CleanSpark, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

CleanSpark Q4 & Fiscal Year 2022 Earnings Summary

  • Revenue: Revenue for FY2022 was $131.5 million, a 235% YoY increase from $49.4 million in FY2021.
  • Bitcoin Production: Mined 3,750 bitcoins in FY2022, up 320% from 892 in FY2021.
  • Adjusted EBITDA: $65.7 million for FY2022, up 500% YoY.
  • Hash Rate: Ended FY2022 at 4.16 EH/s, a 312% YoY increase; reached 5.8 EH/s as of call date and expects 6 EH/s by year-end 2022.
  • Mining Operations: Currently operating 4 owned & operated sites using 140 MW; expanded footprint through acquisitions (Washington and Sandersville).
  • Operational Efficiency: Average uptime >90%. CleanSpark focuses on margin maximization rather than bitcoin volume.
  • Balance Sheet: $31 million in total liquidity as of Sept 30; low leverage with $21.2 million in notes payable.
  • CapEx Outlook: Plans to build out 200 MW capacity at Washington & Sandersville. Budgeted $70M for infrastructure expansion.
  • Miner Purchase Outlook: Needs ~95,000 more miners to meet 2023 16 EH/s goal; strategy includes spot market purchases, optionality to purchase newer, more efficient models.

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Operator: Good afternoon. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the 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. At this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer. Isaac Holyoak: Thanks, Brent. And thank you for joining us today for CleanSpark’s fourth quarter and fiscal full year financial results call. 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 am 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 business as we see it 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 about 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. It is now my pleasure to turn the call over to Zach. Zach Bradford: Thanks, Isaac. Good afternoon and thank you for joining our cal

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