First quarter revenue of $27.8 million, net GAAP loss of $(29.0) million and Adjusted EBITDA of ($1.4) million ; Mined 1,531 Bitcoin, a 132% increase over same prior year period
LAS VEGAS, Feb. 9, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner, today reported financial results for the three months ended December 31, 2022 .
Three Months Ended December 31,
2023
2022
Revenues, net
Bitcoin mining, net
$
27,746
$
36,975
Other services revenue
73
150
Total revenues, net
$
27,819
$
37,125
Net (loss) income
$
(29,031)
$
14,486
Adjustments:
(Gain) loss on discontinued operations
$
(1,457)
$
1,158
Other impairment expense (related to bitcoin)
83
6,222
Depreciation and amortization
19,329
7,427
Share-based compensation expense
5,878
5,749
Change in fair value of contingent consideration
(485)
(55)
Realized loss (gain) on sale of bitcoin
517
(9,995)
Realized gain on sale of equity security
-
(1)
Unrealized loss on equity security
-
2
Unrealized loss (gain) on derivative security
1,271
(299)
Interest income
(70)
(33)
Interest expense
889
53
Loss on disposal of assets
-
278
Legal fees related to litigation
1,163
136
Legal fees related to financing & business development transactions
542
-
Total Adjusted EBITDA
$
(1,371)
$
25,128
Three months ended
September 30, 2022
Revenues, net
Bitcoin mining, net
$
26,118
Other services revenue
55
Total revenues, net
$
26,173
Net loss
$
(42,301)
Adjustments:
Loss on discontinued operations
$
1,147
Other impairment expense (related to bitcoin)
758
Impairment expense - other
250
Impairment expense - goodwill
12,048
Depreciation and amortization
16,385
Share-based compensation expense
13,949
Change in fair value of contingent consideration
40
Realized gain on sale of bitcoin
(541)
Unrealized gain on derivative security
(194)
Interest income
(53)
Interest expense
703
Legal fees related to litigation
126
Legal fees related to financing & business development transactions
597
Severance expenses
15
Total Adjusted EBITDA
$
2,929
Investor Relations Contact
Matt Schultz, Executive Chairman
[email protected]
Media Contacts
Isaac Holyoak
[email protected]
BlocksBridge Consulting
Nishant Sharma
[email protected]
SOURCE CleanSpark, Inc.
