News Releases

CleanSpark Inc. (CLSK)

News and Media

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: www.cleanspark.com/investor-relations

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

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

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
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

Apr 28, 2022 9:00 AM

CleanSpark Partners With Sustainable Bitcoin Standard to Double Down on Clean Bitcoin Mining

SBS provides miners and investors with verifiable ‘Proof of Sustainable Mining’ certificates

LAS VEGAS, April 28, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, and Sustainable Bitcoin Standard (“SBS”), an organization that incentivizes clean bitcoin mining, jointly announced that CleanSpark is now a partner of SBS.

Both parties share a common mission to make bitcoin mining cleaner via transparent and verifiable industry standards. SBS will provide CleanSpark with verifiable proof for the bitcoins that the Company sustainably mines as part of the partnership.

The stigma around the energy consumption of cryptocurrency mining, and the absence of verifiable standards for the use of renewable energy in bitcoin mining, limit the asset’s adoption by institutional investors, who are increasingly required to meet ESG commitments. SBS solves this problem by awarding bitcoin miners who use verified clean energy by issuing Sustainable Bitcoin Certificates (SBC) for each bitcoin they mine sustainably. This approach allows investors to add “Proof of Sustainable Mining” to their bitcoin holdings. SBS’s other mining partners include Jihan Wu’s BitDeer and Luxxfolio (formerly Westblock).

“CleanSpark has been focused on using clean energy since day one. In fact, this focus pre-dates our bitcoin mining operations,” said Matt Schultz, CleanSpark’s executive chairman. “We have partnered with SBS because we believe that it's important for the industry to use verified clean energy aligned with existing renewable energy frameworks.”

“SBS was designed to allow ‘Proof of Sustainable Mining’ to be transferred between bitcoin miners who use renewable energy and investors without disrupting the fungibility of Bitcoin,” said Bradford van Voorhees, co-founder of SBS. “We are proud to have a top sustainable bitcoin mining company, which is also one of the biggest publicly traded bitcoin miners, as a mining partner of SBS.”

In September, CleanSpark announced it would work with Georgia Power to invest in a $2 million power expansion, benefiting power customers and community members living near its bitcoin mining facility in Norcross. Last month, it announced an increase in the starting salary of all existing entry-level positions in its mining operations to better the lives of its team members. And most recently, CleanSpark revealed that it was expanding its mining operations in Texas with up to 500 megawatts of renewable energy.

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 .

About Sustainable Bitcoin Standard

Sustainable Bitcoin Standard (SBS) is a global sustainability protocol designed to help  BTC become our planet’s most sustainable asset class, while preserving fungibility and long term integrity of the network. SBS works closely with leading nonprofits and standard bodies in renewable energy and energy audits, to issue Sustainable Bitcoin Certificates (SBCs) to miners who are verified to use renewable and clean energy. SBS’s investors include BitDeer, Hawksburn Capital, New Layer Capital, BlackPine, Stacks Accelerator and prominent angels in institutional finance. For more information about SBS or to become a SBS partner, visit www.sustainablebtc.org

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

Apr 26, 2022 9:00 AM

CleanSpark Finalizes $35 Million in Financing from Trinity Capital

The move delivers on CleanSpark’s commitment to rightsizing its capital structure

LAS VEGAS, April 26, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that it has finalized $35 million in non-dilutive financing from Trinity Capital Inc. , (Nasdaq: TRIN) ("Trinity"), a provider of venture debt financing. The three-year equipment financing agreement is backed by 3,336 new S19j Pro miners and carries an annual interest rate of 9.9%.

CleanSpark intends to use the proceeds from the facility for growth capital expenditures. Currently, CleanSpark has a fleet of over 23,000 latest-generation bitcoin mining machines in operation, with approximately 12,000 machines pending delivery and deployment in batches through October 2022.

“As we mentioned in our Q1 earnings call, debt capital is currently the lowest cost of capital available to the Company,” said Gary Vecchiarelli, CFO of CleanSpark. “This non-dilutive facility is an example of us delivering on our capital strategy and the expectations we have previously communicated. We intend to continue our efforts of obtaining non-dilutive capital to finance our growth capex needs. It is worth noting that we have not drawn on our ATM since November.”

“We are excited to partner with the team at CleanSpark, which is on a mission to mine bitcoin responsibly, using a mix of sustainable energy including nuclear, hydroelectric, solar, and wind,” said Ryan Little, Managing Director of Equipment Financing at Trinity Capital. “Cleanspark is an excellent addition to our portfolio and recently earned a spot among the top 50 fastest-growing companies on a Financial Times’ list. We look forward to being a part of their growth story.”

The financing is intended to strengthen CleanSpark’s sustainable business strategy whereby the Company converts some of its bitcoin (BTC) holdings to fund operations and expansion, with a goal of limiting shareholder dilution and stably maximizing returns for shareholders.

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 results of operations and financial position, including the use of proceeds from the loan, the availability and delivery of new mining equipment, 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 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.

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

Apr 13, 2022 9:00 AM

CleanSpark Among Top 50 Fastest Growing Companies

The Company Earned a Top Spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas

LAS VEGAS, April 13, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, has earned the 44th spot on the Financial Times’ list of the 500 fastest growing companies in the Americas.

The list identifies the top 500 companies based in twenty North, Central and South American countries, ranked by revenue growth rate from 2017 to 2020. An in-depth analysis was conducted by the Financial Times in partnership with Statista to determine which companies made the list. Winners were required to generate revenue of at least $100,000 in 2017 and $1.5 million in 2020.

CleanSpark has seen tremendous growth in its sustainable bitcoin mining operations. The Company operates two bitcoin mining facilities in the Atlanta, GA, suburbs, co-locates machines in upstate New York, and recently signed a contract for a 200MW co-location site in West Texas .

“CleanSpark is a top bitcoin miner, not only in terms of our network strength and other bitcoin-specific metrics, but also in terms of our financial strength. Accolades like this confirm what our team has known for a long time—we're making a name for ourselves as a leading North American sustainable bitcoin miner,” said Zach Bradford, CEO.

“This is a strong testament to the strength of our operational strategy. It shows how being mindful of dilution, selective of energy, aggressive with technology and transparent with our partners and stakeholders can generate impressive results,” said Executive Chairman Matthew Schultz.

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
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

Apr 5, 2022 9:00 AM

CleanSpark Announces March 2022 Bitcoin Production

LAS VEGAS, April 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 March 31, 2022.

Bitcoin Production & Operations Update (unaudited)

  • March monthly production: 318
  • Calendar year-to-date production ending March 31: 898
  • Total BTC holdings as of March 31: 420
  • Total BTC converted for operations and growth in March: 391
  • Currently deployed fleet of over 23,000 latest-generation bitcoin miners with a total hashrate of 2.3 EH/s

The Company fully funded growth and operations through the sale of 420 bitcoins in March 2022 at an average of approximately $42,294 per BTC. Sales of BTC equated to proceeds of approximately $17.6 million, most of which was used for growth capital expenditures at the company’s Norcross facility. March daily BTC production reached a high of 10.57.

Location-specific Operational Updates

  • Norcross . CleanSpark’s Norcross campus saw significant progress during March, with about 600 immersion-cooled S19j pros hashing as of March 31. The Company has experienced delays with its utility partner related to weather and construction. All machines needed to fill the facility to capacity have been received and are being prepared for immersion cooling and deployment. The Company expects the number of machines hashing to rapidly increase over the coming quarter.
  • Coinmint . CleanSpark has 31MW operational at Coinmint, one of the Company’s co-hosting partners. An additional 2MW is expected to go live in May, bringing the total hashrate at Coinmint to 1.06 EH/s, backed by over 11,500 machines.
  • Lancium . CleanSpark’s newly executed contract with Lancium for 200MW is expected to increase the Company’s total hashrate to over 10 EH/s by Spring 2023. The contract also includes the option of an additional 300MW for CleanSpark. With the 300MW option fully deployed, CleanSpark expects to have a total of about 600MW in its portfolio, which would power about 200,000 latest generation miners and contribute approximately 20 EH/s to the network. Please see the chart (attached below) for further details.

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

Attachment


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

Mar 31, 2022 9:00 AM

CleanSpark to Expand Mining Operations in Texas with up to 500 Megawatts of Renewable Power

The expansion at full deployment adds up to 16.0 EH/s to CleanSpark’s existing hashrate

LAS VEGAS, March 31, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that it has signed an agreement with Houston-based Lancium to secure an initial 200 megawatts (MW) at Lancium’s renewably-powered datacenters in West Texas, with an option to add 300 MW more in the future.

It is expected that approximately 50 MW of the purchased capacity will be operational by December 31, 2022, while the remaining 150 MW will be fully operational during Spring 2023. After completely using this capacity with the latest generation of bitcoin mining machines, CleanSpark will add an estimated 16.0 EH/s to its current forecasted hashrate of 4.0 EH/s — strengthening its position as one of the top bitcoin miners in North America.

Lancium is an energy technology and infrastructure company dedicated to accelerating the energy transition. Lancium’s Clean Campuses are located in regions with access to low-cost renewable energy. Enabled by the company’s proprietary Lancium Smart Response technology, these Campuses act as “Controllable Load Resources” (CLRs) which provide for enhanced reliability of the power grid and encourage the growth of additional renewable energy.  In September 2021, the company announced it had broken ground on its first “Clean Campus” located in Fort Stockton, Texas.

“Lancium’s facilities are best-in-class, scalable and, importantly, draw their power from renewable-rich West Texas, which made Lancium an ideal partner for us to co-locate our machines,” said Zach Bradford, CEO of CleanSpark. “This move is in keeping with our strategy of focusing on infrastructure first. We continue to build more capacity at our own bitcoin mining facilities while we partner with colocation service providers. This hybrid approach helps us ensure that we always have rackspace ready to deploy new machines when they are delivered to us by the manufacturers. Such speed and optionality is critical as we scale our mining operations from megawatts to gigawatts in the coming years.”

“Our Clean Campuses provide a unique solution that will provide both green and low cost power for customers that are interruptible and use large amounts of power,” said Michael McNamara CEO and co-founder of Lancium. “Beyond the benefits to clients like CleanSpark, we believe the size of our renewably-powered Clean Campuses, when combined with Lancium Smart Response technology, provide additional benefits in terms of enhanced power grid stability and the further development of renewable energy.”

As of February 28, CleanSpark has over 22,000 bitcoin mining machines in operation, with over 20,000 Bitmain S19 series rigs pending delivery and deployment in batches through October 2022. The Company employs a sustainable business strategy of converting a portion of its BTC holdings to fund operations and expansion, with a goal of limiting shareholder dilution and stably maximizing returns for shareholders.

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.

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 .

About Lancium

Headquartered in The Woodlands, Texas, Lancium is dedicated to accelerating the energy transition through technologies and infrastructure designed to enable more clean energy production while also balancing and stabilizing the power grid. Lancium’s Clean Campuses are designed to provide a low-cost, sustainable solution for large-scale, energy-intensive customers through its propriety Smart Response™ technology. For more information, visit www.lancium.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

For Lancium:
pr@lancium.com


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

Mar 3, 2022 9:00 AM

CleanSpark Announces February 2022 Bitcoin Production

LAS VEGAS, March 03, 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 February 28, 2022.

Bitcoin Production & Operations Update (unaudited)

  • February monthly production: 276
  • Calendar year-to-date production ending February 28: 581
  • Total BTC holdings as of February 28: 494
  • Total BTC converted for operations and growth in February: 253
  • Currently deployed fleet of over 22,000 latest-generation bitcoin miners with a total hashrate of 2.2 EH/s

The Company fully funded growth and operations through the sale of 253 bitcoins in February 2022 at an average of approximately $39,740 per BTC. Sales of BTC equated to proceeds of approximately $10.1 million, most of which was used for growth capital expenditures at the company’s Norcross facility. February daily BTC production reached a high of 10.15.

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
702-989-7694

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


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

Mar 1, 2022 9:00 AM

CleanSpark Increases Salaries of Mining Operations Workers to Attract and Develop A-Players

The move, aimed at bettering the lives of team members, is part of CleanSpark’s ESG commitment

LAS VEGAS, March 01, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that it has increased the starting salary of all existing entry-level positions in its mining operations to $19 per hour. The hourly pay of the Company is now more than that of similar positions at the biggest e-commerce or cloud-computing companies in the United States.

As the Company focuses on its bitcoin mining operations, its commitment to society and governance remains as strong as ever. In addition to the most competitive employee benefits such as employer-paid health insurance and generous paid time off, the Company now provides all existing and future employees with salaries on par with the highest in the same and comparable industries.

“We want to attract the A-players with great pay and benefits,” says Matt Schultz, Chairman at CleanSpark. “Like the biggest tech giants, we want to be known for having strong talent that gets paid well.”

“Our mining operations compensation plan is designed to show our employees how much we value their efforts,” said Zurii Mershant-D'Ambra, Human Resources Manager at CleanSpark. “CleanSpark wants to set the precedence for mining tech salaries in the bitcoin mining industry.”

In September, CleanSpark announced a partnership with Georgia Power to invest in a $2 million power expansion to benefit power customers and community members living near its bitcoin mining facility in Norcross. The Company uses a mix of sustainable energy for its bitcoin mining operations including nuclear, hydroelectric, solar and wind. It also participates in Georgia’s Simple Solar program to boost it’s renewable energy commitments.

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
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com
702-989-7694

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


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

Feb 9, 2022 4:05 PM

CleanSpark Reports Record First Quarter FY2022 Financial Results

Company Reports Record Revenues of $41.2 million, Significant Gross & Net Margin Expansion; Management to Communicate Revised Strategy & Long-Term Vision on Earnings Call

LAS VEGAS, Feb. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today reported financial results for the three months ended December 31, 2021.

“December 16th marked our one-year anniversary of sustainable bitcoin mining and since then we have brought the Company to record revenues and profit,” said Zach Bradford, CleanSpark’s Chief Executive Officer. “As of the date of this release, we have 20,900 machines in operation with a total hashrate exceeding 2.1 EH/s and producing approximately 10 bitcoin per day.

“Given our success with bitcoin mining,” Bradford continued, “CleanSpark is considering strategic alternatives for our legacy energy business.  Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents.  We look forward to sharing our corporate vision on our first quarter earnings call and discussing the strategic pillars we believe are crucial to our long-term success.”

“Our strong financial results are evidence of the operating leverage of our business model,” said Gary A. Vecchiarelli, Chief Financial Officer. “Gross margins remain high at almost 80%, and much of that profitability translates to the bottom line as we saw $14.5m of net income and $24.1m of Adjusted EBITDA [1] , which represents net margins of approximately 35% and 58%, respectively.  CleanSpark also has zero long-term debt, and we will be looking to use our strong balance sheet and operating cash flows as a springboard for future growth expansion.”

Q1 Financial Highlights

Financial Results for the Three Months Ended December 31, 2021

  • The Company increased its quarterly revenues to $41.2 million, an increase of $38.9 million or 17x from $2.3 million for the same prior year period.
  • Net income for the three months ended December 31, 2021 was $14.5m or $0.35 basic income per share compared to a loss of $(7.2) million or $(0.32) loss per share for the same prior year period.
  • Adjusted EBITDA1 improved significantly to $24.1 million, compared to Adjusted EBITDA1 of $(2.7) million from the same prior year period.
  • The Company also saw substantial sequential revenues growth in the first quarter compared to the previous quarter.  Revenues increased $14.1 million or 52% from the fourth quarter.  Net income for the first quarter was $14.5 million reversing a net loss of $(5.4) million in the fourth quarter.  Adjusted EBITDA1 was $24.1 million, increasing almost 700% from $3.6 million in the fourth quarter.

Balance Sheet Highlights as of December 31, 2021

Assets

  • Cash: $5.2 million
  • Digital Currency: $30.2 million
  • Total Current assets: $58.7 million
  • Total Mining assets (including prepaid deposits & deployed miners): $286.9m
  • Total Assets: $418.1 million

Liabilities and Stockholders’ equity

  • Current Liabilities: $22.5 million
  • Total Liabilities: $24.1 million
  • Total Stockholders’ Equity: $394.1 million

The Company had working capital of $36.2 million and no long-term debt as of December 31, 2021.

Investor Conference Call and Webcast

The Company will hold its first quarter 2022 earnings presentation and business update for investors and analysts today,February 9, 2022, at 2:00 p.m. PST/5:00 p.m. EST. 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.

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

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 .

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

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS

December 31,

2021

(Unaudited)
September 30,

2021
ASSETS
Current assets
Cash and cash equivalents, including restricted cash $ 5,212,414 $ 18,040,327
Accounts receivable, net 4,622,002 2,619,957
Inventory 1,432,110 2,672,744
Prepaid expense and other current assets 11,245,426 5,129,047
Digital currency 30,203,387 23,603,210
Derivative investment asset 5,204,505 4,905,656
Investment in equity security 250,000 260,772
Investment in debt security, AFS, at fair value 512,721 494,608
Total current assets $ 58,682,565 $ 57,726,321
Property and equipment, net $ 198,490,355 $ 137,674,739
Operating lease right of use asset 1,421,252 1,488,240
Capitalized software, net 477,191 503,685
Intangible assets, net 10,996,442 12,195,492
Deposits on mining equipment 125,700,523 87,959,910
Other long-term asset 3,327,245 875,536
Goodwill 19,049,198 19,049,198
Total assets $ 418,144,771 $ 317,473,121
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 20,237,550 $ 7,975,263
Contract liabilities 386,740 296,964
Operating lease liability 261,101 256,195
Finance lease liability 366,728 413,798
Acquisition liability 300,000 300,000
Contingent consideration 615,249 820,802
Dividends payable 314,611
Total current liabilities 22,481,979 10,063,022
Long-term liabilities
Operating lease liability, net of current portion 1,167,779 1,235,325
Finance lease liability, net of current portion 419,563 458,308
Total liabilities $ 24,069,321 $ 11,756,655
Stockholders' equity
Common stock; $0.001 par value; 100,000,000 shares authorized; 41,474,062 and
37,395,945 shares issued and outstanding as of December 31, 2021 and
September 30, 2021, respectively
41,475 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 December 31, 2021 and September 30, 2021, respectively
1,750 1,750
Additional paid-in capital 518,240,478 444,074,832
Accumulated other comprehensive income (loss) 12,721 (5,392)
Accumulated deficit (124,220,974) (138,392,118)
Total stockholders' equity 394,075,450 305,716,466
Total liabilities and stockholders' equity $ 418,144,771 $ 317,473,121

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Three months ended
December 31,
2021
December 31,
2020
Revenues, net
Digital currency mining revenue, net $ 36,974,578 $ 733,410
Energy hardware, software and services revenue 3,970,210 1,213,870
Other services revenue 297,181 310,290
Total revenues, net 41,241,969 2,257,570
Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown below) 8,797,926 1,332,890
Professional fees 3,317,819 1,712,723
Payroll expenses 8,883,047 3,314,201
General and administrative expenses 1,888,100 950,139
Other impairment expense (related to Digital Currency) 6,222,346
Depreciation and amortization 7,697,568 1,117,715
Total costs and expenses 36,806,806 8,427,668
Income (loss) from operations 4,435,163 (6,170,098)
Other income/(expense)
Change in fair value of contingent consideration 55,542
Realized gain on sale of digital currency 9,994,791 49,918
Realized gain on sale of equity security 665
Unrealized loss on equity security (1,847) (73,500)
Unrealized gain (loss) on derivative security 298,849 (1,020,494)
Interest income 33,471 47,984
Interest expense (52,709) (1,340)
Loss on write off and disposal of assets (278,170)
Total other income (expense) 10,050,592 (997,432)
Income (loss) before income tax (expense) or benefit 14,485,755 (7,167,530)
Income tax (expense) or benefit
Net income (loss) $ 14,485,755 $ (7,167,530)
Preferred stock dividends 314,611
Net income (loss) attributable to common shareholders $ 14,171,144 $ (7,167,530)
Other comprehensive income 18,113
Total comprehensive income (loss) attributable to common shareholders $ 14,189,257 $ (7,167,530)
Income (loss) per common share - basic $ 0.35 $ (0.32)
Weighted average common shares outstanding - basic 40,279,938 22,146,992
Income (loss) per common share - diluted $ 0.35 $ (0.32)
Weighted average common shares outstanding - diluted 40,485,761 22,146,992

CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

(UNAUDITED)

Three months ended December 31,
2021 2020
Revenues, net
Digital currency mining revenue, net $ 36,974,578 $ 733,410
Energy hardware, software and services revenue 3,970,210 1,213,870
Other services revenue 297,181 310,290
Total revenues, net $ 41,241,969 $ 2,257,570
Net income (loss) $ 14,485,755 $ (7,167,530)
Adjustments:
Other impairment expense (related to Digital Currency) $ 6,222,346 $
Depreciation and amortization 7,697,568 1,117,715
Stock based compensation 5,749,107 4,350,643
Change in fair value of contingent consideration 55,542
Realized gain on sale of digital currency (9,994,791) (49,918)
Realized gain on sale of equity security (665)
Unrealized loss on equity security 1,847 73,500
Unrealized gain (loss) on derivative security (298,849) (1,020,494)
Interest income (33,471) (47,984)
Interest expense 52,709 1,340
Loss on write off and disposal of assets 278,170
Total Adjusted EBITDA $ 24,104,184 $ (2,742,728)

Three months ended

September 30, 2021
Revenues, net
Digital currency mining revenue, net $ 22,747,990
Energy hardware, software and services revenue 4,017,574
Other services revenue 379,230
Total revenues, net $ 27,144,794
Net loss $ (5,367,391)
Adjustments:
Other impairment expense (related to Digital Currency) $ 3,441,917
Depreciation and amortization 5,361,348
Stock based compensation 52,317
Change in fair value of contingent consideration (84,198)
Realized gain on sale of digital currency (2,432,313)
Realized gain on sale of equity security (73,138)
Unrealized loss on equity security 104,067
Unrealized loss on derivative security 2,528,974
Interest expense, net 33,958
Other income (1,761)
Total Adjusted EBITDA $ 3,563,780


[1] Non-GAAP financial metric; see “Non-GAAP Measures” and “Reconciliation of Adjusted EBITDA” in this press release.


