Technology
CleanSpark Reports Third Quarter FY2024 Financial Results
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1 month agoon
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FY2024 Third Quarter Revenue of $104.1 million, net loss of ($236.2) million and Adjusted EBITDA of ($12.7) million
Revenue grows 129% year over year
Current hashrate surpasses 22 EH/s
Partners with Coinbase on $50 million line of credit
LAS VEGAS, Aug. 9, 2024 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner®, today reported financial results for the three months ended June 30, 2024.
“We had a tremendous quarter with a 24% increase in hashrate during the quarter and an 21% increase in efficiency year to date. We are also executing on expansions into two new states, Tennessee and Wyoming,” said Zach Bradford, CEO. “We have made a strategic decision to best position the company to thrive now and into the future, recognizing the need to maximize efficiency of our miners and operations. Specifically, we determined to replace a substantial portion of our fleet before the miners reached the end of their originally expected life cycle. Although that decision has generated a non-cash expense that negatively affects our reported operating results for this quarter. We believe this is the most prudent step for the long-term success of the company. Our team has done an incredible job optimizing the efficiency of our deployed fleet to maximize profitability. We believe, based on information from independent third-party sources, that CleanSpark is currently the most efficient large-scale publicly traded Bitcoin miner.”
“CleanSpark weathered the challenges of the bitcoin halving with one of the most efficient mining portfolios as evidenced by our strong gross margins,” said Gary A. Vecchiarelli, CFO. “During the third quarter, we saw block rewards get cut by 50%, yet we managed to recognize only 7% less revenue by mining 1,583 bitcoin in the period. Additionally, we recognized a net loss primarily due to two non-cash factors: an unfavorable mark-to-market on the fair value of our large bitcoin holdings and an impairment on older, less-efficient miners. The non-cash impairment was directly attributable to a conscious strategic decision to upgrade and maintain one of the world’s largest and most efficient state-of-the-art mining fleets. We continue to have one of the strongest balance sheets in the industry and as a result I am happy to announce that we have also entered into a partnership with Coinbase where we have acquired a $50 million revolving line of credit collateralized by a portion of our bitcoin holdings. This line of credit will help us continue to take advantage of opportunities in the marketplace at a low cost of capital.”
Q3 Financial Highlights
Financial Results for the Three Months Ended June 30, 2024.
The Company increased its quarterly revenues to $104.1 million, an increase of $58.6 million, or 129% from $45.5 million for the same prior year period.Net loss for the three months ended June 30, 2024 was ($236.2) million or ($1.03) basic income loss per share compared to a loss of ($14.1) million or ($0.12) loss per share for the same prior year period.Adjusted EBITDA1 decreased to ($12.7) million, a decrease of ($26.0) million from $13.3 million in the prior year.
Balance Sheet Highlights as of June 30, 2024
Assets
Cash: $129.2 millionBitcoin: $413.0 millionTotal Current assets: $598.8 millionTotal Mining assets (including prepaid deposits & deployed miners): $625.8 millionTotal Assets: $1.48 billion
Liabilities and Stockholders’ Equity
Current Liabilities: $67.0 millionTotal Liabilities: $73.4 millionTotal Stockholders’ Equity: $1.40 billion
The Company had working capital of $531.9 million and $11.0 million of debt as of June 30, 2024.
Investor Conference Call and Webcast
The Company will hold its third quarter FY2024 earnings presentation and business update for investors and analysts today, August 9, 2024, at 1:30 p.m. PT / 4:30 p.m. ET.
Webcast URL: https://investors.cleanspark.com
The webcast will be accessible for at least 30 days on the Company’s website and a transcript of the call will be available on the Company’s website following the call.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is America’s Bitcoin Miner®. We own and operate multiple data centers that primarily run on low-carbon power. Our infrastructure responsibly supports Bitcoin, the world’s most important digital commodity and an essential tool for financial independence and inclusion. We cultivate trust and transparency among our employees and the communities we operate in. Visit our website at www.cleanspark.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: achieving our future growth plans; using the line of credit and realizing a lower cost of capital; closing on announced expansions; the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and any subsequent filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.
