CleanSpark, Inc (NASDAQ:CLSK) said it is aggressively seeking new acquisition opportunities for 2021 after realizing Fiscal 2020 revenue of more than $10.0 million, the third-consecutive year of greater than 100% top-line growth.
In an annual update to shareholders, the company also noted that it plans to identify partnerships and product enhancements in 2021, which it expects will expedite its growth.
“Not only were we able to achieve our projected numbers (for Fiscal 2020), but the company also completed a series of strategic acquisitions that should prove to be tremendously valuable to all shareholders in the coming years,” said CleanSpark CEO Zachary Bradford in the statement.
READ: CleanSpark earns 10 Bitcoins to add nearly $200K in revenue a week after acquiring crypto miner ATL Data Center
He added: “In addition to increasing our gross revenues, we've focused on streamlining all aspects of our operations to reach our goal of profitability within the coming year and paved this road with a series of carefully planned corporate transactions.”
The company noted that one of its “significant wins” for 2020 was its acquisition of ATL Data Centers in early December, which CleanSpark expects will allow it to increase Bitcoin production while lowering total energy costs, thereby maximizing its overall profitability.
Since the acquisition, Bitcoin has traded at record highs in excess of $28,500 per coin.
The company added that since closing its ATL acquisition it has ordered an additional 1,500 ASICS miners with plans to deploy these cryptocurrency-producing machines in January 2021.
CleanSpark noted that it expects to generate $20 million in revenue in Fiscal 2021 related to its current business segments and anticipates the recent acquisition of ATL Data Center will contribute a minimum of $10 million in additional Bitcoin-based, US dollar revenues.
The company forecasts that its second and third fiscal quarters will again be its strongest due to the “somewhat cyclical nature” of its business.
CleanSpark said its guidance will remain “somewhat conservative” as the company has only recently begun to integrate ATL into its operations and has not yet measured the potential additional value expected to be derived from the demonstration of its energy technologies within the data center for additional microgrid deployment and sales opportunities.
Contact Sean at sean@proactiveinvestors.com