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

Feb 3, 2022 9:00 AM

CleanSpark Announces January 2022 Bitcoin Production

Month-to-month bitcoin production increased 35%

LAS VEGAS, Feb. 03, 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 January 31, 2022.

Bitcoin Production & Operations Update (unaudited)

  • January monthly production: 305
  • Total BTC holdings as of January 31: 471
  • Total BTC converted for operations and growth in January: 467
  • Currently deployed fleet of approximately 20,500 latest-generation bitcoin miners with a total hashrate of 2.1 EH/s

The Company fully funded growth and operations through the sale of 467 bitcoins in January 2022 at an average of approximately $41,000 per BTC. January daily BTC production reached a high of 10.4.

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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

Feb 2, 2022 5:11 PM

CleanSpark Announces Timing of First Quarter FY2022 Earnings Release

LAS VEGAS, Feb. 02, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced it will release first quarter financial results February 9 after the U.S. market closes. The release will be followed by an investor conference call at 5:00 p.m. EST to discuss the results.

CleanSpark First Quarter FY2022 Financial Results

Wednesday, February 9, 5:00 p.m. EST

Webcast URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=C2mkfutj

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

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

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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 27, 2022 9:00 AM

Gwinnett Technical College Students Awarded Scholarships As Part of CleanSpark's Community Commitment

LAS VEGAS, Jan. 27, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company” or “CleanSpark”), a sustainable bitcoin mining and energy technology company, has established a scholarship at Gwinnett Technical College for five students seeking an associate degree in the computer sciences program (computer programming, cybersecurity, game development, networking specialist, and website development and design).

The CleanSpark Scholarship for Technological Innovation covers full tuition and books for five students. Students were awarded the scholarship during their 2021 winter break. Cybersecurity student Macy Bazzell was one of the five students selected for the scholarship.

“Continuing my education is my highest priority,” said Bazzell. “The CleanSpark Scholarship for Technological Innovation from the Gwinnett Tech Foundation will increase my ability to continue my education past the associate degree and allow me to continue to seize opportunities and expand my knowledge set. I hope to use my skills to advance myself, as well as others, while putting a little bit of good into the world.”

Gwinnett Technical College is a state-of-the-art institution with almost 13,000 students enrolled across two campuses and a 95.4% job placement rate. There are more than 140 degree, diploma and certificate programs. It has served students for more than three decades and was designated a Military Spouse Friendly® School once again for the 2021-2022 academic year.

“We were elated at the news that CleanSpark was interested in supporting our computer sciences program,” said Dr. D. Glen Cannon, Gwinnett Technical College President. “The technical skills acquired in our computer science associate degree programs prepare students for meaningful and lucrative careers in any industry. We appreciate CleanSpark and their recognition of our commitment to building a sustainable, qualified workforce and were compelled to invest in our students and college.”

The scholarships were granted as part of CleanSpark’s commitment to partnering with the communities it operates in. The company has two mining operations in the Atlanta suburbs, including one in Gwinnett County. CleanSpark expects to invest $145 million in capital improvements and jobs at its Norcross facility in Gwinnett County over the next five years.

“We’re always looking for ways to be good citizens in our communities,” said CleanSpark CEO Zach Bradford. “The county has been so welcoming to us, so we wanted to give back and support the industries we believe in. We look forward to seeing what our scholarship recipients accomplish in the years to come.”

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

About Gwinnett Technical College
Gwinnett Technical College, one of Georgia’s largest technical colleges, is committed to delivering relevant knowledge to meet the workforce training needs of its community. The College offers more than 140 associate degree, diploma, and certificate programs and hundreds of seminars, workshops, and courses providing specialized training. Gwinnett Tech is Gwinnett County’s largest corporate training provider and serves residents and businesses in north Fulton County. Gwinnett Technical College is accredited by the Southern Association of Colleges and Schools Commission on Colleges to award the associate degree. Contact the Commission on Colleges at 1866 Southern Lane, Decatur, Georgia 30033-4097 or call for questions about the accreditation of Gwinnett Technical College. In addition, some college programs hold separate licensure or accreditation status with appropriate agencies. For more information, visit GwinnettTech.edu. A unit of the Technical College System of Georgia.

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s plans and expectations for expansion of its energy initiatives, operating results, business strategy,  deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as “expect," “target," “anticipate," “believe," “could," “should," “estimate," “intend," “may," “will," “plan," “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company’s energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


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

Jan 24, 2022 9:00 AM

CleanSpark Achieves Major Milestone at 2 EH/s Hashrate

CleanSpark is a top publicly traded crypto mining company in terms of hashrate

LAS VEGAS, Jan. 24, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that its hashrate has recently exceeded 2 exahashes per second (EH/s), doubling over the past three months.

Hashrate, or the computing power to mine a cryptocurrency, is one of the most important metrics for evaluating publicly traded bitcoin miners because it determines how many bitcoins a miner is producing on a regular basis.

At 2 EH/s hashrate, CleanSpark now sustainably produces around 10 bitcoins a day and has an installed production capacity that puts it among the top of publicly traded North American miners.

“We have more capacity coming, in terms of both machines and access to additional energy,” said Zach Bradford, CEO. “In fact, we believe we are one of the most efficient miners in terms of hashrate per megawatt and we are on track to maintain that.”

Being a sustainable company, CleanSpark operates at top mining and energy efficiency levels, which is particularly important given that mining difficulty is growing along with global hashrate. One way CleanSpark achieves that is through the adoption of next-generation green technologies, like immersion cooling. CleanSpark is also preparing to install a solar array at its Norcross, GA, facility for sun-powered mining.

“Given how much network difficulty is increasing, if you’re not growing, you’re regressing,” said Matt Schultz, executive chairman. “Our accelerated growth is the direct result of our teams’ hard work and dedication to the Bitcoin network.”

To celebrate the achievement, CleanSpark is giving away a series of limited edition NFTs and general admission passes to the upcoming Bitcoin 2022 conference in Miami.

The giveaway runs January 31 to February 4 on Twitter. To win one of the free NFTs and passes, participants must follow @CleanSpark_Inc on Twitter and correctly identify the answer to a daily Bitcoin-related trivia question. The first two followers to respond correctly will be gifted an NFT and conference pass. Additional details will be posted on CleanSpark’s official Twitter account.

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 20, 2022 2:02 PM

CleanSpark Applauds Congressional Hearing on Bitcoin Mining

Focused on sustainability, CleanSpark has long held that bitcoin mining is a boon to renewable energy infrastructure

LAS VEGAS, Jan. 20, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released a statement responding to this morning’s congressional hearing on crypto mining, Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains.

“We are at the precipice of a lifetime opportunity to develop energy. And that’s because of Bitcoin. While it is true that bitcoin mining consumes a lot of energy, the energy it consumes is transparent and knowable in almost real-time. Bitcoin mining is also leading to the development of new energy infrastructure by allowing for a faster payback on renewable energy projects such as solar and wind.

“The question for regulators isn’t about how much energy bitcoin uses, but about what kind of energy it uses. We believe that bitcoin miners can be partners in the important work of decarbonizing our economy.”

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
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


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

Jan 10, 2022 9:00 AM

CleanSpark Joins Valkyrie Investments to Discuss Sustainable Bitcoin Mining

CEO Zach Bradford to Participate in Fireside Chat with Valkyrie CEO Leah Wald

LAS VEGAS, Jan. 10, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that CEO Zach Bradford will participate in a Valkyrie Investments webinar on sustainable bitcoin mining Thursday, January 13, 12:30 p.m. ET.

The event is the first of Valkyrie’s new Spotlights webinar series. Spotlights feature deep dive firesides with special guests. Bradford will be joined by mining expert Kristy-Leigh Minehan.

This virtual event is open to the public. Interested participants can register here: https://valkyrieinvest.com/webinars/spotlights/

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 6, 2022 9:00 AM

CleanSpark Announces December 2021 Bitcoin Production

The Company added 500 PH/s in December, a 38% increase to its hashrate

LAS VEGAS, Jan. 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 December 31, 2021.

Bitcoin Production & Operations Update (unaudited)

  • December monthly production: 226
  • Calendar year-to-date production ending December 31: 1,528
  • Total BTC holdings as of December 31: 633
  • Total BTC converted for operations and growth in CY2021: 909
  • Currently deployed fleet of over 18,800 latest-generation bitcoin miners with a total hashrate of 1.9 EH/s

The Company sold 414 bitcoin during December 2021 at an average of $49,791 per BTC to support growth and operations. As of the date of this release, daily BTC production has reached a high of 9.5.

“I’m tremendously proud of our teams that worked throughout the busy holiday season to get machines racked and ready,” said Zach Bradford, CEO. “As of today, we have added more than 550 PH/s of processing power in the three weeks since our December earnings call, and expect to reach our 2.0 EH/s milestone in the coming days.”

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 16, 2021 9:00 AM

CleanSpark Marks Its One-Year Anniversary of Sustainable Bitcoin Mining

Renewable energy mix used at Atlanta, GA, facilities since first bitcoin mined in December 2020

LAS VEGAS, Dec. 16, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced the one-year anniversary of its bitcoin mining operations. CleanSpark implements an ESG approach by sourcing regional energy mixes with strong renewable energy portfolios for its mining facilities in Norcross and College Park, Georgia.

Bitcoin Mined

(December 2020 – November 2021)
Month/Year BTC
Dec-20 31
Jan-21 42
Feb-21 45
Mar-21 56
Apr-21 56
May-21 60
Jun-21 73
Jul-21 147
Aug-21 189
Sep-21 193
Oct-21 216
Nov-21 218

CleanSpark entered the bitcoin mining industry in December 2020 with its purchase of ATL Data Centers. A second data center, located in Gwinnett County, was acquired in August 2021 with plans to invest $145 million in capital and human investments over the next five years. CleanSpark draws on its clean energy background to take an efficient approach to Bitcoin’s high energy usage. The Company is now a leading sustainable miner and paving the way for clean mining best practices in the worldwide call-to-action.

"As a company, CleanSpark has consistently been committed to increasing clean, reliable, distributed energy into the world's electrical grids. Coupling our expanding cryptocurrency mining operations with additional clean energy resources both onsite and in the surrounding communities is integral to our core values as stewards for the environment. With increasing energy crises, it is more important now than ever to maximize efficiency and minimize the carbon footprint of our operations," said Rich Inman, vice president of technology.

The Company’s ESG strategy also helps the communities it operates in. Aside from using renewable energy mixes for its mining operations, CleanSpark facilitates more reliant transmission lines with infrastructure-level upgrades and invests in state solar power programs, such as Georgia’s Simple Solar. This approach is making a positive impact on the local economy by developing abandoned areas and creating new job opportunities.

“Our goal is to drive the adoption of clean and energy-efficient bitcoin mining while delivering value to our shareholders and communities we operate in,” CEO Zach Bradford said. “Finding ways to be good partners in surrounding neighborhoods is part of that vision.”

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


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

Dec 15, 2021 9:00 AM

CleanSpark Names New Chief Financial Officer

Gary A. Vecchiarelli, CPA, succeeds outgoing CFO Lori Love

LAS VEGAS, Dec. 15, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that its board of directors has appointed Gary A. Vecchiarelli Chief Financial Officer of the Company. Vecchiarelli succeeds outgoing CFO, Lori Love.

Vecchiarelli, a certified public accountant in Nevada and California, possesses more than two decades of technical, operational, and strategic experience in finance and accounting. He has held senior positions with multiple publicly traded, high-growth companies, where he specialized in strategic planning, mergers and acquisitions, and debt financing.

“Gary is a great addition to CleanSpark,” said Zach Bradford, CEO. “We believe his substantial experience with capital markets and his ability to effectively lead and communicate strategic priorities will bring immediate value to shareholders.”

Vecchiarelli was most recently Chief Financial Officer for Imatrex, a high-tech medical imaging solutions company. Previously, he led finance operations for Golden Entertainment and Galaxy Gaming. Vecchiarelli brings deep experience in public accounting to CleanSpark, most notably for his role in opening BDO’s Las Vegas audit practice. During his tenure in public accounting, his clients ranged in size from $50 million to over $1 billion in various industries.

“CleanSpark is at an incredible stage of development, transforming energy-intensive bitcoin mining into a sustainable and efficient enterprise, all while protecting shareholder value.” Vecchiarelli said. “I’m thankful for the Board’s confidence and I look forward to leading the teams that have worked so diligently to advance CleanSpark’s standing on the global stage.”

Vecchiarelli begins his tenure effective today. Love will work in a limited capacity during the transition.

The Company engaged a national executive search firm and chose Vecchiarelli from a pool of exceptional candidates.

“Gary quickly rose to the top of our list based on his work with high-growth companies. He brings substantial institutional experience and leadership to CleanSpark.  His extensive audit experience will streamline our internal controls and reporting procedures,” said Matthew Schultz, CleanSpark’s Executive Chairman. “We look forward to having him on the team.”

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 14, 2021 6:06 PM

CleanSpark Reports Fourth Quarter and Fiscal Year 2021 Financial Results

Twelve-month revenue increased nearly 400% to $49.4 million from one year ago period

LAS VEGAS, Dec. 14, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company today reported financial results for its fourth quarter and 2021 fiscal year.

The Company’s Annual Report on Form 10-K and accompanying financial statements are available at www.sec.gov and the Company website at https://www.cleanspark.com/investor-relations/sec-filings/

As previously announced, the Company is holding its annual earnings call today at 2 p.m. PT/5 p.m. ET. A recording and transcript of the call will be available shortly thereafter on the company’s website. A live version of the call is available at: https://services.choruscall.com/mediaframe/webcast.html?webcastid=OxACvcYn

Financial Highlights

Year ended September 30, 2021

  • Revenues for the year ended September 30, 2021 were $49.4 million, an increase of $39.4 million, or 400%, from $10.0 million for the same prior year period.
  • Net loss for the 12 months ended September 30, 2021 was ($21.8) million, or ($0.75) loss per share, compared to a loss of ($23.3) million, or ($2.44) loss per share, for the same prior year period, an improvement of $1.70 per share.
  • Adjusted EBITDA, a non-GAAP term, for the year ended September 30, 2021 was $9.0 million, or $0.31 gain per share, compared to ($10.2) million, or ($1.07) loss per share, for the same prior year period.

Three months ended September 30, 2021

  • Revenues for the three months ended September 30, 2021, were $27.1 million, an increase of $25.15 million, or nearly 1300%, from $1.95 million for the same prior year period.

Balance Sheet Highlights as of September 30, 2021

Assets

  • Cash: $18.0 Million
  • Book Value of Digital Currency: $23.6 million, or 627 bitcoins (fair market value $27.5 million)
  • Total Current assets: $57.7 million
  • Total Mining equipment: $123.2 million
  • Total deposits for future mining equipment: $88.0 million
  • Total Assets: $317.5 Million

Liabilities and Stockholders’ equity

  • Current Liabilities: $10.1 million
  • Total Liabilities: $11.8 million
  • Total Stockholders’ Equity: $305.7 million

Working capital

Working capital of $47.7 million as of September 30, 2021, compared to $2.9 million as of September 30, 2020, for an increase of $44.8 million.

Operational Highlights – Year ended September 30, 2021

  • Substantial real estate and energy acquisitions, including Norcross, GA, data center (20MW) and College Park, GA, data center (45MW+).
  • Quarter-over-quarter increase in revenue of nearly 1300%.
  • Exponential hashrate increase of zero to 1.3 EH/s in under a year.

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 .

[Please see attached PDF for financial tables.]

Non-GAAP Measures

Adjusted EBITDA and Adjusted EPS 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 and non-GAAP earnings per share 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. The first supplemental financial measure 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 the first two non-GAAP financial measures, 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.

The following is a reconciliation of our non-GAAP adjusted EBITDA to the most directly comparable financial measure stated in accordance with GAAP, which excludes the impact of (i) interest, taxes, depreciation, amortization; (ii) our share-based compensation expense; (iii) impairment expense; (iv) unrealized gains/losses on securities; (v) and (vi) impacts related to discontinued operations, to its most directly comparable GAAP measures for the periods indicated.

[Please see attached PDF for financial tables.]

The following is a reconciliation of our non-GAAP adjusted EBITDA earnings per share, in each case excluding the impact of (i) interest, taxes, depreciation, amortization; (ii) our share-based compensation expense; (iii) impairment expense; (iv) unrealized gains/losses on securities; (v) certain financing costs and other non-cash items; (vi) certain non-recurring expenses; and (vii) impacts related to discontinued operations:

[Please see attached PDF for financial tables.]

The following is a reconciliation of fair market value of our digital currency holdings to the current carrying value at September 30, 2021. We did not hold any digital currency as of September 30, 2020:

[Please see attached PDF for financial tables.]

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


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

Dec 10, 2021 9:00 AM

CleanSpark Invites Public to Fourth Quarter and Full Year 2021 Earnings Call

SALT LAKE CITY, Dec. 10, 2021 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today invited shareholders, market analysts and other interested parties to its fourth quarter and full year 2021 earnings call.

CleanSpark Fourth Quarter and Full Year 2021 Financial Results

Tuesday, December 14, 5:00 p.m. ET

Webcast URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=OxACvcYn

For more information about CleanSpark, including the Company's sustainable bitcoin mining operations, visit www.cleanspark.com

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 9, 2021 9:00 AM

CleanSpark Announces New 20 MW Immersion Cooling Initiative at Norcross Bitcoin Mining Facility

It will be among the first large-scale datacenters of its type in North America

SALT LAKE CITY, Dec. 09, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced purchase of immersion cooling infrastructure for its Norcross bitcoin mining facility. Phased installation starts immediately, with the first 8 MW expected to go live in February.

The new data center’s immersion cooling technology is expected to increase bitcoin mining efficiency by 20% or more, according to industry standards and the manufacturer. It is also expected to reduce operational expenses, enhancing CleanSpark’s competitive advantage that comes from the Company’s background in energy technology.

-------------------------
Highlights

  • 20 MW immersion-cooled solution at Norcross, GA facility
  • Expected efficiency increase of 20% or more, according to the manufacturer
  • 5940 fully-immersed Antminer S19j Pro machines, or about 600 PH/s total
  • Liquid is 100% biodegradable and safe

-------------------------

Liquid immersion cooling, where the machines are fully immersed in a specialized cooling liquid, has proven to significantly increase the hashrate of bitcoin mining machines, reduce power consumption, and extend the life of the machines—thereby maximizing financial gains.

A datacenter with such technology does not require regular re-outfitting, further improving the efficiency of a large mining operation and reducing operational expense. This approach is in stark contrast with air-cooled data centers—the current standard in the bitcoin mining industry—which require regular cleaning or replacement of the machine or filters because the constant flow of air carries minute particulate matter such as dust and pollen.

Upon completion, the 20 MW project will consist of 180 liquid-filled tanks, with each tank holding 33 units of the Antminer S19j Pro machines—the newest generation series of bitcoin miners on the market—fully immersed in a proprietary cooling liquid. The liquid is a synthetic hydrocarbon compound that has no electrical conductivity, is fully biodegradable and safe.

“This project expands our portfolio of energy efficient solutions, adding to the engineering tools at our disposal,” said Matthew Schultz, CleanSpark’s Executive Chairman.

“We are constantly seeking ways to make our operations more sustainable and productive while achieving maximum performance,” said Zach Bradford, CEO of CleanSpark. “Deploying an environment-friendly cooling technology that also increases the economics of our bitcoin mining operations was an obvious choice for us.”

CleanSpark acquired the Norcross, Georgia site in August. In September the Company announced expected capital and human investments of nearly $145 million over the next five years at the site.

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 6, 2021 9:00 AM

CleanSpark Announces November Bitcoin Mining Updates

Daily production is up 4.3% for November to 7.3 BTC per day

SALT LAKE CITY, Dec. 06, 2021 (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 November 30, 2021.

Bitcoin Production & Operations Update (unaudited)

  • November monthly production: 218
  • Calendar year-to-date production ending November 30: 1,301
  • Total BTC holdings as of November 30: 838
  • Total BTC converted for operational growth in CY2021: 478
  • Deployed fleet of approximately 12,900 latest-generation bitcoin miners with a total hashrate of 1.3 EH/s

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


Isaac Holyoak
CleanSpark, Inc.
pr@cleanspark.com
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Nov 30, 2021 9:00 AM

CleanSpark Unveils New Brand Identity to Unify its Business Segments

New ‘look and feel’ unifies the company’s business segments—sustainable bitcoin mining and renewable energy technology

SALT LAKE CITY, Nov. 30, 2021 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today unveiled a new logo, including a new wordmark and icon, and a new website. The new brand identity reflects the Company’s strategic focus on sustainable bitcoin mining using the Company’s background in energy technology.

As CleanSpark continues to expand capacity across its portfolio of mining facilities, the unique advantages of having a background in energy technology and management is becoming increasingly valuable: CleanSpark is developing some of the most efficient mining operations in the industry.

