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 million
- Bitcoin: $413.0
million
- Total Current assets: $598.8
million
- Total Mining assets (including prepaid deposits & deployed
miners): $625.8 million
- Total Assets: $1.48 billion
Liabilities and Stockholders' Equity
- Current Liabilities: $67.0
million
- Total Liabilities: $73.4
million
- Total 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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multimedia:https://www.prnewswire.com/news-releases/cleanspark-reports-third-quarter-fy2024-financial-results-302219146.html
SOURCE CleanSpark, Inc.