Second quarter revenue of $42.5
million, GAAP net loss of $(18.5)
million and Adjusted EBITDA of $12.7
million; Mined 1,871 Bitcoin, a 109% increase
over same prior year period
LAS
VEGAS, May 10, 2023 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin
Miner™, today reported financial results for the three and six
months ended March 31, 2023.
CleanSpark mined 1,871 bitcoin in its
fiscal 2023 second quarter, a 109% increase over same prior year
period.
"This has been a quarter of execution as we've made major
progress toward achieving our stated year-end target of 16 EH/s,"
said Chief Executive Officer Zach
Bradford. "Our planned expansions are proceeding according
to timelines, with Washington
expected to be fully operational next month and with the
Sandersville land already graded and ready to start construction.
Importantly, we've acquired 99% of the machines, either under
contract or in transit, to fill these facilities. The addition of
these machines into our fleet, most of which are Bitmain's XPs, are
expected to make us one of the most efficient miners on the
network, positioning us to take optimal advantage of halving next
year."
"The rebound in bitcoin prices translated to
greater gross profit margins and cash flow in the second quarter,"
said Chief Financial Officer Gary A.
Vecchiarelli. "Our increased gross profit margins and stable
cost structure resulted in 30% adjusted EBITDA margins and will
also help grow our bitcoin balance going forward."
Q2 Financial Highlights
Financial Results for the Three Months Ended March 31, 2023
- Revenues for the quarter were $42.5
million, an increase of $5.3
million, or 14%, from $37.2
million for the same prior year period.
- The Company recognized a GAAP net loss for the three months
ended March 31, 2023, of $(18.5) million, compared to a GAAP net loss of
$(0.2) million for the same prior
year period.
- Adjusted EBITDA* decreased to $12.7
million, compared to Adjusted EBITDA of $19.6 million from the same prior year
period.
- The Company saw sequential revenues increase in the second
quarter of fiscal 2023 compared to the fiscal quarter ended
December 31, 2022. Revenues increased
$14.7 million, or 53%, from the
preceding first quarter. GAAP net loss for the second quarter was
$(18.5) million, decreasing
$10.5 million from the first quarter
GAAP net loss of $(29.0) million.
Adjusted EBITDA was $12.7 million,
compared to $(1.9) million in the
preceding first quarter.
Balance Sheet Highlights as of March
31, 2023
Assets
- Cash: $10.3M
- Bitcoin: $5.3M
- Total Current Assets: $32.9M
- Total Mining Assets (including prepaid deposits & miners,
net of accumulated depreciation): $367.9M
- Total Assets: $531.6M
Liabilities and Stockholders' Equity
- Current Liabilities: 41.3M
- Total Liabilities: 57.7M
- Total Stockholders' Equity: 473.9M
The Company's liquidity, in cash and bitcoin, was
approximately $15.6 million as of
March 31, 2023. The Company's
debt totaled $17.6 million at
March 31, 2023, as the Company paid
down $1.9 million or approximately
11% of its outstanding debt in the second quarter.
*See "Non-GAAP Measure" and "Reconciliation of Adjusted EBITDA"
below.
Investor Conference Call and Webcast
The Company will hold its second quarter 2023 earnings
presentation and business update for investors and analysts today,
May 10, 2023, at 1:30 p.m. PT / 4:30 p.m.
ET.
Webcast URL:
https://www.cleanspark.com/investor-relations/clsk-earnings
The webcast will be accessible for at least 30 days on the
Company's website and a transcript of the call will be available on
the Company's website following the call.