CleanSpark’s new brand identity reflects the competitive advantage of the Company while also emphasizing the Company’s brand as approachable, adaptable and trustworthy for shareholders and customers.

The new icon of a star-within-a-star distills the CleanSpark star into an easily recognizable symbol that reflects who the Company is at its core: a business with global reach that unites its two business segments—sustainable bitcoin mining and energy technology.

“Mining Bitcoin has become an increasingly important business segment for CleanSpark. We leverage our deep energy background to make our operation sustainable, which is important given how energy-intensive this industry is—so we wanted our updated brand to reflect that,” said Matthew Schultz, CleanSpark’s executive chairman. “I'm very proud of our in-house design team, who did a spectacular job of understanding and then depicting what we stand for.”

Danielle Nazareno, director of design, brought over a decade of experience designing for new and emerging brands to create the new logo.

“Refreshing our brand aligns our public image with the work we do, how we see ourselves, and how we want others to see us,” said Danielle.

CleanSpark’s new website is now live at www.cleanspark.com while its new brand commercial can be viewed at www.youtube.com/watch?v=DzDI8njXATA .

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact :
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


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

Nov 29, 2021 4:59 PM

CleanSpark Announces Timing of Fourth Quarter and Full Year 2021 Earnings Release

SALT LAKE CITY, Nov. 29, 2021 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced it will release fourth quarter and full year 2021 financial results December 14 after the U.S. market closes. The release will be followed by an investor conference call at 5:00 p.m. ET to discuss the results.

The company invites investors to join a webcast for the earnings call at www.cleanspark.com/investor-relations . Downloadable files, including transcripts, will be available on the company website within 24 hours after the event.

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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 19, 2021 9:00 AM

Seizing Spot Market Opportunity, CleanSpark Secures More Bitcoin Mining Machines for Immediate Delivery

The new S19 machines will increase CleanSpark’s hashrate by over 250 PH/s, a nearly 20% increase of its current hashrate

SALT LAKE CITY, Nov. 19, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced the purchase of an additional 2,597 units of the Antminer S19 bitcoin (BTC) mining machines.

Delivery of the machines is scheduled to be immediate, adding to the 2,711 rigs already purchased and scheduled for delivery this month. These orders are expected to substantially add to the Company’s hashrate over the coming weeks.

CleanSpark employs a sustainable business strategy of converting a portion of its BTC holdings to fund operations and expansion, with a goal of limiting shareholder dilution.

“We continue to take advantage of favorable pricing in the spot market to purchase machines as opportunities present themselves, rather than locking up capital for long periods of time, while we use the standard strategy of future delivery contracts,” said Zach Bradford, CEO and President.

The Company currently operates more than 12,800 miners, providing a hashrate of 1.3 EH/s.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 4, 2021 9:00 AM

CleanSpark Announces Monthly Bitcoin Mining Data Updates to Increase Industry Transparency, Shares First Report

CleanSpark aims to bring more transparency to the mining industry with the monthly release of data about its bitcoin mining operations.

SALT LAKE CITY, Nov. 04, 2021 (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 October 31, 2021. Additionally, the Company announced that it will release such data every month to set new standards of transparency in the bitcoin mining industry.

Bitcoin Production & Operations Update (unaudited)

  • October monthly production: 216
  • Calendar year-to-date production ending October 31: 1,083
  • Total BTC holdings as of October 31: 729
  • Total BTC converted for operational growth in CY2021: 370
  • Deployed fleet of approximately 11,780 latest-generation bitcoin miners with a total hashrate of 1.2 EH/s

"These updates are part of our commitment to lead the industry's transparency efforts," said CleanSpark CEO, Zach Bradford. "We will continue to include key metrics in these updates as we scale our bitcoin mining operations at different locations."

Moving forward, the Company intends to publish monthly updates on key metrics on its website and Twitter account .

The bitcoin mining industry has been criticized for the lack of transparency by miners. CleanSpark is hoping to change how the space is perceived by being open about its operations.

CleanSpark operates and owns two facilities in the Atlanta, Georgia metro area. In addition to its owned facilities, it has a co-location agreement with Coinmint in Massena, NY.

CleanSpark's sustainability efforts account for variation in local energy mixes by purchasing carbon offsets, and, once facilities are at scale, by deploying distributed energy systems onsite. Energy mixes are highly variable, so CleanSpark participates in voluntary programs, like Georgia's Simple Solar, as part of its commitment to sustainability.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a clean 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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. pr@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Oct 20, 2021 7:00 AM

As Bitcoin Reaches All-time Highs, Sustainable Bitcoin Miner CleanSpark Adds New Miners

Delivery of the rigs will add 225 PH/s of hashrate capacity; 26,830 new miners now slated for delivery over next 12 months

SALT LAKE CITY, Oct. 20, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced the purchase of an additional 2,250 units of the Antminer S19j pro bitcoin (BTC) mining machine. Delivery of the machines are scheduled to start next month and be completed by July 2022.

CleanSpark estimates that its sustainable bitcoin mining capacity will increase by an additional 225 PH/s. The Company expects to have the data center space for the machines ready to plug and play in time for each consecutive delivery. The Company currently operates more than 10,000 miners. The total number of miners slated for delivery over the next 12 months is now 26,830.

CleanSpark announced earlier this month that it used some of the Company's BTC holdings towards the purchase of 4,500 units and intends to execute a similar strategy for future payments of these units.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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. pr@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Oct 12, 2021 9:00 AM

CleanSpark Uses Bitcoin to Fund 4,500 Newest Generation Miners

CleanSpark Uses Bitcoin to Fund 4,500 Newest Generation Miners

Delivery of the miners, amounting to an additional hashrate of 450 PH/s, brings the total number of miners slated for delivery over the next 12 months to 24,580

PR Newswire

SALT LAKE CITY , Oct. 12, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, today announced its purchase of 4,500 units of the Antminer S19 bitcoin (BTC) mining machine. The purchase was partially funded through a portion of the Company's BTC holdings. Delivery of the machines are scheduled to start next month and be completed by July 2022.

CleanSpark estimates that its sustainable bitcoin mining capacity will increase by a computing power of 450 PH/s, equivalent to almost 45% of the Company's current capacity, after the purchased machines are fully operational.

The Company expects to have the data center space for the machines ready to plug and play before each consecutive delivery. The Company currently operates over 10,000 miners. The total number of miners slated for delivery over the next 12 months is now 24,580.

In line with the interests of its shareholders, by selling some of its bitcoin, CleanSpark is converting a portion of its BTC holdings into bitcoin miners to increase revenues. CleanSpark believes that the value of digital currencies such as Bitcoin stems from their usefulness as a medium of exchange. By investing a portion of its mined bitcoins to buy additional miners, the Company aims to put those bitcoins back into circulation. The Company also intends to continue its holding strategy.

"By making a conscious effort to reinvest in additional production, we are taking a market-based approach to our mining operations and maximizing value for our shareholders. We understand that using our bitcoin to support our operations and expansion is a paradigm shift for the digital currency mining industry in North America ," said Zach Bradford , CEO of CleanSpark. "We hope to continue to lead the market with these bold moves."

Earlier in August, CleanSpark announced the purchase of a former Sprint/Nextel datacenter in Norcross, Georgia , to start a new mining operation that is expected to be 100% net carbon-neutral, achieved by participating in Georgia's Simple Solar program.

CleanSpark directly owns and operates facilities in Norcross and College Park, Georgia , that will bring a combined 65MW with a focus on clean and sustainable energy as it keeps ESG at the forefront of all its efforts.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean bitcoin mining Company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

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SOURCE CleanSpark, Inc.

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Sep 27, 2021 9:00 AM

CleanSpark Transitions Over One Exahash of Sustainable Bitcoin Mining Power to Foundry USA Pool

CleanSpark Transitions Over One Exahash of Sustainable Bitcoin Mining Power to Foundry USA Pool

100% of CleanSpark's Hashrate is Now Live on Foundry USA Pool, With Plans to Triple By Fall 2022

PR Newswire

SALT LAKE CITY , Sept. 27, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, and Foundry Digital LLC ("Foundry"), a wholly-owned subsidiary of Digital Currency Group, Inc. ("DCG") focused on digital asset mining and staking, jointly announced that CleanSpark has transitioned all of its bitcoin mining power to Foundry USA Pool.

CleanSpark has now added computing power of more than one exahash, generated by over 10,000 latest-generation bitcoin mining machines, to the Foundry USA Pool. The Company plans to continue to deploy machines to reach its goal of 2 EH/s by the end of 2021 and 3.2 EH/s by fall 2022.

Mining pools are an important component of the bitcoin ecosystem because they allow miners to combine their mining power and increase the frequency as well as probability of earning bitcoins. Backed by its parent company DCG, Foundry USA Pool is the first North American cryptocurrency mining pool that pays its users through the Full-Pay-Per-Share ("FPPS") payout method without relying on an external party, guaranteeing stable, risk-free payouts.

"Mining pools historically have not been as transparent in the way they calculate their miners' earnings," said Bernardo Schucman, senior vice president of mining for CleanSpark. "Foundry USA Pool is an exception, however. Being an American mining pool with transparent and compliant methods, it provides all stakeholders with full disclosure of their earnings."

CleanSpark's decision to direct all of its bitcoin mining computing power to Foundry's US-based pool is also a step towards greater decentralization of the mining pool landscape, which experts like Schucman say is good for the overall health of the bitcoin network.

"Our relationship with Foundry is meaningful for our continued growth and productivity," said Zach Bradford , CleanSpark's CEO and President. "We will continue to pool our hashrate with Foundry as more of our machines are deployed in the coming months because we share a commitment to empowering decentralized networks."

Foundry USA Pool is focused on institutional mining businesses and is seamlessly integrated with DCG-owned cryptocurrency prime broker Genesis to provide institutional customers with various treasury management services, including high-security custody, Bitcoin collateralized lending, yield earnings on bitcoin holdings, derivative products and seamless liquidation. The pool's other major customers include Bit Digital, BitDeer, Bitfarms, Core Scientific, Greenidge, HIVE, Hut 8 and Foundry itself, among others.

"We are excited to have publicly traded companies such as CleanSpark join Foundry USA Pool, which is designed to provide its customers with institutional standards of transparency, compliance and services," said Mike Colyer , Foundry's CEO.

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

About Foundry Digital LLC
A subsidiary of DCG, Foundry Digital LLC is a financing and advisory company focused on digital asset mining and staking. With the mission of empowering decentralized infrastructure for a digital world, Foundry provides North American digital asset mining businesses with capital and intelligence. Foundry is based in Rochester, NY . For more information, please visit foundrydigital.com

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz (CleanSpark)
ir@cleanspark.com

Media Contacts:
Isaac Holyoak (CleanSpark)
pr@cleanspark.com

Nishant Sharma
foundry@blocksbridge.com
BlocksBridge Consulting (Foundry)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-transitions-over-one-exahash-of-sustainable-bitcoin-mining-power-to-foundry-usa-pool-301385378.html

SOURCE CleanSpark, Inc.

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Sep 20, 2021 9:00 AM

CleanSpark's Executive Chairman to Participate in Fireside Chat on Bitcoin Mining at BTIG Conference

SALT LAKE CITY, Sept. 20, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company announced today that Matthew Schultz, Executive Chairman, will participate in a fireside chat at the BTIG Future of Digital Assets Conference Wednesday, September 22.

"We appreciate BTIG taking an important role in investor education by hosting an event specifically focused on digital assets," said Schultz. "Like CleanSpark, the team at BTIG has roots in energy and they have a fundamental understanding of the tremendous long-term value our energy expertise brings to our digital currency mining business."

Schultz will be joined by CleanSpark CEO and President Zach Bradford for individual meetings with institutional investors and analysts throughout the conference.

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

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a clean bitcoin mining and energy technology company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts
Investor Relations:
CleanSpark, Inc.
Investor Relations
ir@cleanspark.com

Press:
Isaac Holyoak
pr@cleanspark.com


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

Sep 16, 2021 9:00 AM

CleanSpark Joins with Partnership Gwinnett to Announce $145 Million in Capital and Human Investments

SALT LAKE CITY, Sept. 16, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, joined Partnership Gwinnett to announce expected capital and human investments of nearly $145 million over the next five years at CleanSpark's data center in Norcross, Georgia.

The $6.55 million purchase of the former Sprint/Nextel data center, announced earlier in August, is expected to bring 20 skilled and highly skilled jobs to the community, at an average yearly wage of approximately $50,000. CleanSpark expects the facility to be operational by late 2021.

CleanSpark is working with Partnership Gwinnett because of the organization's substantial role in the county and surrounding area. Partnership Gwinnett is supported by over one hundred companies, municipalities, and educational institutions to strengthen Gwinnett County's diverse economy and ability to compete in the global marketplace.

"Gwinnett County's momentum as a major player in job creation is distinct," said Gwinnett County Chairwoman Nicole Hendrickson. "With CleanSpark coming to Norcross, it means economic stability in a workforce tailored to providing solutions to modern energy challenges."

In addition to direct upgrades to the facility, CleanSpark is partnering with Georgia Power to invest in a $2 million power expansion. Improvements are expected to benefit power customers and community members living near CleanSpark's new facility. The Company will also participate in Georgia's Simple Solar program and anticipates the addition of onsite renewables, solar installations, and other microgrid energy solutions. The mining operations are expected to be 100 percent carbon neutral.

"We believe bitcoin mining can make a positive contribution to the neighborhoods we operate in," said Zach Bradford, CleanSpark CEO and President. "We are committed to being socially and environmentally responsible partners and are proud to work with Partnership Gwinnett as we grow our relationships with other businesses and governmental organizations in Georgia."

Over the next five years, CleanSpark's community investment is expected to include:

  • $7.5 million in property investment
  • $132 million in equipment & hardware investments
  • $4.1 million in people
  • 20 highly skilled and skilled jobs, ~$50,000 average annual wage
  • $2 million investment in power expansion with Georgia Power
  • Expectation of 100% net carbon-neutral

"We are delighted to add another company into the fold that reflects our commitment to sustainability," said Norcross Mayor Craig L. Newton. "We are also exceptionally honored that such an innovative and forward-looking corporation as CleanSpark intentionally selected Norcross as home to its newest data center. Economic viability and environmental stability are directly tied together, and Norcross is fortunate that a growing number of companies recognize our dedication to both. We look forward to welcoming CleanSpark and the many jobs it will bring to our city later this year."

Partnership Gwinnett also worked with Gateway 85 CID.

"Gateway85 CID and Partnership Gwinnett have been working hard to attract innovative companies like CleanSpark to the district," said Emory Morsberger, executive director - Gateway85 CID. "We're thrilled to have a company not only focused on solving today's energy challenges, but also adding more jobs to our economic base."

Deven Cason, Director of Business Retention and Expansion, represented Partnership Gwinnett in conjunction with the Metro Atlanta Chamber and Georgia Power on the project.

"In Gwinnett County, we are focused on technological innovation and creating an environment of advancement," said Cason. "We are excited to welcome CleanSpark to Norcross and Gwinnett County."

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a clean bitcoin mining and energy technology company that is focused on solving modern energy challenges.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Isaac Holyoak
pr@cleanspark.com

About Partnership Gwinnett

Partnership Gwinnett is a public-private initiative dedicated to bringing new jobs and capital investment to Gwinnett County, Georgia. Since 2006, Partnership Gwinnett has worked with its local partners to attract and retain jobs, cultivate capital investment, support educational institutions, foster workforce development, and contribute to the exceptional quality of life found in Gwinnett. Fueled by the support of over one hundred companies, municipalities, Gwinnett County, K-12 and higher education systems, the mission of Partnership Gwinnett is to strengthen the community's diverse economy to compete in the global marketplace and position Gwinnett as the premiere place to live, work and play.

Media Contact:
Jaclyn Allison
Partnership Gwinnett, Director of Marketing, Communications & Events
jallison@partnershipgwinnett.com
770-232-8814


Isaac Holyoak CleanSpark, Inc. pr@cleanspark.com Jaclyn Allison Partnership Gwinnett jallison@partnershipgwinnett.com 
News Provided by GlobeNewswire via QuoteMedia

Aug 23, 2021 9:30 AM

CleanSpark to Discuss its Bitcoin Mining Growth with Water Tower Research

SALT LAKE CITY, Aug. 23, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, announced today that CEO Zach Bradford will participate in Water Tower Research's Sustainable Investing Fireside Chat Series on Tuesday, August 24, 2021, at 1:30 p.m. EDT.

The fireside will take a deep dive into CleanSpark's bitcoin mining operation focusing on the recent increase in bitcoin production and hashrate capacity, the associated margin opportunity, and outlook for this business. The conversation will be moderated by Shawn Severson, Water Tower's Head of Sustainable Investing.

Investors interested in participating in this event must register using the link below. As a reminder, registration for the live event is limited but may be accessed at any time for replay. The event is open for all.

REGISTER HERE: https://globalmeet.webcasts.com/starthere.jsp?ei=1490991&tp_key=d8efe322fe

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .


About CleanSpark

CleanSpark, Inc., a Nevada corporation, is an energy technology and clean bitcoin mining Company that is focused on solving modern energy challenges.

For more information, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
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Aug 19, 2021 9:25 AM

CleanSpark Rolls Out Smart Residential Microgrid Solution and Mobile App, mVoult

CleanSpark Rolls Out Smart Residential Microgrid Solution and Mobile App, mVoult

PR Newswire

SALT LAKE CITY , Aug. 19, 2021 /PRNewswire/ --  CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, today announced an update to ongoing roll-out of mVoult, the Company's smart energy system and companion mobile app designed specifically for homes and small businesses.

mVoult is built off of the same platform as CleanSpark's existing, patented mPulse product, which is tough enough for the military and is also flexible enough to be used in commercial, industrial, and estate home applications.

mVoult is a single solution for resilient, reliable, and cost-effective energy for residential properties of all sizes. The system is fully configurable according to the user's needs. Homeowners can start small and expand the modular system without significant design changes as their goals or requirements grow. mVoult enables a system to use power generated from multiple sources, including the main utility, solar, or battery. It also supports storing energy for use during utility disruptions or when economic opportunities exist to lower utility bills.

"We've anticipated using our microgrid technologies to create a cost-effective product offering which can add significant value to the residential energy sector by giving homeowners the choice of power so that they can determine the best application for their individual needs," said CleanSpark President and CEO Zach Bradford . "The pandemic made it more apparent how important self-reliance can be, by giving our customers the opportunity to generate, use and store energy with a focus on renewable resources. CleanSpark is committed to supporting that process."

The companion mobile app connects to the mVoult smart power system and is the window into the homeowner's power system. With the app, users can see how their systems are performing, understand all-time and month-to-date energy cost savings, and view and change system settings, including battery reserve, and monitor the system's energy usage in real-time. The mobile app is available for download in both the Apple and Google Play app stores.

The Company is focusing on California for its first phase of installations as much of the state continues to face disastrous wildfires and power outages. mVoult provides resiliency and cost savings whether the traditional grid is up or down.

The Company has a significant supply of batteries either in transit, or in the Carlsbad warehouse, which are continuing to be deployed as quickly as permitting and personnel allow.

Despite global battery supply shortages, CleanSpark has solidified partnerships with multiple top-tier residential battery manufacturers providing ample supply to meet our growing customer demand.

"We are seeing positive improvements to the overall global supply chains and have been rapidly deploying batteries," said Amer Tadayon , CleanSpark Chief Revenue Officer and Energy Division President. "We expect continued normalization, adding momentum to our residential energy initiative."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .


About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-rolls-out-smart-residential-microgrid-solution-and-mobile-app-mvoult-301358869.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Aug 17, 2021 9:25 AM

CleanSpark, Inc. Reports Financial Results for its Third Quarter Ended June 30, 2021

Nine-month revenue increased 176% to $22.3 million from one year ago period

CleanSpark, Inc. Reports Financial Results for its Third Quarter Ended June 30, 2021

Three-month revenue increased 250% to $11.9 million from one year ago quarter

Nine-month revenue increased 176% to $22.3 million from one year ago period

PR Newswire

SALT LAKE CITY , Aug. 17, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a clean Bitcoin mining and diversified software and services company, yesterday reported results after the close of the US markets for the three and nine months ended June 30, 2021 .

The Company's Quarterly Report on Form 10-Q and accompanying unaudited interim financial statements are available at www.sec.gov and the Company website at https://ir.cleanspark.com/sec-filings/ .

As previously announced, the Company held its third quarter 2021 live virtual earnings presentation and business update for investors and analysts on August 16, 2021 , at 1 p.m. PDT / 4 p.m. EDT . A recording of the call is available for replay at:

https://globalmeet.webcasts.com/viewer/event.jsp?ei=1486534&tp_key=e7f1f1fab1

A transcript of the event is available on the Company's website.

Financial Highlights

Nine months ended June 30, 2021

  • Revenues for the nine months ended June 30, 2021 , were $22.3 million , an increase of $14.2 million , or 176%, from $8.1 million for the same prior year period.
  • Net loss for the nine months ended June 30, 2021 , was ($16.4) million , or ($0.60) loss per share, compared to a loss of ($16.3) million , or ($2.32) loss per share, for the same prior year period, an improvement of $1.72 per share.
  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net loss for the nine months ended June 30, 2021 , of ($2.7) million , or ($0.10) loss per share, compared to a loss of ($4.1) million , or ($0.58) loss per share, for the same prior year period.
  • Adjusted EBITDA after incorporation of non-recurring costs, a non-GAAP term, resulted in a non-GAAP net income for the nine months ended June 30, 2021 , of $6.2 million , or $0.23 earnings per share, compared to a net loss of ($3.9) million , or ($0.56) loss per share, for the same prior year period-an improvement of $0.79 per share.

