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CleanSpark Inc. (CLSK)

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Feb 2, 2023 9:00 AM

CleanSpark Releases January 2023 Bitcoin Mining Update

Company mines a record 697 bitcoins for the month, up 50% from prior month and 129% from same prior year period; Company’s bitcoin holdings grow 32%

LAS VEGAS, Feb. 02, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending January 31, 2023.

“We had a banner month, and not just because we mined a record number of bitcoin,” said Zach Bradford, CEO. “We also had our most reliable month ever, achieving 98% uptime across all of our sites. This remarkable achievement is the direct result of some of the hardest working and most dedicated teams in the public bitcoin mining sector. This fact is one of the hallmarks of the CleanSpark way and it is foundational to our operational strategy as one of the largest proprietary miners in North America.

“As a proprietary miner we exercise tremendous control over our ability to meet targets by building our own infrastructure and installing our equipment according to our own schedule. Additionally, we have greater control over our resources, which translates to higher uptime. This month’s mining update is a perfect example of this approach in action, which has allowed us to grow fast and operate reliably.”

January Bitcoin Mining Update (unaudited)

  • Bitcoin mined in January: 697, up 50% from December 2022
  • 2023 Calendar year bitcoin mined: 697
  • Total BTC holdings as of January 31: 301 BTC, up 32% from December 2022
  • Total BTC converted for operations and growth in January: 624
  • Currently deployed fleet of about 66,000 latest-generation bitcoin miners with a hashrate of 6.6 EH/s, up 7% from December 2022 and up 214% from January 2022

The Company funded growth and operations through the sale of 624 bitcoins in January 2023 at an average of approximately $19K per BTC. Sales of BTC equated to proceeds of approximately $11.9 million. January daily BTC mined averaged about 22.5 and reached a high of 24.2.

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 .

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 30, 2023 12:26 PM

CORRECTION: CleanSpark Executives to Discuss Fiscal First Quarter 2023 Financial Results via Webcast

An earlier version of this press announcement incorrectly listed the day of CleanSpark's upcoming earnings call as Wednesday, February 9; the correct day is Thursday, February 9

LAS VEGAS, Jan. 30, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, will discuss fiscal first quarter 2023 financial results via a live webcast beginning 4:30 p.m. EST / 1:30 p.m. PST on Thursday, February 9, 2023. Results will be released after the close of regular trading on February 9, 2023.

To view the webcast, please visit https://www.cleanspark.com/investor-relations .

Downloadable files, including transcripts, will be available on the company website 48 hours after the event.

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 .

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 19, 2023 9:00 AM

CleanSpark Breaks Ground on 50 Megawatt Bitcoin Mining Expansion

The nearly $16M expansion, with projected completion in late spring, will hold up to 16,000 miners and cements CleanSpark’s position among North America’s top bitcoin miners; Once completed, the Company’s hashrate is expected to reach as high as 8.7 EH/s

LAS VEGAS, Jan. 19, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (“CleanSpark'' or the “Company”), America’s Bitcoin Miner™, announced today that it has started construction on the second phase of one of its newest sites in Washington, Georgia. The Company acquired this campus in August of 2022 as part of its recent bear-market growth campaign. Upon completion, the new phase, which is expected to employ only the newest generation of bitcoin mining machines, will add up to 2.2 exahashes per second (EH/s) of computing power to the Company’s mining capacity.

The mining machine fleet at the new phase will consist of Antminer S19j Pro and Antminer S19 XP models, the newest and most power-efficient models of bitcoin mining machines available today. Depending on the final number of each model in the mix, the total computing power that will be added to CleanSpark’s bitcoin mining capacity will range from 1.6 EH/s to 2.2 EH/s - a 25% to 34% increase from its current hashrate of 6.5 EH/s.

“When we purchased the Washington site in August, we were confident about our ability to quickly expand, adding this 50MW to the existing 36MW of infrastructure,” said Zach Bradford, Chief Executive Officer. “This second phase more than doubles the size of the existing operation. We are looking forward to expanding our relationship with the Washington City community and to be able to support the construction jobs that will come with this expansion.”

“The community of Washington and the team on site have played a crucial role in the successful deployment of the first phase of the site, which uses mainly low-carbon sources of power, employs newest generation tech, and is among the most power-efficient and sustainable bitcoin mining operations,” said Scott Garrison, Vice President of Business Development. “This partnership will go a long way in not only the timely completion of the next phase but also making it one of the most reliable mining operations.”

CleanSpark mines predominantly with renewable or low-carbon sources of energy and continues to follow a capital management strategy of selling a major portion of its mined bitcoins to reinvest in growth. This strategy allowed the company to increase its hashrate from 2.1 EH/s, in January 2022, to 6.2 EH/s, in December 2022, despite a downturn in the cryptocurrency markets.

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 press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansion of the Company’s Washington, Georgia bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the anticipated timing of the expansion; the risk that the electrical power available to the facility 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 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; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 11, 2023 9:00 AM

CleanSpark Earns 2022 Great Place to Work Certification

The recognition comes on the heels of an anonymous companywide employee survey

LAS VEGAS, Jan. 11, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. , America’s Bitcoin Miner™, announced today that it has achieved the Great Place to Work® certification. Company employees submitted answers to an anonymous survey about their experiences working for CleanSpark. Approximately 97% of employees said CleanSpark is a great place to work.

“I’m proud of our management teams for working so hard to create a culture where employees feel at home,” said Zach Bradford, CleanSpark’s CEO. “Our teams have achieved incredible milestones over the last year and this certification underscores the fact that at CleanSpark we are embodying the values of grit and fairness.”

The survey covered workplace culture and retention, leadership behaviors, development opportunities, compensation and benefits, diversity and fairness, trust and transparency, general employee experience, and company innovation.

Highlights from open-ended employee responses included:

  • “This company truly values each and every one of its employees. They know how to celebrate accomplishments, no matter how small!”
  • “Great executive management, great co-workers, and an overall fun and rewarding place to work.”
  • “This company goes above and beyond to make sure all employees feel at home, are treated fairly, and given equal opportunities to learn and advance themselves professionally while also compensating them fairly at the same time.”

“We continually strive to make CleanSpark a great place to work by supporting our people and rolling out initiatives that impact our teams in meaningful ways,” said Zurii D’Ambra, director of human resources. “A few of our recent enhancements to the employee experience include financial preparedness seminars and generous stipends for employee development so they can continue their education. In addition, employees receive generous PTO, company shares, health care, and performance bonuses among other benefits.”

Great Place to Work Certification™ is based entirely on what employees report about their workplace experience.

“It isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that CleanSpark is one of the best companies to work for in the country.”

About Great Place to Work Certification™

Great Place to Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.

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 .

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 4, 2023 9:00 AM

CleanSpark Releases December 2022 Bitcoin Mining Update

Company hits new daily production high of 22 bitcoin; Mines a record 4,621 bitcoin for calendar year 2022, up 200% from the prior calendar year

LAS VEGAS, Jan. 04, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending December 31, 2022.

“Calendar year 2022 has been an incredible year of growth for CleanSpark and I’m so grateful to the teams that have made it all possible. Among our many accomplishments this year, I’m most proud of increasing our annual bitcoin production by over 200% as we expanded our fleet and the number of mining campuses we own and operate throughout Georgia,” said Zach Bradford, CEO. “These accomplishments were helped along by a capital strategy that allowed us to take full advantage of the bear market, making us one of the few public miners to dramatically expand our fleet. Even in this down market, we are committed to the promise of bitcoin and are proud to be part of the global network that keeps it secure for millions of users across the world.

“This year’s incredible growth was marginally impacted by winter storm Elliot. It forced us to curtail for a few days for the safety of our people and our infrastructure, and to protect the public good by ensuring grid stability during the most dramatic temperatures caused by the polar vortex. While we did not know exactly when the freezing temperatures would hit, they weren’t unexpected, so we were able to prepare our operations well in advance. That preparation allowed us to safely power down our operations and to therefore expertly manage our bitcoin production margins in response to unusually high power rates and the extreme cold. The overall effect was a slight decline in our monthly production from November. Since last week, all machines are back up and running at our full fleet capacity of 6.2 EH/s.”

December Bitcoin Mining Update (unaudited)

  • Bitcoin mined in December: 464
  • 2022 Calendar year bitcoin mined: 4,621
  • Total BTC holdings as of December 31: 228
  • Total BTC converted for operations and growth in December: 517
  • Currently deployed fleet of about 63,700 latest-generation bitcoin miners with a hashrate of 6.2 EH/s, up 13% from November 2022 and up 225% from December 2021

The Company funded growth and operations through the sale of 517 bitcoins in December 2022 at an average of approximately $17K per BTC. Sales of BTC equated to proceeds of approximately $8.7 million. December daily BTC mined averaged about 15 and reached a high of 22.

Operational Updates

Winter Storm Elliot. A severe weather event in late December impacted most of the Company’s operations in Georgia, forcing the powering down of 98% of its machines from December 23 to mid-day December 28. The fleet was gradually powered back on when temperatures and humidity made it safe to do so.

While the Company’s Norcross site, which deploys indoor immersion cooling, was not immediately impacted by the weather, the Company’s commitment to curtailing for the public good combined with the variable power rates associated with the facility, resulted in those machines also coming offline.

In addition to the Company’s Georgia facilities, there was also an impact to its hosted machines in upstate New York during the same period.

CleanSpark closely monitors severe weather events for the health and safety of its teams, infrastructure, and the greater grid.

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 .

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 21, 2022 9:00 AM

CleanSpark Surpasses Revised Year End Hashrate of 6 EH/s

The Company’s hashrate has tripled this year; this latest achievement means it has met its updated 2022 guidance

LAS VEGAS, Dec. 21, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has reached 6 EH/s, a three-fold increase in just one year.

“As we said on our earnings call last week, we expected to hit 6 EH/s before year’s end and today we are pleased to announce that we have,” said Zach Bradford, CEO. “This achievement is in part due to some of the machines that we were hosting for Mawson being moved out earlier than anticipated. Of course, that only tells a portion of the story. The real achievement here is the tremendous work being done by our operational teams who continue to rack machines even in Georgia’s currently frigid temperatures. We’d also like to wish all our team, shareholders, and other stakeholders, particularly the communities in which we operate in Georgia, a very Happy Holiday season.”

CleanSpark owns and operates four bitcoin mining campuses in the state of Georigia, operating a fleet of approximately 62,000 bitcoin mining machines, powered primarily by low-carbon energy. The Company is projecting to hit 16 EH/s by the end of 2023.

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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our anticipated hashrate at the end of 2023. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the anticipated benefits of future acquisitions; the success of our digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; 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 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 14, 2022 4:02 PM

CleanSpark Reports Fourth Quarter and Year End FY2022 Financial Results

CleanSpark Reports Fourth Quarter and Year End FY2022 Financial Results

PR Newswire

2022 Revenue of $131.5 million , net loss of $(57.3) million and Adjusted EBITDA of $65.7 million

Q4 revenue of $26.2 million , net loss of $(42.3) million and Adjusted EBITDA of $2.9 million

Current hashrate surpasses 5.8 EH/s and daily mining high reaches 21.7 BTC

LAS VEGAS , Dec. 14, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, today reported financial results for the three and twelve months ended September 30, 2022 .

"Our business model and capital strategy continue to be standouts in our industry," said Zach Bradford , CEO. "Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market. We continue to execute our business plans with best-in-class efficient mining operations and by identifying potential accretive acquisitions while maintaining very little leverage on our balance sheet. This team continues to exceed my expectations and I'm so proud of them."

"This is a world class team that has doubled, tripled and even quadrupled multiple key performance indicators this fiscal year," said Gary A. Vecchiarelli , CFO. "Our revenue for fiscal year 2022, which ended on September 30 , was $131.5M , almost a 250% increase over the prior year. However, we recognized a net loss of $57.3M for the year, of which $42.3M occurred in the fourth quarter. The majority of these fourth quarter losses were primarily due to impairment of goodwill and bitcoin balances, as well as non-cash charges due to modification of equity instruments. Even then, our adjusted EBITDA was $65.7M , a 500% increase over the prior year, which represents the power and scale of our business model. Our rapid growth has continued subsequent to our fiscal year end as we approach 6.0 EH/s, exceeding our calendar year end guidance once again. We have four impressive sites that we own 100% with no partners and little debt, which resulted in mining 3,750 bitcoins, a 320% increase in production for the fiscal year."