About CleanSpark
CleanSpark (NASDAQ: CLSK) is America's Bitcoin
Miner. Since 2014, we've helped people achieve energy independence
for their homes and businesses. In 2020, we transitioned that
expertise to develop sustainable infrastructure for
Bitcoin, an essential tool for financial independence
and inclusion. We strive to leave the planet better than we found
it by sourcing and investing in low-carbon energy, like wind,
solar, nuclear, and hydro. We cultivate trust and transparency
among our employees, the communities we operate in, and the people
around the world who depend on Bitcoin. CleanSpark
holds the 44th spot on the Financial Times' 2022 List of the 500
Fastest Growing Companies in the Americas and ranks thirteenth on
Deloitte's Fast 500. For more information about CleanSpark, please
visit our website at www.cleanspark.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding expectations for growth in the
Company's bitcoin holdings and other statements
regarding the Company's expectations, beliefs, plans, intentions,
and strategies. The Company has tried to identify these
forward-looking statements by using words such as "expect,"
"anticipate," "believe," "could," "should," "estimate," "intend,"
"may," "will," "plan," "goal" and similar terms and phrases, but
such words, terms and phrases are not the exclusive means of
identifying such statements. We have based these forward-looking
statements largely on the Company's current expectations and
projections about future events and financial trends that we
believe may affect the Company's business, financial condition and
results of operations. Forward-looking statements involve known and
unknown risks, uncertainties and other important factors that may
cause the Company's actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to: the success of the
Company's bitcoin mining activities; the volatility of
bitcoin value and energy prices; disruptions in the
crypto asset markets; market perception of the
Company's business and the crypto asset markets
generally; increasing difficulty rates for bitcoin
mining; bitcoin halving; new or additional
governmental regulation; the anticipated delivery dates of new
miners; the ability to successfully deploy new miners; the
dependency on utility rate structures and government incentive
programs; dependency on third-party power providers for expansion
efforts and power rates; the ability to successfully integrate
newly acquired operations; the risk that future revenue growth may
not be realized; the impact of global pandemics (including
COVID-19) and inflation on logistics and shipping; security and
cybersecurity threats and hacks; and other risks described in the
Company's prior press releases and in its filings with the
Securities and Exchange Commission (SEC), including under the
heading "Risk Factors" in the Company's Annual Report on Form 10-K
and any subsequent filings with the SEC. The forward-looking
statements in this release are inherently uncertain, and investors
are cautioned not to unduly rely upon these statements. We
undertake no obligation to revise or update these forward-looking
statements or any of the foregoing factors, except as expressly
required by applicable law.
Non-GAAP Measure
The Company presents adjusted EBITDA, which is not a measurement
of financial performance under generally accepted accounting
principles in the United States
("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i)
impacts of interest, taxes, and depreciation; (ii) the Company's
share-based compensation expense, unrealized gains/losses on
securities, and, changes in the fair value of contingent
consideration with respect to previously completed
acquisitions, all of which are non-cash items that the
Company believes are not reflective of the Company's general
business performance, and for which the accounting requires
management judgment, and the resulting expenses could vary
significantly in comparison to other companies; (iii) non-cash
impairment losses related to long-lived assets (including
goodwill); (iv) realized gains and losses on sales of equity
securities, the amounts of which are directly related to the
unrealized gains and losses that are also excluded; (v) legal fees
related to litigation and various transactions, which fees
management does not believe are reflective of the Company's ongoing
operating activities; (vi) gains and losses on disposal of assets,
the majority of which are related to obsolete or unrepairable
machines that are no longer deployed; (vii) gains and losses
related to discontinued operations that would not be applicable to
the Company's future business activities; and (viii) severance
expenses. The Company previously excluded non-cash impairment
losses related to digital assets and realized gains and losses on
sales of bitcoin from our calculation of adjusted
EBITDA, but has determined such items are part of the Company's
normal ongoing operations and will no longer be excluding them from
our calculation of adjusted EBITDA.
Management believes that providing this non-GAAP financial
measure that excludes these items allows for meaningful comparisons
between the Company's core business operating results and those of
other companies, and provides the Company with an important tool
for financial and operational decision making and for evaluating
its own core business operating results over different periods of
time. In addition to management's internal use of non-GAAP adjusted
EBITDA, management believes that adjusted EBITDA is also useful to
investors and analysts in comparing the Company's performance
across reporting periods on a consistent basis. Management
believes the foregoing to be the case even though some of the
excluded items involve cash outlays and some of them recur on a
regular basis (although management does not believe any of such
items are normal operating expenses necessary to generate our
bitcoin related revenues). For example, the
Company expects that share-based compensation expense, which is
excluded from adjusted EBITDA, will continue to be a significant
recurring expense over the coming years and is an important part of
the compensation provided to certain employees, officers, and
directors. Additionally, management does not consider any of the
excluded items to be expenses necessary to generate the Company's
bitcoin related revenue.
The Company's adjusted EBITDA measure may not be directly
comparable to similar measures provided by other companies in
our industry, as other companies in the Company's industry may
calculate non-GAAP financial results differently. The Company's
adjusted EBITDA is not a measurement of financial performance under
GAAP and should not be considered as an alternative to operating
(loss) income or any other measure of performance derived in
accordance with GAAP. Although management utilizes internally and
presents adjusted EBITDA, the Company only utilizes that measure
supplementally and does not consider it to be a substitute for, or
superior to, the information provided by GAAP financial
results.
