduced compared to previous periods. Driven by $22M D&A expenses
  • Bitcoin Mined: Over 5,600 BTC mined FYTD through July 2023
  • Fleet Hash Rate: Operating over 9 EH/s; targeting 16 EH/s by year-end (currently fully funded)
  • Machine Fleet: ~90,000 deployed machines; 60,000 pending delivery — fully funded for 150,000 total
  • Fleet Efficiency: Currently ~29 J/TH, with expectations to improve to 25 J/TH when new hardware is online
  • All-In Power Cost: $0.041/kWh during Q3, down from $0.046/kWh QoQ (11% improvement). Wholesale power cost was $0.024/kWh
  • Balance Sheet (as of June 30):
    • $22M cash
    • 529 BTC (~$14M)
    • $650M+ total assets
    • Less than $18M in debt

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Operator: Ladies and gentlemen, good afternoon. My name is Abby and I'll be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's Fiscal Third Quarter Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. And at this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer. You may begin. Isaac Holyoak: Thanks, Abby, and thank you for joining us today for our fiscal third quarter financial results call, covering the period April 1, 2023, through June 30, 2023. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com/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 today's call. You can find the reconciliation of GAAP financial measures in our press release which is available on our website. And wi

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