Three months ended June 30, 2021

  • Revenues for the three months ended June 30, 2021 , were $11.9 million , an increase of $8.5 million , or 250%, from $3.4 million for the same prior year period.
  • Net loss for the three months ended June 30, 2021 , was ($16.7) million , or ($0.49) basic loss per share, compared to a loss of ($8.5) million , or ($0.77) loss per share, for the same prior year period-an improvement of $0.28 per share.
  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net loss for the three months ended June 30, 2021 , of ($3.6) million , or ($0.11) loss per share, compared to a loss of ($1.1) million , or ($0.10) loss per share, for the same prior year period.
  • Adjusted EBITDA after incorporation of non-recurring costs, a non-GAAP term, resulted in a non-GAAP net income for the three months ended June 30, 2021 , of $2.3 million , or $0.07 earnings per share, compared to a net loss of ($1.1) million , or ($0.10) loss per share, for the same prior year period-an improvement of $0.17 per share.

Bitcoin Mining Production

  • In the quarter ended June 30, 2021, the Company produced more than 191 Bitcoins and has produced an aggregate of 598 Bitcoins since acquiring its mining operations on December 10, 2021, through August 14, 2021 .

Balance Sheet Highlights as of June 30, 2021

Assets:

  • Cash: $22.2 Million
  • Digital Currency: $10.4 Million , or 301.4 Bitcoin
  • Total Current assets: $51.9 Million
  • Total Mining assets (Prepaid Deposits/Deployed Miners): $188.2 Million
  • Total Assets: $297.5 Million

Liabilities and Stockholders' equity:

  • Current Liabilities: $11.9 Million
  • Total Liabilities: $15.7 Million
  • Total Stockholders' Equity: $281.8 Million

Working capital

Working capital of $39.9 million as of June 30, 2021 , compared to $2.9 million as of September 30, 2020 , for an increase of $37.0 million .

Operational Highlights - Quarter ended June 30, 2021

  • Current hashrate capacity now exceeds 820 PH/s, which is nearly double the capacity just 46 days ago. The Company anticipates achieving 1.0 EH/s in production capacity within the coming month when the balance of the mining rigs scheduled to be hashing in August are installed. To put this in perspective, the Company produced just over 3 BTC on June 30 . It is now capable of producing between 6 and 7 Bitcoin per day. At current difficulty rates, 1.0 EH/s would result in approximately 8-9 bitcoins per day, which would result in $376,000 to $423,000 per day, or $137 million to $154 million in annualized revenue, using a bitcoin price of $47,000 .
  • CleanSpark continues to work on expanding its total energy capacity to accelerate the growth of its bitcoin mining operations in Atlanta this fall. The expansion will bring this site's total capacity to 50 MW. In addition to this expansion, a partnership with Coinmint has allowed the Company to continue growth while construction is ongoing. All the new mining rigs received this summer were promptly deployed with Coinmint. This partnership has increased the total available power for mining by approximately 25 MW.
  • CleanSpark has over 22,000 of the latest generation Bitmain S19 and S19 Pro mining rigs scheduled to arrive and be installed over the next 12 to 14 months, and the Company expects to place additional orders in the near future to continue growing its mining fleet beyond what it has currently ordered. As a result of these pre-orders, the hashrate is expected to increase to 3.4 EH/s.  For perspective, at current difficulty rates, if the full 3.4 EH/s of capacity were in place today it would result in 26 to 28 bitcoins per day. This capacity, in turn, would result in $1.2 to $1.3 million per day, or $446 million to $480 million in annualized revenue, using a Bitcoin price of $47,000 .
  • CleanSpark has seen continued growth in its Electric Vehicle (EV) charging initiative, with 15 EV companies now using the Company's OpenADR software solutions to aid in load management for EV charging stations and balancing the impact the increased power demand has on the traditional grid.
  • The Company continues to see strong growth trends in the energy business. CleanSpark executed over $6.0 million in additional energy-related contracts last quarter and increased its quarter-over-quarter revenues by 61%. This strong sales growth has resulted in a very robust backlog that is expected to result in positive revenue growth over the next several quarters. Although the Company is seeing strong sales growth, the energy industry as a whole is still encountering certain global supply chain constraints, such as the tight battery supply experienced in the Company's past quarter. Fortunately, the supply chain is being shored up and a large number of batteries were received into inventory in June and July. CleanSpark expects positive improvements to the overall global supply chain and continued normalization through the balance of 2021.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com , or by visiting the Company's website.

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on solving modern energy challenges. The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facilities outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Non-GAAP Financial Measures

Management believes that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) attributable to common stockholders before interest, taxes, depreciation, amortization, impairment of long-lived assets, financing costs, stock-based compensation expense, other non-cash expenses, certain non-recurring expenses, and expenses related to discontinued operations.

Adjusted EBITDA and Adjusted EPS is not a measurement of financial performance under generally accepted accounting principles in the United States , or 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. CleanSpark management does not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.



Three Months Ended



June 30,
2021


June 30,
2020

Net Income/(Loss) attributable to shareholders (US GAAP)

$

(16,677,127)

$

(8,551,301)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


3,656,757


745,244

Stock based compensation


3,399,371


261,432

Impairment expense


3,720,481


-

Interest, financing charges, non-cash amortization of debt discounts


(28,625)


7,066,496

Unrealized (gain)/loss on equity/derivative security


2,231,360


(638,794)

Non-cash amortization of right of use assets


105,255


11,274

Total:

$

13,084,599

$

7,445,652






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

(3,592,528)

$

(1,105,649)






One-time and non-recurring expenses

$

5,895,239

$

-






Non-GAAP Adjusted EBITDA (after elimination of onetime and non-recurring expenses)

$

2,302,711

$

(1,105,649)






Weighted average common shares outstanding - basic


34,014,221


11,119,288






Non-GAAP Adjusted EBITDA earnings/(loss) per common share - basic

$

(0.11)

$

(0.10)

Non-GAAP Adjusted EBITDA (after elimination of non-recurring expenses) earnings/(loss) per common share - basic

$

0.07

$

(0.10)






Nine Months Ended



June 30, 2021


June 30, 2020

Net Income/(Loss) attributable to shareholders (US GAAP)

$

(16,622,124)

$

(16,282,653)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


6,883,020


2,126,313

Stock based compensation


8,599,029


1,171,632

Impairment expense


3,720,481


-

Interest, financing charges, non-cash amortization of debt discounts


(101,367)


10,518,094

Unrealized (gain)/loss on equity/derivative security


(5,418,275)


(1,622,553)

Non-cash amortization of right of use assets


271,715


33,000

Total:

$

13,954,603

$

12,226,486






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

(2,667,521)

$

(4,056,167)






One-time and non-recurring expenses

$

8,851,137

$

130,000






Non-GAAP Adjusted EBITDA (after elimination of non-recurring expenses)

$

6,183,616

$

(3,926,167)






Weighted average common shares outstanding - basic


27,355,111


7,003,927






Non-GAAP Adjusted EBITDA earnings/(loss) per common share - basic

$

(0.10)

$

(0.58)

Non-GAAP Adjusted EBITDA (after elimination of non-recurring expenses) earnings/(loss) per common share - basic

$

0.23

$

(0.56)

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Aug 10, 2021 9:29 AM

CleanSpark Acquires Second Data Center to Increase Bitcoin Mining Capacity

CleanSpark Acquires Second Data Center to Increase Bitcoin Mining Capacity

The new facility's mining operations are expected to operate at 100% net carbon-neutral

PR Newswire

SALT LAKE CITY , Aug. 10, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and diversified software and services company, today announced that it has closed on its acquisition of an additional nearly 87,000 square foot data center in Norcross, Georgia , to substantially increase the Company's Bitcoin mining operation.

The $6.55M purchase of the former Sprint/Nextel data center situated on over 7 acres in Norcross, Georgia closed on August 6, 2021 . The facility, located 33 miles from the current ATLData Center and CleanBlok operations in Atlanta , will provide 20 MW of additional power to CleanSpark's mining business with the opportunity for significant expansion. The Company expects to complete the installation of the mining infrastructure and have the miners running by late 2021.

The new facility's mining operations are expected to operate at 100% net carbon-neutral, achieved through its participation in Georgia's Simple Solar program.  The program allows CleanSpark to offset any carbon-based energy included in the regional energy mix with solar power. The Company also anticipates adding onsite renewables, including rooftop and ground mount solar and other microgrid energy solutions.

CleanSpark President and CEO Zach Bradford said, "This facility, with its 20 MW of power, will allow us to put over 6,000 additional S19s into operation. It is expected to produce over 650 PH/s upon installation. Based on current difficulty rates, this processing power would result in an additional 5 to 6 bitcoins per day. This, along with our other initiatives, is expected to result in 2.0 EH/s by the end of 2021, which, at current difficulty rates would result in 17 to 18 bitcoin per day."

Bradford continued, "We have been working on a number of opportunities to increase our Bitcoin production capabilities, including energy expansion in Atlanta , our partnership with Coinmint, and now the purchase of this facility to increase the total energy capacity in our portfolio. We have over 23,500 S19 ASICS miners that will be delivered over the coming year-planning for responsible energy expansion has been paramount. Our focus on ESG has been at the forefront of all our efforts and we expect to lead sustainable practices in the industry. CleanSpark now directly owns and operates facilities that will bring a combined 70MW of 95%-plus carbon-free energy capacity, with the ability to further expand."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-acquires-second-data-center-to-increase-bitcoin-mining-capacity-301352003.html

SOURCE CleanSpark, Inc.

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Aug 4, 2021 9:30 AM

CleanSpark Announces its Third Quarter 2021 Earnings Call Date and Time

SALT LAKE CITY, Aug. 04, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and a diversified software and services company, today announced that it will hold the Company's third quarter 2021 live virtual earnings presentation and business update for investors and analysts on August 16, 2021 at 1 p.m. PST/4 p.m. EST.

To participate in our virtual meeting, please visit: https://globalmeet.webcasts.com/starthere.jsp?ei=1486534&tp_key=e7f1f1fab1

This URL can be used for live event or to watch the recorded version. A transcription will be available on our investor website after the event.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Aug 3, 2021 9:25 AM

CleanSpark Provides Updates on Bitcoin Mining and Energy Operations

CleanSpark Provides Updates on Bitcoin Mining and Energy Operations

Mining Hashrate Capacity Now Exceeds 740 PH/s, Daily Bitcoin Production Tops 6 BTC per day, Over 200 Batteries installed for Fire Prone CA Homes During the Month of July.

PR Newswire

SALT LAKE CITY , Aug. 3, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and a diversified software and services company, today announced updates to a number of strategic initiatives related to its Bitcoin and Energy business units.

CleanBlok, the Company's Bitcoin mining division, now has over 7,500 of the latest generation mining units deployed with a hashrate capacity of over 740 PH/s, currently producing approximately 6 Bitcoin per day at today's difficulty rates.  Another 1,670 units, capable of producing approximately 148 PH/s or approximately 1.4 Bitcoin per day, have just been received and are expected to be installed this month.  Additional units are scheduled for delivery in late August. Upon deployment of these units, the Company expects to exceed a hashrate capacity of 1.0 EH/s, which would produce approximately 9.3 Bitcoin per day assuming current difficulty.  With a Bitcoin price of $40,000 and current difficulty rates, 1.0 EH/s would result in an annual run rate of $136 million of revenue, in the mining segment alone. CleanSpark expects to approach 2.0EH/s by the close of calendar 2021, and 3.2EH/s by the end of September 2022 .

The Company produced 147.8 Bitcoins during the month of July. Cumulatively, the company has mined more than 520 Bitcoins since entering the mining sector last December. The significant increase in production for the month of July was due to a substantial increase in the number of miners deployed over the past 30 days. In addition, the difficulty of mining has decreased sharply over the past two months resulting in increased production.

CleanSpark's Chief Executive Officer Zach Bradford stated, "We have experienced tremendous growth over a relatively short period of time, and we are very enthusiastic about the results. In just the month of July, we have already produced nearly 70% of the Bitcoins that we mined over the entire prior quarter, and we expect to continue to grow at a strong pace.  We're on track to receive over 20,000 additional miners over the coming 12 months."

CleanSpark's Bitcoins are mined using approximately 95% carbon-free energy.  The Company has a goal to achieve 100% carbon-free mining through the installation of an on-site microgrid featuring efficient solar and energy storage at its Atlanta facility, participation in renewable energy credit programs, and, as previously announced, CleanSpark plans to deploy its energy solutions at co-located facilities operated by Coinmint.  Upon deployment of its microgrid project in Atlanta , which is planned for 2022, the Company intends to showcase the facility's overall energy efficiency in a public-facing dashboard.

CleanSpark's energy and microgrid services business unit integrated over 180 batteries on more than 50 California locations during the month of July, a significant increase from the previous entire quarter's total residential battery installations of just 52. Unaudited revenues generated from residential energy solutions for the month of July was equal to 80% of total energy revenue for the entire quarter ended June 30, 2021 .

CleanSpark's Chief Revenue Officer and Energy Division President, Amer Tadayon , said, "Our strong balance sheet enabled us to resolve supply chain constraints, resulting in the delivery of more than 1,100 batteries to our facilities. The majority of our new integrations were for our neighbors in fire-prone communities throughout California . Our team has been able to install a number of residential systems providing critical energy resiliency for families with medical needs that require consistent and reliable power. We expect the momentum to continue through the current quarter and through the end of the year, with our contracted energy backlog now in excess of $20 million ."

The Company previously discussed the rollout strategy for its residential microgrid solution, mVoult.  The user application is now in late-stage testing for its inclusion to the Apple and Google app stores.  Advanced orders are now available in select markets.

Tadayon added, "Battery energy storage systems continue to be delivered to our warehouse on time and as expected and are being installed as rapidly as possible. Due to the growth of our California operations, the company recently relocated to a larger 12,704 square foot facility in Carlsbad.  The new facility includes offices, warehouse and training facilities.  We intend to install a full, mPulse-controlled microgrid in the coming months. This microgrid will allow us to demonstrate energy savings and optimization in real time to our partners, potential customers, and the general public."

The Company achieved its single largest revenue month in history in July.

CEO Bradford said, "Our growth has not been without its challenges, however. The Company successfully navigated the volatility of Bitcoin, managed supply chain constraints, and resolved a legal dispute.  Additionally, we were able to aggressively expand our sales and marketing efforts and increase our labor force for energy products."

"Also, CleanSpark, like all companies holding large amounts of digital currency, is required to measure impairment risks to the value of Bitcoin and other intangible assets pursuant to US accounting rules," Bradford said. "We are also required to value certain investments at the end of each reporting period.  As a result of market volatility in both Bitcoin and other investments last quarter, we anticipate reporting losses on the impairment of Bitcoin and recognizing unrealized losses on certain investments. We also incurred costs related to employee pay and stock-based compensation that were largely onetime events. These activities and other growth-based initiatives contributed to non-cash and one-time cash expenses last quarter that will have a negative impact on the reported results for the prior fiscal quarter."

"Despite the challenges of last quarter," Bradford added, "we believe our efforts will translate to a strong future and increased stockholder value. Our growing mining fleet, California's Self-Generation Incentive Program supporting energy storage, and our backlog of executed contracts of over $20 million should contribute to record growth continuing throughout the balance of 2021. We are really thankful for the support of our stockholders, suppliers and customers and look forward to a strong future."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on 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 release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
ir@cleanspark.com

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com

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SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Jul 15, 2021 9:30 AM

CleanSpark's 95% Carbon-Free Bitcoin Mining Division to Showcase at Mining Disrupt®

SALT LAKE CITY, July 15, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services and clean Bitcoin mining company, today announces its exhibition of CleanBlok at Mining Disrupt® on July 21st in Miami, Florida. CleanSpark is also a sponsor of this year's conference.

CleanBlok by CleanSpark is an Atlanta-based cryptocurrency operation running mostly on a carbon-free energy mix. Attendees are encouraged to visit CleanBlok's booth to learn how mining cryptocurrency responsibly can drive rapid ROI on energy investments while helping the planet. The Company's advanced energy software and microgrid control technologies enable energy optimization at mining centers and other power intensive operations. CleanBlok SVP Bernardo Schucman alongside other team members will be available for meetings during the event. Schucman brings more than two decades of experience as a world-renowned tech entrepreneur, consultant and blockchain engineer to the Company.

"Cryptocurrency mining is the critical support system for the blockchain and provides significant value for both the miners and the blockchain community. Mining operations can have a negative impact on the environment if non-renewables or inefficient practices are used. This is a big problem to solve, but we're well-suited to solve it with our unique and innovative microgrid solutions," says CleanSpark President and CEO Zachary Bradford.

For more information about CleanSpark's Bitcoin operation and to download a brochure, visit https://www.cleanblok.com/ . Mining Disrupt® tickets are available for purchase at https://miningdisrupt.com/ .

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services. The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations/ .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Jul 14, 2021 6:29 AM

CleanSpark Announces Agreement with ESG-Focused Crypto-Miner, Coinmint

CleanSpark Announces Agreement with ESG-Focused Crypto-Miner, Coinmint

CleanSpark and Coinmint to Collaborate on Goal of Mining with Zero Carbon Footprint

PR Newswire

SALT LAKE CITY , July 14, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services and Bitcoin mining company, today announced that it has entered into an agreement with a new partner, Coinmint, pursuant to which it expects to deploy nearly 25 MW of its highly efficient Bitmain S19 Pro miners at a location operated by Coinmint.

CleanSpark plans to deploy approximately 750 PH/s in hashrate capacity at Coinmint's facility in Massena, New York between July and September 2021 . To support this hashrate, Coinmint has agreed to provide 25 MW of power, provide operations support and commit to 98% uptime. The Company expects this agreement to rapidly increase its overall hashrate across all Bitcoin mining locations to 1.2 EH/s upon installation and believes that it will allow CleanSpark to maximize its Bitcoin production while maintaining all aspects of the Company's ESG-based mining philosophy.

Coinmint operates the largest private digital currency data center in the world. The power is primarily derived from hydroelectric power, and, including all sources, achieves an energy mix that is 94% carbon-free. Coinmint is focused on all aspects of environmental, social and corporate governance ("ESG"); in addition to operating a site powered primarily by renewable energy, Coinmint focuses on sustainability and providing jobs within their community. Additionally, CleanSpark and Coinmint intend to collaborate on further expansion of their green energy initiatives, with a goal of reaching 100% renewable power.

Coinmint CFO Michael Maloney stated, "Space and power for mining is in high demand, but we choose our partners carefully, we selected CleanSpark as a partner due to their alignment on ESG and sustainable mining practices. Coinmint is uniquely positioned in the market to offer sizable amounts of energy and superior operational excellent to cryptocurrency miners focused on green energy.  We also are looking into to transforming the remaining 6% of non-renewable energy with onsite renewables and we believe CleanSpark is the right partner to help us achieve this goal.  Coinmint looks forward to working with their energy professionals and proprietary energy solutions to expand our renewable energy infrastructure."

CleanSpark President and CEO Zach Bradford added, "This is a very exciting opportunity for CleanSpark. We are pleased to align ourselves with a company that has a similar ESG approach and a strong history of performance as a mining service provider. We anticipate that this agreement will enable us to expedite the time to reach 1.2 EH/s. All of our recent shipments of mining rigs have arrived as agreed under our purchase agreements. Over the course of the next three months, we plan to redirect our shipments to the Coinmint facilities to maximize the contracted 25 MW of clean power. Once we have reached full allocated capacity under the Coinmint agreement, we will then direct shipments of the new units to our Atlanta facilities."

Mr. Bradford further commented, "The 30MW energy expansion of our wholly-owned facilities is progressing and will be finalized in the coming months to bring our Atlanta facilities to 50MW of total capacity. We intend to deploy miners to utilize the total available capacity in Atlanta with the units scheduled to arrive between September 2021 and January 2022 . Upon installation, CleanSpark's total deployed hashrate is expected to exceed to 2.1 EH/s. Due to the rapid exodus of Chinese miners, an industry-wide shift has taken place, and we believe that this is the perfect time to align with a partner to secure additional capacity to create flexibility and sustainability in our overall operations. This partnership is expected to provide us additional flexibility over time with a like-minded partner to continue the growth of our mining operations. We anticipate that this flexibility will allow us to continue to deploy capital on new facilities and power expansion. The CleanSpark energy team is excited by the opportunity to support Coinmint in achieving their goal of 100% carbon-free operations, an objective shared across all of our business units."

Since the acquisition of ATL Data Centers, CleanSpark has exceeded 470 PH/s in hashrate capacity, mined more than 410 Bitcoins, and is currently mining an average of more than four (4) Bitcoins per day. For more information about CleanSpark's Bitcoin operation, visit https://www.cleanblok.com/ .

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

About Coinmint

Coinmint designs, builds and manages large-scale, secure and sustainable data centers across the United States . Since 2016, these centers have focused on the production of efficient computational processing power (or hash rate) as well as the creation of digital asset infrastructure - principally in the form of Bitcoin and other leading digital currencies. In 2017, Coinmint acquired the Alcoa East Facility to supply its 435 Megawatt mining center, making it the world's largest green digital currency data processor, based on capacity. Find out more at www.coinmint.one

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-announces-agreement-with-esg-focused-crypto-miner-coinmint-301333316.html

SOURCE CleanSpark, Inc.

