All statements other than statements of historical facts contained in this press release may be forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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.
CLEANSPARK STOCK SPLIT UPDATE
The Company will hold its second quarter 2022 earnings presentation and business update for investors and analysts today, May 10, 2022, at 1:30 p.m. The Company had working capital of $19.4 million and no long-term debt as of March 31, 2022. Total Stockholders' Equity: $400.9 million.Total Mining assets (including prepaid deposits & deployed miners): $326.0 million.Adjusted EBITDA 1 was $22.5 million, decreasing 7.2% from $24.2 million in the first quarter.īalance Sheet Highlights as of March 31, 2022 Net loss for the second quarter was $(0.17) million, reversing net income of $14.5 million in the first quarter. Revenues increased $0.4 million, or 1%, from the first quarter. The Company also saw sequential revenues grow slightly in the second quarter compared to the previous quarter.Adjusted EBITDA 1 improved significantly to $22.5 million, compared to Adjusted EBITDA 1 of $1.9 million from the same prior year period.The Company recognized a net loss for the three months ended March 31, 2022, of $(0.17) million or $(0.00) basic loss per share compared to net income of $7.4 million or $0.28 basic earnings per share for the same prior year period.
Revenues for the quarter grew to $41.6 million, an increase of $33.5 million, or 4x, from $8.1 million for the same prior year period.We have not utilized the shelf offering since November and we continue to right size our capital structure through means of non-dilutive capital."įinancial Results for the Three Months Ended March 31, 2022 As for our capital strategy, our growth capex was funded 100% from the conversion of bitcoin. 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. 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. "While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy. "The theme for this quarter has been operational and financial execution," said Zach Bradford, Chief Executive Officer. (Nasdaq: CLSK) (the "Company"), a sustainable bitcoin mining and energy technology company, today reported financial results for the three and six months ended March 31, 2022. LAS VEGAS, /PRNewswire/ - CleanSpark, Inc. Second quarter revenue of $41.6 million, net loss of $(0.17) million and Adjusted EBITDA of $22.5 million Company continues to execute its strategic plan and make significant headway in mining operations
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