Financial Highlights of Fiscal Year 2022

Financial Results for the Fiscal Year Ended September 30, 2022

  • Revenues for the year grew to $131.5 million , an increase of $92.2 million , or 235%, from $39.3 million in the prior year.
  • The Company recognized a net loss for the year of $(57.3) million , an increase of 163% compared to $(21.8) million in the prior year.
  • Adjusted EBITDA 1 increased to $65.7 million , an increase of $54.5 million or 487% from $11.2 million in the prior year.

Financial Highlights of Fourth Quarter 2022

Financial Results for the Three Months Ended September 30, 2022

  • Revenues for the quarter grew to $26.2 million , an increase of $3.3 million , or 14%, from $22.9 million for the same prior year period.
  • The Company recognized a net loss for the three months ended September 30, 2022 , of $(42.3) million , an increase of 683% compared to $(5.4) million for the same prior year period.
  • Adjusted EBITDA 2 decreased to $2.9 million , a decrease of 73% from $10.6 million in the same prior year period.
  • The Company also saw sequential revenues decrease in the fourth quarter compared to the previous quarter. Revenues decreased from $31.0 million to $26.2 million , a change of $4.8 million or 15% from the third quarter. Net loss for the fourth quarter was $(42.3) million , increasing $13.0 million from the third quarter net loss of $(29.3) million . Adjusted EBITDA was $2.9 million , decreasing 81% from $15.2 million in the preceding quarter.

Balance Sheet Highlights as of September 30, 2022

Assets

  • Cash: $20.5 million
  • Bitcoin : $11.1 million
  • Total Current assets: $50.8 million
  • Total Mining assets (including prepaid deposits & deployed miners): $386.6 million
  • Total Assets: $452.6 million

Liabilities and Stockholders' Equity

  • Current Liabilities: $34.0 million
  • Total Liabilities: $48.6 million
  • Total Stockholders' Equity: $404.0 million

The Company had working capital of $16.8 million and $21.2 million of debt as of September 30, 2022 .

2023 Outlook and Commentary

Management will discuss plans for 2023, including a revision to its calendar 2023 year-end guidance, on its conference call today. Earlier this year, the Company announced a partnership with Lancium. As part of the agreement, Lancium agreed to build clean campuses in west Texas to host 200 MW, or about 6.6 EH/s. Lancium informed CleanSpark that capital constraints have affected their ability to meet their commitments. Expected completion dates have been pushed into late 2023 and, based on current market conditions, perhaps even later. For this reason, CleanSpark's management team is revising 2023 calendar year-end guidance to 16 EH/s.

Investor Conference Call and Webcast

The Company will hold its fourth quarter and year end 2022 earnings presentation and business update for investors and analysts today, December 14, 2022 , at 1:30p.m. PT / 4:30p.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.

1 See "Non-GAAP Measure" and the related reconciliation below.

2 See "Non-GAAP Measure" and the related reconciliation below.

About CleanSpark

CleanSpark (NASDAQ: CLSK) is America's Bitcoin Miner™. In 2014, we started helping people achieve energy independence for their homes and businesses. In 2020, we began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release include, but are not limited to statements under "2023 Outlook and Commentary" and other statements regarding the Company's future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and its objectives for future operations.

The forward-looking statements in this press release are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that the Company believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause its 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 volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, 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; the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for the Company's products and services; 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 September 30, 2022 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to the Company as of the date of this press release, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company's statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that the Company's actual future results, performance and achievements may be materially different from what it expects. The Company qualifies all of its forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

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"). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash operating expenses, the Company's management believes that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between the Company's core business operating results and those of other companies, as well as providing the Company's management 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, the Company believes that this non-GAAP financial measure is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis.

The Company's Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income (loss) or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. The Company's management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

The Company's non-GAAP "Adjusted EBITDA" represents earnings before interest, taxes, depreciation and amortization that excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) impairment losses related to long-lived and digital assets, which include the Company's bitcoin for which the accounting requires significant estimates and judgment, and the resulting expenses could vary significantly in comparison to other companies; and (iv) and impacts related to discontinued operations that would not be applicable to the Company's future business activities.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. 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.

The Company has also excluded impairment losses on assets, including impairments of its bitcoin in its non-GAAP financial measures, which may continue to occur in future periods as a result of the Company's continued holdings of significant amounts of bitcoin . The Company's non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with the Company's Consolidated Financial Statements, which have been prepared in accordance with GAAP. The Company relies primarily on such Consolidated Financial Statements to understand, manage, and evaluate its business performance and uses the non-GAAP financial measures only supplementally.

See below for a reconciliation of non-GAAP Adjusted EBITDA to the most directly comparable performance measure presented in accordance with GAAP (i.e., net loss).

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS






September 30,
2022



September 30,
2021


ASSETS







Current assets







Cash and cash equivalents, including restricted cash


$

20,462,570



$

18,040,327


Accounts receivable, net



27,029




307,067


Inventory



216,404




79,810


Prepaid expense and other current assets



7,930,614




2,137,801


Bitcoin



11,147,478




23,603,210


Derivative investment asset



2,955,890




4,905,660


Investment in equity security






260,772


Investment in debt security, AFS, at fair value



610,108




494,608


Current assets held for sale



7,425,881




7,897,066


Total current assets


$

50,775,974



$

57,726,321









Property and equipment, net


$

376,781,380



$

137,621,546


Operating lease right of use asset



550,930




663,802


Intangible assets, net



6,485,051




8,222,872


Deposits on mining equipment



12,497,111




87,959,910


Other long-term asset



3,989,652




875,538


Goodwill






12,048,419


Long-term assets held for sale



1,544,674




12,354,713


Total assets


$

452,624,772



$

317,473,121









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

24,661,860



$

6,982,514


Operating lease liability



112,955




104,131


Finance lease liability



260,387




413,798


Acquisition liability






300,000


Contingent consideration






820,802


Current portion of long-term loans payable



7,786,049





Dividends payable



20,828





Current liabilities held for sale



1,198,696




1,441,777


Total current liabilities


$

34,040,775


.

$

10,063,022


Long-term liabilities







Operating lease liability, net of current portion



447,591




560,546


Finance lease liability, net of current portion



179,997




458,308


Loans payable, net of current portion



13,433,068





Long-term liabilities held for sale



511,530




674,779


Total liabilities


$

48,612,961



$

11,756,655









Stockholders' equity







Common stock; $0.001 par value; 100,000,000 shares authorized; 55,661,337 and
37,395,945 shares issued and outstanding as of September 30, 2022 and
September 30, 2021, respectively



55,662




37,394


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
as of September 30, 2022 and September 30, 2021, respectively



1,750




1,750


Additional paid-in capital



599,898,202




444,074,832


Accumulated other comprehensive income (loss)



110,108




(5,392)


Accumulated deficit



(196,053,911)




(138,392,118)


Total stockholders' equity



404,011,811




305,716,466









Total liabilities and stockholders' equity


$

452,624,772



$

317,473,121


CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)






For the year ended








September 30,
2022



September 30,
2021


Revenues, net







Bitcoin mining revenue, net


$

130,999,686



$

38,846,633


Other services revenue



524,759




440,472


Total revenues, net



131,524,445




39,287,105









Costs and expenses







Cost of revenues (exclusive of depreciation and amortization shown below)



41,233,650




5,263,029


Professional fees



6,469,064




6,538,062


Payroll expenses



40,920,163




21,181,905


General and administrative expenses



10,422,716




5,716,465


Gain on disposal of assets



(642,691)





Other impairment expense (related to bitcoin)



12,210,269




6,608,076


Impairment expense - other



250,000





Impairment expense - goodwill



12,048,419





Realized gain on sale of bitcoin



(2,567,101)




(3,104,378)


Depreciation and amortization



49,044,877




8,982,123


Total costs and expenses



169,389,366




51,185,282









Loss from operations



(37,864,921)




(11,898,177)









Other income (expense)







Other income



308,036




544,777


Change in fair value of contingent consideration



305,731




84,198


Realized gain on sale of equity security



665




179,046


Unrealized loss on equity security



(1,847)




(5,153)


Unrealized (loss) gain on derivative security



(1,949,770)




2,790,387


Interest income



190,540




221,488


Interest expense



(1,077,827)




(145,728)


Total other (expense) income



(2,224,472)




3,669,015









Loss before income tax expense or benefit



(40,089,393)




(8,229,162)


Income tax expense







Loss from continuing operations


$

(40,089,393)



$

(8,229,162)









Discontinued operations







Loss from discontinued operations


$

(17,236,961)



$

(13,582,848)


Income tax (expense) or benefit







Loss on discontinued operations


$

(17,236,961)



$

(13,582,848)









Net loss


$

(57,326,354)



$

(21,812,010)









Preferred stock dividends



335,439




177,502









Net loss attributable to common shareholders


$

(57,661,793)



$

(21,989,512)









Other comprehensive income (loss)



115,500




(5,392)









Total comprehensive loss attributable to common shareholders


$

(57,546,293)



$

(21,994,904)









Loss from continuing operations per common share - basic


$

(0.95)



$

(0.29)









Weighted average common shares outstanding - basic



42,614,197




29,441,364









Loss from continuing operations per common share - diluted


$

(0.95)



$

(0.29)









Weighted average common shares outstanding - diluted



42,614,197




29,441,364









Loss on discontinued operations per common share - basic


$

(0.40)



$

(0.46)









Weighted average common shares outstanding - basic



42,614,197




29,441,364









Loss on discontinued operations per common share - diluted


$

(0.40)



$

(0.46)









Weighted average common shares outstanding - diluted



42,614,197




29,441,364


CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA




(UNAUDITED)


Fiscal Year ended September 30,




2022



2021


Revenues, net







Bitcoin mining, net


$

130,999,686



$

38,846,633


Other services revenue



524,759




440,472


Total revenues, net


$

131,524,445



$

39,287,105









Net loss


$

(57,326,354)



$

(21,812,010)


Adjustments:









Loss on discontinued operations


$

17,236,961



$

13,582,848


Other impairment expense (related to bitcoin)



12,210,269




6,608,076


Impairment expense - other



250,000





Impairment expense - goodwill



12,048,419





Depreciation and amortization



49,044,877




8,982,123


Share-based compensation expense



31,464,994




8,546,712


Other income



(308,036)




(544,777)


Change in fair value of contingent consideration



(305,731)




(84,198)


Realized gain on sale of bitcoin



(2,567,101)




(3,104,378)


Realized gain on sale of equity security



(665)




(179,046)


Unrealized loss of equity security



1,847




5,153


Unrealized loss (gain) of derivative security



1,949,770




(2,790,387)


Interest income



(190,540)




(221,488)


Interest expense



1,077,827




145,728


Gain on disposal of assets

(642,691)







Legal fees related to litigation


522,338



2,577,555


Legal fees related to financing & business development transactions


827,136



46,760


Severance expenses


404,749






PPP debt forgiveness







(531,169)


Total Adjusted EBITDA


$

65,698,069



$

11,227,502








Three months ended September 30,




2022



2021


Revenues, net







Bitcoin mining, net


$

26,117,643



$

22,747,990


Other services revenue



55,241




142,862


Total revenues, net


$

26,172,884



$

22,890,852









Net loss


$

(42,301,149)



$

(5,367,390)


Adjustments:









Loss on discontinued operations


$

1,146,968



$

7,527,592


Other impairment expense (related to bitcoin)



757,864




2,887,595


Impairment expense - other



250,000





Impairment expense - goodwill



12,048,419





Depreciation and amortization



16,385,130




5,428,178


Share-based compensation expense



13,949,127




(52,317)


Other income






(2,542)


Change in fair value of contingent consideration



40,060




(84,198)


Realized gain on sale of bitcoin



(540,674)




(2,432,313)


Realized gain on sale of equity security






(73,138)


Unrealized loss of equity security






104,067


Unrealized loss (gain) of derivative security



(194,106)




2,528,974


Interest income



(52,932)




(70,783)


Interest expense



702,868




99,429


Legal fees related to litigation


126,491



93,016


Legal fees related to financing & business development transactions


596,988



46,760


Severance expenses


14,044




Total Adjusted EBITDA


$

2,929,098



$

10,632,930

























Three months
ended

June 30, 2022



Revenues, net





Digital currency mining revenue, net


$

30,941,726



Other services revenue



86,055



Total revenues, net


$

31,027,781








Net loss


$

(29,340,223)



Adjustments:






Loss on discontinued operations


$

13,104,147



Other impairment expense (related to bitcoin)



4,418,714



Depreciation and amortization



14,811,291



Share-based compensation expense



5,212,776



Realized loss on sale of bitcoin



5,234,482



Unrealized loss of derivative security



1,032,579



Interest income



(52,355)



Interest expense



314,383



Legal fees related to litigation



143,378



Legal fees related to financing & business development transactions


189,101



Severance expenses


102,117



Total Adjusted EBITDA


$

15,170,390








Investor Relations Contact
Matt Schultz , Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-reports-fourth-quarter-and-year-end-fy2022-financial-results-301703433.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Dec 2, 2022 9:00 AM

CleanSpark Releases November 2022 Bitcoin Mining Update

Company meets yearend hashrate guidance early with high of 5.5 EH/s, up over 320% from this time last year (November 2021)

LAS VEGAS, Dec. 02, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending November 30, 2022.