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Jul 12, 2021 1:37 PM

CleanSpark CEO to Participate in Water Tower Research Fireside Chat

Company Executive Chairman Will Also Present in Renmark's Virtual Roadshow

SALT LAKE CITY, July 12, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services and clean Bitcoin mining company announced today that CEO Zach Bradford will be participating in the Water Tower Research Virtual Conference and Fireside Chat Series on Wednesday, July 14, 2021 at 11:30 am EDT.

Topics covered are expected to include CleanSpark's increasing Bitcoin mining hashrate capacity, the positive impacts of decreasing Bitcoin difficultly, the impacts of China's bitcoin ban, the Company's carbon-neutral mining strategy. The conversation will be moderated by Shawn Severson, Water Tower's Head of Sustainable Investing. The chat is also expected to discuss industry topics like regulation, mining difficulty rate fluctuation, and relocation of Chinese mining companies.

Investors interested in participating in this event must register using the link below. As a reminder, registration for the live event is limited but may be accessed at any time for replay. The event is open for all.

REGISTER HERE: https://globalmeet.webcasts.com/starthere.jsp?ei=1481172&tp_key=611d013677

Additionally, CleanSpark's Executive Chairman Matthew Schultz will be presenting at the Renmark Virtual Roadshow event on Thursday, July 15, 2021 at 12:00 PM EDT. Information about the event and registration can be found HERE .

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its residential energy and microgrid initiatives, revenue expectations, the launch of its mVoult product line and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Jul 7, 2021 9:30 AM

CleanSpark Updates Performance of Newly-Commissioned Southern California Microgrid

Solar and Storage Microgrid Project Delivers Significant First Month Energy Cost Savings

SALT LAKE CITY, July 07, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and bitcoin mining company, today announced the operating results of a microgrid project recently commissioned in San Diego. The Company and its wholly-owned subsidiary, Solar Watt Solutions, partnered with RSI Roofing on implementation of the solar-plus-storage microgrid system.

The microgrid project was designed for WS Display/San Diego Sign Company to provide economic optimization and cost avoidance, as well as cleaner energy for their facility. Once the energy systems were deployed, a 75-80% reduction in monthly energy costs was realized by the customer during the first month of operation.

To satisfy the preliminary requirements set forth by San Diego Gas and Electric (SDG&E) and the California Energy Commission (CEC) for NEM paired storage systems, CleanSpark's mPulse microgrid control system was tested and approved by a National Recognized Testing Laboratory (NRTL). Based on the testing results, SDG&E approved the mPulse platform not only to manage microgrid operations at the site, but also to export stored energy to the grid.

Additionally, because the location is directly adjacent to the Carlsbad Airport, a Federal Aviation Administration study was conducted to verify that flight operations were undisturbed as a result of the rooftop installation that included 1,200 solar panels. RSI Roofing, also a San Diego company, partnered with Solar Watt Solutions on this contract. The agreement included the installation of a new energy efficient roofing system that contains two layers of insulation and meets Title 24 energy efficiency standards mandated by the California Energy Commission. Currently at the site, CleanSpark's patented mPulse controls platform manages 482.4 KW rooftop solar panels and a 250KW/548KWH Battery Energy Storage System ("BESS") that was installed to help further reduce demand charges.

John Sawaya, RSI CEO, commented, "This is an example of a good combination of companies working together to achieve a goal and which far exceeded the customer's expectations in the end."

Eric Van Velzer, WS Display Principal and CFO said, "With the new program, we saw a reduction in our first month's power bill from the previous average of $13K to $15K down to just over $3K. We also realized significant savings on the cost of the microgrid with a 30% solar credit and battery incentive through SGIP. We plan for future expansion with additional backup power and storage for resiliency during power outages."

Zach Bradford, CleanSpark's Chief Executive Officer stated, "WS Display is a leader in providing high-quality trade show banners & displays whose operational costs were significantly decreased as a direct result of a smart-controlled microgrid provided by Solar Watt Solutions and CleanSpark. mPulse optimizes and directs the microgrid to provide resiliency during utility outages, and cost savings during normal operations. WS Display is also able to export energy from the battery to the utility grid to create greater savings." Adding, "CleanSpark is proud of the results the mPulse directed system has achieved. CleanSpark anticipates reoccurring revenues from ongoing software subscriptions."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services. The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia. For more information about the Company, please visit the Company's website at https://ir.cleanspark.com/ .

About Solar Watt Solutions:

Solar Watt Solutions, Inc., a California corporation, is a system integrator that assists customers in finding the energy products that best fit their needs while working with a range of equipment manufacturers to provide a cost-effective solution for residential or commercial projects.

Solar Watt Solutions helps businesses and homeowners install solar and batteries to save money on energy bills and reduce dependence on increasing energy costs from public utilities. We help customers realize all the local, state, and Federal incentives, which make solar energy more affordable than ever before. Our customers can take pride in knowing that they are part of the solution, not the problem.  For more information, visit https://www.solarwattsolutions.com

About RSI Roofing:

RSI Roofing is a commercial roofing contractor based in San Diego, California. The company is locally owned and operated and has been in business since 1993. Services include commercial and multi-family re-roofing, roof maintenance, and emergency leak service and repairs. RSI Roofing is a leading partner in BOMA San Diego, CAI San Diego, IFMA San Diego, IREM San Diego, the San Diego Building Engineers Association, the San Diego Roofing Contractors Association, and the National Roofing Contractors Association. Visit https://thinkrsi.com/ for more information.

About WSDisplay:

Also known as San Diego Sign Company, WSDisplay is one of the leading providers of large format digital printed trade show displays in North America. They were founded in 2001 out of the owners garage, and incorporated in San Diego in 2005. The company has grown to over three facilities on both the west and east coasts. They have been named to the Inc 5000 Fastest Growing Companies in the U.S. list six times in a row from 2012 to 2017. For more information: https://www.wsdisplay.com/ and https://www.sdsign.com/

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its residential energy and microgrid initiatives, revenue expectations, the launch of its mVoult product line and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Jun 23, 2021 9:30 AM

CleanSpark Named to Russell 2000® Index and Welcomes Blockchain Expert Bernardo Schucman as Senior Vice President

Bernardo Schucman to Lead CleanSpark's Atlanta Bitcoin Mining Center as the Company Expands its Bitcoin Mining Data Operations

SALT LAKE CITY, June 23, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services and clean Bitcoin mining company, today announced that it is set to join the Russell 2000 ® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the U.S. market opens on June 28. The Russell 2000 is a benchmark stock index comprised of 2,000 publicly-traded small-capitalization companies. The Company also recently appointed industry veteran Bernardo Schucman as the Senior Vice President of its Atlanta-based Bitcoin mining center.

As a new addition to the management team at CleanSpark, Schucman will oversee its Bitcoin mining and data center operations. He brings with him over seven years of Bitcoin mining and cryptocurrency data center operations experience and most recently served as the co-founder and CEO of both Fastblock and ATL Data Centers ("ATL") prior to ATL being acquired by CleanSpark. In addition to his cryptocurrency expertise, Schucman has more than 20 years of experience as a tech entrepreneur, software engineer and blockchain engineer in the U.S. and Brazil.

CleanSpark President and CEO Zachary Bradford says, "Bernardo has been consulting with the Company since we purchased ATL Data Centers. We are thrilled to officially welcome him and his wealth of experience to lead our Atlanta mining team as we continue to grow rapidly, profitably and as efficiently as possible. CleanSpark succeeded in its bid to purchase ATL last December because of CleanSpark's proven track record in energy, which is the backbone of cryptocurrency mining. We also shared a common belief with Bernardo on the importance of renewable and carbon free energy sources to support the future of the blockchain. Bernardo's impressive background and industry expertise will be an asset to the Company."

Mr. Bradford added, "CleanSpark's presence in the Russell 2000 ® index is another monumental moment that is a result of the considerable growth over the past year."

The Annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 7, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000Ò Index or small-cap Russell 2000Ò Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

CleanSpark has now exceeded 400 PH in hashrate capacity and mined over 341 Bitcoin since the acquisition of ATL Data Centers. For more information about CleanSpark's Bitcoin operation, visit https://www.cleanblok.com/ .

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Jun 4, 2021 12:46 PM

CleanSpark Management to Appear in Water Tower Research Fireside Chat

SALT LAKE CITY, June 04, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and clean Bitcoin mining company today announced that CEO Zach Bradford and Executive Chairman Matt Schultz will be participating in the Water Tower Research Virtual Conference and Fireside Chat Series on Monday, June 7, 2021, at 1:00 pm ET.

Topics covered will include the Company's recent partnership agreements, shelf registration, small-cap index rebalances and more. The conversation will be moderated by Shawn Severson, Water Tower's Head of Sustainable Investing. The chat is expected to also discuss CleanSpark's status as a founding member of "Think Microgrid" as well as new developments in the energy and Bitcoin business units.

Investors interested in participating in this event must register using the link below. As a reminder, registration for the live event is limited but may be accessed at any time for replay. The event is open for all.

REGISTER HERE: https://globalmeet.webcasts.com/starthere.jsp?ei=1471287&tp_key=8a2ddff07a

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Jun 3, 2021 6:00 AM

CleanSpark Announces New Developments in its Microgrid Division

SALT LAKE CITY, June 03, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and clean Bitcoin mining company today announced that it had extended and expanded its contract manufacturing agreement with Pioneer Power Solutions, Inc., (Nasdaq: PPSI). The Company is also proud to announce its membership in Think Microgrid, a group of leading Microgrid and Energy companies, organized to advance state and federal policies.

'Think Microgrid' fills the need for a coordinated voice supporting the fast-growing microgrid sector in critical policy, legislative and regulatory discussions currently underway. More information can be found at Think Microgrid's website HERE .

CleanSpark's President and Chief Executive Officer, Zachary Bradford said, "We are excited and motivated to join Think Microgrid, a group that acts as an educational resource for policy makers and regulators on critical issues pertaining to energy generation, storage, distribution and management. The organization's stated goal is to help facilitate improvements to the domestic power grids, incorporation of renewables and distributed energy, bring cost savings to customers and stakeholders and increase the visibility of clean energy initiatives worldwide."

The Company also executed an updated Distribution Agreement with Pioneer Power Solutions, Inc. that extends and expands the relationship between the two companies through the end of 2023. As part of the new agreement, Pioneer Power has been granted expanded rights to utilize CleanSpark's proprietary software products, including mPulse and GridFabric's OpenADR solutions. Pioneer plans to bundle the solutions with PowerBloc, PPSI's integrated charging and power solution for EV (electric vehicle) infrastructure. In addition, CleanSpark has been granted expanded rights and opportunities to serve as a preferred distributor of the PowerBloc solution.

PowerBloc addresses the increasing demand from customers and government initiatives for large-scale electric charging capabilities that are cost effective and can be rapidly deployed. PowerBloc can grow with changes to a site allowing for easy plug-in of on-site solar, wind, peak shaving or back-up generation.

CleanSpark's Chief Revenue Officer, Amer Tadayon, stated, "The expanded partnership allows us to combine mPulse and GridFabric within multiple EV integrations for Pioneer Power. CleanSpark will also add PowerBloc to our microgrid solutions to assist both new and existing customers to affordably add EV charging across all of their targeted portfolio locations. Both initiatives are expected to drive new sales revenue for CleanSpark."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. manufactures, sells and services a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. The Company's principal products include switchgear and engine-generator controls, complemented by a national field-service network to maintain and repair power generation assets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com

About Think Microgrid

The microgrid industry is at an inflection point. Proven technologies are being deployed in response to critical needs, such as resiliency and reliability in the face of wildfires. Most states, however, have not determined how microgrids will be incorporated into the physical grid and the market design. Think Microgrid will do more than address specific projects, utility proposals or critical situations. The organization will strive to cultivate new policy opportunities by engaging with government change makers even before they begin to consider action on microgrids. To learn more or become a member, visit www.thinkmicrogrid.org.

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Jun 2, 2021 8:00 AM

Pioneer Power Introduces PowerBloc in Response to Industry Demand

Extends and Expands Relationship with CleanSpark;
Declares One-Time Special Cash Dividend of $0.12 per Common Share

Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced that it has extended and expanded its agreement with CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark").

The Company also announced that it has launched a new integrated power systems solution, PowerBloc 1 , to address customer needs in the rapidly growing electric vehicle ("EV") charging infrastructure market.

In addition, the Company's Board of Directors has declared a one-time special cash dividend of $0.12 per common share. The special dividend will result in an aggregate distribution slightly exceeding $1 million based on the current number of shares outstanding.

Extends and Expands Distribution Agreement with CleanSpark

The Company signed a Distribution Agreement with CleanSpark, a diversified energy software, services and clean bitcoin mining company, that extends and expands the relationship between the two companies beyond their original agreement to the end of 2023. As part of this new agreement, Pioneer Power has expanded rights to use CleanSpark's proprietary software, mPulse and GridFabric OpenADR solution and bundle it with PowerBloc, Pioneer's integrated charging and power solution for EV infrastructure. In addition, CleanSpark received expanded rights to serve as a preferred distributor of PowerBloc.

Introduces PowerBloc, a Customizable 'Grid-on-a-Skid'

The introduction of PowerBloc, which is supported by further investment in product dedicated sales and engineering talent, marks a strategic pivot for the future direction of Pioneer Power. PowerBloc is a solution engineered in response to increasing requests by EV infrastructure providers for a rapidly deployable, and customized product.

In addition, PowerBloc provides future adaptability to an EV charging site allowing for easy connection of on-site solar, wind, peak shaving or back-up generation.

Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer, said, "We are pursuing this new market opportunity with EV charging as a direct response to requests from EV charging equipment and service providers. Many large electric vehicle infrastructure projects require equipment and engineering knowledge to manage the scale and complexity of their power requirements. Our decades of experience designing, integrating, and managing highly engineered power solutions enabled us to develop PowerBloc, our ' Grid-on-a-Skid, ' as a direct response to the power challenges of the EV charging market. "

Dividend Declared

On June 1, 2021, the Company's Board of Directors declared a one-time special cash dividend of $0.12 per common share. The dividend will be paid on July 7, 2021 to shareholders of record as of June 22, 2021. The dividend will be funded with surplus cash on the Company's balance sheet.

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. manufactures, sells and services a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. The Company's principal products include switchgear and engine-generator controls, complemented by a national field-service network to maintain and repair power generation assets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services. The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia. More information at www.cleanspark.com .

Safe Harbor Statement:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company's ability to successfully increase its revenue and profit in the future, (ii) general economic conditions and their effect on demand for electrical equipment, (iii) the effects of fluctuations in the Company's operating results, (iv) the fact that many of the Company's competitors are better established and have significantly greater resources than the Company, (v) the Company's dependence on a single customer for a large portion of its business, (vi) the potential loss or departure of key personnel, (vii) unanticipated increases in raw material prices or disruptions in supply, (viii) the Company's ability to realize revenue reported in the Company's backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) the fact that the Company's chairman, who controls a majority of the Company's voting power, may develop interests that diverge from yours, (xii) the liquidity and trading volume of the Company's common stock and (xiii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event.

More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov . The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

1 Trademark Pending

View source version on businesswire.com: https://www.businesswire.com/news/home/20210602005346/en/

Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com

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May 27, 2021 9:29 AM

CleanSpark Executes Partnership with FlowGen Adding Advanced Renewables to Business Portfolio

CleanSpark Executes Partnership with FlowGen Adding Advanced Renewables to Business Portfolio

CleanSpark and FlowGen Collaborate to Offer Advanced Wind Turbine Solutions Worldwide

PR Newswire

SALT LAKE CITY , May 27, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, and FlowGen Ltd. ("FlowGen") an international wind turbine technology company, based in Zug, Switzerland , today announced they have entered into a collaborative memorandum of understanding ("MOU"). Under the terms of the MOU, FlowGen has agreed to use CleanSpark's mPulse controls solution in all of its microgrid projects worldwide. In addition, CleanSpark was granted the exclusive distribution rights for FlowGen's advanced wind turbine solutions throughout North and South America.

The agreement is expected to benefit both companies through combining CleanSpark's industry leading software and controls technologies with FlowGen's proprietary system of highly advanced, wind-centric microgrid solutions. The companies believe that the blending of technologies will enable both enterprises to leverage engineering, design, modeling, software and controls strengths, to deliver reliable, efficient and resilient systems to their collective customer base as a result.

The parties are jointly marketing solutions featuring a hardware combination of FlowGen's wind turbine systems, solar, and battery energy storage systems (BESS). These solutions will be fully supported by CleanSpark's patented mPulse control platform to maximize power optimization and resiliency. FlowGen's goal is to implement cleaner renewable energy sources at sites that are currently powered by gas generators and other non-renewable energy sources.

FlowGen's innovation came from its founder and Chief Executive Officer Dirk Küster's extensive racing history leading, among others, Porsche's GT3 race team to achieve tremendous success on the track. Through Dirk's expertise in mass production processes, coupled with an award-winning team of experts from the motorsport aerodynamics, automotive and aerospace industries, FlowGen's revolutionary design, innovative engineering, and advanced analytical tools help achieve industry leading performance levels and efficiency. Their wind turbine systems can be incorporated into microgrids around the world in combination with solar, storage and other renewables. FlowGen's technology is extremely versatile as it is powerful enough for very large installations, but its small size and low weight also enable easy installation where space is restricted. Its focus on aerodynamic efficiency also allows it to provide power in areas where sustained wind-levels are lower.

FlowGen's CEO Dirk Küster said, "FlowGen's board of directors is very enthusiastic about this unique combination and believes it will provide value for shareholders of both companies. This agreement has significant strategic and financial benefits, and the combined companies are expected to be better positioned to anticipate and serve the needs of a global customer base in the highly competitive microgrid market."

Zach Bradford , CleanSpark's Chief Executive Officer stated, "This partnership further demonstrates the flexibility of our controls technologies. The partnership with FlowGen demonstrates mPulse's versatile capabilities with the addition of wind turbines. We believe this will expand the customer base for our offerings in areas less conducive to solar for distributed power generation solutions. Wind energy is a powerful resource that has the ability to enhance the operating characteristics of microgrids across a variety of applications. The profitability from our Bitcoin division continues to enable us to advance forward additional renewable energy sources to further improve the value of renewable energy solutions. Driving renewable energy technology advancement and adoption is key to our continued growth, and the results of these efforts are expected to positively impact all of our business units."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

About FlowGen:

FlowGen, a swiss-based clean power company, provides turnkey microgrid solutions combining its scalable small wind turbine systems with solar and storage

Parties interested in learning more about the company's products and services are encouraged to visiting the Company's website at https://www.flowgen.com/ .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of FlowGen's wind turbine solutions for the United States and worldwide applications, the fitness of the FlowGen's wind turbine solutions for this particular application or market, delays in equipment and products availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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May 26, 2021 9:30 AM

CleanSpark Finalizes Purchase of ATL Data Center Real Estate

SALT LAKE CITY, May 26, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK)("CleanSpark" or the "Company"), a diversified energy services and Bitcoin mining company, focused on solving modern energy challenges, today announced that it had completed the purchase of the six acre property which houses ATL Data Centers LLC and the 41,387 square foot data center building.

As a part of the transaction in December of 2020, CleanSpark acquired the existing Bitcoin mining 'mobile data centers' within the facilities. The Company is in the process of expanding the number of mobile units deployed on-site in support of its focus on maximizing value and minimizing operating expense. A purchase option for the building and site was included in the original lease agreement at closing, and the resulting purchase transaction was finalized May 20, 2021 at a price of $4.71M. Obtaining ownership of the property will save the Company over fifty thousand dollars per month in rent resulting in a reduction of overhead and expenses by more than 20% in our mining segment. The Company will leverage the additional acreage to add renewables on site and to maximize the value of its substantial power purchase agreement. Each of these steps are in support of the Company's disclosed intent to reach carbon neutrality at the facility in 2022, demonstrating what is believed to be the lowest cost/cleanest mix of any American Bitcoin miner operating at scale.

CleanSpark President and CEO Zach Bradford said, "Ownership of the real estate at the data center location provides the flexibility for expansion within the massive footprint of the property. The strategy will incorporate the addition of energy storage and renewables to the previously announced new facilities to be completed on site, the future home of CleanBlok." Adding, "We believe that these steps significantly enhance the net-asset-value of the facility, further adding to the benefit to all of our stakeholders."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls, and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
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May 25, 2021 9:30 AM

Solar Watt Solutions and FAFCO Team Up To Expand CoolPV Solar Operations in Southern California

The partnership brings cost-effective renewable electric & thermal solar panels to Malibu, Santa Barbara and San Fernando Valley customers

CHICO, CA and SALT LAKE CITY, UT, May 25, 2021 (GLOBE NEWSWIRE) -- Solar Watt Solutions , a wholly owned subsidiary of CleanSpark, Inc (Nasdaq: CLSK), today announced a new partnership initiative with FAFCO, the nation's oldest and largest solar thermal manufacturer, to expand CoolPV Operations into Malibu, Santa Barbara and the San Fernando Valley in California. Solar Watt Solutions will increase solar and storage installations for its customers into the regions bringing cost-effective and sustainable backup energy solutions to Southern California homeowners.

Solar Watt Solution's customers can now access the company's sustainable methods of heating residential pools using renewable solar CoolPV panels provided by FAFCO. CoolPV, an enhanced solar electric system that provides improved electrical output and energy to heat pool water, utilizes a single panel that optimizes the homeowner's solar roof space. CoolPV customers generate 20 percent more energy with the solar electric system and thermal energy to heat the pool. Additionally, CoolPV captures four times more energy from the sun than a traditional solar electric system, resulting in significant cost savings for customers.

