CleanSpark Inc (NASDAQ:CLSK), a diversified software and services company, announced Tuesday that revenue is trending up as it eyes becoming profitable by the end of 2020.
As of April 30, revenues for the prior seven months were about $5.6 million — surpassing its revenue for the entire 2019 fiscal year of $4.5 million. That’s a 24% increase.
"We have achieved significant progress even in the face of COVID-19,” said CEO Zach Bradford in a statement.
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“Our current fiscal year-to-date revenues through April 30, 2020 of approximately $5.6 million represent an increase of approximately 414% over the comparable year-to-date revenues in 2019,” he added.
Bradford said the company’s projections give it confidence it can maintain course and double FY2019 revenue in 2020 and “achieve our corporate goal of profitability by the end of this calendar year."
He noted that CleanSpark has been able to maintain momentum even during the current economic slowdown caused by the coronavirus lockdown.
“We are optimistic that this momentum can continue throughout 2020 and into 2021,” Bradford said.
“We believe our momentum will continue as we expect to see growth in our core software and energy products along with an increase in new software service contracts from our recently acquired subsidiary, p2klabs."
CleanSpark, based in Salt Lake City, makes software for energy microgrids, allowing them to be scaled to a user's specific needs and implemented across the commercial, industrial, military and agricultural sectors.
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