“Our teams have worked hard this month to maintain phenomenal uptime while racking new machines and identifying operational and power efficiencies. Our efforts ultimately resulted in material gains to our hashrate to where we once again have exceeded our yearend guidance,” said Zach Bradford, CEO. “Our teams and technology are continuing to make meaningful and innovative gains as we manage toward maximizing margins.”

Bitcoin Mining Update (unaudited)

  • Bitcoin mined in November: 535
  • Calendar year-to-date bitcoin mined: 4,157
  • Total BTC holdings as of November 30: 281
  • Total BTC converted for operations and growth in November: 544
  • Currently deployed fleet of about 55,000 latest-generation bitcoin miners with a hashrate of 5.5 EH/s as of November 30, up 8% from October 2022

The Company funded growth and operations through the sale of 544 bitcoins in November 2022 at an average of approximately $17,300 per BTC. Sales of BTC equated to proceeds of approximately $9.4 million. November daily BTC mined averaged 17.8 and reached a high of 19.4.

Operational Updates

Exceeds revised guidance. The Company exceeded its updated guidance of 5.5 EH/s in part due to efficiency gains, including record uptime and effective overclocking at its immersion-cooled campus in Norcross, Georgia. While continuing to explore opportunities for disciplined, measured growth, the management team does not anticipate another substantial increase to its hashrate before yearend, unless 30 MW of pending capacity at the Company’s Sandersville, GA, campus comes online earlier than expected. In the meantime, the Company is starting Phase 2 expansion of its Washington, GA, site. Design and procurement are already underway, and construction is expected to begin in January 2023, adding an additional 50MW to the campus.

Power optimization. The Company expects to head into a period of active power optimization over the next few weeks as it balances its portfolio of power agreements with current Bitcoin prices and otherwise seeks to maximize its margins. In keeping with that focus, the Company continues to divest portions of its legacy energy business and has since reduced almost all related expenditures.

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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 1, 2022 9:00 AM

CleanSpark Expands Board of Directors with Appointment of Bitcoin Policy Expert Amanda Cavaleri

Cavaleri, board chair of the non-profit Bitcoin Today Coalition, brings extensive advocacy and policy experience to CleanSpark’s board of directors

LAS VEGAS, Dec. 01, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced the appointment of Amanda Cavaleri to its board of directors.

“Amanda’s deep experience, wisdom, and relationships in policy and advocacy, not to mention her energy-first approach to bitcoin mining, make her a valuable member of our board as regulatory and political scrutiny grows in the coming years,” said Matthew Schultz, CleanSpark’s executive chairman. “But what I like most about Amanda is her own experience as a bitcoin miner. She understands better than most what is at stake when it comes to proof-of-work mining—not just for the Bitcoin system, but for the greater energy system. We are fortunate to have her join the board.”

Cavaleri is CEO of a Wyoming-based company that is developing a mining site leveraging stranded energy. She is also a partner at an alternative investment firm and managing director of a Bitcoin advisory firm. Cavaleri has consulted within the Bitcoin ecosystem for clients ranging from hedge and venture funds to financial services and mining. She is a former Innovation Fellow with AARP and Thought Leader with Carnegie Mellon University & UPMC's Quality of Life Technology Center. She received her Master of Science in technology commercialization from the University of Texas McCombs School of Business.

“CleanSpark has a reputation for intelligently balancing growth with risk management,” said Cavaleri. “The Company's leadership has what it takes to not just weather the bear market, but to be optimally positioned for sustainable growth over the coming years.

“I am especially excited about CleanSpark's leadership in mining bitcoin with nuclear generated power,” she added. “Bitcoin mining is poised to help balance and make our country’s grid more resilient at a crucial moment in the evolution of energy infrastructure in the United States—and CleanSpark is well situated to navigate future opportunities as energy markets evolve.”

In addition to her commercial and private work, Cavaleri co-authored Bitcoin and the American Dream: The New Monetary Technology Transcending our Political Divide. Cavaleri chairs the Bitcoin Today Coalition’s board of directors. Bitcoin Today is increasing Bitcoin literacy among America’s legislators, regulators, and other policymakers in an effort to ensure that the United States maintains its competitive edge as a major innovator on the world stage.

“Amanda brings an extraordinary skillset to our board as one of the most thoughtful voices and contributors in the Bitcoin community right now,” said Zach Bradford, CleanSpark’s CEO. “I’m excited to welcome Amanda to the CleanSpark team as a member of our board of directors.”

Cavaleri will also serve on the board’s nomination committee, which is responsible for identifying candidates for board positions.

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 is a Forbes 2022 America’s Best Small Company and holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Attachments


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 30, 2022 9:00 AM

CleanSpark Executives to Discuss Fiscal Full Year and Fourth Quarter 2022 Financial Results Via Webcast

LAS VEGAS, Nov. 30, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, will discuss fiscal full year and fourth quarter 2022 financial results via a live webcast beginning 4:30 p.m. EST / 1:30 p.m. PST on Wednesday, December 14, 2022. Results will be released after the close of regular trading on December 14, 2022.

To view the webcast, please visit www.cleanspark.com/investor-relations .

Downloadable files, including transcripts, will be available on the company website 48 hours after the event.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact

Matt Schultz
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 17, 2022 9:00 AM

CleanSpark Earns Top Spot on Deloitte's 2022 Technology Fast 500 List

Award recognizes fastest-growing public and private technology companies in North America

LAS VEGAS, Nov. 17, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it was named to the number 13 spot on Deloitte’s 2022 Technology Fast 500™ List.

The award recognizes the top 500 fastest growing and innovative companies in North America. Revenue growth from fiscal years 2018 to 2021 determined the rankings. Both company research and data from applications were applied to the results.

CleanSpark has grown substantially over the time specified, leaning into its energy background to acquire and build two bitcoin mining facilities in 2020 and 2021. Today, CleanSpark operates four bitcoin mining campuses in Georgia and has deployed over 54,000 bitcoin mining machines with a hashrate exceeding 5.1 EH/s. This computing power equates to more than 1.5% of the total global hashrate. CleanSpark was one of the first large-scale operations to employ immersion cooling technology, which is on average 20% more efficient than traditional air-cooled mining. CleanSpark was also one of the first publicly traded companies to sell mined Bitcoin to fund operations.

“The strategies we’re applying, both operationally and financially, are paying off. But our people are at the heart of this growth. We have an incredible team that works hard to make CleanSpark’s vision a reality. We look forward to continuing to make a name for ourselves as one of the fastest growing Bitcoin miners in North America,” said Zach Bradford, CEO.

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 began applying 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 is a Forbes 2022 America’s Best Small Company and holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 3, 2022 9:00 AM

CleanSpark Releases October 2022 Bitcoin Mining Update

Company mined a record 532 bitcoin in October, up 19% from September

LAS VEGAS, Nov. 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending October 31, 2022.

“I’m excited to announce that phase two of our immersion-cooled mining campus in Norcross is now officially complete and hashing. The progress there has translated into another record-breaking month for us, mining a total of 532 bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row. As I’ve said many times before, these successes are made possible by the hard work of our teams who are absolutely dedicated to ensuring CleanSpark maintains its position as a top publicly traded mining company in North America,” said Zach Bradford, Chief Executive Officer.

Bitcoin Mining & Operations Update (unaudited)

  • Bitcoin mined in October: 532, up 19% from September 2022
  • Calendar year-to-date bitcoin mined: 3,622
  • Total BTC holdings as of October 31: 290
  • Total BTC converted for operations and growth in October: 836
  • Currently deployed fleet of about 54,000 latest-generation bitcoin miners with a hashrate of 5.1 EH/s as of October 31, up 23% from September 2022

The Company funded growth and operations through the sale of 836 bitcoins in October 2022 at an average of approximately $19,340 per BTC. Sales of BTC equated to proceeds of approximately $16.1 million. October daily BTC mined reached a high of 19.2.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 1, 2022 9:00 AM

CleanSpark Expands Bitcoin Mining Fleet with Purchase of 3,853 Latest Generation Machines

Total Machines Purchased Since Bear Market Conditions Began in June Now Exceeds 26,500

LAS VEGAS, Nov. 01, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it acquired 3,843 units of the Antminer S19J Pro bitcoin mining machines for $5.9 million, or approximately $15.50 per terahash, bringing the total number of machines purchased by the Company since bear market conditions began to over 26,500.

“This most recent purchase demonstrates how CleanSpark continues to execute in distressed markets,” said Zach Bradford, CleanSpark CEO. “Our unwavering focus on sustainability has provided us with a strong balance sheet and operating strategy that has allowed us to acquire machines at incredible prices, grow our hashrate, and increase our daily bitcoin production in anticipation of market conditions improving over the next several months.”

In October, CleanSpark finalized the acquisition of an 80MW facility in Sandersville, Georgia , which included nearly 6,500 mining machines. In September, the Company bought 10,000 brand-new Bitmain Antminer S19j Pro units . And in August the Company acquired a 36MW facility in Washington, Georgia , which included 3,400 machines.

Those acquisitions came on the heels of several strong summer purchases. During the month of July , CleanSpark acquired 1,061 substantially discounted Whatsminer machines that increased mining capacity by 93 PH/s. The Company kicked off the summer in June with a purchase contract takeover of 1,800 Antminer S19 XP units and a partnership with TMGCore Inc. for an immersion cooling expansion.

CleanSpark mines predominantly with renewable or low-carbon sources of energy. It has four owned and operated facilities, about 50,000 bitcoin mining machines operational, and a daily production high of 19.2 bitcoin. CleanSpark reached its year-end guidance of 5 EH/s ahead of schedule earlier this month and has since raised its year-end guidance to 5.5 EH/s. The Company expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly-traded bitcoin mining companies in the world.

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 began applying 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 is a Forbes 2022 America’s Best Small Company and holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Oct 25, 2022 9:00 AM

CleanSpark Exceeds 2022 Guidance Two Months Early, Achieving 5 EH/s; Raises Year-end Hashrate Guidance by 10%

The Company’s hashrate has grown 150% since January; CleanSpark is updating its 2022 year-end hashrate guidance to 5.5 EH/s

LAS VEGAS, Oct. 25, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has exceeded 5 EH/s, increasing 150% since January 2022.

