← Go back Dec 12, 2023
, /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: ) (the "Company"), America's Miner™, today reported financial results for its fiscal year ended . "This past fiscal year has been one of substantial growth and success for CleanSpark. We've not only met but exceeded many of our strategic aims and I'm proud to share these accomplishments with you," said . "We posted revenue of over , a significant increase over the last fiscal year. We expect to continue this trajectory and are optimistic about revenue growth next year, even as we prepare for the halving. Operationally, our hashrate growth year-over-year has been exceptional, highlighting our commitment to not just growing but also scaling efficiently. We achieved a remarkable milestone this year by surpassing a total hashrate of 10 exahashes per second, and that hashrate is among the most efficient in the industry." continued, "I'm also proud to note that we've kept pace with the network's soaring hashrate; the results of our efforts were a record 6,903 mined for the fiscal year, almost doubling what we mined last year. Topping it off, we are entering the new year with the strongest balance sheet in our history. We believe we are the best mining operators in the industry and are well-served by our strategy of owning and operating our own infrastructure." "It's been a year of significant achievements, and our financial position reflects this," said . "Our 2023 fiscal year has helped to set the stage in preparation for the halving. Most importantly, we have shored up the balance sheet, as we have almost in liquidity as of today. With our efficient fleet, world class operations and strong liquidity, we are positioned well for the future and will look to take advantage of opportunities the halving may present." continued, "Our revenues increased by approximately , or 28% primarily driven by our growing production, which increased 84% over the prior year. However, price saw much volatility during the year affecting our revenues and margins accordingly. We also incurred an additional of non-cash expense related to accelerated depreciation. This acceleration was due to the reduction of estimated useful lives on our older and less efficient miners that we have pulled from service as part of our fleet upgrade or do not intend on using past the halving. Under current accounting rules, we recognized of non-cash impairment expense related to our , of which was incurred in the fourth quarter, a byproduct of our balance increasing over 300% between the quarters." The Company had combined cash and holdings of and of debt as of . Total outstanding shares, as of , were 160.2 million. As of , the Company has combined cash and holdings of approximately and of debt. Total outstanding shares, as of , are 184.7 million. See "Non-GAAP Measure" and the related reconciliation below. See "Non-GAAP Measure" and the related reconciliation below. The Company will hold its fiscal year 2023 earnings presentation and business update for investors and analysts today, , at / . Webcast URL: https://investors.cleanspark.com 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. CleanSpark (Nasdaq: ) is America's Miner™. We own and operate data centers that primarily run on low-carbon power. Our infrastructure responsibly supports , the world's most important digital commodity and an essential tool for financial independence and inclusion. We cultivate trust and transparency among our employees and the communities we operate in. Visit our website at . This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our 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: appreciation in the value of ; the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for mining; 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; the expectations of future revenue growth may not be realized; 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 for the fiscal year ended , and any subsequent filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law. The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in ("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 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 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 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. 702-989-7693 702-989-7694 SOURCE CleanSpark, Inc.
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