The Company recognized a GAAP net loss for the three months ended March 31, 2023, of $(18.5) million, compared to a GAAP net loss of $(0.2) million for the same prior year period.Revenues for the quarter were $42.5 million, an increase of $5.3 million, or 14%, from $37.2 million for the same prior year period."Our increased gross profit margins and stable cost structure resulted in 30% adjusted EBITDA margins and will also help grow our bitcoin balance going forward."įinancial Results for the Three Months Ended March 31, 2023 "The rebound in bitcoin prices translated to greater gross profit margins and cash flow in the second quarter," said Chief Financial Officer Gary A. The addition of these machines into our fleet, most of which are Bitmain's XPs, are expected to make us one of the most efficient miners on the network, positioning us to take optimal advantage of halving next year." Importantly, we've acquired 99% of the machines, either under contract or in transit, to fill these facilities. "Our planned expansions are proceeding according to timelines, with Washington expected to be fully operational next month and with the Sandersville land already graded and ready to start construction. "This has been a quarter of execution as we've made major progress toward achieving our stated year-end target of 16 EH/s," said Chief Executive Officer Zach Bradford. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.CleanSpark mined 1,871 bitcoin in its fiscal 2023 second quarter, a 109% increase over same prior year period. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications the fitness of the Company's energy hardware, software and other solutions for this particular application or market the success of its digital currency mining activities the expectations of future revenue growth may not be realized ongoing demand for the Company's software products and related services the impact of global pandemics (including COVID-19) on the demand for our products and services 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 and any subsequent filings with the SEC. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. For more information about the Company, please visit the Company's website at. Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at or visiting the Company’s website at About CleanSparkĬleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on solving modern energy challenges. A transcription will be available on our investor website after the event. This URL can be used for live event or to watch the recorded version. To participate in our virtual meeting, please visit: (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and a diversified software and services company, today announced that it will hold the Company's third quarter 2021 live virtual earnings presentation and business update for investors and analysts on Augat 1 p.m. 04, 2021 (GLOBE NEWSWIRE) - CleanSpark, Inc.
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