With the new milestone, CleanSpark has surpassed its year-end guidance over 60 days ahead of schedule and is raising its year-end hashrate guidance 10%, to 5.5 EH/s. Hashrate, the computing power available for processing transactions and securing the bitcoin blockchain, is one of the most critical metrics for evaluating public bitcoin mining companies. It determines how much bitcoin a company mines.

“Our hashrate growth over the last few months has been helped along with the acquisition of the Washington and Sandersville facilities, but that only tells part of the story,” said Zach Bradford, CEO. “This milestone reflects operational prowess and efficiency gains that I believe are unmatched in our industry. In a period where the sector is experiencing reversals in forward-looking expectations, we are bucking that trend. We’ve hit our previously stated year-end guidance 60 days early thanks to our excellent teams and we are thus able to raise our year-end guidance to 5.5 EH/s.”

The Company’s significant growth is rooted in sound capital management.

“The effective deployment of our capital strategy has allowed us to exceed hashrate expectations,” said Gary A. Vecchiarelli, CFO. “Crucial to that strategy has been our long-held commitment to selling a portion of the bitcoin we mine to fund growth and operations. As our hashrate has grown, the amount of bitcoin we produce has also grown, creating a virtuous cycle that has allowed us to seize opportunities for growth and expansion.”

CleanSpark has four owned and operated facilities, about 50,000 bitcoin mining machines operational, and a daily production high of 19.2 bitcoin. CleanSpark’s revised year-end guidance now sits at 5.5 EH/s. The Company expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly traded bitcoin miners in the world.

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 began applying 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 is a Forbes 2022 America’s Best Small Company and holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Oct 18, 2022 9:00 AM

Sustainable Bitcoin Miner CleanSpark Welcomes Investors and Analysts to its Mining Campuses in Atlanta

CleanSpark will host investors and analysts at two of its owned-and-operated bitcoin mining campuses; the event features campus tours and presentations from senior management

LAS VEGAS, Oct. 18, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced it will host investors and analysts at two of its bitcoin mining campuses in Atlanta, Georgia, beginning 9:30 a.m. ET on November 3.

CleanSpark’s executive leadership team will present on the company’s significant growth opportunities, financial objectives, and corporate strategy surrounding low-carbon bitcoin mining, followed by a Q&A session with management.

In-person attendees have the chance to take pictures and videos, see the inner workings of an American bitcoin mining facility up close, and interact with CleanSpark’s senior leadership team. For more information regarding the November 3 investor and analyst day, please contact the investor team at ir@cleanspark.com .

There will be an open house at CleanSpark’s Norcross campus on November 2 for local dignitaries and media beginning at 9:30 a.m. ET. Interested parties can email pr@cleanspark.com .

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Oct 11, 2022 9:00 AM

CleanSpark Completes Acquisition of Mawson's Sandersville Facility

The acquisition has already added 560 PH/s of low-carbon bitcoin mining to CleanSpark’s hashrate, bringing its total hashrate to over 4.7 EH/s; The site is expected to bring an additional 1 EH/s by year-end; Total planned capacity is 230 MW or 7.0 EH/s

LAS VEGAS, Oct. 11, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc . (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced it has completed the acquisition of Mawson Infrastructure Group Inc.’s (Nasdaq: MIGI) (“Mawson”) bitcoin mining facility in Sandersville, Georgia, effective October 8. The acquisition includes nearly 6,500 miners, or about 560 petahashes per second (PH/s). Mawson’s former staff at the site have transitioned to CleanSpark’s team.

The Sandersville site is CleanSpark’s fourth campus in Georgia, with other locations in College Park, Norcross, and Washington. The company co-locates machines in Massena, NY, and has co-location agreements with Lancium in West Texas, slated to start hashing in 2023. Including Sandersville, CleanSpark operates about 220 MW of bitcoin miners with a hashrate of over 4.7 EH/s. CleanSpark draws power predominantly from low-carbon sources, such as nuclear energy, and boasts a clean energy profile that is over 90% non-carbon.

“Mawson has built a world-class facility, staffed by an incredible team, and we are looking forward to continuing their work in Sandersville, eventually building this site to its full potential of 230 MW as we work toward our 2023 year-end guidance of 22.4 EH/s,” said Zach Bradford, CleanSpark’s CEO. “We are equally committed to deepening and developing our relationship with the people of Sandersville as we build sustainable bitcoin infrastructure.”

CleanSpark has a strong tradition of supporting the communities it operates in. It has invested over $275 million in Georgia communities, which includes property and energy infrastructure upgrades, equipment and hardware investments, over 80 highly skilled and skilled jobs, scholarships, and various community sponsorships.

In accordance with the definitive agreements, Mawson received at closing consideration of approximately $34.3 million, which includes 1,590,175 shares of CleanSpark common stock, subject to certain holdbacks. Mawson may receive an additional $2 million in a seller-financed earn-out payable after 60 days post-closing once certain conditions are met.

H.C. Wainwright & Co. acted as financial advisor to CleanSpark. Baker Donelson and Katten Muchin Rosenman LLP served as legal counsel for CleanSpark in connection with the transaction.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Oct 4, 2022 9:00 AM

CleanSpark Releases September 2022 Bitcoin Mining Update

Company tops 4.16 EH/s, up 21% from August 2022; mines 448 bitcoin for the month, a 132% YoY increase; HODL grows 13% to 594 bitcoins

LAS VEGAS, Oct. 04, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending September 30, 2022.

“We experienced impressive growth this month, increasing our hashrate by 21% in a single month. Our successes are the direct result of our extraordinary teams who are working to ensure CleanSpark maintains its coveted position in the top five of publicly traded mining companies in North America. In fact, by many measures, including monthly bitcoin production, we are firmly in the top three and we intend to stay there as we build our way out of current market conditions,” said Zach Bradford, Chief Executive Officer.

“Our bitcoin balance has increased by 13% month-over-month, making it one of the largest monthly increases in our HODL since we started releasing monthly mining updates. While we continue our strategy of deploying bitcoin to fund our growth and operations, the fact that our bitcoin treasury is increasing is testament to our growth strategy. The growth in our HODL balance is a direct reflection of our free cash flow resulting from our recent acquisitions, low operating costs and minimal debt service,” said Gary A. Vecchiarelli, Chief Financial Officer.

Bitcoin Mining & Operations Update (unaudited)

  • Bitcoin mined in September: 448, up 13% from August 2022
  • Calendar year-to-date bitcoin mined: 3,090
  • Total BTC holdings as of September 30: 594, a 13% increase in HODL balance
  • Total BTC converted for operations and growth in September: 380, or 2% less than August 2022
  • Currently deployed fleet of over 42,000 latest-generation bitcoin miners with a hashrate of 4.16 EH/s, up 21% from August 2022 and 316% from September 2021

The Company funded growth and operations through the sale of 380 bitcoins in September 2022 at an average of approximately $19,783 per BTC. Sales of BTC equated to proceeds of approximately $7.5 million. September daily BTC mined reached a high of 16.74.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Sep 27, 2022 9:00 AM

CleanSpark Exceeds Hashrate Guidance with Over 4 EH/s of Low-Carbon Network Strength

The Company’s hashrate, the majority of which is drawn from low-carbon sources, has grown over 30% in less than a month; CleanSpark is on track to meet its 2022 year-end guidance of 5 EH/s

LAS VEGAS, Sept. 27, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has exceeded 4 EH/s, increasing over 30 percent in less than a month.

Hashrate, the computing power available for processing transactions and securing the bitcoin blockchain, is one of the most critical metrics for evaluating bitcoin mining companies. It determines how much bitcoin a company mines.

"We are proud to bring so much clean energy-backed infrastructure onto the Bitcoin network, and I am grateful to the operational teams that have made this growth possible,” said Zach Bradford, CEO. "Bitcoin mining, when done with an eye toward low-carbon energy sources, can hasten the decarbonization of our economy. No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more resilient, abundant, and clean.”

“Our rapid growth clearly indicates where our heads are in terms of market dynamics,” said Matthew Schultz, CleanSpark’s executive chairman. “All bear markets eventually end, and this one is no different. We are building the groundwork for significant acceleration when we eventually emerge on the other side of these extraordinary market conditions.”

CleanSpark has three fully owned and operated facilities, more than 41,000 bitcoin mining machines operational, and a daily production high of 16 bitcoins. A fourth fully owned and operated campus in Sandersville, GA, will join the CleanSpark ranks when the acquisition is completed in early October and is expected to add 1.4 EH/s to the Company’s hashrate before year end.

CleanSpark maintains its 2022 year-end guidance of 5 EH/s and expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly traded bitcoin miners in the world.

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 began applying 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 is a Forbes 2022 America’s Best Small Company and holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Sep 12, 2022 9:00 AM

CleanSpark Announces Participation at Upcoming Investor Conferences this September

Executive team to discuss financial strengths and recent acquisitions at upcoming investor events

LAS VEGAS, Sept. 12, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced that Matthew Schultz, Executive Chairman, and Gary Vecchiarelli, CFO, will meet with investors and present at three conferences in September to discuss recent acquisitions .

Details of the events are as follows:

H.C. Wainwright 24th Annual Global Investment Conference
September 13, 2022, 10:00 a.m. ET
CleanSpark Executive Chairman Matthew Schultz

Click here to watch the live audio webcast. An archive of the event presentation will be available on CleanSpark’s website after the event.

BTIG Future of Digital Assets Conference
September 19, 2022, 11:00 a.m. ET
CleanSpark Executive Chairman Matthew Schultz

BTIG hosted events are intended for prospective and existing BTIG clients only. To listen to the live event, please contact your BTIG representative.

B. Riley Securities 2nd Annual Crypto Conference
September 29, 2022
CleanSpark Executive Chairman Matthew Schultz

To learn more or show interest please contact your B. Riley representative.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Sep 9, 2022 7:42 AM

CleanSpark Announces Agreement with Mawson Infrastructure Group to Acquire Turnkey Bitcoin Mining Facility

The already operational site in Sandersville, Georgia, includes 80 MW of total capacity supporting 2.4 EH/s of bitcoin mining; Total planned capacity is 230 MW, expected to support 7.0 EH/s; Strategic acquisition serves to accelerate and consolidate CleanSpark’s standing at the top of the bitcoin mining sector

LAS VEGAS, Sept. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced it has entered into definitive agreements with Mawson Infrastructure Group Inc. (Nasdaq: MIGI) (“Mawson”) to acquire Mawson’s turnkey bitcoin mining facility in Sandersville, Georgia, for up to $33 million. The transaction is expected to add 1.4 exahashes per second (EH/s) to CleanSpark’s hashrate before year-end, 2.4 EH/s in early 2023 and 7.0 EH/s by the end of 2023. This capacity supports CleanSpark’s target of over 22 EH/s by the end of 2023.

CleanSpark has also agreed to purchase from Mawson 6,468 of the latest generation mining ASICs for approximately $9.5 million in cash, at a cost of $17 per terahash. These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing.

Under the terms of the agreements for the facility and miners, Mawson will receive consideration of approximately $26.5 million in cash (including the $9.5 million for the miners) at closing; up to $11 million in CleanSpark stock (based upon the current trading price), $6.5 million which is issuable at closing and the remaining $4.5 million of which is subject to reaching certain earn-out commitments; $3 million in seller financing in the form of promissory notes; and, an additional $2 million in a seller-financed earn-out payable at least 60 days post-closing upon certain conditions being met. The maximum total purchase price for the facility and miners is $42.5 million.

“We are pleased to welcome Mawson’s Sandersville site and its operating teams into the CleanSpark family,” said Zachary Bradford, CleanSpark’s chief executive officer. “The site is nothing but impressive—well-run by over 20 dedicated professionals who have taken significant pride in the design, development, and maintenance of the site. We are enthusiastic about Georgia and believe that our expansion there will continue to build value for our shareholders and the communities we operate in throughout Georgia.”

The turn-key infrastructure is currently capable of supporting 24,108 latest-generation miners. There is an ongoing effort to expand the facility by an additional 150 MW by late 2023. Upon completion of the planned expansion, the site would be capable of supporting 70,000 latest generation miners capable of producing over 7.0 EH/s

As part of the agreement, CleanSpark will provide up to 30 MW of temporary hosting capacity, for up to 180 days, while Mawson transfers miners to its Pennsylvania operations. This process is slated to begin in early 2023. Immediately upon completion, CleanSpark will use the space for self-mining.