The United States' agenda to halve carbon emissions by 2030 coupled with the Federal solar tax credit program have driven up demand for affordable, residential energy solutions across the state. Solar Watt Solutions President, David Watt comments, "Renewable energy sources will be a critical part of reversing the damaging effects of climate change. Our conscientious customers are prepared to make the necessary changes to their homes in an effort to combat climate change for future generations. Solar Watt Solutions is helping California residents make significant strides toward these goals. Our partnership with FAFCO will enable us to support more homeowners by adding solar CoolPV systems that heat their swimming pools while providing significant cost savings on their monthly utility bill."

Since 2009, Solar Watt Solutions and FAFCO have increased solar and storage installations to San Diego, California residents. Solar Watt Solutions is the number one installer of CoolPV systems in the United States and FAFCO has been a leading provider of solar pool heating equipment for over fifty years.

"Homeowners across Southern California are eager to power their homes and heat swimming pools in the same roof space. Residents in Malibu, Santa Barbara and San Fernando Valley in particular, are driving up demand for our solutions, making this the perfect time to expand operations into these regions with Solar Watts Solutions," said Phil DelNegro, Chief Revenue Officer, FAFCO.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the website at www.cleanspark.com .

About Solar Watt Solutions

Solar Watt Solutions, Inc., a California corporation, is a system integrator that assists customers in finding the energy products that best fit their needs while working with a range of equipment manufacturers to provide a cost-effective solution for residential or commercial projects.

Solar Watt Solutions helps businesses and homeowners install solar and batteries to save money on energy bills and reduce dependence on increasing energy costs from public utilities. We help customers realize all the local, state, and Federal incentives, which make solar energy more affordable than ever before. Our customers can take pride in knowing that they are part of the solution, not the problem.  For more information, visit https://www.solarwattsolutions.com

About FAFCO ®

FAFCO® is the nation's oldest and largest solar thermal manufacturer and has been producing solar water heating systems since 1969, with an installed base of 250,000 customers. Its products include solar thermal systems for homes, swimming pools and commercial applications, as well as thermal energy storage.  In 2015, FAFCO introduced and started selling and installing CoolPV® ( https://www.coolpv.com ) which is based on a US Navy contract and R&D begun at FAFCO in the late 1990's. All FAFCO products are made in the United States of America at FAFCO's headquarters in Chico, CA. To learn more about FAFCO, please visit https://www.fafco.com , or call (800) 994 - 7652.

About CleanSpark Inc.

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services. The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia. For more information about the Company, please visit the Company's website at https://ir.cleanspark.com/ .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its residential energy and microgrid initiatives, expected revenues, the launch of its mVoult product line and other statement regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press Contact:

Trish DaCosta for CleanSpark

(619) 955-7759

cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
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May 25, 2021 9:00 AM

International Land Alliance and CleanSpark Provide Community Microgrid Update

Exclusive Agreement Provides Advanced Energy Solutions to ILA 's Plaza Bajamar

SAN DIEGO, CALIFORNIA, and SALT LAKE CITY, UTAH, May 25, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB: ILAL) , ("ILA"), an international land investment and development firm, and CleanSpark, Inc. (Nasdaq: CLSK ) , ("CleanSpark"), a diversified energy services and Bitcoin mining company, focused on solving modern energy challenges, are pleased to provide an update surrounding CleanSpark's advanced solar-plus-storage power solutions at ILA's Plaza Bajamar development.

CleanSpark serves as the exclusive partner for the engineering, design, development, and controls of all renewable energy solutions across ILA's property portfolio.

"Solar is the premier electricity solution for sustainable housing and a key differentiating component for our developments in Baja California," said Roberto Valdes, Chairman & Chief Executive Officer of ILA. "With CleanSpark at the forefront of the microgrid and renewable energy applications industry, they continue to be an ideal partner for ILA as we complete the installation of renewable solar solutions on our Merlot model homes at Plaza Bajamar. CleanSpark's team has been assisting ILA throughout the entire process, as we progress towards a self-sustaining community."

"CleanSpark has redefined energy infrastructure for residential homes across North America, providing cost-effective solutions that enable truly sustainable development," said Zach Bradford, Chief Executive Officer of CleanSpark. "We have already successfully deployed a microgid on ILA's model home and we are now moving to the next phase in which we will provide all of the units in ILA's Plaza Bajamar community with solar microgrid installations which will be supported by our software solutions. We have been pleased with the progress of this mutually beneficial agreement with ILA, even in the face of a global pandemic. Our contracted agreement represents significant revenue potential for CleanSpark and allows ILA to realize its goal of providing affordable, environmentally sound housing to the Baja California region."

The Plaza Bajamar community is located within the internationally renowned Bajamar Ocean Front Hotel and Golf Resort. The Bajamar Ocean Front Golf Resort is a master planned guarded and gated wine and golf community located 45 minutes south of the San Diego-Tijuana Border along the scenic toll road to Ensenada on the Pacific Ocean.

Pricing for this highly desired Merlot floorplan currently start at $199,000 with a variety of financing and payment options. Additionally, ILA is providing its shareholders a $10,000 promotional discount through the end of May 2021. Interested buyers and brokers are encouraged to visit: https://ila.company/plaza-at-bajamar/ . To speak to a sales representative and make an appointment to tour the community, contact Analo Valdes at sales@ila.company or (858) 900-8056.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About International Land Alliance, Inc.:

International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its' core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company .

About CleanSpark:

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is in the business of providing advanced software, controls, and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about CleanSpark, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Safe Harbor Statement

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: Expected sales of ILA' real estate portfolio, the successful deployment of CleanSpark's energy solutions for ILA's intended applications, delays in equipment and products availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of Cleanspark's energy hardware, software and other solutions for this particular application or market, the expectations of future revenue growth may not be realized, ongoing demand for the CleanSpark's software products and related services, the impact of global pandemics (including COVID-19) on 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 CleanSpark and ILA's Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

CONTACT:
ILA Investor Relations:
Brooks Hamilton
MZ Group - MZ North America
(949) 546-6326
ILAL@mzgroup.us
www.mzgroup.us

CleanSpark Investor Relations:
S. Matthew Schultz
CleanSpark, Inc.
(801) 244-4405
IR@Cleanspark.com


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May 17, 2021 2:46 PM

CleanSpark to Participate in Water Tower Research Fireside Chat Series on CleanSpark's Bitcoin Mining and Enterprise Computing Initiative Towards Zero-Emissions

SALT LAKE CITY, May 17, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK)("CleanSpark" or "the Company"), a diversified energy services and Bitcoin mining company, focused on solving modern energy challenges, today announced that CEO Zach Bradford will be participating in the Water Tower Research Virtual Conference and Fireside Chat Series on Tuesday, May 18, 2020, at 3:00 pm ET.

Topics covered will include the Company's bitcoin mining operation, the enterprise computing industry's need to manage its emissions, and CleanSpark's efforts to mine at or near zero-emissions. The chat will feature CleanSpark Chief Executive Officer Zach Bradford, and will be moderated by Shawn Severson, Head of Sustainable Investing at Water Tower Research.

Investors interested in participating in this event must register using the link below. As a reminder, registration for the live event is limited but may be accessed at any time for replay. The event is open for all.

REGISTER HERE: https://globalmeet.webcasts.com/starthere.jsp?ei=1464712&tp_key=5150a40e2b

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls, and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
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May 13, 2021 6:00 AM

CleanSpark Acquires Additional S19-Pro Bitcoin Mining Rigs to Further Enhance Energy Initiative

CleanSpark Acquires Additional S19-Pro Bitcoin Mining Rigs to Further Enhance Energy Initiative

Fleet Upgrade Expected to Improve Replaced Bitcoin Mining Rig Efficiency by More Than 37%

PR Newswire

SALT LAKE CITY , May 13, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK)("CleanSpark" or "the Company"), a diversified energy services and Bitcoin mining company, focused on solving modern energy challenges, today announced the purchase of 2,400 additional S19-Pro rigs for delivery in the coming month to increase the overall hashrate efficiency of its mining fleet. The replacement of older-generation equipment is a strategic step in the Company's efforts to maximize energy efficiency in conjunction with its ESG focused approach to Bitcoin mining.

The new miners will be deployed immediately upon arrival at the Company's Bitcoin mining facilities outside of Atlanta, Georgia . These new units are expected to be delivered during the first week of June 2021 . Additionally, the Company has entered into an agreement to sell a portion of the replaced, prior generation rigs which consume more power and produce a much lower hashrate. CleanSpark anticipates that the exchange will decrease overall energy consumption approximately 1 MW while increasing corresponding production efficiency of the replaced equipment by over 37.5%.

The Company also expects to recognize a significant profit on the sale of the displaced units, most of which were purchased as part of the acquisition of ATL Data Center, LLC in December of 2020.

CleanSpark's Chief Executive Officer Zach Bradford stated, "This is an additional step in making our mining operation more efficient, which further aligns with our previously stated objective of operating all company-owned facilities at or near carbon neutral. We have publicly disclosed our current energy mix of 95% carbon-free power, at a fixed price of $0.0285 kWh. In the current climate, being sufficiently capitalized to secure and quickly install this additional order of highly sought after S19 Pro 110 TH/s units is a significant accomplishment. The 1 MW that will be made available as a result of the increased efficiency will now be used to power additional S19 units slated for arrival over the coming months. Additionally, because of the market and global increase in bitcoin prices and demand for rigs, we are able to sell our prior-generation, less-efficient models at substantial gains. This transition to the upgraded equipment is expected to increase our hash rate capacity to over 400 PH/s while using the same amount of power that we previously used to generate 330 PH/s. At current difficulty rates this improvement will increase our daily production by an estimated half of a bitcoin per day."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls, and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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May 6, 2021 7:20 PM

CleanSpark, Inc. Reports Quarterly Financial Results for the Quarter Ended March 31, 2021

CleanSpark, Inc. Reports Quarterly Financial Results for the Quarter Ended March 31, 2021

CleanSpark Achieves Profitability

Three-month revenue increased 122% to $8.1 million from one year ago quarter

Six-month revenue increased 124% to $10.4 million from one year ago period

PR Newswire

SALT LAKE CITY , May 6, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), an advanced software and controls technology solutions company, focused on solving modern energy challenges, today reported results for the three and six months ended March 31, 2021 .

The Company's Quarterly Report on Form 10-Q and accompanying unaudited interim financial statements are available at www.sec.gov and the Company website at https://ir.cleanspark.com/sec-filings/ .

As previously announced, the Company will be holding its second quarter 2021 live virtual earnings presentation and business update for investors and analysts on May 7, 2021 at 8 a.m. PST / 11 a.m. EST .

To participate in our virtual meeting, please visit: https://globalmeet.webcasts.com/starthere.jsp?ei=1408452&tp_key=56b26c1000

This URL can be used to access the live event or to watch the recorded version. A transcription of the event will be available on our website after the event.

Financial Highlights

Three months ended March 31, 2021

  • CleanSpark more than doubled its comparable quarterly revenues, with three-month revenues of $8.1 million , an increase of $4.4 million or 122% from $3.6 million for the same prior year period.
  • Net income for the three months ended March 31, 2021 was $7.4 million or $0.28 basic earnings per share and $0.22 fully-diluted earnings per share compared to a loss of $(5.8) million or $(1.13) basic and diluted earnings per share for the same prior year period, an improvement of $1.41 basic earnings per share and $1.35 fully-diluted earnings per share.
  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net income for the three months ended March 31, 2021 of $1.7 million or $0.06 basic earnings per share and $0.05 fully-diluted earnings per share, compared to a loss of $(1.3) million or $(0.26) basic and diluted earnings per share for the same prior year period, an improvement of $0.32 basic earnings per share and $0.31 fully-diluted earnings per share.

Six months ended March 31, 2021

  • CleanSpark more than doubled its comparable six-month revenues, with six-month revenues of $10.4 million , an increase of $5.7 million or 124% from $4.6 million for the same prior year period.
  • Net income for the six months ended March 31, 2021 was $0.2 million or $0.00 basic earnings per share and $0.00 fully-diluted earnings per share compared to a loss of $(7.7) million or $(1.56) basic and diluted earnings per share for the same prior year period, an improvement of $1.56 basic earnings per share and $1.56 fully-diluted earnings per share.
  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net income for the six months ended March 31, 2021 of $1.0 million or $0.04 basic earnings per share and $0.03 fully-diluted earnings per share, compared to a loss of $(2.95) million or $(0.60) basic and diluted earnings per share for the same prior year period, an improvement of $0.64 basic earnings per share and $0.63 fully-diluted earnings per share.

Bitcoin Mining Production

  • In the quarter ended March 31, 2021, the Company produced more than 144 Bitcoins, and has produced an aggregate of 241 Bitcoins since acquiring its mining operations on December 10, 2021 through May 4, 2021 .

Balance Sheet Highlights as of March 31, 2021

Assets:

  • Cash: $157.2 Million
  • Digital Currency: $5.7 Million , or 115.2 Bitcoin
  • Total Current assets: $178.5 Million
  • Total Assets: $292.6 Million

Liabilities and Stockholders' equity:

  • Current Liabilities: $7.3 Million
  • Total Liabilities: $8.9 Million
  • Total Stockholders' Equity: $283.7 Million

Working capital

We had working capital of $171.1 million as of March 31, 2021 compared to $2.9 million as of September 30, 2020 , an increase of $168.2 million .

Operational Highlights - Quarter ended March 31, 2021

  • In March 2021 , the Company closed an underwritten public offering and received gross proceeds of $200 million , before deducting underwriting expenses and fees. This has been a catalyst to create significant growth. We have focused a large portion of the capital to expand our Bitcoin mining operations along with supporting our expanded sales and marketing initiatives for our Energy business.
  • Our project to add 30MW of additional power to support additional CleanSpark Bitcoin mining operations is ongoing. Upon completion of the project, this will bring the total power available for mining and data centers for CleanSpark subsidiaries from 20MW to 50MW. The capacity increase is underway and is expected to be complete by summer 2021. In addition to the 30 MW of additional power to be delivered by the local utility, CleanSpark expects to subsequently add renewable energy generating assets and energy storage to the site, which will be operated by the Company's patented mPulse controls.
  • We have seen rapid growth in our Electric Vehicle (EV) charging initiative, and we now have 11 Companies that are using our OpenADR software solutions to aid in load management for EV charging stations and balancing the impact the increased power demand has on the traditional grid.
  • We implemented new sales and marketing initiatives resulting in increased sales and contracted backlog. Contracted backlog consists of executed and binding contracts that will result in future delivery of products and services. As of March 31, 2021 , our contracted backlog was $21.6 million . This backlog has continued to grow as we further expand our sales efforts and as of May 6, 2021 , our contracted backlog was $24.5 million .

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com , or by visiting the Company's website.

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls, and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Non-GAAP Financial Measures

Management believes that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) attributable to common stockholders before interest, taxes, depreciation, amortization, impairment of long-lived assets, financing costs, stock-based compensation expense, other non-cash expenses, and expenses related to discontinued operations.

Adjusted EBITDA and Adjusted EPS is not a measurement of financial performance under generally accepted accounting principles in the United States , or 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. CleanSpark management does not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.



Three Months Ended



March 31, 2021


March 31, 2020

Net Income/(Loss) attributable to shareholders (US GAAP)

$

7,222,535

$

(5,815,098)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


2,147,834


674,587

Stock based compensation


849,015


273,931

Interest, financing charges, non-cash amortization of debt discounts


28,382


1,891,283

Unrealized (gain)/loss on equity security


(343,000)


210,000

Unrealized (gain)/loss on equity security


(8,400,629)


1,441,763

Non-cash amortization of right of use assets


154,596


10,995

Total:

$

(5,563,803)

$

4,502,559






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

1,658,732

$

(1,312,539)






Weighted average common shares outstanding - basic


25,925,259


5,135,802

Loss per common share - basic

$

0.06

$

(0.26)

Weighted average common shares outstanding - diluted


32,678,863


5,135,802

Loss per common share - diluted

$

0.05

$

(0.26)



Six Months Ended



March 31, 2021


March 31, 2020

Net Income/(Loss) attributable to shareholders (US GAAP)

$

55,005

$

(7,731,352)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


3,226,263


1,381,069

Stock based compensation


5,199,658


910,200

Interest, financing charges, non-cash amortization of debt discounts


29,721


3,451,598

Unrealized (gain)/loss on equity security


(269,500)


(158,868)

Unrealized (gain)/loss on equity security


(7,380,135)


(824,891)

Non-cash amortization of right of use assets


166,460


21,726

Total:

$

972,466

$

4,780,834






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

1,027,471

$

(2,950,518)






Weighted average common shares outstanding - basic


25,925,259


5,135,802

Loss per common share - basic

$

0.04

$

(0.60)

Weighted average common shares outstanding - diluted


32,678,863


5,135,802

Loss per common share - diluted

$

0.03

$

(0.60)

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

May 5, 2021 10:51 AM

CleanSpark Announces its Second Quarter 2021 Earnings Call Date and Time

SALT LAKE CITY, May 05, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK)("CleanSpark" or the "Company"), an advanced software and controls technology solutions company, focused on solving modern energy challenges, today announced that it will hold the Company's second quarter 2021 live virtual earnings presentation and business update for investors and analysts on May 7, 2021 at 8 a.m. PST/11 a.m. EST.

To participate in our virtual meeting, please visit: https://globalmeet.webcasts.com/starthere.jsp?ei=1408452&tp_key=56b26c1000

This URL can be used for live event or to watch the recorded version.  A transcription of event will be available on our website after the event.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls, and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Apr 26, 2021 12:25 PM

CleanSpark CEO to Present at H.C. Wainwright Cryptocurrency, Blockchain, and Fintech Conference on April 27, 2021

SALT LAKE CITY, April 26, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, today announced that CEO Zach Bradford will be presenting at the virtual H.C. Wainwright Cryptocurrency, Blockchain & FinTech Conference, Tuesday, April 27, 2021.

CleanSpark's CEO Zach Bradford will be a speaker during the Crypto Mining: Technology, Flexibility, and Sustainability Panel at 10:00 a.m. Eastern time. The panel will feature other Blockchain and Mining industry CEOs and experts. Bradford will also be available for meetings with institutional investors and analysts throughout the conference.

To attend the conference, or learn more, visit: https://hcwevents.com/crypto/#toggle-id-2

Also this week, CleanSpark Executive Chairman Matthew Schultz will be presenting on Wednesday, April 28 at RenMark's Virtual Roadshow Series for investors. The discussion will focus on CleanSpark's growth plans and Bitcoin mining operations in the first public speaking engagement since the Company announced $200M in additional funding.

REGISTER HERE: https://www.renmarkfinancial.com/events/renmark-virtual-non-deal-roadshow-nasdaq-clsk-2021-04-28-120000 The link will be available for replay after the event on CleanSpark's Investor Relations website, HERE .

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Apr 19, 2021 8:00 AM

CleanSpark Announces $16.2 Million Increase in Microgrid Contracts, a 220% Improvement

CleanSpark Announces $16.2 Million Increase in Microgrid Contracts, a 220% Improvement

Company also Updates Bitcoin Production and Announces its Quarterly Earnings Release Date

PR Newswire

SALT LAKE CITY , April 19, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, today announced an update on its business operating units, including microgrids, unaudited Bitcoin ("BTC") production and holdings through March 31, 2021 and April 18, 2021 .

Financial Update

CleanSpark expects to file its Quarterly Report on Form 10-Q for the Second Fiscal Quarter of 2021 on May 7 , 2021.  The Company anticipates that it will be holding an earnings call to discuss quarterly financial results, its outlook and updated guidance on the same day. CleanSpark will publish detailed call-in information under a separate release.

Microgrid Business Sales Update

  • As of April 18, 2021 , the Company's backlog of executed contracts has grown to over $23.5 million . Representing an increase of $16.2 million or 220% from $7.3 million , as mostly recently announced on February 12, 2021 .
    • Approximately, $14.3 million relates to the Company's residential microgrid and energy storage initiatives. The Company expects these microgrids to be completed over the next 12 months or less.
    • Approximately, $4.6 million relates to the Company's commercial and industrial microgrid and switchgear offerings. The Company expects these contracts to be completed over the next 18 months or less.
    • Approximately, $4.0 million relates to international microgrid development contracts. The Company expects these microgrids to be completed in a phased approach over multiple years.
    • Approximately, $0.6 million relates to the P2K software and services business. The Company expects these contracts to be completed over the next 12 months or less.

Amer Tadayon , CleanSpark's Chief Revenue Officer, stated, "We are very pleased with the results being generated by our sales and marketing teams. All of our efforts have begun to bear fruit, especially our residential initiative, which has been yielding incredible results."

Bitcoin Production and Operations Updates

  • In the quarter ended March 31, 2021 , the Company produced more than 144 Bitcoins and has produced 205 Bitcoins since acquiring its mining operations on December 10, 2021 .
  • As of April 18, 2021 , CleanSpark is holding more than 143 Bitcoins on its balance sheet, all of which have been produced by its mining operations.
  • Total hashrate capacity is expected to increase to over 1.1 EH/s by August 2021 and exceed 3.2EH by September 2022 .
  • At current difficulty rates, 1.1 EH/s would represent 6-7 Bitcoins a day and a hashrate at 3.2 EH/s it would represent 18-20 Bitcoins per day.
  • The growth from 1.1 EH/s to 3.2 EH/s is expected to occur at an average rate of 160 PH/s per month from September 2021 to September 2022 . At current difficulty rates, this would result in Bitcoin production increasing by approximately one additional Bitcoin per day every month.

CLSK Hash Rate Growth Schedule

The Company plans to continue to regularly provide Bitcoin operational updates and unaudited production results. These updates are intended to keep shareholders informed of CleanSpark substantial growth as it continues to deploy its expanding mining fleet.