Accordingly, adjusted EBITDA is not meant to be considered in
isolation of, and should be read in conjunction with, the
information contained in the Company's Consolidated Financial
Statements, which have been prepared in accordance with GAAP.
CLEANSPARK,
INC.
CONSOLIDATED BALANCE
SHEETS
($ in thousands,
except par value and share amounts)
|
|
|
|
|
|
March 31,
2023
|
|
|
September 30,
2022
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
10,345
|
|
|
$
|
20,463
|
|
Accounts receivable,
net
|
|
|
47
|
|
|
|
27
|
|
Inventory
|
|
|
746
|
|
|
|
216
|
|
Prepaid expense and
other current assets
|
|
|
8,702
|
|
|
|
7,931
|
|
Bitcoin
|
|
|
5,267
|
|
|
|
11,147
|
|
Derivative investment
asset
|
|
|
1,741
|
|
|
|
2,956
|
|
Investment in debt
security, AFS, at fair value
|
|
|
668
|
|
|
|
610
|
|
Current assets held
for sale
|
|
|
5,390
|
|
|
|
7,426
|
|
Total current
assets
|
|
$
|
32,906
|
|
|
$
|
50,776
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
$
|
440,253
|
|
|
$
|
376,781
|
|
Operating lease right
of use asset
|
|
|
5,402
|
|
|
|
551
|
|
Intangible assets,
net
|
|
|
5,696
|
|
|
|
6,485
|
|
Deposits on mining
equipment
|
|
|
34,020
|
|
|
|
12,497
|
|
Other long-term
asset
|
|
|
4,640
|
|
|
|
3,990
|
|
Goodwill
|
|
|
8,043
|
|
|
|
—
|
|
Long-term assets held
for sale
|
|
|
593
|
|
|
|
1,545
|
|
Total assets
|
|
$
|
531,553
|
|
|
$
|
452,625
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
31,334
|
|
|
$
|
24,662
|
|
Operating lease
liability
|
|
|
119
|
|
|
|
113
|
|
Finance lease
liability
|
|
|
216
|
|
|
|
260
|
|
Contingent
consideration
|
|
|
2,000
|
|
|
|
—
|
|
Current portion of
long-term loans payable
|
|
|
7,248
|
|
|
|
7,786
|
|
Dividends
payable
|
|
|
21
|
|
|
|
21
|
|
Current liabilities
held for sale
|
|
|
344
|
|
|
|
1,199
|
|
Total current
liabilities
|
|
$
|
41,282
|
|
|
$
|
34,041
|
|
Long-term
liabilities
|
|
|
|
|
|
|
Operating lease
liability, net of current portion
|
|
|
5,522
|
|
|
|
447
|
|
Finance lease
liability, net of current portion
|
|
|
71
|
|
|
|
180
|
|
Loans payable, net of
current portion
|
|
|
10,371
|
|
|
|
13,433
|
|
Long-term liabilities
held for sale
|
|
|
426
|
|
|
|
512
|
|
Total
liabilities
|
|
$
|
57,672
|
|
|
$
|
48,613
|
|
CLEANSPARK,
INC.
CONSOLIDATED BALANCE
SHEETS (continued)
($ in thousands,
except par value and share amounts
|
|
|
|
|
|
March 31,
2023
|
|
|
September 30,
2022
|
|
|
|
(Unaudited)
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Common stock; $0.001
par value; 300,000,000 shares authorized; 96,950,555 and
55,661,337 shares issued and
outstanding, respectively
|
|
|
97
|
|
|
|
56
|
|
Preferred stock;
$0.001 par value; 10,000,000 shares authorized; Series A
shares; 2,000,000
authorized; 1,750,000 and 1,750,000 issued and outstanding,
respectively
|
|
|
2
|
|
|
|
2
|
|
Additional paid-in
capital
|
|
|
717,159
|
|
|
|
599,898
|
|
Accumulated other
comprehensive income
|
|
|
168
|
|
|
|
110
|
|
Accumulated
deficit
|
|
|
(243,545)
|
|
|
|
(196,054)
|
|
Total stockholders'
equity
|
|
|
473,881
|
|
|
|
404,012
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
531,553
|
|
|
$
|
452,625
|
|
CLEANSPARK,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(Unaudited, in
thousands, except per share and share amounts)
|
|
|
|
|
|
For the three months
ended
|
|
|
For the six months
ended
|
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
Revenues,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin mining
revenue, net
|
|
$
|
42,488
|
|
|
$
|
36,965
|
|
|
$
|
70,234
|
|
|
$
|
73,940
|
|
Other services
revenue
|
|
|
58
|
|
|
|
233
|
|
|
|
131
|
|
|
|
383
|
|
Total revenues,
net
|
|
$
|
42,546
|
|
|
$
|
37,198
|
|
|
$
|
70,365
|
|
|
$
|
74,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(exclusive of depreciation and amortization shown below)
|
|
|
22,082
|
|
|
|
8,684
|
|
|
|
42,498
|
|
|
|
14,320
|
|
Professional
fees
|
|
|
3,750
|
|
|
|
1,059
|
|
|
|
6,581
|
|
|
|
4,161
|
|
Payroll
expenses
|
|
|
9,750
|
|
|
|
8,806
|
|
|
|
19,552
|
|
|
|
16,134
|
|
General and