“We have thoroughly enjoyed working with the CleanSpark team on this transaction and look forward to working closely with them going forward,” said James Manning, CEO and Founder of Mawson. “We now intend to focus our attention on the continued development of our Pennsylvania and Texas facilities where we see the opportunity for compelling returns on capital. We would like to sincerely thank the City of Sandersville for welcoming us into their community and being high-quality partners over the last several years.”

The agreement has been approved by the organizations’ respective boards of directors and is subject to customary closing conditions. CleanSpark and Mawson expect to close the transaction in early October.

“Georgia has one of the most favorable operating environments in the country,” said Matthew Schultz, CleanSpark’s executive chairman. “We have strategically grown our operations in Georgia because of the state’s strong business ethic, competitive power rates, and an abundance of carbon-free energy, specifically nuclear. Georgia is a terrific place to do business and call home. We are committed to being socially and environmentally responsible partners in this great state.”

CleanSpark has a strong tradition of supporting the communities it operates in. It has invested over $275 million in Georgia communities, which includes property and energy infrastructure upgrades, equipment and hardware investments, over 75 highly skilled and skilled jobs, scholarships, and various community sponsorships.

H.C. Wainwright & Co. acted as financial advisor to CleanSpark. Baker Donelson and Katten Muchin Rosenman LLP served as legal counsel for CleanSpark in connection with the transaction.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

About Mawson Infrastructure

Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure. For more information, visit: www.mawsoninc.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: the risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman (CleanSpark)
ir@cleanspark.com

Media Contacts

Isaac Holyoak (CleanSpark)
pr@cleanspark.com

Brett Maas (Mawson Infrastructure)
646-536-7331
brett@haydenir.com

Attachments


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Sep 7, 2022 9:00 AM

CleanSpark Buys 10,000 More Latest Generation Mining Machines, Extending Summer of Acquisitions

The new Antminer S19j Pro units will expand the company’s bitcoin mining capacity by 1 EH/s at a significantly discounted price; CleanSpark’s hashrate currently exceeds 3.8 EH/s

LAS VEGAS, Sept. 07, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a purchase agreement with Cryptech Solutions (“Cryptech”) for 10,000 brand-new Bitmain Antminer S19j Pro units for a total price of $28.0 million, after credits and discounts. The servers are expected to be delivered to CleanSpark’s facilities by late October or early November of this year.

The Company’s sustainable growth strategy coupled with the current cryptocurrency market conditions enabled the Company to purchase the machines at a substantially discounted price compared to the spot market price earlier this year. Bitmain, the manufacturer and seller of the devices, sold the S19j Pro model on its official website in January for as much as $116 per TH/s whereas the Company purchased the 10,000 units for approximately $28.00 per TH/s.

"During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance,” said Zach Bradford, CEO of CleanSpark. “This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment.”

“We prepared for challenging times, which allowed us to take advantage of unique opportunities created by the current market, accelerating our growth trajectory,” said Matt Schultz, Executive Chairman. “Simply put, we’ve strategically avoided lengthy delays in receiving machines and energizing circuits, quickly adding long-term value to our stakeholders.”

The purchase follows CleanSpark’s recent milestone of exceeding a bitcoin mining hashrate of 3.0 EH/s last week and the acquisition of its third mining site last month. The Company also made strategic purchases of over 5,000 units of the Antminer S19 series of machines and more than 1,000 units of the M30s series from June to August.

CleanSpark now has more than 40,000 bitcoin mining machines operational at all its sites with a daily production high of 14.9 bitcoins and a current hashrate of 3.8 EH/s. CleanSpark has cemented its position as a top five bitcoin mining company in terms of both hashrate and monthly production.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Sep 2, 2022 9:00 AM

CleanSpark Releases August 2022 Bitcoin Mining Update

Company’s hashrate exceeds 3.4 EH/s, up 19 percent from July 2022; mines 395 bitcoin for the month

LAS VEGAS, Sept. 02, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s bitcoin miner, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending August 31, 2022.

“We set out at the beginning of the year to become a top five publicly traded bitcoin mining company and with our outstanding operational performance in 2022 we can say we are now firmly in that category. We now own and operate three campuses in Georgia. Our hashrate has tripled over the last year. We are on a trajectory to nearly double that in less than half the time it took us to get from 1 EH/s to 3 EH/s. And we are about to hire our 100th employee. I’m extremely proud of our team and their tremendous work,” said Zach Bradford, Chief Executive Officer.

Bitcoin Mining & Operations Update (unaudited)

  • Bitcoin mined in August: 395, up 109% from August 2021
  • Calendar year-to-date bitcoin mined: 2,642
  • Total BTC holdings as of August 31: 526
  • Total BTC converted for operations and growth in August: 388, 9% less than July 2022
  • Currently deployed fleet of over 36,800 latest-generation bitcoin miners with a hashrate of 3.4 EH/s, up 19% from July 2022 and 331% from August 2021

The Company funded growth and operations through the sale of 388 bitcoins in August 2022 at an average of approximately $23,088 per BTC (an 11% increase over last month’s average price per BTC sold). Sales of BTC equated to proceeds of approximately $8.9 million. August daily BTC mined reached a high of 13.39.

Washington, GA, Site Update

Technical crews in Washington have worked around the clock to bring miners online. Since closing in late August, there are now over 6,000 miners online, out of the over 10,000 miners that are on site. The Company expects to energize the remaining miners  next week.

Personnel Update

CleanSpark also welcomed Taylor Monnig to the company as its new Vice President of Mining Technology. Monnig was most recently Chief Operating Officer at TMGCore, where he worked to develop and commercialize technologies that support blockchain stability, growth, and sustainability. Monnig brings to CleanSpark eight years of experience in the bitcoin mining industry and has developed a reputation for his deep expertise in immersion-cooled bitcoin mining. He holds a bachelor’s degree from Arizona State University.

“Taylor is already making a meaningful impact on our operations and culture and we are thrilled to have him join the team,” said Zach Bradford, CEO.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Aug 30, 2022 9:00 AM

CleanSpark's Hashrate Exceeds 3 Exahashes Following Summer of Acquisitions

Bear market strategies accelerated Company growth, tripling hashrate in less than a year

LAS VEGAS, Aug. 30, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has exceeded 3 EH/s, tripling in less than a year.

Hashrate, which is the computing power available for processing transactions and securing the bitcoin blockchain, is one of the most important metrics for evaluating bitcoin mining companies. It ultimately determines how much bitcoin a company can mine.

CleanSpark’s accelerated growth can be attributed to new partnerships and a strategic financial roadmap that has helped the company navigate current market conditions. The Company now has three fully owned and operated facilities, more than 31,000 bitcoin mining machines operational, and a daily production high of 13.25 bitcoins. In terms of both hashrate and monthly production, CleanSpark has cemented itself as a top five bitcoin mining company in North America.

"I believe that our strong capital management and developing relationships with our partners and the communities we operate in has led to the tremendous opportunities we’ve been presented with,” said Zach Bradford, CEO. "I’m particularly grateful for our operational teams on the ground that have made so much of this growth possible."

“We prepared for a rough market, which allowed us to take advantage of unique opportunities and propel the Company further,” said Matt Schultz, executive chairman. “Because of that we’re growing our market share as a publicly traded bitcoin miner.”

In mid-August , the Company announced the acquisition of a bitcoin mining facility in Washington, GA—its third in the state—which is expected to add 1.1 EH/s to CleanSpark’s hashrate once fully operational. The site is scalable to 86 MW of largely renewable power, for a total hashrate increase of 2.6 EH/s. During the month of July , CleanSpark acquired 1,061 substantially discounted Whatsminer machines that increased mining capacity by 93 PH/s. The Company kicked off the summer in June with a purchase contract takeover of 1,800 Antminer S19 XP units and a partnership with TMGCore Inc. for an immersion cooling expansion.

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 began applying 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 is a Forbes 2022 America’s Best Small Company and holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Aug 19, 2022 9:00 AM

CleanSpark Completes Acquisition of Recently Announced 86MW Facility in Georgia

Transaction closes ahead of schedule, paving way for energization of 3,400 on-site machines in coming days; additional 8,283 machines to arrive on site within the week

LAS VEGAS, Aug. 19, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today announced it has closed on the acquisition of an active bitcoin mining facility located in Washington, Georgia. The site is expected to add 2.6 EH/s to CleanSpark’s hashrate once all 86MW of predominantly carbon-free power is fully operational in 2023.

“This is a tremendous opportunity for CleanSpark and our shareholders and we are thrilled to be moving so quickly on the deployment of this site,” said Matt Schultz, executive chairman. “The community in Washington has welcomed CleanSpark with open arms, and we look forward to being their partners as we continue to build the transformative and sustainable infrastructure that is bitcoin mining.”

Bitcoin mining plays an important role in CleanSpark’s ESG commitments because it increases grid resiliency for local communities, such as Washington, GA. As part of the facility expansion, CleanSpark also expects to hire about 20 employees, most of which will come from Washington and the surrounding community.

CleanSpark will host an open house for local media, community leaders, and interested citizens at the new site on September 8. Details will be announced in the coming weeks and available on the events section of www.cleanspark.com .

The Washington site is CleanSpark’s third campus in Georgia, with other locations in College Park and Norcross. CleanSpark draws power predominantly from low-carbon sources, such as nuclear energy.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Attachments


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Aug 9, 2022 4:00 PM

CleanSpark Reports Third Quarter FY2022 Financial Results

CleanSpark Reports Third Quarter FY2022 Financial Results

PR Newswire

Third quarter revenue of $ 31.0 million, net GAAP loss of $(29.3) million and Adjusted EBITDA of $15.2 million ; Mined 964 Bitcoin and Increased Hashrate by 22%; Increases 2023 Year-end Hashrate Guidance to 22.4 EH/s

LAS VEGAS , Aug. 9, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, today reported financial results for the three and nine months ended June 30, 2022 .

"CleanSpark continued to grow by mining a record number of bitcoin and substantially increasing our hashrate," said Zach Bradford , Chief Executive Officer. "We are optimizing uptime and maximizing profits with our wholly owned locations. We have also made efficient use of our capital by putting new miner purchases to work quickly. Despite macroeconomic headwinds, our results demonstrate the resiliency of our strategy, and we expect to grow in what is otherwise a bear market."

Bradford continued: "In line with our strategy to make CleanSpark a top five publicly traded miner, today we announced two transformative matters. Foremost, we have entered into an asset purchase agreement for the acquisition of a third wholly owned facility, located in Washington, GA. This new facility has 86MW of total capacity, 36MW of which is online and available immediately. An additional 50MW is expected to be available in 2023. We are also announcing that CleanSpark is formally selling its energy business assets. We are now a pure play bitcoin miner. These two announcements represent the closing of one chapter and the opening of another, and I look forward to where our strategic direction is taking us."

"The importance of our Adjusted EBITDA margins is not to be overlooked," said Gary A. Vecchiarelli , CFO. "Our Adjusted EBITDA for the third quarter was approximately $15 million , which represents margins on revenue of 49%. These are great margins and why we are in the bitcoin mining business. Furthermore, our decision to divest energy assets will allow us to focus our time, people, and resources on our core business."

In connection with the decision to classify its energy business assets as "held for sale," the Company has met the accounting criteria for the energy business to be classified as discontinued operations. All results and comparisons for the periods reported are presented on a continuing operations basis with the energy business reported as discontinued operations in certain statements and schedules accompanying this report.

