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. 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.”įinancial Results for the Three Months Ended December 31, 2021 “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, which represents net margins of approximately 35% and 58%, respectively. “Our strong financial results are evidence of the operating leverage of our business model,” said Gary A. 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.” Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents. “Given our success with bitcoin mining,” Bradford continued, “CleanSpark is considering strategic alternatives for our legacy energy business. “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. “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. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today reported financial results for the three months ended December 31, 2021. 09, 2022 (GLOBE NEWSWIRE) - CleanSpark, Inc. “We continue to sell a major portion of our bitcoin and reinvest it into infrastructure and machines,” he wrote.Company Reports Record Revenues of $41.2 million, Significant Gross & Net Margin Expansion Management to Communicate Revised Strategy & Long-Term Vision on Earnings Call Data from Glassnode last month suggested that the average Bitcoin miner returned to a position of net profit when the asset reclaimed $18,800.ĭespite the momentum, Holoyak said his company is yet to enter HODL mode. “Especially when you compare today’s BTC prices to the tail end of 2022 when miners were also seeing higher energy costs.”īitcoin’s 49% climb since the start of the year makes mining a more profitable endeavor since miner rewards are mostly denominated in a fixed number of BTC per block. “While it’s premature to call a bull market setting in, upward price momentum is making miners much more optimistic,” said CleanSpark Chief Communications Officer Isaac Holyoak via email. Iris, however, recently announced plans to rebuild its capacity earlier this week, after Blockstream confirmed a $125 million raise to expand its hosting services in late January. The expansion comes only two months after American mining giants like Core Scientific filed for bankruptcy, while others like Iris Energy saw a swath of mining machines liquidated due to failures in paying down their debt. Bitcoin Miners and Average HODLers Are Back in the Black
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