CleanSpark Inc (NASDAQ:CLSK) has reported a four-fold increase in revenue for the fiscal second quarter while continuing to execute on its infrastructure-first strategy.
The bitcoin miner posted revenue of $41.6 million in the three months to March 31, 2022, compared to $8.1 million in the same period last year, while sequential revenue was up 1% from the previous quarter.
"The theme for this quarter has been operational and financial execution," CleanSpark CEO Zach Bradford said in a statement. "While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy.”
READ: CleanSpark reports monthly production of 313 bitcoin in April 2022,with calendar year production at 1,211
CleanSpark saw significant improvement in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to $22.5 million, compared to $1.9 million in the same period a year ago but down from $24.2 million in the first quarter, the Nevada-based bitcoin miner said.
The company recognized a net loss of $171,000 for the three months to March 31, 2022, after reporting profits of $7.4 million a year earlier and $14.5 million in the first quarter.
As of March 31, 2022, CleanSpark had cash of $1.9 million and digital currency of $17 million, while total assets stood at $424.8 million, comprising current assets of $42.0 million and mining assets including prepaid deposits & deployed miners of $326 million.
“We have line-of-sight on 600MW of power, driven in large part by the recent agreement we signed with Lancium at the end of the quarter,” Bradford said.
“We continue to make strides in our commitment to ESG principles, most notably by working on attracting and retaining a diverse and highly qualified workforce. As for our capital strategy, our growth capex was funded 100% from the conversion of bitcoin. We have not utilized the shelf offering since November and we continue to right-size our capital structure through means of non-dilutive capital,” he added.
CleanSpark said it held total liabilities of $23.9 million at the end of the second quarter and working capital of $19.4 million. The company had no long-term debt as of March 31, 2022.
A webcast on the company’s presentation on the second-quarter earnings and business update held yesterday can be accessed from its website for the next 30 days. A transcript of the call is also available.
Contact the author at jon.hopkins@proactiveinvestors.com