Q3 Financial Highlights

Financial Results for the Three Months Ended June 30, 2022

  • Revenues for the quarter grew to $31.0 million , an increase of 22.0 million, or 243%, from $9.0 million for the same prior year period.
  • The Company recognized a net loss for the three months ended June 30, 2022 , of $(29.3) million increased 76% compared to $(16.7) million for the same prior year period.
  • Adjusted EBITDA increased to $15.2 million , reversing negative Adjusted EBITDA of $(1.7) million from the same prior year period.
  • The Company also saw sequential revenues decrease in the third quarter compared to the previous quarter. Revenues decreased $6.2 million , or 17%, from the second quarter. Net loss for the third quarter was $(29.3) million , increasing $29.1 million from the second quarter net loss of $(0.2) . Adjusted EBITDA was $15.2 million , decreasing 30% from $21.6 million in the second quarter.

In connection with the reclassification of its energy business as discontinued operations, CleanSpark has recorded an impairment charge of ($10.6) million , which is included in the line item "loss from discontinued operations" in the consolidated statements of operations and comprehensive loss.

Balance Sheet Highlights as of June 30, 2022

Assets

  • Cash: $2.7 million
  • Digital Currency: $10.5 million
  • Total Current assets: $29.4 million
  • Total Mining assets (including prepaid deposits & deployed miners): $357.4 million
  • Total Assets: $411.1 million

Liabilities and Stockholders' Equity

  • Current Liabilities: $20.0 million
  • Total Liabilities: $34.2 million
  • Total Stockholders' Equity: $376.9 million

The Company had working capital of $9.5 million and $18.3 million of debt as of June 30, 2022 .

Investor Conference Call and Webcast

The Company will hold its third quarter 2022 earnings presentation and business update for investors and analysts today, August 9, 2022 , at 1:30p.m. PT / 4:30p.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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Non-GAAP Measures

Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash operating expenses, CleanSpark management believes that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between the Company's core business operating results and those of other companies, as well as providing 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.

The Company's Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

We are providing supplemental financial measures for (i) non-GAAP adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations; and (ii) non-GAAP Adjusted EBITDA that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions.

We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Adjusted EBITDA excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our bitcoin for which the accounting requires significant estimates and judgment, and the resulting expenses could vary significantly in comparison to other companies; and (iv) and impacts related to discontinued operations that would not be applicable to our future business activities.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect 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.

We have also excluded impairment losses on assets, including impairments of our digital currency our non-GAAP financial measures, which may continue to occur in future periods as a result of our continued holdings of significant amounts of bitcoin. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our Consolidated Financial Statements, which have been prepared in accordance with GAAP. We rely primarily on such Consolidated Financial Statements to understand, manage, and evaluate our business performance and use the non-GAAP financial measures only supplementally.

CLEANSPARK, INC.
CONSOLIDATED BALANCE SHEETS






June 30, 2022
(Unaudited)



September 30,
2021


ASSETS







Current assets







Cash and cash equivalents, including restricted cash


$

2,661,682



$

18,040,327


Accounts receivable, net



102,781




307,067


Inventory






79,811


Prepaid expense and other current assets



3,734,586




2,137,803


Digital currency



10,538,120




23,603,210


Derivative investment asset



2,761,780




4,905,656


Investment in equity security



250,000




260,772


Investment in debt security, AFS, at fair value



569,996




494,608


Current assets held for sale



8,829,728




7,897,067


Total current assets


$

29,448,673



$

57,726,321









Property and equipment, net


$

322,185,923



$

137,477,735


Operating lease right of use asset



1,285,146




1,488,240


Intangible assets, net



6,807,130




9,913,441


Deposits on mining equipment



31,856,635




87,959,910


Other long-term asset



6,587,274




875,536


Goodwill



12,048,419




12,048,419


Long-term assets held for sale



839,624




9,983,519


Total assets


$

411,058,824



$

317,473,121









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

12,995,578



$

6,982,517


Operating lease liability



323,951




256,195


Finance lease liability



274,222




403,410


Acquisition liability






300,000


Contingent consideration






820,802


Loans payable



5,359,904





Dividends payable



20,828





Current liabilities held for sale



1,011,811




1,300,098


Total current liabilities


$

19,986,294



$

10,063,022


Long-term liabilities







Operating lease liability, net of current portion



977,517




1,235,325


Finance lease liability, net of current portion



249,706




422,679


Loans payable, net of current portion



12,978,512





Long-term liabilities held for sale






35,629


Total liabilities


$

34,192,029



$

11,756,655









Stockholders' equity







Common stock; $0.001 par value; 100,000,000 shares authorized; 41,300,241 and
37,395,945 shares issued and outstanding as of June 30, 2022 and
September 30, 2021, respectively



41,299




37,394


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
as of June 30, 2022 and September 30, 2021, respectively



1,750




1,750


Additional paid-in capital



530,506,510




444,074,832


Accumulated other comprehensive income (loss)



69,996




(5,392)


Accumulated deficit



(153,752,760)




(138,392,118)


Total stockholders' equity



376,866,795




305,716,466









Total liabilities and stockholders' equity


$

411,058,824



$

317,473,121


CLEANSPARK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)






For the three months ended



For the nine months ended




June 30,
2022



June 30,
2021



June 30,
2022



June 30,
2021


Revenues, net













Digital currency mining revenue, net


$

30,941,726



$

8,649,440



$

104,882,043



$

16,098,643


Other services revenue



86,055




402,628




469,518




1,209,616


Total revenues, net



31,027,781




9,052,068




105,351,561




17,308,259















Costs and expenses













Cost of revenues (exclusive of depreciation and amortization shown below)



10,341,026




1,147,281




24,607,950




2,161,937


Professional fees



1,432,747




1,939,907




5,588,980




5,835,434


Payroll expenses



7,617,576




10,959,362




24,209,787




15,418,166


General and administrative expenses



2,113,414




1,194,340




6,708,440




2,938,543


(Gain) on disposal of assets









(642,691)





Other impairment expense (related to Digital Currency)



4,418,714




3,720,481




11,452,405




3,720,481


Realized (gain) loss on sale of digital currency



5,234,482




(36,438)




(2,026,427)




(672,065)


Depreciation and amortization



14,811,291




2,107,449




32,659,747




3,553,945


Total costs and expenses



45,969,250




21,032,382




102,558,191




32,956,441















Income (loss) from operations



(14,941,469)




(11,980,314)




2,793,370




(15,648,182)















Other income (expense)













Other income






1,414




308,038




542,235


Change in fair value of contingent consideration









345,791





Realized gain on sale of equity security






105,908




665




105,908


Unrealized gain (loss) on equity security






(170,586)




(1,847)




98,914


Unrealized gain (loss) on derivative security



(1,032,579)




(2,060,774)




(2,143,876)




5,319,361


Interest income



52,355




48,242




137,608




150,705


Interest expense



(314,383)




(18,885)




(374,959)




(46,299)


Total other income (expense)



(1,294,607)




(2,094,681)




(1,728,580)




6,170,824















Income (loss) before income tax (expense) or benefit



(16,236,076)




(14,074,995)




1,064,790




(9,477,358)


Income tax expense













Income (loss) from continuing operations


$

(16,236,076)



$

(14,074,995)



$

1,064,790



$

(9,477,358)















Discontinued operations













Loss from discontinued operations


$

(13,104,147)



$

(2,602,132)



$

(16,089,993)



$

(6,967,261)


Income tax (expense) or benefit













Loss on discontinued operations


$

(13,104,147)



$

(2,602,132)



$

(16,089,993)



$

(6,967,261)















Net loss


$

(29,340,223)



$

(16,677,127)



$

(15,025,203)



$

(16,444,619)















Preferred stock dividends









335,439




177,505















Net loss attributable to common shareholders


$

(29,340,223)



$

(16,677,127)



$

(15,360,642)



$

(16,622,124)















Other comprehensive income



28,796







75,388


















Total comprehensive loss attributable to common shareholders


$

(29,311,427)



$

(16,677,127)



$

(15,285,254)



$

(16,622,124)















Income (loss) from continuing operations per common share - basic


$

(0.39)



$

(0.41)



$

0.02



$

(0.35)















Weighted average common shares outstanding - basic



41,277,090




34,014,221




41,010,826




27,355,111















Income (loss) from continuing operations per common share - diluted


$

(0.39)




(0.41)



$

0.02




(0.35)















Weighted average common shares outstanding - diluted



41,277,090




34,014,221




41,092,028




27,355,111















Loss on discontinued operations per common share - basic


$

(0.32)



$

(0.08)



$

(0.39)



$

(0.25)















Weighted average common shares outstanding - basic



41,277,090




34,014,221




41,010,826




27,355,111















Loss on discontinued operations per common share - diluted


$

(0.32)



$

(0.08)



$

(0.39)



$

(0.25)















Weighted average common shares outstanding - diluted



41,277,090




34,014,221




41,092,028




27,355,111


CLEANSPARK, INC.
RECONCILIATION OF ADJUSTED EBITDA
(UNAUDITED)




Three months ended June 30,



2022



2021

Revenues, net






Digital currency mining revenue, net


$

30,941,726



$

8,649,440

Other services revenue



86,055




402,628

Total revenues, net


$

31,027,781



$

9,052,068







Net loss


$

(29,340,223)



$

(16,677,127)

Adjustments:








Loss on discontinued operations


$

13,104,147



$

2,602,132

Other impairment expense (related to Digital Currency)



4,418,714




3,720,481

Depreciation and amortization



14,811,291




2,107,449

Stock based compensation



5,212,776




3,399,371

Other income






(1,414)

Change in fair value of contingent consideration






Realized loss (gain) on sale of digital currency



5,234,482




(36,438)

Realized gain on sale of equity security






(105,908)

Unrealized gain on equity security






170,586

Unrealized loss on derivative security



1,032,579




2,060,774

Interest income


(52,355)



(48,242)

Interest expense


314,383



18,885

One-time legal fees related to litigation


143,378



1,054,814

One-time legal fees related to financing & business development transactions


189,101



Severance expenses


102,117



Total Adjusted EBITDA


$

15,170,390



$

(1,734,637)



Three months ended

March 31, 2022

Revenues, net



Digital currency mining revenue, net


$

36,965,739

Other services revenue



233,494

Total revenues, net


$

37,199,233




Net loss


$

(170,735)

Adjustments:




Gain on discontinued operations


$

(103,208)

Other impairment expense (related to Digital Currency)



811,345

Depreciation and amortization



11,377,734

Stock based compensation



6,553,984

Other income



(308,038)

Change in fair value of contingent consideration



(290,249)

Realized gain on sale of digital currency



2,733,882

Realized gain on sale of equity security



Unrealized loss on equity security



Unrealized gain on derivative security



1,410,146

Interest income


(51,782)

Interest expense


7,311

Gain on disposal of assets


(860,861)

One-time legal fees related to litigation


116,377

One-time legal fees related to financing & business development transactions


41,047

Severance expenses


288,588

Total Adjusted EBITDA


$

21,555,541

Investor Relations Contact
Matt Schultz , Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Cision View original content: https://www.prnewswire.com/news-releases/cleanspark-reports-third-quarter-fy2022-financial-results-301602887.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Aug 9, 2022 7:00 AM

CleanSpark Acquires Plug-in Ready Bitcoin Mining Facility Scalable to 86 Megawatts, or 2.6 EH/s

The new site in Washington, Georgia, currently at 36 megawatts, is expected to add 1.1 EH/s to CleanSpark’s hashrate in current quarter, a 38% increase

LAS VEGAS, Aug. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a definitive agreement to acquire an active bitcoin mining facility located in Washington, Georgia, for $16.2 million.

The Company has also purchased approximately 3,400 of the latest generation Antminer S19 series of machines for approximately $8.9 million. These machines, already operating at the acquired site, will add over 340 petahashes per second (PH/s) of computing power. The Company will fill the balance of the 36 MW with machines already paid for and on hand. The site has exclusive rights to an additional 50 MW of power, making the site scalable to 86 MW.

“We are excited to expand our footprint in Georgia,” said Zach Bradford, CleanSpark’s CEO. “The market has been preparing all summer for consolidation, and we are pleased to be on the acquiring side. Our focus on sustainability and maximizing value for our stakeholders have put us in a unique position to take advantage of the unprecedented opportunities that the current market has created. We are especially excited to be working with the citizens of Washington, GA, who have been so welcoming to us. We look forward to maintaining and growing jobs and infrastructure at our new campus in Washington.”

