CleanSpark Inc (NASDAQ:CLSK) reports that it generated $7.4 million in second-quarter net income on rising revenues as the company expanded sales and marketing initiatives for its energy business.
For the three months ended March 31, the company marked revenue of $8.1 million, an increase of $4.4 million or 122% from $3.6 million for the same prior-year period.
CleanSpark said net income was $0.28 basic earnings per share and $0.22 fully-diluted earnings per share, compared to a loss of $5.8 million or $1.13 loss in basic and diluted earnings per share for the same period in 2020.
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In addition, the company said it ended the quarter with working capital of $171.1 million, compared to $2.9 million as of September 30, 2020.
Meanwhile, CleanSpark said it produced more than 144 Bitcoins, for a total of 241 tokens of the cryptocurrency (as of May 4) since acquiring its mining operations on December 10, 2021. As of March 31, the company held $5.7 million worth of Bitcoin.
Operational 2Q highlights include:
- In March 2021, the company closed an underwritten public offering and received gross proceeds of $200 million, before deducting underwriting expenses and fees.
- A project to add 30 megawatts (MW) of additional power to support additional CleanSpark Bitcoin mining operations is ongoing. Upon completion of the project, this will bring the total power available for mining and data centers for CleanSpark subsidiaries from 20MW to 50MW. The capacity increase is underway and is expected to be complete by summer 2021.
- In addition to the 30MW of additional power to be delivered by the local utility, CleanSpark expects to subsequently add renewable energy generating assets and energy storage to the site, which will be operated by the company's patented mPulse controls.
- Seen rapid growth in its electric vehicle (EV) charging initiative. Eleven companies are using its OpenADR software solutions to aid in load management for EV charging stations and balancing the impact the increased power demand has on the traditional grid.
- Implemented new sales and marketing initiatives resulting in increased sales and contracted backlog. As of March 31, the contracted backlog was $21.6 million. This backlog has continued to grow as the company further expand its sales efforts, and as of May 6, 2021, its contracted backlog was $24.5 million.
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