CleanSpark, Inc. (NASDAQ:CLSK) Q4 2022 Results Conference Call December 14, 2022 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

Brian Dobson - Jardine Capital Markets

Greg Lewis - BTIG

Operator

Good afternoon. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] Thank you.

At this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer.

Isaac Holyoak

Thanks, Brent. And thank you for joining us today for CleanSpark’s fourth quarter and fiscal full year financial results call. 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 am 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 business as we see it 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.

I want to pause for a minute and say, “What a year”. It's true what they say about Bitcoin. It moves lightning fast, and so do we. Much like dog years, it feels like a year in Bitcoin is about seven years of experience in traditional markets. And for CleanSpark, that time distortion has been even greater. We've established ourselves as one of the leading publicly traded Bitcoin miners in the world, all in just one year.

When we checked in with you last December for our fiscal year 2021 earnings call, we reported revenue for that fiscal year of $49.4 million. We had just over 10,000 machines operational for about 1 exahash. And at the time, we were just using 33 megawatts of power. We had two sites, one fully running at College Park and one under development at Norcross. And for the fiscal year, we mined 892 Bitcoin last year. And we were also operating two business segments. Now this fiscal year we've doubled, tripled, and even quadrupled some of these key performance indicators.