administrative expenses
|
|
|
4,329
|
|
|
|
2,773
|
|
|
|
8,053
|
|
|
|
4,589
|
|
Loss (gain) on
disposal of assets
|
|
|
3
|
|
|
|
(921)
|
|
|
|
3
|
|
|
|
(643)
|
|
Other impairment
expense (related to bitcoin)
|
|
|
194
|
|
|
|
812
|
|
|
|
277
|
|
|
|
7,034
|
|
Realized (gain) loss
on sale of bitcoin
|
|
|
(1,422)
|
|
|
|
2,734
|
|
|
|
(905)
|
|
|
|
(7,261)
|
|
Depreciation and
amortization
|
|
|
21,346
|
|
|
|
10,452
|
|
|
|
40,675
|
|
|
|
17,879
|
|
Total costs and
expenses
|
|
$
|
60,032
|
|
|
$
|
34,399
|
|
|
$
|
116,734
|
|
|
$
|
56,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
operations
|
|
|
(17,486)
|
|
|
|
2,799
|
|
|
|
(46,369)
|
|
|
|
18,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
11
|
|
|
|
308
|
|
|
|
11
|
|
|
|
308
|
|
Change in fair value
of contingent consideration
|
|
|
—
|
|
|
|
291
|
|
|
|
485
|
|
|
|
346
|
|
Realized gain on sale
of equity security
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
Unrealized loss on
equity security
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2)
|
|
Unrealized (loss) gain
on derivative security
|
|
|
56
|
|
|
|
(1,410)
|
|
|
|
(1,215)
|
|
|
|
(1,111)
|
|
Interest
income
|
|
|
52
|
|
|
|
52
|
|
|
|
122
|
|
|
|
85
|
|
Interest
expense
|
|
|
(799)
|
|
|
|
(8)
|
|
|
|
(1,688)
|
|
|
|
(61)
|
|
Total other
(expense) income
|
|
|
(680)
|
|
|
|
(767)
|
|
|
|
(2,285)
|
|
|
|
(434)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income before
income tax (expense) or benefit
|
|
|
(18,166)
|
|
|
|
2,032
|
|
|
|
(48,654)
|
|
|
|
17,676
|
|
Income tax
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
(Loss) income from
continuing operations
|
|
$
|
(18,166)
|
|
|
$
|
2,032
|
|
|
$
|
(48,654)
|
|
|
$
|
17,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations
|
|
$
|
(294)
|
|
|
$
|
(2,203)
|
|
|
$
|
1,163
|
|
|
$
|
(3,361)
|
|
Income tax (expense)
or benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Income (loss) on
discontinued operations
|
|
$
|
(294)
|
|
|
$
|
(2,203)
|
|
|
$
|
1,163
|
|
|
$
|
(3,361)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(18,460)
|
|
|
$
|
(171)
|
|
|
$
|
(47,491)
|
|
|
$
|
14,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
|
|
335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to common shareholders
|
|
$
|
(18,460)
|
|
|
$
|
(191)
|
|
|
$
|
(47,491)
|
|
|
$
|
13,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
29
|
|
|
|
28
|
|
|
|
58
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
(loss) income attributable to common shareholders
|
|
$
|
(18,431)
|
|
|
$
|
(163)
|
|
|
$
|
(47,433)
|
|
|
$
|
14,026
|
|
CLEANSPARK,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(continued)
(Unaudited, in
thousands, except per share and share amounts)
|
|
|
|
|
|
For the three months
ended
|
|
|
For the six months
ended
|
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
|
March 31,
2023
|
|
|
March 31,
2022
|
|
(Loss) income from
continuing operations per common share - basic
|
|
$
|
(0.23)
|
|
|
$
|
0.05
|
|
|
$
|
(0.66)
|
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
|
|
80,469,471
|
|
|
|
41,336,342
|
|
|
|
73,450,877
|
|
|
|
40,802,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
continuing operations per common share - diluted
|
|
|
(0.23)
|
|
|
|
0.05
|
|
|
|
(0.66)
|
|
|
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - diluted
|
|
|
80,469,471
|
|
|
|
41,395,075
|
|
|
|
74,032,082
|
|
|
|
40,861,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income on
discontinued operations per common share - basic
|
|
$
|
(0.00)
|
|
|
$
|
(0.05)
|
|
|
$
|
0.02
|
|
|
$
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
|
|
80,469,471
|
|
|
|
41,336,342
|
|
|
|
73,450,877
|
|
|
|
40,802,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income on
discontinued operations per common share - diluted
|
|
$
|
(0.00)
|
|
|
$
|
(0.05)
|
|
|
$
|
0.02
|
|
|
$
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - diluted
|
|
|
80,469,471
|
|
|
|
41,395,075
|
|
|
|
74,032,082
|
|
|
|
40,861,052
|
|
CLEANSPARK,
INC.
