SALT LAKE CITY, Oct. 21, 2020 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK), (the "Company") a diversified software and
services company, today reported preliminary unaudited revenue for
its fiscal year ended September 30,
2020 in excess of $10.0
million. This achievement represents a 222% increase
in gross revenues over the company's 2019 fiscal year-end
results. These figures represent a fourth consecutive year of
record-breaking annualized revenues.
In addition, the Company reaffirms its target of $20M in gross revenue for its 2021 fiscal
year. The Company will be investing in growth with a focus on
higher margin software and service sales. CleanSpark currently has
an executed contracted backlog exceeding $6.0 million and a proposal pipeline exceeding
$12.0 million.
"Achieving our target revenue of $10.0
million for 2020 in the face of navigating a global pandemic
represents a significant accomplishment for our team. We
believe that this further demonstrates our continued progress in
establishing CleanSpark as a leader in advanced software and
controls for energy management systems, validated by the
multinational partnership agreements we've executed, stated
Zachary Bradford, the company's
Chief Executive Officer. "We are still in the early stages of what
we believe is a multi-year trend towards expanding microgrid
applications worldwide. Securing $40.0
million in institutional capital earlier this month
strengthens our ability to capitalize on this trend as we continue
to expand CleanSpark's operations, offerings and critical
personnel," concluded Bradford.
Investors are encouraged to contact the Company at
ir@cleanspark.com, or visiting the Company's website at
https://ir.cleanspark.com/
About CleanSpark:
CleanSpark offers software and intelligent controls for
microgrid and distributed energy resource management systems and
innovative strategy and design services. The Company provides
advanced energy software and control technology that allows energy
users to obtain resiliency and economic optimization. Our software
is uniquely capable of enabling a microgrid to be scaled to the
user's specific needs and can be widely implemented across
commercial, industrial, military, agricultural and municipal
deployment. Our product and services consist of intelligent energy
controls, microgrid modeling software, and innovation consulting
services in design, technology, and business process methodologies
to help transform and grow businesses.
Forward-Looking Statements:
CleanSpark cautions you that statements in this press release
that are not a description of historical facts are forward-looking
statements. These statements are based on CleanSpark's current
beliefs and expectations. These forward-looking statements include
statements regarding the Company's unaudited preliminary financial
and operational results for the full year 2020 and expected growth
in 2021. The inclusion of forward-looking statements should
not be regarded as a representation by CleanSpark that any of our
plans will be achieved. Actual results may differ from those set
forth in this press release due to the risk and uncertainties
inherent in our business, including, without limitation, changes
resulting from the Company's finalization of its financial
statements for and as of the period and year ended September 30, 2020, information or new changes in
facts or circumstances that may occur prior to the filing of the
Company's Annual Report on Form 10-K that are required to be
included therein, the fitness of the product for a particular
application or market, the expectations of future revenue growth
may not be realized, timing of orders and deliveries, ongoing
demand for its software products and related services, the impact
of global pandemics (including COVID-19) on the demand for its
products and services, and other risks described in our prior press
releases and in our filings with the Securities and Exchange
Commission (SEC), including under the heading "Risk Factors" in our
Annual Report on Form 10-K and any subsequent filings with the SEC.
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 to reflect events or circumstances after the date hereof.
All forward-looking statements are qualified in their entirety by
this cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.