CleanSpark doubles up fiscal 1Q revenue, continues to build bitcoin mining operation
The company reported revenue of nearly $2.3 million, well above the $920,000 it brought in during the same period a year earlier
Company
NASDAQ: CLSK
CleanSpark Inc. is an energy technology and sustainable bitcoin mining company that is focused on solving modern energy challenges. The NASDAQ-listed company and its subsidiaries also own and operate a fleet of bitcoin miners at its facilities outside of Atlanta, Georgia.
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The company reported revenue of nearly $2.3 million, well above the $920,000 it brought in during the same period a year earlier
Prior to the end of February, the company said it expects to have in excess of 315 Ph/s of Bitcoin mining capacity deployed which will represent a greater than 65% increase in mining capacity since the December 10, 2020 acquisition
The end-use customer is the world's largest retail chain, operating more than 11,500 locations worldwide
CleanSpark said Open ADR certification will enable KIGT to enter new markets
The latest release includes enhancements to the customer-facing reports and financial analyses as well as redesigned report interfaces to provide better graphics and tables
Mining revenue thus far for fiscal year 2021 has exceeded $1.6 million based on the daily price of Bitcoin on the date they were mined
The contract features a 100kw rooftop and carport solar with 30kw/70kw battery as well as CleanSpark's patented mPulse controller that will optimize solar storage resources for significant cost savings
It will deliver energy modeling, analytics, and implementation of storage and controls for a microgrid designed to function in addition to or disconnected from the utility
This first contract, hoped to be the one of many, is to provide an off-grid solution for a 14,000 square foot (sq ft) estate, which is currently being built
Bitcoin prices escalated to as high as $34,366 over the holiday weekend
CleanSpark said it is aggressively seeking new acquisition opportunities and plans to identify partnerships and product enhancements to expedite its growth
This order, when paired with the 500 ASICs announced last week and installation of the new S19s, is expected to increase the company's mining capacity by more than 100 PH/s to approximately 300 PH/s.
The Utah firm purchased ATL Data for up to $19.4 million in stock as an opportunity to deploy its patented microgrid software and controls at the Atlanta data center location to increase power capacity, energy savings, and resiliency
CleanSpark also saw its gross margin for the year increase by 21.1% as its net loss improved significantly
The company said the acquisition will provide a profitable, full-scale demonstration facility to show it can maximize energy efficiency and integrate renewables into power-intensive applications
Electriphi's charging management platform has now been added to the official list of OpenADR certified products
Silverstein, who was named VP of compliance and general counsel, is a former corporate counsel
Participants are expected to represent utilities, developers, and policymakers interested in microgrids and advanced distributed energy solutions
The contracts were executed through CleanSpark's subsidiary GridFabric, which creates software solutions that help power utilities and IoT (Internet of Things) products that manage energy loads
The company said preliminary unaudited revenue for its fiscal year ended September 30, 2020, was in excess of $10.0 million, representing a 222% increase on 2019 fiscal year-end results