Expected completion dates have been pushed into late 2023 and, based on current market conditions, perhaps even later. Lancium informed CleanSpark that capital constraints have affected their ability to meet their commitments. As part of the agreement, Lancium agreed to build clean campuses in west Texas to host 200 MW, or about 6.6 EH/s. Earlier this year, the Company announced a partnership with Lancium. Management will discuss plans for 2023, including a revision to its calendar 2023 year-end guidance, on its conference call today. The Company had working capital of $16.8 million and $21.2 million of debt as of September 30, 2022. Total Stockholders' Equity: $404.0 million Total Mining assets (including prepaid deposits & deployed miners): $386.6 million Adjusted EBITDA was $2.9 million, decreasing 81% from $15.2 million in the preceding quarter.īalance Sheet Highlights as of September 30, 2022 Net loss for the fourth quarter was $(42.3) million, increasing $13.0 million from the third quarter net loss of $(29.3) million. Revenues decreased from $31.0 million to $26.2 million, a change of $4.8 million or 15% from the third quarter. The Company also saw sequential revenues decrease in the fourth quarter compared to the previous quarter. The Company recognized a net loss for the three months ended September 30, 2022, of $(42.3) million, an increase of 683% compared to $(5.4) million for the same prior year period.Īdjusted EBITDA 2 decreased to $2.9 million, a decrease of 73% from $10.6 million in the same prior year period. Revenues for the quarter grew to $26.2 million, an increase of $3.3 million, or 14%, from $22.9 million for the same prior year period. We have four impressive sites that we own 100% with no partners and little debt, which resulted in mining 3,750 bitcoins, a 320% increase in production for the fiscal year.'įinancial Highlights of Fourth Quarter 2022įinancial Results for the Three Months Ended September 30, 2022 Our rapid growth has continued subsequent to our fiscal year end as we approach 6.0 EH/s, exceeding our calendar year end guidance once again. Even then, our adjusted EBITDA was $65.7M, a 500% increase over the prior year, which represents the power and scale of our business model. The majority of these fourth quarter losses were primarily due to impairment of goodwill and bitcoin balances, as well as non-cash charges due to modification of equity instruments. However, we recognized a net loss of $57.3M for the year, of which $42.3M occurred in the fourth quarter. 'Our revenue for fiscal year 2022, which ended on September 30, was $131.5M, almost a 250% increase over the prior year. 'This is a world class team that has doubled, tripled and even quadrupled multiple key performance indicators this fiscal year,' said Gary A. This team continues to exceed my expectations and I'm so proud of them.' We continue to execute our business plans with best-in-class efficient mining operations and by identifying potential accretive acquisitions while maintaining very little leverage on our balance sheet. 'Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market. 'Our business model and capital strategy continue to be standouts in our industry,' said Zach Bradford, CEO. Past performance is a poor indicator of future performance.CleanSpark surpasses 5.8EH/s and 21.7 bitcoin per day. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on or relating to the use of, or inability to use, or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. The information on this site is in no way guaranteed for completeness, accuracy or in any other way.

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Cleanspark balance sheet