Matthew Schultz , CleanSpark's Executive Chairman, stated, "From having 95% non-carbon-based electricity powering our mining operations, to our rapidly-growing partnership program, it's clear that our focus on an ESG-centered approach to growth continues to be validated.   Global events, from the recent power disruptions, taking Chinese BTC mining offline, to the massive, sustained outages in our own country have resulted in a significant increase in inquiries surrounding our microgrid and energy offerings as residential, industrial and commercial customers recognize the fragile state of the current power distribution model. Our recent financing transactions have positioned the Company to continue to make strategic, accretive moves, and we look forward to sharing the results with our shareholders."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, its goal to achieve carbon-neutrality, deployment of Bitcoin miners, the growth of the facility, the timing of completing contracted work, revenue expectations, Bitcoin mining production amounts, and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in mining equipment and battery energy storage systems availability and delivery, the price volatility and potential increase in difficulty rate of Bitcoin, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, the availability of clean energy sources, software and other solutions for this particular application or market, 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 the demand for our products and services, future Bitcoin mining difficulty 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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Apr 15, 2021 9:25 AM

CleanSpark Purchases 22,680 Additional Bitcoin Miners and Anticipates 3.2 EH/s Capacity After Deployment

CleanSpark Purchases 22,680 Additional Bitcoin Miners and Anticipates 3.2 EH/s Capacity After Deployment

PR Newswire

SALT LAKE CITY , April 15, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, today announced that it has secured multiple contracts for mining equipment.

The Company has now secured contracts for all of the equipment necessary for CleanSpark's mining operation to increase its Bitcoin mining capacity to meet its stated objective of a total hash rate capacity of more than 1.1 EH/s by summer of 2021. Additionally, CleanSpark has now secured a total of 22,680 S19j Pro and S19 Pro Antminers for future delivery under annual contracts.  The Company contracted directly with Bitmain Technologies Ltd. for 7,200 Sj19 Pro Antminers and has executed two additional contracts with a premier cryptocurrency mining equipment dealer for a total of 15,480 S19j Pro and S19 Pro Antminers. These annual contracts are expected to provide an additional 2.23 EH/s in hash rate capacity. The units purchased under these contracts are expected to be delivered at an average rate of approximately 1,620 units per month over a 14-month period, with the first batch scheduled for delivery in August 2021 . The Company expects that these new units will enable CleanSpark to increase its total mining production capacity to over 3.2 EH/s, following the delivery and deployment of all the equipment.

Zach Bradford , CleanSpark's Chief Executive Officer, stated, "We are pleased to announce that we have secured mining equipment for more than 1.1 EH/s of Bitcoin mining production capacity for deployment this summer, which is a significant milestone for the Company. Time is money in this industry, and we wanted to ensure that we have both our immediate needs covered but we also wanted to look to the future to ensure we had a reliable baseline supply of future miner deliveries secured to support our long-term growth. In addition to these orders, we will continue to source miners on a periodic basis to further increase or upgrade our total mining capacity. The miners we have secured are expected to allow us to increase our total mining capacity ten times by mid-2022. As part of our expansion plans, we are actively evaluating multiple locations for additional expansion with a focus on sites supplied by clean energy sources."

Recently, CleanSpark announced that the energy mix for its Atlanta location is 95% carbon free, sourced primarily from nuclear, hydroelectric, solar and other renewables. These emission calculations are before any of the planned solar, storage and other clean energy assets are added to the site. The Company aims to achieve carbon-neutrality from its current cryptocurrency operations in the near future.

Mr. Bradford commented, "We believe that being a good corporate citizen is imperative and will continue to focus on the Company's environmental impact at future sites. We are already mining at scale with a very small carbon footprint and expect to have approximately 45MW of 95% carbon free power dedicated to Bitcoin mining under management by summer 2021, with hopes to achieve 98% carbon free mining in the coming months."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, its goal to achieve carbon-neutrality, deployment of Bitcoin miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, the availability of clean energy sources, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 26, 2021 9:25 AM

CleanSpark Purchases Bitcoin Mining Equipment and Infrastructure; Discloses Current 95% Carbon-Free Mining

CleanSpark Purchases Bitcoin Mining Equipment and Infrastructure; Discloses Current 95% Carbon-Free Mining

PR Newswire

SALT LAKE CITY , March 26, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, today announced the order of 4,778 additional Bitmain S19 model Bitcoin mining rigs. The Company expects to receive 1,298 of the units for deployment in summer 2021 and the remaining 3,480 units in twelve equal monthly shipments starting in November 2021. These rigs are expected to deliver an estimated 740 PH/s of additional mining capacity. CleanSpark also purchased 48 custom-designed mobile mining data centers to house the units. The Company also updated current energy data on the carbon impact of its facility, progressing towards the stated goal of being the lowest energy cost, cleanest Bitcoin miner in the United States .

CleanSpark 's local power supplier provided data to the Company this week on the current energy mix provided to its facilities. The sources of power are comprised of nuclear power, hydro-electric power, and solar, resulting in 95% of the electricity utilized for mining to qualify as carbon-free, with only 5% of the supply provided by coal. Within the coming quarter, it is expected that 3% of the energy, currently provided from coal will be taken off-line and replaced with carbon-free sources, such as solar. As a result, the Company expects to be mining Bitcoin with more than 98% Carbon-Free power. CleanSpark plans to install onsite renewable microgrids to further reduce its carbon footprint with a goal of off-setting the remaining coal sources to effectively mine Bitcoin carbon-free.

CleanSpark currently operates Bitcoin mining rigs capable of processing approximately 315 PH/s within its Atlanta complex, and as previously announced, it intends to reach between 1.0 and 1.3 EH/s by the end of summer, 2021.

Zach Bradford , CleanSpark's Chief Executive Officer stated, " Matthew Schultz , Lori Love and I spent this week at our Atlanta, GA facilities, working alongside our team with electrical, engineering, procurement and construction professionals to ensure our growth plans are completed on time.  We're fortunate to have the available acreage to maximize the value of our unique power agreement in a region so conducive to carbon free power sources. With capital provided by the funding completed last week, we've focused aggressively on securing additional locations, miners, and facilities to rapidly expand our Bitcoin operations. The CleanSpark mining operations team is led by world-renowned operators, so identifying opportunities close enough geographically to leverage the knowledge base of our team has been a priority. We are extremely proud to have CleanSpark achieve what we believe to be the only Bitcoin miner to achieve 95% carbon-free operations at scale in the United States . We have a goal of pushing it further to achieve full carbon neutrality in the coming years."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://ir.cleanspark.com/ .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 23, 2021 9:25 AM

CleanSpark Provides Residential Sales Update Following Solar Watt Solutions Acquisition

CleanSpark Provides Residential Sales Update Following Solar Watt Solutions Acquisition

PR Newswire

SALT LAKE CITY , March 23, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and bitcoin mining company, today announced that it has executed more than 50 new contracts under its residential initiative in less than one month following its acquisition of Solar Watt Solutions (Solar Watt). These additional CleanSpark and Solar Watt contracts for residential microgrids and battery energy storage solutions executed since February 24th have a face value exceeding $1,700,000 .

A substantial percentage of the new contracts are related to California's Self Generation Incentive Program (SGIP), which provides a rebate to homeowners in fire-prone areas to add energy storage backup systems. These rebate programs offset a significant portion of the purchase price of battery energy storage systems to provide critical power to homes in the event of a utility grid disruption. CleanSpark and Solar Watt are currently running co-branded marketing campaigns to educate homeowners on the availability of these incentives for home microgrids and battery backup systems. The Company's goal is to provide reliable power solutions in the face of expected and unexpected disruptions or in extreme weather situations for residential and commercial applications.

CleanSpark is actively delivering the existing pipeline of projects and, as discussed in a recent interview with NBC News, has experienced a ten-fold increase in residential microgrid inquiries. Additional marketing campaigns are expected to commence in support of both the Company's residential initiative, as well as the launch of the Company's planned mVoult software and controls solution.

Zach Bradford , CleanSpark's Chief Executive Officer stated, "Acquiring an existing partner was a deliberate move to further our reach into the residential markets as our cross-functional teams already had experience working together. This experience enabled us to decrease our collective teams relative 'learning curve' and accelerate our growth without missing a beat." Adding, "We intend to continue to be focused on SGIP in the near term as we continue our progress towards the planned launch of mVoult, CleanSpark's residential microgrid product line."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://ir.cleanspark.com/ .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its residential energy and microgrid initiatives, revenue expectations, the launch of its mVoult product line and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 18, 2021 11:26 AM

CleanSpark Announces Closing of $200 Million Underwritten Public Offering of Common Stock

CleanSpark Announces Closing of $200 Million Underwritten Public Offering of Common Stock

PR Newswire

SALT LAKE CITY , March 18, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark"), a diversified software, services, and bitcoin mining company, today announced the closing of its previously announced underwritten public offering of 9,090,910 shares of common stock at a public offering price of $22.00 per share for aggregate gross proceeds of approximately $200 million , before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

CleanSpark intends to use the net proceeds from the offering for working capital and general corporate purposes, including infrastructure expansion, the acquisition of additional cryptocurrency miners and further development of its mVoult product lines, as well as acquisitions or strategic investments in complimentary businesses, products, services or technologies.

An automatic shelf registration statement on Form S-3 (File No. 333-254290) relating to the securities was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 15, 2021 and became effective upon filing.  The offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the automatic shelf registration statement.  Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at placements@hcwco.com or by phone at (212) 856-5711.

Katten Muchin Rosenman LLP served as legal counsel to CleanSpark in connection with the offering, Procopio, Cory, Hargreaves & Savitch LLP also represented CleanSpark in respect of matters relating to the offering, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to H.C. Wainwright & Co. in connection with the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CleanSpark:
CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges.  CleanSpark has a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia .

Forward-Looking Statements:
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, beliefs, plans, intentions and strategies of the Company.  The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements.  Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, risks relating to the use of proceeds from the offering and other risks described in the Company's prior press releases and in its filings with the SEC, including under the heading "Risk Factors" in the Company's prospectus supplement and accompanying prospectus related to the offering and any other filings with the SEC.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.  Furthermore, the Company cannot guarantee future results, events, levels of activity, performance, projections or achievements.

Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 15, 2021 9:57 PM

CleanSpark Announces Pricing of $200 Million Underwritten Public Offering

CleanSpark Announces Pricing of $200 Million Underwritten Public Offering

PR Newswire

SALT LAKE CITY , March 15, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark"), a diversified software, services, and bitcoin mining company, today announced the pricing of its previously announced underwritten public offering of 9,090,910 shares of common stock at a public offering price of $22.00 per share.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

The gross proceeds are expected to be approximately $200 million , before deducting underwriting discounts and commissions and other offering expenses payable by the Company.  The offering is expected to close on or about March 18, 2021 , subject to satisfaction of customary closing conditions.

CleanSpark intends to use the net proceeds from the offering for working capital and general corporate purposes, including infrastructure expansion, the acquisition of additional cryptocurrency miners and further development of its mVoult product lines, as well as acquisitions or strategic investments in complimentary businesses, products, services or technologies.

An automatic shelf registration statement on Form S-3 (File No. 333-254290) relating to the securities being offered was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 15, 2021 , which became effective upon filing.  The offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the automatic shelf registration statement.  Copies of the final prospectus supplement and accompanying prospectus relating to the proposed offering, when available, may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at placements@hcwco.com or by phone at (646) 975-6996.  Before you invest, you should read the final prospectus supplement and accompanying prospectus and the other documents that CleanSpark has filed with the SEC for more complete information about CleanSpark and the proposed offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges.  CleanSpark has a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's public offering and other statement regarding the expectations, beliefs, plans, intentions and strategies of the Company.  The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements.  Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, risks that the proposed offering is not completed due to market conditions, failure to satisfy the conditions to closing of the offering or other factors and other risks described in the Company's prior press releases and in its filings with the SEC, including under the heading "Risk Factors" in the Company's preliminary prospectus supplement and accompanying prospectus related to the proposed offering and any other filings with the SEC.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.  Furthermore, the Company cannot guarantee future results, events, levels of activity, performance, projections or achievements.

Contact - Investor Relations:

CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 15, 2021 4:10 PM

CleanSpark Announces Launch of Underwritten Public Offering

CleanSpark Announces Launch of Underwritten Public Offering

PR Newswire

SALT LAKE CITY , March 15, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) ("CleanSpark"), a diversified software, services, and bitcoin mining company, today announced that it has commenced an underwritten public offering of shares of its common stock.  The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

CleanSpark intends to use the net proceeds from the offering, if completed, for working capital and general corporate purposes, including infrastructure expansion, the acquisition of additional cryptocurrency miners and further development of its mVoult product lines, as well as acquisitions or strategic investments in complimentary businesses, products, services, or technologies.

An automatic shelf registration statement on Form S-3 relating to the securities being offered was filed with the U.S. Securities and Exchange Commission (the "SEC") on March 15, 2021 , which became effective upon filing.  The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the automatic shelf registration statement.  Copies of the preliminary prospectus supplement and accompanying prospectus relating to the proposed offering, when available, may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at placements@hcwco.com or by phone at (646) 975-6996.  Before you invest, you should read the preliminary prospectus supplement and accompanying prospectus and the other documents that CleanSpark has filed with the SEC for more complete information about CleanSpark and the proposed offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges.  CleanSpark has a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facility outside of Atlanta, Georgia .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's public offering and other statement regarding the expectations, beliefs, plans, intentions and strategies of the Company.  The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements.  Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, risks that the proposed offering is not completed due to market conditions, failure to satisfy the conditions to closing of the offering or other factors and other risks described in the Company's prior press releases and in its filings with the SEC, including under the heading "Risk Factors" in the Company's preliminary prospectus supplement and accompanying prospectus related to the proposed offering and any other filings with the SEC.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.  Furthermore, the Company cannot guarantee future results, events, levels of activity, performance, projections or achievements.

Contact - Investor Relations:

CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 9, 2021 9:25 AM

CleanSpark Bitcoin Mining Division Secures Additional Miners to Further Increase Hash Rate

CleanSpark Bitcoin Mining Division Secures Additional Miners to Further Increase Hash Rate

PR Newswire

SALT LAKE CITY , March 9, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified technology company today announced an additional purchase of 1,150 new miners capable of producing 100 PH/s, scheduled for delivery in June 2021 .

The Company has now secured a total of 3,650 miners or 318 PH/s of additional Bitcoin mining hash rate capacity over the past two weeks for delivery and deployment in June and July 2021.  Those orders, along with the Company's current mining fleet, are expected to bring the Company's total hash rate up to an estimated 633 PH/s. The order and delivery dates for miners are on schedule with the Company's previously stated goals for expansion, targeted to reach 1-1.3 PH/s this summer.

Zach Bradford , CleanSpark's Chief Executive Officer stated, "We are excited about our growing production capacity as we push towards our goal of reaching 1.3 EH/s by the end of summer 2021. We are also eager to add renewable energy resources to our existing mining facilities later this year. In addition to increasing on the hash rate at our Atlanta facilities we are analyzing opportunities to further expand to additional locations that would be supported by clean energy."

CleanSpark's goal is to operate the lowest-energy-cost Bitcoin mining facilities at scale in the nation. The Company  will work to accomplish this not only by securing advantageous power purchase agreements, but also by leveraging its patented microgrid energy solutions.

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facilities outside of Atlanta, Georgia , currently capable of producing an estimated 315 PH/s in hash rate capacity.

For more information about the Company, please visit the Company's website at https://ir.cleanspark.com/ .

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its bitcoin mining operations (including as to increases in hash rates and utilization of low-cost energy sources) and other statement regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, , including, without limitation: delays in equipment delivery, the value of Bitcoin, the successful deployment of energy solutions for bitcoin applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Mar 2, 2021 9:35 AM

CleanSpark Secures Additional Bitcoin Miners for Delivery and Deployment Early Summer

CleanSpark Secures Additional Bitcoin Miners for Delivery and Deployment Early Summer

PR Newswire

SALT LAKE CITY , March 2, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a diversified technology company today announced that it has secured for delivery an additional 2,500 ASIC mining rigs which are expected to provide an estimated 218 PH/s of Bitcoin mining hash rate capacity. The miners are expected to be delivered and immediately deployed throughout June and July 2021 .

cleanspark_Logo

The delivery dates are aligned with the Company's expected completion of energy and infrastructure projects that will provide an additional 30 MW of electricity to the site at a rate of $0.0285 /kwh. This order, along with the Company's current mining fleet, is expected to bring the Company's total hash rate up to an estimated 533 PH/s. CleanSpark expects to make further orders in the coming weeks to secure up to an additional 800 PH/s of mining equipment. The Company has developed a network of dealers and distributors outside of the traditional manufacturing supply chain to secure these additional miners for deployment as the Company's energy infrastructure increases become available.

Zach Bradford , CleanSpark's Chief Executive Officer stated, "We continue to aggressively pursue the growth of our hash rate capacity and expect to reach 1 to 1.3 EH/s in total production capacity this summer. 'Time is money' in this sector, and these orders allow us to immediately put the 30 MW of increased power into use as soon as it comes online." Bradford continued, "The availability of low-cost energy for bitcoin mining facilities will be a constraining factor for the industry as it grows. Cryptocurrency mining operations will further be subjected to increased scrutiny on the sources of the incredible amount of power required for successful execution and they will need to ensure that there is an ongoing focus utilizing clean energy sources to mitigate these concerns.  CleanSpark has maintained its focus on responsible energy solutions since the initial diligence phases of the ATL acquisition. Currently, the municipality providing our power is backed largely by a wholesale provider that reports delivery of power that is 69% emission-free. We plan to incorporate additional renewables onsite in the near future. In addition to maximizing the energy use of our existing facilities, we are targeting additional locations that offer access to abundant, low-cost power, with an emphasis on sites that are backed by clean energy sources and allow us the opportunity to integrate our proprietary renewable energy solutions onsite."

CleanSpark's goal is to operate the lowest-energy-cost Bitcoin mining facilities at scale in the nation. The Company expects to accomplish this not only by securing advantageous power purchase agreements, but also by leveraging its patented energy solutions.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com , or visiting the Company's website at https://ir.cleanspark.com/

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services.

The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facilities capable of producing an estimated 315 PH/s in hash rate capacity. Hash rate capacity is expected to increase to over 1 EH/s in mining capacity in 2021. CleanSpark plans to apply its energy technologies to these divisions with a goal of mining bitcoins at the lowest energy prices in the United States . For more information, visit https://ATL-DATA.com

Forward-Looking Statements:

CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: delays in equipment delivery, the value of Bitcoin, the successful deployment of energy solutions for bitcoin applications, the fitness of our energy hardware, software and other solutions for this particular application or market, the expectations of future revenue growth may not be realized, ongoing demand for our software products and related services, the impact of global pandemics (including COVID-19) on the demand for our products and services; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Feb 24, 2021 9:25 AM

CleanSpark Completes Strategic Acquisition of Solar Watt Solutions

CleanSpark Completes Strategic Acquisition of Solar Watt Solutions

PR Newswire

SALT LAKE CITY , Feb. 24, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software and services company, today announced that it has completed the strategic acquisition of Solar Watt Solutions, Inc. ("Solar Watt"), a Commercial and Residential Solar and Energy Storage Developer. Based on achievement of certain performance objectives, total consideration for the transaction will be up to 477,703 shares of the Company's common stock, and up to $3,850,000 in cash.

Solar Watt is a Carlsbad, California based company, founded in 2009 by David Watt . Solar Watt provides solar and alternative energy solutions for homeowners and commercial businesses throughout Southern California . The acquisition is expected to immediately expand and accelerate CleanSpark's residential initiative by integrating an experienced energy storage and solar sales and installation team.

Solar Watt has been focused on serving the fire prone communities throughout California by utilizing the Self Generation Incentive Program ("SGIP"), which provides homeowners who have medical needs and reside in vulnerable zones with the opportunity to add energy storage to their homes at little or no cost. The Company's mVoult ( mvoult.com ) product line for residential microgrids will provide opportunities for both companies to expand quickly throughout the state of California and beyond.

David Watt , Founder of Solar Watt, said, "We are extremely excited to join the great team at CleanSpark. With their products and resources behind Solar Watt, we will be able to expedite growth in the California area. We anticipate scaling up and, being able to offer new product lines while continuing to provide the excellent service our customers have come to expect, which is the foundation for our success."

CleanSpark's President and CEO, Zachary Bradford , stated, "Over the past year, we have been working with Solar Watt as a partner to strategically expand our collective sales efforts. As a result, upon closing our transaction to acquire Solar Watt, we added more than $10 million dollars of executed contracts to our backlog. This backlog immediately positions CleanSpark as a player in the direct-to-consumer California residential microgrid market. In addition to executing on their existing pipeline, Solar Watt will form the backbone of the Southern California team for CleanSpark's new residential mVoult product line. We will continue to devote our efforts to the one-to-many sales approach nationwide through partnerships with companies similar to Solar Watt, but this acquisition will allow us to rapidly scale mVoult and residential sales in Southern California where we have a local presence and a large sales footprint."

"This acquisition brings a significant pipeline to drive strong revenue growth immediately as part of our new residential initiative," said Lori Love , Chief Financial Officer of CleanSpark. "We anticipate that the acquisition will contribute approximately $20 million in revenue over the next 12 to 18 months and potentially more as we expand into additional territories with critical energy needs."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com , or visiting the Company's website at https://ir.cleanspark.com/ .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software, controls and technology solutions to solve modern energy challenges. CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  CleanSpark's offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation services, and software consulting services.

