CleanSpark Inc has reported its results for the three and 12-month periods ended September 30, 2021, showing strong revenue growth and a big rise in working capital.
In a separate statement, the company also announced that its board of directors has appointed Gary Vecchiarelli as its new chief financial officer (CFO), succeeding outgoing CFO, Lori Love.
CleanSpark said it had working capital of $47.7 million as of September 30, 2021, compared to $2.9 million a year earlier, an increase of $44.8 million.
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For the three months ended September 30, 2021, it reported revenue of $27.1 million, an increase of $25.15 million, or nearly 1,300%, from $1.95 million for the same prior-year period.
For the full year ended September 30, 2021, revenues reached $49.4 million, an increase of $39.4 million, or 400%, from the $10 million reported for its 2020 fiscal year.
The group’s net loss narrowed to $21.8 million, or $0.75 per share, compared to a loss of $23.3 million, or $2.44, in 2020 — an improvement of $1.70 per share. Adjusted underlying earnings (EBITDA) was $9 million compared to a $10.2 million loss for 2020.
CleanSpark noted that operation highlights for the year included substantial real estate and energy acquisitions, including the Norcross 20MW data center and the College Park 45MW+ data center, both in the state of Georgia.
In addition, it reported an exponential hash rate increase of zero to 1.3 EH/s (quintillion hashes per second) in under a year. A hash rate measures the speed of mining cryptocurrency.
Announcing Vecchiarelli's appointment as CFO, the company noted that he is a certified public accountant in Nevada and California, with more than two decades of technical, operational, and strategic experience in finance and accounting. He has held senior positions with multiple publicly traded, high-growth companies, where he specialized in strategic planning, mergers and acquisitions, and debt financing.
“Gary is a great addition to CleanSpark,” CEO Zach Bradford said in a statement. “We believe his substantial experience with capital markets and his ability to effectively lead and communicate strategic priorities will bring immediate value to shareholders."
Vecchiarelli was most recently CFO of Imatrex, a high-tech medical imaging solutions company. Previously, he led finance operations for Golden Entertainment and Galaxy Gaming.
CleanSpart said he brings deep experience in public accounting to the company, most notably for his role in opening BDO’s Las Vegas audit practice. During his tenure in public accounting, his clients ranged in size from $50 million to over $1 billion in various industries.
“CleanSpark is at an incredible stage of development, transforming energy-intensive bitcoin mining into a sustainable and efficient enterprise, all while protecting shareholder value,” Vecchiarelli said.
“I’m thankful for the board’s confidence and I look forward to leading the teams that have worked so diligently to advance CleanSpark’s standing on the global stage.”
The company said Vecchiarelli begins his tenure effective December 15, 2021, and Love will work in a limited capacity during the transition.
CleanSpark is an energy technology and sustainable bitcoin mining company that is focused on solving modern energy challenges. The company and its subsidiaries also own and operate a fleet of bitcoin miners at its facilities outside of Atlanta, Georgia.
Contact the author at stephen.gunnion@proactiveinvestors.com
-- Updates with details of new CFO --