RECONCILIATION OF
ADJUSTED EBITDA
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2023
|
|
|
2022
|
|
Revenues,
net
|
|
|
|
|
|
|
Bitcoin mining,
net
|
|
$
|
42,488
|
|
|
$
|
36,965
|
|
Other services
revenue
|
|
|
58
|
|
|
|
233
|
|
Total revenues,
net
|
|
$
|
42,546
|
|
|
$
|
37,198
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(18,460)
|
|
|
$
|
(171)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Loss on discontinued
operations
|
|
$
|
294
|
|
|
$
|
2,203
|
|
Depreciation and
amortization
|
|
|
21,346
|
|
|
|
10,452
|
|
Share-based
compensation expense
|
|
|
5,743
|
|
|
|
6,554
|
|
Change in fair value of
contingent consideration
|
|
|
—
|
|
|
|
(291)
|
|
Unrealized (gain) loss
on derivative security
|
|
|
(56)
|
|
|
|
1,410
|
|
Interest
income
|
|
|
(52)
|
|
|
|
(52)
|
|
Interest
expense
|
|
|
799
|
|
|
|
8
|
|
Loss (gain) on disposal
of assets
|
|
|
3
|
|
|
|
(921)
|
|
Litigation related
expenses
|
|
3,056
|
|
|
116
|
|
Legal fees related to
financing & business development transactions
|
|
48
|
|
|
41
|
|
Severance related
expenses
|
|
—
|
|
|
289
|
|
Total Adjusted
EBITDA*
|
|
$
|
12,721
|
|
|
$
|
19,638
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 31,
2022
|
|
|
|
Revenues,
net
|
|
|
|
|
|
Bitcoin mining,
net
|
|
$
|
27,746
|
|
|
|
Other services
revenue
|
|
|
73
|
|
|
|
Total revenues,
net
|
|
$
|
27,819
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(29,031)
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
Gain on discontinued
operations
|
|
$
|
(1,457)
|
|
|
|
Depreciation and
amortization
|
|
|
19,329
|
|
|
|
Share-based
compensation expense
|
|
|
5,878
|
|
|
|
Change in fair value of
contingent consideration
|
|
|
(485)
|
|
|
|
Unrealized loss on
derivative security
|
|
|
1,271
|
|
|
|
Interest
income
|
|
|
(70)
|
|
|
|
Interest
expense
|
|
|
889
|
|
|
|
Litigation related
expenses
|
|
|
1,163
|
|
|
|
Legal fees related to
financing & business development transactions
|
|
|
542
|
|
|
|
Total Adjusted
EBITDA
|
|
$
|
(1,971)
|
|
|
|
|
|
|
|
|
|
* Does not exclude
non-cash impairment losses related to digital assets in the amounts
of $194, $812 and $83 for three months ended March 31, 2023, the
three months ended March 31, 2022, and the three months ended
December 31, 2022, respectively, or realized gains (losses) on
sales of bitcoin in the amounts of $1,422, ($2,734) and ($517) for
three months ended March 31, 2023, the three months ended March 31,
2022 and the three months ended December 31, 2022,
respectively.
|
Investor Relations Contact
Matt Schultz, Executive Chairman
ir@cleanspark.com
Media Contacts
Isaac Holyoak
pr@cleanspark.com
BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cleanspark-reports-second-quarter-fy2023-financial-results-301821370.html
SOURCE CleanSpark, Inc.