CleanSpark, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Covered: October 1, 2022 – September 30, 2023
  • Revenue: $168.4 million, up 28% from $131.4 million in FY 2022
  • Bitcoin Mined: 6,902, an increase of 84% from 3,750 in FY 2022
  • Gross Margin: Averaged 42%
  • Net Loss: $137 million, impacted by noncash charges including $32.7 million accelerated depreciation
  • Adjusted EBITDA: Decreased compared to FY 2022 due to drop in average Bitcoin price
  • Bitcoin Holdings: Increased 300% in Q4 alone to 2,240 BTC; currently nearly 2,600 BTC (~$100 million in value)
  • Liquidity: $170 million total (including ~$70 million cash and ~$100 million Bitcoin)
  • Hashrate: Surpassed 10 EH/s; aiming to exceed 20 EH/s after full deployment of S21s in 2024
  • Fleet Efficiency: 26.4 J/TH currently; expected to improve to 25.2 J/TH and eventually under 24 J/TH post S21 installation
  • Expansion Projects:
    • Sandersville: 150 MW expansion nearing completion, online in early 2024, adds >6 EH/s
    • Dalton: Adding 15 MW capacity, expected to cost <$5 million, supports 4,320 S21s

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Operator: Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's Fiscal Full Year 2023 Financial Results Conference Call. [Operator Instructions] And at this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer. You may begin. Isaac Holyoak : Thank you, Krista, and thank you for joining us today for our Fiscal Full Year Financial Results Call, covering the period October 1, 2022, through September 30, 2023. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com. So we expect to file our Form 10-K tomorrow. 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. The statement and information provided remains 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 website. And with that, it is my pleasure to turn the call over to Zach. Zach Bradford: Thank you, I

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