1 See “Non-GAAP Measure” and the related reconciliation below.
Non-GAAP Measure
The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States(“GAAP”). The Company’s non-GAAP “Adjusted EBITDA” excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company’s share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company’s general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company’s ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to the Company’s future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from our calculation of adjusted EBITDA, but has determined such items are part of the Company’s normal ongoing operations and will no longer be excluding them from our calculation of adjusted EBITDA.
Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.
The Company’s adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.
Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s Consolidated Financial Statements, which have been prepared in accordance with GAAP.
CLEANSPARK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share amounts)
June 30,
2024
September 30,
2023
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
126,141
$
29,215
Restricted cash
3,023
—
Receivable from equity offerings
31,158
9,590
Prepaid expense and other current assets
7,656
3,258
Bitcoin (see Note 2 and Note 5)
413,033
56,241
Note receivable from GRIID (see Note 6)
15,000
—
Derivative investment asset
1,692
2,697
Investment in debt security, at fair value
812
726
Current assets held for sale
320
445
Total current assets
$
598,835
$
102,172
Property and equipment, net
$
568,393
$
564,395
Operating lease right of use asset
2,872
688
Intangible assets, net
3,580
4,603
Deposits on miners and mining equipment
284,541
75,959
Other long-term assets
9,311
5,718
Goodwill
8,043
8,043
Total assets
$
1,475,575
$
761,578
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities
$
56,488
$
65,577
Current portion of operating lease liability
198
181
Current portion of finance lease liability
23
130
Current portion of long-term loans payable
9,665
6,992
Current liabilities held for sale
611
1,175
Total current liabilities
$
66,985
$
74,055
Long-term liabilities
Operating lease liability, net of current portion
721
519
Finance lease liability, net of current portion
—
9
Loans payable, net of current portion
1,314
8,911
Deferred income taxes, net
4,356
857
Total liabilities
$
73,376
$
84,351
Stockholders’ equity
Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares;
2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively
2
2
Common stock; $0.001 par value; 300,000,000 shares authorized; 235,525,077 and
160,184,921 shares issued and outstanding, respectively
236
160
Additional paid-in capital
1,817,128
1,009,482
Accumulated other comprehensive income
312
226
Accumulated deficit
(415,479)
(332,643)
Total stockholders’ equity
1,402,199
677,227
Total liabilities and stockholders’ equity
$
1,475,575
$
761,578
CLEANSPARK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, in thousands, except per share and share amounts)
For the three months ended
For the nine months ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Revenues, net
Bitcoin mining revenue, net
$
104,108
$
45,427
$
289,693
$
115,661
Other services revenue
—
96
—
227
Total revenues, net
$
104,108
$
45,523
$
289,693
$
115,888
Costs and expenses
Cost of revenues (exclusive of depreciation and amortization
shown below)
45,180
20,681
108,374
63,179
Professional fees
4,368
2,225
8,149
8,806
Payroll expenses
17,150
10,405
49,291
29,957
General and administrative expenses
8,235
5,064
20,058
13,117
(Gain) loss on disposal of assets
(47)
—
2,281
3
Loss (gain) on fair value of bitcoin, net (see Note 2 and Note
5)
48,338
—
(107,406)
—
Impairment expense – bitcoin
—
740
—
1,017
Impairment expense – fixed assets
189,235
—
189,235
—
Impairment expense – other
—
—
396
—
Realized loss (gain) on sale of bitcoin
—
143
—
(762)
Depreciation and amortization
40,727
21,850
102,761
62,525
Total costs and expenses
$
353,186
$
61,108
$
373,139
$
177,842
Loss from operations
(249,078)
(15,585
(83,446)
(61,954)
Other income (expense)
Other income
—
—
—
11
Change in fair value of contingent consideration
—
2,000
—
2,485
Unrealized gain (loss) on derivative security
1,188
105
(1,005)
(1,110)
Interest income
2,638
52
5,909
174
Interest expense
(485)
(689
(1,557)
(2,377)
Total other income (expense)
$
3,341
$
1,468
$
3,347
$
(817)
Loss before income tax expense
(245,737)
(14,117
(80,099)
(62,771)
Income tax (benefit) expense
(9,495)
—
3,499
—