CleanSpark also owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. The Company also owns and operates a fleet of Bitcoin miners producing over 200 PH/s in mining capacity. Capacity is expected to increase to over 315 PH/s in mining capacity in early 2021. CleanSpark plans to apply its energy technologies to these divisions with a goal of mining bitcoins at the lowest energy prices in the United States . For more information, visit https://ATL-DATA.com .

About Solar Watt Solutions:

Solar Watt Solutions, Inc., a California corporation, is a system integrator that assists customers in finding the energy products that best fit their needs while working with a range of equipment manufacturers to provide a cost-effective solution for residential or commercial projects. Solar Watt helps businesses and homeowners install solar and batteries to save money on energy bills and reduce dependence on increasing energy costs from public utilities. Solar Watt helps customers realize all the local, state, and Federal incentives, including going green benefits, which make solar energy more affordable than ever before. Solar Watt's customers can take pride in knowing that they are part of the solution, not the problem. For more information, visit https://www.solarwattsolutions.com .

Forward-Looking Statements:

CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the Company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in CleanSpark's business, including, without limitation: the successful integration of Solar Watt into CleanSpark, the closing of the transaction, the fitness of its energy software and solutions for this particular application or market, the expectations of future revenue growth may not be realized, ongoing demand for its software products and related services, the impact of global pandemics (including COVID-19) on the demand for its products and services; and other risks described in the Company's prior press releases and in the Company's 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Feb 17, 2021 4:14 PM

CleanSpark to Discuss Fiscal Quarterly Earnings and Positive 2021 Outlook with Water Tower Research

SALT LAKE CITY, Feb. 17, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), ("CleanSpark, or the Company"), an advanced software and controls technology solutions company focused on solving modern energy challenges, will be participating in the Water Tower Research Fireside Chat Series on Thursday, February 18, 2021, at 3:00 pm ET. Topics covered will include a review of the most recent quarter's performance and an update on the 2021 outlook. The Company's residential initiative, new partnerships, and the growth and performance of its Bitcoin mining operations will also be highlighted.

The chat will feature Zachary Bradford, CleanSpark's Chief Executive Officer, the host and moderator will be Shawn Severson, Head of Sustainable Investing at Water Tower Research. A brief question and answer session to follow.

Investors interested in participating in this event must register using the link below. As a reminder, registration for the live event is limited but may be accessed at any time for replay.

REGISTER HERE: https://globalmeet.webcasts.com/starthere.jsp?ei=1433315&tp_key=00dcc8225d

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com, or visiting the Company's website at https://ir.cleanspark.com/

CleanSpark periodically speaks at virtual conferences and events, if the event was recorded the recordings can be found on the events page at https://ir.cleanspark.com .

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges. We have a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  Our offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, and software consulting services.

Through its wholly owned subsidiary, ATL Data Centers LLC, CleanSpark also owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. The Company also owns and operates a fleet of Bitcoin miners producing over 200 PH/s in mining capacity. Capacity is expected to increase to over 315 PH/s in mining capacity in early 2021. CleanSpark plans to apply its energy technologies to these divisions with a goal of mining bitcoins at the lowest energy prices in the United States. For more information, visit https://ATL-DATA.com

Forward-Looking Statements:

CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in the Company's business, including, without limitation: the successful deployment of energy solutions for residential and commercial applications or other sectors, the value of Bitcoin, the ability of the Company's products to integrate with new or existing energy management assets or systems, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, the expectations of the Company's future performance and 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 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 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
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Feb 17, 2021 9:25 AM

CleanSpark Launches mVoult, a Direct-to-Consumer Residential Microgrid Solution

CleanSpark Launches mVoult, a Direct-to-Consumer Residential Microgrid Solution

PR Newswire

SALT LAKE CITY , Feb. 17, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software and services company, today announced the launch of mVoult ( mvoult.com ) for home microgrids. mVoult is a standalone energy management controller that is capable of directing the operations of both existing and new energy assets. mVoult will be offered as a smart controller and mobile app specifically designed for residential applications. The Company also plans to launch a fully integrated mVoult branded battery energy storage and controls solution. The home power solution will enable the selection of optional add-ons such as solar integration or back-up generators. The systems are expected to continue to support the Company's energy and vendor agnostic solutions. CleanSpark's residential microgrids will be capable of integrating into new or existing energy management assets or systems.

CleanSpark's smart controls technology has been used in commercial applications, as well as mission-critical military deployments for a number of years, and the Company has identified a growing need for a product like mVoult in the residential market. There has been a significant increase in demand from homeowners, especially in California , to add solar and storage solutions to provide backup power due to blackouts or utility outages due to wildfire risks and high electricity usage rates during heat waves. A home microgrid with a smart controller can provide significant flexibility in managing cost savings and resilience for the homeowner. With the expected expansion of government incentive programs under the Biden administration and the decreasing cost of energy assets, a home microgrid has become an even more viable option for homeowners to consider.

CleanSpark has already been offering mPulse to large and estate-sized residential microgrids. The launch of mVoult is expected to significantly expand the Company's reach into the residential market and create a product that has the ability to help benefit homes of all sizes. CleanSpark has already created and staffed a direct-to-consumer sales division over the past 30 days to support the Company and its partners' growth.

Zach Bradford , CleanSpark's President and Chief Executive Officer stated, "With the massive power-outages across the country caused by both scheduled and unexpected utility disruptions over the President's Day weekend, the need for this solution has never been more critical. This is not our first foray into residential energy systems, but the focus on revenue growth in the home microgrid solutions is expected to make significant contributions to the Company's revenue mix. mVoult is built upon the same foundation as our patented mPulse controls technology which has been used in critical military and commercial applications."

mVoult.com was launched today as an informational website with the opportunity for homeowners to request updates and get on the waiting list for the mVoult solution. We expect to begin taking pre-orders for both the stand-alone controls and the fully integrated solution in April 2021.  Installations of the solution are expected to begin summer 2021.

"We have received significant interest in home microgrids and we are excited to offer a more affordable solution for both homeowners and small businesses", commented Bradford.  "We expect that mVoult will open a host of new opportunities. The Company plans to announce further strategic expansion into the home microgrid sector over the coming weeks."

Parties interested in learning more about CleanSpark's products and services, including mVOULT, are encouraged to inquire the Company by contacting info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com or visiting the Company's website at https://ir.cleanspark.com/

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges. We have a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  Our offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, and software consulting services.

Through its wholly owned subsidiary, ATL Data Centers LLC, CleanSpark also owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. The Company also owns and operates a fleet of Bitcoin miners producing over 200 PH/s in mining capacity. Capacity is expected to increase to over 315 PH/s in mining capacity in early 2021. CleanSpark plans to apply its energy technologies to these divisions with a goal of mining bitcoins at the lowest energy prices in the United States . For more information, visit https://ATL-DATA.com

Forward-Looking Statements:

CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in the Company's business, including, without limitation: the successful deployment of energy solutions for residential applications or other sectors, the ability of the Company's products to integrate with new or existing energy management assets or systems, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, the expectations of the Company's future performance and 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 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 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

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Feb 12, 2021 6:15 AM

CleanSpark, Inc. Reports Quarterly Financial Results for the Three-Months Ended December 31, 2020

CleanSpark, Inc. Reports Quarterly Financial Results for the Three-Months Ended December 31, 2020

Quarterly revenue increased 130% from one year ago quarter and gross margin improved to 41%

PR Newswire

SALT LAKE CITY , Feb. 12, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK)("the "Company"), an advanced software and controls technology solutions company, focused on solving modern energy challenges, today reported results for the quarter ended December 31, 2020 .

The Company's form 10-Q and accompanying unaudited interim financial statements are available at www.sec.gov and the Company website at https://ir.cleanspark.com/sec-filings/

Financial Highlights

  • CleanSpark more than doubled its comparable quarterly revenues, with quarterly revenue of $2.26 million , an increase of 130% from $0.98 million for the prior year.

  • Gross Margin increased to 41% to $0.92 million compared to 10% and $0.10 million to the prior year.

  • Loss from operations increased to $6.2 million compared to $3 million for the prior year.

  • Net loss for the three months attributable to common shareholders for the three months ended December 31, 2020 was $7.2 million or $(0.32) per basic and diluted earnings per share compared to a loss of $1.9 million or $(0.40) per basic and diluted earnings share for the same year-ago period, an improvement of $0.08 per share.

  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net loss attributable to common shareholders for the three months ended December 31, 2020 of $591,975 or $(0.03) per basic and diluted earnings per share, compared to a loss of $1,765,826 or $(0.37) per basic and diluted earnings share for the same year-ago period, an improvement of $0.34 per share.

  • The Company decreased its revenue concentration risk, for the three months ended December 31, 2020 37% of its revenues were derived from a single customer as compared to 91% in the same year-ago period.

Financial Summary

Revenues

The Company recognized $2.25 million in revenues during the three-months ended December 31, 2020 , as compared with $0.98 million in revenues for the three-months ended December 31, 2019 .

For the year ended December 31, 2020 and 2019 our revenue was derived from three business segments:

Energy Segment - Consisting of our CleanSpark, LLC, CleanSpark Critical Power Systems, Inc. and GridFabric, LLC lines of business, this segment provides services, equipment and software to the energy industry. The income from our Energy Segment is the result of contracts to sell switchgear equipment, perform engineering and design services, and provide software for distributed energy and microgrid systems.

Digital Agency Segment - The Company's wholly owned subsidiary p2klabs, Inc. provides design, software development and other technology-based consulting services.

Digital Currency Mining Segment - Through ATL Data Centers, the Company mines Bitcoin

Our Energy business segment contributed $1.2 million or 54% of consolidated revenue in three-months ended December 31, 2020 , compared to $0.93 million or 100% of consolidated revenue in the same year-ago period.

The Company's digital agency segment generated services revenue from our p2klabs subsidiary. This segment contributed $0.3 million or 13% of consolidated revenue in three-months ended December 31, 2020 .

The Company's Bitcoin mining segment generated revenue from our ATL Data Center subsidiary. This segment contributed $0.73 million or 32% of consolidated revenue in three-months ended December 31, 2020 .

Gross Profit

Our gross profit for the three-months ended December 31, 2020 was $0.92 million or 41% of revenue, as compared with gross profits of $0.09 million or 10% of revenue for the three-months ended December 31, 2019 . The increase in gross margin was largely driven by increased high-margin revenues derived from our Bitcoin mining and related revenue.

Operating Expenses

Our operating expenses for the three-months ended December 31, 2020 increased to $7.1 million from $3.1 million for the same period in 2019. The increase in operating expenses was largely driven by increased non-cash compensation, payroll expenses, general or administrative expenses, and increased depreciation and amortization.

Other income/(expense)

The Company's total other income/(expenses) in the three-months ended December 31, 2020 totaled approximately $(1.0) million as compared to $1.1 million in 2019. The increase in other expenses was mainly due to non-cash cash items, specifically our derivative loss and unrealized loss on equity securities.

Earnings/(Loss) Per share

Net loss for the three months attributable to common shareholders for the three months ended December 31, 2020 was $7.2 million or $(0.32) per basic and diluted earnings per share compared to a loss of $1.9 million or $(0.40) per basic and diluted earnings share for the same year-ago period, an improvement of $0.08 per share.

Non-GAAP figures

Adjusted EBITDA, a non-GAAP term, resulted in negative $0.6 million in three-months ended December 31, 2020 , as compared to negative $1.7 million in three-months ended December 31, 2019 .

Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net loss attributable to common shareholders for the three months ended December 31, 2020 of $591,975 or $(0.03) per basic and diluted earnings per share, compared to a loss of $1,765,826 or $(0.37) per basic and diluted earnings share for the same year-ago period, an improvement of $0.34 per share. (See details on Non-GAAP figures below)

Working capital

Cash and cash equivalents totaled $25.6 million as of December 31, 2020 , as compared to $3.1 million on September 30, 2020 , an increase of $22.5 million . We had working capital of $28.7 million as of December 31, 2020 compared to $2.9 million as of September 30, 2020 . An increase of $25.8 million .

Fiscal Quarter December 31, 2020 Operational Highlights

  • On October 9, 2020 , the Company closed an underwritten offering and received gross proceeds of $40 million , before deducting underwriting expenses and fees.

  • We completed the acquisition of ATL Data Center in an all-stock transaction. The Company has contracted with the local municipality to bring 30MW of additional power to a property adjacent to ATL property to support additional CleanSpark Bitcoin mining operations.  This will bring the total power available for mining and data centers for CleanSpark subsidiaries from 20MW to 50MW. The capacity increase is underway and is expected to be complete by mid-year 2021.  In addition to the additional power to be delivered by the local utility, CleanSpark expects to subsequently add renewable energy generating assets and energy storage to the site, which will be operated by the Company's patented mPulse controls. The Company intends to use the renewable energy to further increase its total energy capacity to support additional ASIC (application specific integrated circuit) mining units and increase bitcoin mining revenues.

  • We entered into the Electric Vehicle (EV) charging station market through a new initiative focused on providing OpenADR software solutions to aid in load management for EV charging stations and balancing the impact the increased power demand has on the traditional grid.

  • We implemented new sales and marketing initiatives resulting in increased revenues, contracted backlog, and proposal pipelines.

  • We received a large switchgear order from a Houston, Texas developer in support of microgrids to be built for the nation's largest retail chain.

  • CleanSpark's strong presence at virtual conferences included Platinum Sponsorship at Microgrid 2020 Global, Exhibition at the Solar Power International, and speaking engagement by Amanda Kabak , CleanSpark CTO on "The Benefits of Solar plus Storage".

  • The CleanSpark team released a suite of usability enhancements to both their mPulse and mVSO products, including self-serve reporting of monthly and ad-hoc site telemetry as well as improvements in mVSO ease of use to allow developers to completed scenarios quickly and more efficiently. Updates to our mPulse forecasting and control algorithms ensures optimal site operation aligned with pre-determined targets. CleanSpark continues to grow its software team with specialists in web and cloud development.

Management-Commentary and Outlook

This was another record-breaking quarter for CleanSpark.  As we had discussed in our prior shareholder letter, the Company expected the somewhat cyclical nature of our business to continue, specifically related to our energy business segments.  In prior years we have recognized approximately 10% of our total annual revenues in the quarter ending December 31 . This trend has continued to be reflected in the results of our most recent fiscal quarter. These trends are largely due to the annual holiday slowdown and winter weather as energy systems are more easily deployed in warm weather. We continue to expect to see the strongest revenues related to our energy segments in our third and fourth fiscal quarters.  Our Bitcoin mining revenues contributed significant profitable revenue for the quarter, making up approximately 32% of our total quarterly revenues. This is especially meaningful considering our Bitcoin mining revenues consisted of only 21 full days of mining in December. We expect to recognize substantially more revenue from Bitcoin mining revenues in future quarters both as a result of recognizing revenues from the full period, but also due the expanded capacity expectations from approximately 200 PH/s in December to more than 315 PH/s in February 2021 .

We continue to expect to generate in excess of $30 million in total revenue in the fiscal year ending September 30, 2021 . Our backlog as of today remains strong at approximately $7.3 million as of the date of this release, an increase of $0.8 million from December 2020 .  This increase is directly attributable to our newly expanded sales team.  We expect our proposal closing rate to accelerate as COVID-19 vaccines begin to be made available to the public in the coming quarters. Our proposal pipeline remains strong at approximately $25.0 million as of the date of this release.  We believe our increase in contracted backlog and proposal backlog demonstrates the pent-up demand for resilient, distributed energy solutions as the pandemic begins to improve.

We continue to work diligently to expand the Company's total energy capacity and Bitcoin mining capacity. We expect to reach more than 315 PH/s within the month of February. We also expect to have the initial power capacity increase completed over the next two quarters and anticipate bringing additional mining equipment online in parallel with the available power.  We believe the improvements will add an additional 800 to 880 PH/s of processing capacity over the coming quarters. We expect this to bring the total capacity under CleanSpark's subsidiaries to between 1.0 to 1.3 EH/s by mid-summer.  Given the current difficulty rates, this is expected to result in the production of 6-9 Bitcoins per day.  At the current price of Bitcoin ($47,000) this would result in $115 to $150 million per year in Bitcoin mining revenue.  As stated, our goal is to mine Bitcoins at the lowest rates nationwide and we expect to achieve greater than 80% gross profit margin on our Bitcoin mining activities.

We are also expanding our residential initiatives, including the launch of a new offering which we look forward to discussing in greater detail next week.

Our focus continues to be on increasing our sales in each of our segments, enhancing the features and functionality of our software products as well as our aggressive pursuit of additional accretive acquisitions.

We remain deeply grateful for the continued support of all stakeholders of CleanSpark, most importantly, the shareholders who have entrusted the Company with their investment dollars. On behalf of our entire organization, we provide this update and outlook with extreme optimism for the future.

With Warmest Regards,

Zachary Bradford , CleanSpark's President and Chief Executive Officer and

Matthew Schultz , CleanSpark's Executive Chairman.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com , or visiting the Company's website at https://ir.cleanspark.com/

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges.  We have a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  Our offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, and software consulting services.

Through its wholly owned subsidiary ATL Data Centers LLC, CleanSpark owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. The Company also owns and operates a fleet of Bitcoin miners producing over 200 PH/s in mining capacity. Capacity is expected to increase to over 315 PH/s in mining capacity in early 2021. CleanSpark plans to apply its energy technologies to these divisions with a goal of mining bitcoins at the lowest energy prices in the United States . For more information, visit https://ATL-DATA.com

Non-GAAP Financial Measures

Management believes that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the company. The company defines adjusted EBITDA as income (loss) attributable to common stockholders before interest, taxes, depreciation, amortization, impairment of long-lived assets, financing costs, stock-based compensation expense, unrealized gains and losses on securities, non-cash amortization of right of use assets, other non-cash expenses, and expenses related to discontinued operations.

Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States , or 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, CLSK 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. CLSK management does not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.




December 31,
2020


December 31,
2019

Net loss (US GAAP)

$

(7,167,530)

$

(1,916,254)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


1,078,429


587,490

Software amortization


39,286


39,286

Stock based compensation


4,350,643


636,269

Interest, financing charges, non-cash amortization of debt discounts


1,339


1,560,315

Unrealized gain/(loss) on equity security


73,500


(368,868)

Unrealized gain/(loss) on derivative security


1,020,494


(2,266,654)

Non-cash amortization of right of use assets


11,864


10,731

Total:

$

6,575,555

$

198,569






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

(591,975)

$

(1,717,685)

Adjusted EPS excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. CLSK management believes that exclusion of certain selected items assists in providing a more complete understanding of the company's underlying results and trends and allows for comparability with its peer company index and industry. CLSK management uses this measure along with the corresponding GAAP financial measures to manage its business and to evaluate the company's performance compared to prior periods and the marketplace. The company defines Non-GAAP (loss) income attributable to common stockholders as (loss) or income before amortization, stock-based compensation, expenses related to discontinued operations, impairment of long-lived assets and non-cash financing, unrealized gains and losses on securities, non-cash amortization of right of use assets and non-cash interest expense. Adjusted EPS expresses adjusted (loss) income on a per share basis using weighted average diluted shares outstanding.

Adjusted EPS is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The company expects to continue to incur expenses similar to the adjusted income from continuing operations and adjusted EPS financial adjustments described above, and investors should not infer from the company's presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

The following table sets-forth non-GAAP net loss attributable to common stockholders and basic and diluted earnings per share:



December 31,
2020


December 31,
2019

Net loss (US GAAP)

$

(7,167,530)

$

(1,916,254)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


1,078,429


587,490

Software amortization


39,286


39,286

Stock based compensation


4,350,643


636,269

Non-cash interest, financing charges, non-cash amortization of debt discounts


1,339


1,512,174

Unrealized gain/(loss) on equity security


73,500


(368,868)

Unrealized gain/(loss) on derivative security


1,020,494


(2,266,654)

Non-cash amortization of right of use assets


11,864


10,731

Total:

$

6,575,555

$

150,428






Non-GAAP Adjusted Loss

$

(591,975)

$

(1,765,826)






Weighted average common shares outstanding - basic and diluted


22,146,992


4,781,075

Loss per common share - basic and diluted

$

(0.03)

$

(0.37)

Forward-Looking Statements:

CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the fitness of the product for a particular application or market, the expectations of future revenue growth may not be realized, timing of orders and deliveries, the successful and continued integration of acquired businesses, ongoing demand for its software products and related services, the price volatility of Bitcoin, the impact of global pandemics (including COVID-19) on the demand for its products and services; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Feb 9, 2021 9:25 AM

CleanSpark Issues Bitcoin Mining Expansion Update

CleanSpark Issues Bitcoin Mining Expansion Update

PR Newswire

SALT LAKE CITY , Feb. 9, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a diversified software and services company today provided a 60-day post-acquisition update on its Bitcoin mining operations and announces that it expects to further increase its Petahash rate in February 2021 , beyond prior projections.

CleanSpark has continued to procure and deploy mining equipment as part of its strategic growth initiative, purchasing its equipment mostly through dealer networks rather than directly through the manufacturers to ensure immediate availability. Orders for new mining equipment continue to be delivered in multiple shipments and are promptly commissioned as they arrive. Prior to the end of February, the Company expects to have in excess of 315 Ph/s of Bitcoin mining capacity deployed.  This will represent a greater than 65% increase in mining capacity since the December 10, 2020 acquisition.

CleanSpark has focused on increasing energy capacity in conjunction with the expanding mining capacity as it continues to progress toward its goal of m