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CLEANSPARK WALMART UPDATE

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for growth in the Company's bitcoin holdings and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. For more information about CleanSpark, please visit our website at Forward-Looking Statements CleanSpark holds the 44th spot on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas and ranks thirteenth on Deloitte's Fast 500. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro. In 2020, we transitioned that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. Since 2014, we've helped people achieve energy independence for their homes and businesses. 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.ĬleanSpark (NASDAQ: CLSK) is America's Bitcoin Miner.

CLEANSPARK WALMART UPDATE

The Company will hold its second quarter 2023 earnings presentation and business update for investors and analysts today, May 10, 2023, at 1:30 p.m.

*See "Non-GAAP Measure" and "Reconciliation of Adjusted EBITDA" below. The Company's debt totaled $17.6 million at March 31, 2023, as the Company paid down $1.9 million or approximately 11% of its outstanding debt in the second quarter. The Company's liquidity, in cash and bitcoin, was approximately $15.6 million as of March 31, 2023.

Total Mining Assets (including prepaid deposits & miners, net of accumulated depreciation): $367.9M.

Adjusted EBITDA was $12.7 million, compared to $(1.9) million in the preceding first quarter.īalance Sheet Highlights as of March 31, 2023 GAAP net loss for the second quarter was $(18.5) million, decreasing $10.5 million from the first quarter GAAP net loss of $(29.0) million. Revenues increased $14.7 million, or 53%, from the preceding first quarter.

The Company saw sequential revenues increase in the second quarter of fiscal 2023 compared to the fiscal quarter ended December 31, 2022.

Adjusted EBITDA* decreased to $12.7 million, compared to Adjusted EBITDA of $19.6 million from the same prior year period.

The Company recognized a GAAP net loss for the three months ended March 31, 2023, of $(18.5) million, compared to a GAAP net loss of $(0.2) million for the same prior year period.

Revenues for the quarter were $42.5 million, an increase of $5.3 million, or 14%, from $37.2 million for the same prior year period.

"Our increased gross profit margins and stable cost structure resulted in 30% adjusted EBITDA margins and will also help grow our bitcoin balance going forward."įinancial Results for the Three Months Ended March 31, 2023

"The rebound in bitcoin prices translated to greater gross profit margins and cash flow in the second quarter," said Chief Financial Officer Gary A. The addition of these machines into our fleet, most of which are Bitmain's XPs, are expected to make us one of the most efficient miners on the network, positioning us to take optimal advantage of halving next year." Importantly, we've acquired 99% of the machines, either under contract or in transit, to fill these facilities. "Our planned expansions are proceeding according to timelines, with Washington expected to be fully operational next month and with the Sandersville land already graded and ready to start construction. "This has been a quarter of execution as we've made major progress toward achieving our stated year-end target of 16 EH/s," said Chief Executive Officer Zach Bradford. CleanSpark mined 1,871 bitcoin in its fiscal 2023 second quarter, a 109% increase over same prior year period.