Loss from continuing operations
$
(236,242)
$
(14,117
$
(83,598)
$
(62,771)
Discontinued operations
(Loss) income from discontinued operations
$
—
$
(102
$
—
$
1,061
Income tax expense
—
—
—
—
(Loss) income on discontinued operations
$
—
$
(102
$
—
$
1,061
Net loss
$
(236,242)
$
(14,219
$
(83,598)
$
(61,710)
Preferred stock dividends
—
—
3,421
—
Net loss attributable to common shareholders
$
(236,242)
$
(14,219
$
(87,019)
$
(61,710)
Other comprehensive income
28
28
86
86
Total comprehensive (loss) income attributable to common
shareholders
$
(236,214)
$
(14,191
$
(86,933)
$
(61,624)
CLEANSPARK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Continued)
(Unaudited, in thousands, except per share and share amounts)
For the three months ended
For the nine months ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
(Loss) income from continuing operations per common share –
basic
$
(1.03)
$
(0.12)
$
(0.42)
$
(0.72)
Weighted average common shares outstanding – basic
228,642,939
114,844,402
205,482,062
87,248,719
(Loss) income from continuing operations per common share –
diluted
$
(1.03)
$
(0.12)
$
(0.42)
$
(0.72)
Weighted average common shares outstanding – diluted
228,642,939
114,844,402
205,482,062
87,638,134
Income on discontinued operations per common share – basic
$
—
$
—
$
—
$
0.01
Weighted average common shares outstanding – basic
228,642,939
114,844,402
205,482,062
87,248,719
Income on discontinued operations per common share – diluted
$
—
$
—
$
—
$
0.01
Weighted average common shares outstanding – diluted
228,642,939
114,844,402
205,482,062
87,638,134
CLEANSPARK, INC.
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited, in thousands)
Three Months Ended June 30,
2024
2023
Net income (loss)
$
(236,242)
$
(14,219)
Adjustments:
Loss (income) on discontinued operations
—
102
Impairment expense – other
—
—
Impairment expense – fixed assets
189,235
—
Depreciation and amortization
40,727
21,850
Share-based compensation expense
2,946
5,947
Change in fair value of contingent consideration
—
(2,000)
Unrealized loss (gain) of derivative security
(1,188)
(105)
Interest income
(2,638)
(52)
Interest expense
485
689
Loss on disposal of assets
(47)
—
Income tax expense
(9,495)
—
Fees related to financing & business development transactions
2,862
85
Litigation & settlement related expenses
686
1,036
Total Adjusted EBITDA
$
(12,669)
$
13,333
Three months ended
March 31, 2024
Revenues, net
Digital currency mining revenue, net
$
111,799
Other services revenue
—
Total revenues, net
$
111,799
Net income
$
126,735
Adjustments:
Depreciation and amortization
32,187
Share-based compensation expense
9,797
Impairment expense – other
396
Unrealized loss on derivative security
949
Interest income
(2,684)
Interest expense
526
Loss on disposal of assets
1,652
Income tax expense
11,595
Other2
676
Total Adjusted EBITDA
$
181,829
We have not excluded the changes fair value of our bitcoin (loss of $48,338 and gain of $119,702 in the quarters ended June 30, 2024 and March 31, 2024, respectively), which we now record in our statement of operations, as provided for in ASC 350-60 and as discussed elsewhere in our Form 10-Q.
2 Includes fees and expenses related to litigation, settlements, financing & business development transactions.
Investor Relations Contact
Brittany Moore
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.
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Live at the Scene: Markor’s AI Smart Home Takes a Giant Leap Forward
From its transition to new retail in recent years to its embrace of AI, the home furnishing industry’s exploration and implementation of AI have drawn immense attention. It has been recognized as a long-term strategy that will influence the future of urban living and people’s quality of life.
In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.
The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.
As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.
Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future
As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”
It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.
Pioneering Future Living with AI: Unlocking New Opportunities
Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.
Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.
View original content:https://www.prnewswire.com/news-releases/reshaping-future-lifestyles-markor-unveils-ai-strategy-at-the-apsara-conference-302255015.html
SOURCE Markor International Home Furnishings
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