The site is CleanSpark’s third clean-energy campus in Georgia, with other locations in College Park and Norcross. It draws power predominantly from low-carbon sources, such as nuclear energy.

“We are thrilled to welcome CleanSpark to Washington, Georgia,” said Washington Mayor Bill deGolian. “This partnership will diversify our local industry, create rural technology jobs, expand our electric customer base, and invest in our community. We look forward to a long and prosperous mutual relationship with CleanSpark.”

CleanSpark seized on current market conditions to acquire the site from Waha Technologies, a low-carbon bitcoin miner, which includes the mining facility and machines. The majority of the acquired machines are either the Antminer S19 or S19J Pro models, which are among the most power-efficient bitcoin mining machines on the market. The Company expects to close on the transaction within the next 30 days, subject to customary closing conditions.

“We started our first bitcoin mining business in Washington, Georgia, because they had idle infrastructure and excess power,” said Chris Bissell, CEO and Cofounder of WAHA Technologies. “We are proud of what we brought to their community and are very excited to pass the baton to CleanSpark, which will elevate the ability to help the City of Washington thrive.”

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact
Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Attachments


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Aug 3, 2022 9:00 AM

CleanSpark Announces July 2022 Bitcoin Mining Update

CleanSpark hit its all-time-high of 13.25 BTC mined per day while monthly production increased by over 13%

LAS VEGAS, Aug. 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s bitcoin miner, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending July 31, 2022.

Bitcoin Mining & Operations Update (unaudited)

  • Bitcoin mined in July: 384
  • Calendar year-to-date bitcoin mined: 2,247
  • Total BTC holdings as of July 31: 519
  • Total BTC converted for operations and growth in July: 426
  • Currently deployed fleet of approximately 30,450 latest-generation bitcoin miners with a total hashrate of 2.9 EH/s

CleanSpark fully funded growth and operations through the sale of 426 bitcoins in July 2022 at an average of approximately $20,768 per BTC. Sales of BTC equated to proceeds of approximately $8.8 million. July daily BTC mined reached a high of 13.25.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact

Matt Schultz
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jul 29, 2022 9:00 AM

CleanSpark Executives to Discuss Fiscal Third Quarter 2022 Financial Results Via Webcast

LAS VEGAS, July 29, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s bitcoin miner, will discuss fiscal third quarter 2022 financial results via a live webcast beginning 4:30 p.m. ET / 1:30 p.m. PT on Tuesday, August 9, 2022.  Results will be released after the close of regular trading on August 9, 2022.

To view the webcast, please visit www.cleanspark.com/investor-relations

Downloadable files, including transcripts, will be available on the company website 48 hours after the event.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com .

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jul 14, 2022 9:00 AM

CleanSpark Expands Bitcoin Mining Capacity by over 90 Petahashes with Acquisition of Latest Generation Machines

Newly acquired machines are already fully operational; “This is an incredible market for builders,” said CEO Zach Bradford

LAS VEGAS, July 14, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today announced it has acquired 1,061 Whatsminer M30S machines that are already mining bitcoin at Coinmint’s renewable-powered co-location facility. The move adds about 93 petahashes per second (PH/s) of computing power to the Company’s existing mining capacity.

“We are seeing unprecedented opportunities in this market,” said Zach Bradford, CEO of CleanSpark. “Our tried-and-true hybrid approach of co-locating our machines while expanding our own mining facilities puts us in an excellent position to sustainably grow our bitcoin mining capacity in what is shaping up to be an incredible market for builders.”

The Company bought the machines at a substantially discounted price compared to the spot market price from just a few months ago. This is the Company’s second bulk purchase of machines in approximately one month. Just after the market downturn in June, the Company acquired , at an exceptionally discounted price, a purchase contract for 1,800 units of the Antminer S19 XP bitcoin mining machines.

The Company’s computing power has increased by 47% over the last six months, while its monthly bitcoin production has grown 50% over the same time period. “These important KPIs underscore the fact that our growth is outpacing global hashrate, particularly our ability to stay ahead of network difficulty adjustments. We believe that our operational strategy focused on efficiency, up-time and execution will allow these metrics to continually improve,” said Bradford.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our future deliveries of miners and other related infrastructure, future deliveries of immersion cooling equipment, and future deployment of energy infrastructure,  industry and business trends, our business and financial/capital strategy, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; future hashrate growth; the expectations of future revenue growth may not be realized;  the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jul 6, 2022 9:00 AM

CleanSpark Announces June 2022 Bitcoin Production

Production hits all-time-high of 12.1 BTC per day; hashrate increases 12% month-over-month

LAS VEGAS, July 06, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending June 30, 2022.

Bitcoin Production & Operations Update (unaudited)

  • June monthly production: 339
  • Calendar year-to-date production ending June 30: 1863
  • Total BTC holdings as of June 30: 561
  • Total BTC converted for operations and growth in June: 328
  • Currently deployed fleet of approximately 28,500 latest-generation bitcoin miners with a hashrate exceeding 2.8 EH/s

The Company fully funded growth and operations through the sale of 328 bitcoins in June 2022 at an average of approximately $25,644 per BTC. Sales of BTC equated to proceeds of approximately $8.4 million. June daily BTC production reached a high of 12.1.

Energy Business Update

CleanSpark is one step closer to being a pure play bitcoin miner after achieving the important milestone last month of exiting the switchgear business. The agreement releases the Company from all liabilities related to its prior switchgear business, while retaining certain receivable rights from existing contracts. Additionally, certain prepaid deposits are expected to be returned to CleanSpark. “This move strengthens our balance sheet and frees up working and human capital for our high-value, bitcoin mining business,” said Zach Bradford, CEO.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our future deliveries of miners and other related infrastructure, future deliveries of immersion cooling equipment, and future deployment of energy infrastructure,  industry and business trends, our business and financial/capital strategy, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; future hashrate growth; the expectations of future revenue growth may not be realized;  the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jun 21, 2022 9:00 AM

CleanSpark to Participate in Bank of America's Web3 & Digital Assets Day

CleanSpark CEO will discuss bitcoin mining at the in-person event for the bank’s top clients

LAS VEGAS, June 21, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today announced it will participate in Bank of America’s (BofA) Web3 & Digital Assets Day. Organized for BofA’s top clients, the private event will take place on June 23rd at the BofA Tower in New York City.

The event agenda includes leaders of some of the most well known companies from the Web3 and digital assets industry. CleanSpark’s CEO Zach Bradford will join panelists from two other companies that operate in the mining world.

As Web3 and digital assets become more popular, the infrastructure layer of proof-of-work networks continues to generate increasing interest among energy companies and institutional investors. There are currently over 25 publicly traded cryptocurrency mining companies, with over 10 of them going public in the last year alone. Many others are currently in the process of getting publicly listed.

“As a leading bitcoin mining company with a clean energy background, CleanSpark has been focused on sustainability since its earliest days,” said Isaac Holyoak, VP of strategic communications at CleanSpark. “We go above and beyond to provide investors with the information they need to be part of a sustainable bitcoin future, and this forum presents a great opportunity for that.”

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jun 16, 2022 9:00 AM

CleanSpark Acquires Contract for Best-in-class Mining Machines, Partners with TMGcore to Expand Immersion-cooled Operations

CleanSpark has secured the fastest and most power-efficient bitcoin mining machines at a significantly discounted price—along with immersion-cooling infrastructure

LAS VEGAS, June 16, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today announced it has taken over an existing purchase contract for 1800 Antminer S19 XP units as it continues to expand its infrastructure. Once fully deployed, the machines are expected to add over 252 petahashes per second (PH/s) to the Company’s bitcoin mining capacity.

Further, the company announced a partnership with TMGcore Inc., a global leader in the development, commercialization and deployment of high performance computing solutions, which includes ASIC mining applications, to expand its immersion-cooled infrastructure for sustainable mining.

As per the acquired contract, the Antminer S19 XP machines will start arriving at CleanSpark's facilities sometime in August, and shipping will continue through the next six months. The contract was brokered by Cryptech , a leading US-based supplier of cryptocurrency mining machines and longtime partner of the Company.

“We were able to secure the contract at an exceptional price because of our strategic relationships and the unique circumstances that current market conditions have created,” said CEO Zach Bradford. “Our infrastructure-first approach has given us substantial opportunities in the face of ever-changing market conditions, ultimately positioning us to deliver incredible value to our shareholders as we continue the important work of securing the bitcoin blockchain.”

Underscoring the Company’s commitment to the sustainable future of bitcoin mining, CleanSpark has concurrently secured cutting-edge immersion-cooling infrastructure from TMGcore, the Home of Immersion™.

The new partnership with TMGcore includes 257 units of TMGcore’s proprietary immersion-cooled tanks that are specifically designed to improve the performance of mining machines while substantially decreasing their failure rates over long term use. Each tank fits 28 Antminer S19j Pro mining machines. The units will be deployed in batches at the Company’s College Park, GA, property and other locations as determined. The alliance also provides CleanSpark with 2 megawatts (MW) of colocation capacity at TMGcore’s state-of-the-art immersion-cooled mining facility in Plano, Texas.

“We are thrilled to partner with CleanSpark, one of the largest bitcoin mining companies, and a company that is demonstrating its leadership in sustainable bitcoin mining by procuring TMGcore’s HPC immersion-cooling solutions. Our immersion solutions use up to 77% less water and are up to 4,000 times more efficient than traditional air cooling.” said JD Enright, Sr., CEO of TMGcore, Inc. “Our expertise in thermal science directly translates into engineering commercial-grade solutions which will provide CleanSpark a unique advantage in sustainably mining Bitcoin.”

Liquid immersion cooling, where the machines are fully immersed in a specialized cooling liquid, plus firmware, has proven to significantly increase the hashrate of bitcoin mining machines, reduce power consumption, and extend the competitive life of the machines—thereby maximizing financial gains. In December, CleanSpark announced one of North America’s first immersion-cooled datacenters of scale at its mining facility in Norcross, Georgia. Of the datacenter's 20 megawatts (MW), 8 are already fully operational, while the remaining 12 MW are expected later this year.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our future deliveries of miners and other related infrastructure, future deliveries of immersion cooling equipment, and future deployment of energy infrastructure,  industry and business trends, our business and financial/capital strategy, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; future hashrate growth; the expectations of future revenue growth may not be realized;  the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jun 2, 2022 9:00 AM

CleanSpark Announces May 2022 Bitcoin Production

The Company’s bitcoin holdings increased 23%

LAS VEGAS, June 02, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending May 31, 2022.

Bitcoin Production & Operations Update (unaudited)

  • May monthly production: 312
  • Calendar year-to-date production ending May 31: 1,523
  • Total BTC holdings as of May 31: 550
  • Total BTC converted for operations and growth in May: 210
  • Currently deployed fleet of over 25,000 latest-generation bitcoin miners with a hashrate over 2.5 EH/s

The Company fully funded growth and operations through the sale of 210 bitcoins in May 2022 at an average of approximately $32,639 per BTC. Sales of BTC equated to proceeds of approximately $6.9 million. May daily BTC production reached a high of 10.69.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Investor Relations Contact
Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

May 10, 2022 5:07 PM

CleanSpark Reports Second Quarter FY2022 Financial Results

CleanSpark Reports Second Quarter FY2022 Financial Results

PR Newswire

Second quarter revenue of $41.6 million , net loss of $(0.17) million and Adjusted EBITDA of $22.5 million ; Company continues to execute its strategic plan and make significant headway in mining operations

LAS VEGAS , May 10, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a sustainable bitcoin mining and energy technology company, today reported financial results for the three and six months ended March 31, 2022 .

"The theme for this quarter has been operational and financial execution," said Zach Bradford , Chief Executive Officer. "While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy. We have line-of-sight on 600MW of power, driven in large part by the recent agreement we signed with Lancium at the end of the quarter. We continue to make strides in our commitment to ESG principles, most notably by working on attracting and retaining a diverse and highly qualified workforce. As for our capital strategy, our growth capex was funded 100% from the conversion of bitcoin. We have not utilized the shelf offering since November and we continue to right size our capital structure through means of non-dilutive capital."

