CleanSpark, Inc. (NASDAQ:CLSK) Q1 2023 Earnings Conference Call February 9, 2023 4:30 PM ET

Company Participants

Isaac Holyoak - Chief Communications Officer

Zach Bradford - CEO

Gary Vecchiarelli - CFO

Conference Call Participants

Mike Colonnese - H.C. Wainwright

Josh Siegler - Cantor Fitzgerald

Greg Lewis - BTIG

Brian Dobson - Chardan Capital Markets

Operator

Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. [Operator Instructions]

At this time, I would like to turn the conference over to Isaac Holyoak, Chief Communications Officer. Please go ahead.

Isaac Holyoak

Thanks, Audra, and thank you for joining us today for CleanSpark's Fiscal First Quarter Financial Results Call covering the period October 1, 2022, through December 31, 2022. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com/investors. Today's call is also being webcast, and a replay and transcript will be available on our website.

I'm here with Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our businesses as we see them today. As described in our SEC filings and on our website, those elements may change as the world changes. We will also discuss certain non-GAAP financial measures about our performance during today's call. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website.

It is now my pleasure to turn the call over to Zach.

Zach Bradford

Thanks, Isaac. Good afternoon, and thank you for joining our call. The last time we spoke with you, we shared the results of our first fiscal year-end 2022. Today, we will discuss the results of our first fiscal quarter, which, as Isaac mentioned, covers the period of October through December 2022.

During that time, our industry, in particular, and the economy more broadly faced significant macro headwinds. Even in the face of these headwinds, we persisted and we grew. Our average hashrate rapidly increased, outpacing global hashrate, resulting in significantly increased bitcoin production for the quarter and the subsequent month. The number of machine hashing grew by over 20,000.

We added a new mining campus to our portfolio. The growth in work from those dark winter days has since resulted in our highest bitcoin production ever, last month, which was nearly 700 bitcoin. We also grew our Board, welcoming Amanda Cavaleri, who is an expert in bitcoin policy. No matter the measure, no matter how difficult the quarter we grew, and we are just seeing the majority of the benefits of this growth today and beyond.