Q2 Financial Highlights

Financial Results for the Three Months Ended March 31, 2022

  • Revenues for the quarter grew to $41.6 million , an increase of $33.5 million , or 4x, from $8.1 million for the same prior year period.
  • The Company recognized a net loss for the three months ended March 31, 2022 , of $(0.17) million or $(0.00) basic loss per share compared to net income of $7.4 million or $0.28 basic earnings per share for the same prior year period.
  • Adjusted EBITDA 1 improved significantly to $22.5 million , compared to Adjusted EBITDA 1 of $1.9 million from the same prior year period.
  • The Company also saw sequential revenues grow slightly in the second quarter compared to the previous quarter. Revenues increased $0.4 million , or 1%, from the first quarter. Net loss for the second quarter was $(0.17) million , reversing net income of $14.5 million in the first quarter. Adjusted EBITDA 1 was $22.5 million , decreasing 7.2% from $24.2 million in the first quarter.

Balance Sheet Highlights as of March 31, 2022

Assets

  • Cash: $1.9 million
  • Digital Currency: $17.0 million
  • Total Current assets: $42.0 million
  • Total Mining assets (including prepaid deposits & deployed miners): $326.0 million
  • Total Assets: $424.8 million

Liabilities and Stockholders' equity

  • Current Liabilities: $22.6 million
  • Total Liabilities: $23.9 million
  • Total Stockholders' Equity: $400.9 million

The Company had working capital of $19.4 million and no long-term debt as of March 31, 2022 .

Investor Conference Call and Webcast

The Company will hold its second quarter 2022 earnings presentation and business update for investors and analysts today, May 10, 2022, at 1:30 p.m. PST/ 4:30 p.m. EST .

Webcast URL: https://www.cleanspark.com/investor-relations/clsk-earnings

Participant Dial-in (Toll free): 1-877-270-2148

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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the successful deployment of energy solutions for residential and commercial applications; the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Non-GAAP Measures

Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash operating expenses, CleanSpark management believes that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between the Company's core business operating results and those of other companies, as well as providing 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.

The Company's Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

We are providing supplemental financial measures for (i) non-GAAP adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations; and (ii) non-GAAP Adjusted EBITDA that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions.

We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Adjusted EBITDA excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our bitcoin for which the accounting requires significant estimates and judgment, and the resulting expenses could vary significantly in comparison to other companies; and (iv) and impacts related to discontinued operations that would not be applicable to our future business activities.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect 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.

We have also excluded impairment losses on assets, including impairments of our digital currency our non-GAAP financial measures, which may continue to occur in future periods as a result of our continued holdings of significant amounts of bitcoin. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our Consolidated Financial Statements, which have been prepared in accordance with GAAP. We rely primarily on such Consolidated Financial Statements to understand, manage, and evaluate our business performance and use the non-GAAP financial measures only supplementally.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS




March 31,
2022
(Unaudited)



September 30,
2021


ASSETS







Current assets







Cash and cash equivalents, including restricted cash


$

1,912,947



$

18,040,327


Accounts receivable, net



6,836,253




2,619,957


Inventory



1,259,423




2,672,744


Prepaid expense and other current assets



10,316,242




5,129,047


Digital currency



17,045,640




23,603,210


Derivative investment asset



3,794,359




4,905,656


Investment in equity security



250,000




260,772


Investment in debt security, AFS, at fair value



541,200




494,608


Total current assets


$

41,956,064



$

57,726,321









Property and equipment, net


$

276,330,089



$

137,674,739


Operating lease right of use asset



1,353,557




1,488,240


Intangible assets, net



10,262,761




12,699,177


Deposits on mining equipment



69,902,321




87,959,910


Other long-term assets



5,943,314




875,536


Goodwill



19,049,198




19,049,198


Total assets


$

424,797,304



$

317,473,121









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

21,385,732



$

7,975,263


Contract liabilities



188,929




296,964


Operating lease liability



321,600




256,195


Finance lease liability



345,817




413,798


Acquisition liability



-




300,000


Contingent consideration



-




820,802


Dividends payable



335,439




-


Total current liabilities



22,577,517




10,063,022


Long-term liabilities







Operating lease liability, net of current portion



1,043,931




1,235,325


Finance lease liability, net of current portion



257,952




458,308


Total liabilities


$

23,879,400



$

11,756,655









Stockholders' equity







Common stock; $0.001 par value; 100,000,000 shares authorized; 41,290,587 and
37,395,945 shares issued and outstanding as of March 31, 2022, and
September 30, 2021, respectively



41,291




37,394


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
as of March 31, 2022, and September 30, 2021, respectively



1,750




1,750


Additional paid-in capital



525,246,200




444,074,832


Accumulated other comprehensive income (loss)



41,200




(5,392)


Accumulated deficit



(124,412,537)




(138,392,118)


Total stockholders' equity



400,917,904




305,716,466









Total liabilities and stockholders' equity


$

424,797,304



$

317,473,121


CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)




For the three months ended



For the six months ended




March 31,
2022



March 31,
2021



March 31,
2022



March 31,
2021


Revenues, net













Digital currency mining revenue, net


$

36,965,739



$

6,715,792



$

73,940,317



$

7,449,202


Energy hardware, software and services revenue



4,585,971




1,313,530




8,556,181




2,827,233


Other services revenue



86,282




90,366




383,463




100,824


Total revenues, net



41,637,992




8,119,688




82,879,961




10,377,258















Costs and expenses













Cost of revenues (exclusive of depreciation and amortization shown below)



12,127,120




1,537,683




20,925,046




2,879,197


Professional fees



900,976




2,456,554




4,218,795




4,169,277


Payroll expenses



10,542,025




3,262,097




19,425,072




6,576,298


General and administrative expenses



3,182,946




1,243,154




5,071,046




2,193,293


(Gain) on disposal of assets



(920,861)







(642,691)





Other impairment expense (related to Digital Currency)



811,345







7,033,691





Depreciation and amortization



11,661,633




2,117,172




19,359,201




3,226,263


Total costs and expenses



38,305,184




10,616,660




75,390,160




19,044,328















Income (loss) from operations



3,332,808




(2,496,972)




7,489,801




(8,667,070)















Other income (expense)













Other income



308,038




541,576




308,038




541,576


Change in fair value of contingent consideration



290,249







345,791





Realized gain (loss) on sale of digital currency



(2,733,882)




585,709




7,260,909




635,627


Realized gain on sale of equity security









665





Unrealized gain (loss) on equity security






343,000




(1,847)




269,500


Unrealized gain (loss) on derivative security



(1,410,146)




8,400,629




(1,111,297)




7,380,135


Interest income



51,782




54,479




85,253




102,463


Interest expense



(9,584)




(28,381)




(62,293)




(29,721)


Total other income (expense)



(3,503,543)




9,897,012




6,825,219




8,899,580















Income (loss) before income tax (expense) or benefit



(170,735)




7,400,040




14,315,020




232,510


Income tax (expense) or benefit













Net income (loss)


$

(170,735)



$

7,400,040



$

14,315,020



$

232,510















Preferred stock dividends



20,828



$

177,505




335,439



$

177,505















Net income (loss) attributable to common shareholders


$

(191,563)



$

7,222,535



$

13,979,581



$

55,005















Other comprehensive income



28,479







46,592


















Total comprehensive income (loss) attributable to common shareholders


$

(163,084)



$

7,222,535



$

14,026,173



$

55,005















Income (loss) per common share - basic


$

(0.00)



$

0.28



$

0.34



$

0.00















Weighted average common shares outstanding - basic



41,336,342




25,925,259




40,802,319




24,025,557















Income (loss) per common share - diluted


$

(0.00)



$

0.22



$

0.34



$

0.00















Weighted average common shares outstanding - diluted



41,336,342




32,697,863




40,861,052




30,798,161















CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

(UNAUDITED)




Three months ended March 31,




2022



2021


Revenues, net







Digital currency mining revenue, net


$

36,965,739



$

6,715,792


Energy hardware, software and services revenue



4,585,971




1,313,530


Other services revenue



86,282




90,366


Total revenues, net


$

41,637,992



$

8,119,688









Net income (loss)


$

(170,735)



$

7,400,040


Adjustments:









Other impairment expense (related to Digital Currency)


$

811,345



$


Depreciation and amortization



11,661,633




2,117,172


Stock based compensation



6,583,999




849,015


Change in fair value of contingent consideration



(290,249)





Other income






(10,407)


Realized loss (gain) on sale of digital currency



2,733,882




(585,709)


Unrealized gain on equity security






(343,000)


Unrealized loss (gain) on derivative security



1,410,146




(8,400,629)


Interest income


(51,782)



(88,391)


Interest expense


9,584



62,293


Gain on disposal of assets


(920,861)




One-time legal fees related to litigation


116,377



1,429,725


One-time legal fees related to financing & business development transactions


41,047




Severance expenses


571,729




PPP debt forgiveness




(531,169)


Total Adjusted EBITDA


$

22,506,115



$

1,898,940











Three months ended

December 31, 2021



Revenues, net





Digital currency mining revenue, net


$

36,974,578



Energy hardware, software and services revenue



3,970,210



Other services revenue



297,181



Total revenues, net


$

41,241,969








Net income


$

14,485,755



Adjustments:






Other impairment expense (related to Digital Currency)


$

6,222,346



Depreciation and amortization



7,697,568



Stock based compensation



5,749,107



Change in fair value of contingent consideration



(55,542)



Realized gain on sale of digital currency



(9,994,791)



Realized gain on sale of equity security



(665)



Unrealized loss on equity security



1,847



Unrealized gain on derivative security



(298,849)



Interest income


(33,471)



Interest expense


52,709



Loss on disposal of assets


278,170



One-time legal fees related to litigation


136,092



Total Adjusted EBITDA


$

24,240,276








Investor Relations Contact
Matt Schultz , Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Cision View original content: https://www.prnewswire.com/news-releases/cleanspark-reports-second-quarter-fy2022-financial-results-301544436.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

May 5, 2022 9:00 AM

CleanSpark Announces April 2022 Bitcoin Production

LAS VEGAS, May 05, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending April 30, 2022.

Bitcoin Production & Operations Update (unaudited)

  • April monthly production: 313
  • Calendar year-to-date production ending April 30: 1,211
  • Total BTC holdings as of April 30: 448
  • Total BTC converted for operations and growth in April: 285
  • Currently deployed fleet of over 24,000 latest-generation bitcoin miners with a total hashrate of 2.4 EH/s

The Company fully funded growth and operations through the sale of 285 bitcoins in April 2022 at an average of approximately $41,764 per BTC. Sales of BTC equated to proceeds of approximately $11.9 million, most of which were used for growth capital expenditures at the company’s Norcross facility. April daily BTC production reached a high of 10.75.

Location-specific Operational Updates

  • Norcross . Miner installations continue, with about 1,200 immersion-cooled S19j pros hashing as of April 30. “We are executing in phases to ensure maximum value in terms of overclocking and efficiency,” said Zach Bradford, CEO. “We expect to see our installations and associated hashrate continue to increase as we fine-tune our processes.”
  • College Park . The Company is delivering on efficiency and uptime, with approximately 12,000 latest generation miners hashing at the facility.
  • Coinmint. The Company continues to expand its relationship with approximately 11,000 machines hashing at the facility.
  • Lancium . An agreement for up to 500MW was signed in late March with operations expected to commence in Q4 2022.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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: 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 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; the successful deployment of energy solutions for residential and commercial applications; the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

May 3, 2022 9:00 AM

CleanSpark Announces Timing of Second Quarter FY2022 Earnings Release

LAS VEGAS, May 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced it will release its second quarter financial results on May 10 after the U.S. market closes. The earnings release will be followed by an investor conference call at 4:30 p.m. EST to discuss the results.

CleanSpark Second Quarter FY2022 Financial Results

Tuesday, May 10, 4:30 p.m. EST

Webcast URL available at: