CleanSpark (CLSK) 17 Aug 212021 Q3 Earnings call transcript

Welcome everyone. On behalf CleanSpark Inc., I welcome you to our Third Fiscal Quarter financial results conference call. My name is Rachel Silverstein, I'm CleanSpark 's VP of compliance and General Counsel. With us today with prepared remarks are CleanSpark 's Chief Executive Officer Zach Bradford and Lori Love, our Chief Financial Officer.

Before beginning, I would like to remind everyone that with the exception of historical information, the matters discussed in this presentation are forward-looking statements as defined within federal securities laws. these involve that risks number cautioned uncertainties. and are forward-looking a statements of Investors of could the those results actual The Company statements. differ from materially attract but market uncertainties Company's ability competitive factors, Factors such the developments, Company's changes produce continued or and cause difficulty sustain regulatory new achieve retain to surrounding for to pandemic, are rates, future to Bitcoin include a the the demand to products, that fashion, to; products and ability to not timely current personnel, Company's Company's contribute the the continue the in ability productivity. limited ability can differences the to and skilled in levels Company's of improve or growth,

intend, SEC.gov the Company Further potential, similar with results summary Exchange in reports statements August project, and on the on call will should, A information our the announcing Form the expect, XX-Q, annual issued release press as release, call. and look belief, file available its factors this Forward-looking words Company's financial could, include may a is expressions. will, filed Securities Company's such website. XXth, will the risk Company's as and also and to contained at wish Participants the Company be Today, quarterly on the may tomorrow. will be this discussed include press the will which of estimate, on Commission. anticipate, results

to will press measures. comparable certain a most financial financial at results. from reconciliation The that financial release in note cleanspark.com/investor-relations/ its today's news-releases/. available Finally, please CleanSpark's www. financial GAAP press its excludes refer non-GAAP full to management -- on expenses for to release measures of Please measures refer be the call, which CleanSpark will non-GAAP GAAP

up Zach would to short said, open the a Following for to community. analyst that like Bradford. will over our for Q&A CEO, I With the remarks, turn we the prepared call

thank you for afternoon, everybody, you much. very and call. joining thank Rachel, Good our

At great strong noted, Financial also revenue representing for doubled conclusion of compared June CleanSpark this quarter XX.X CleanSpark, when Lori today our than was joined ended months I'm means Rachel X-month to realized, by Love, growth more XXX% Chief ago. its growth As another revenue, Officer. a This million X the comparable of the the growth in XXth, year Year-over-year revenues. X we period rapid

XXth, For period we same revenue in June realized representing million ago. the X revenue, months three a when XX.X ended compared to months growth XXX% the

not constraints, labor resolved aggressively while quarter. increased marketing revenue Company our by for managed the chain our increasing to XX,XXX without growth a successfully quarterly force and next-generation per the over Our expanded legal efforts, our energy The procure mining delivery immediate and and continues rates. future challenges. navigate sales XX% was of We Bitcoin, from volatility energy product supply our prior dispute,

Now, free, but though, non-cash later. presentation rapid quarter. the Lori non-reoccurring her our our the guiding It as continue or ultimately expenses, is is principle all, will were rapid we to specifics speak of these is section long-term note these growth. growth Achieving one-time a efforts for items during expenses. to to of many not revenue profitability of and considered our that related loss resulted were important not in trend

rate than now rate the into we translate in increase current current Three will in Fiscal believe end double our to than quadruple XXXX value. We next position before our we've through hash efforts our shareholder more prior and are Fourth of expect placed as the and have future these over and bright strong hash a XXXX. We We more move Quarters a now halfway our very into Quarter, the Company efforts taken Fiscal the year.

fiscal backlog contribute our contracts expected place record in the with to business balance are mining Then to tailwinds Q&A build results. other along of Bitcoin Xrd businesses Lori will to financial business will combined for energy before our energy positive Lori, After regulatory Lori incentives with $XX and a remarks. earnings XXXX and I and million. of and to executed cover XXXX. through I quarter continues Green of it developments through over of efforts will growth closing the expectations over our The momentum Our current turn review developments. and run brief Energy, to

reference of sheet as XX/XX/XXXX. good be drive the everyone. XX/XX/XXXX. is And refer I as our I our afternoon, to it the ended for assets numbers discuss sheet X- of in and Zach. and our I first operations balance future our you, will capital periods to and numbers would All like All relation Thank the our be the that balance operating in XX/XX/XXXX to will X-month of statement business.

million. Our XX.X with to liabilities XX.X limited The balance sheet with strengthen continued XXX.X only of capital of assets in working has over Company total liabilities net million. and million

factor net a over XX since the our this balance on of of start year. sheet grown have Fiscal We assets by the times

are we growth. continued over convert a into We the The growth. expect assets with created strong over Fourth of drive to will of inventory. had that million of I majority our million that We and cash few revenue it our and install X specific XX.X sheet has in foundation Quarter. inventory want and balance also the strength the pleased for our to highlight

in and equipment, XX.X installed also as the XXth. June mining hashing We majority which of million fully of had was

a that will for of in results first fully of current miners significant will million the paid the The arrived hand, equipment of Company for growth; August, turn to portion on which related revenues the substantial after revenue deposits our had -- the the to to in over be years. we XXX.X we amount XXth. and revenues. increase A I equipment now coming of our was also and equipment will I operations discuss the quarter. will scheduled our installed delivered the June over mining order addition drive In mining

I revenue, that total other all of are quarter and projects three revenue other individually. our energy revenues derived outside of Currency two business. lines ended, of will is fall Mining, lines from These revenue-generating reportable the For our Digital activities activities, lines include and core revenue which discuss reportable services, which of

details further revenues, encourage I our all For lines review on to you XX-Q. of our

Digital Our of which made activities up revenue, produced for in million total Currency X-month XX% XX.X revenue our mining the period.

produced For in revenue the these total X-month period, or X.X revenues. activities of million XX% our

ended mining Currency Digital quarter by XXst. XX% or from previous Our revenues X.X million increased the March

of quarter-over-quarter received. Bitcoin This and deployment additional of because -- increased, these by Bitcoin driven mine was miners, efforts, increase the

although for represents previous Overall, these revenues June growth periods of only line results and being fraction rapid has we our future we in in growth exceeds measure that But now discuss we at expect measured. XXth, continued what segment. I only Bitcoin a should due the quarter-end, the was We At last Bitcoin against that want three for significant, are were -- impairment growth I at of since to the assets that June mention year. this of the pleased sold We to to our new also above the nine growth Bitcoin There required business which Bitcoin. are of The this XXXX which XX,XXX. quarter X.XX holding impairment, about and prices with no holds. held periods the shortly. will recovered comparable ending of a the end quarter, and in or this last value noted with quarter, we're future, excited our price and from sector. very average the this it be nine-month our strategy we

of up million activities produced revenues, X energy XX% made year-to-date Our our which revenue. business total

of For revenue. the million our period, XX% in X.X -- three-month activities or these XX produced revenue,

energy by Our X.X million revenues ended previous or XX% quarter XXst. from March increased the

quarter-over-quarter from This growth associated with revenues primarily residential energy came the business.

and energy in to management vehicle inventory of Due growth months. increase solutions, we sector growth the and I revenues. significantly briefly grid which to other now strong improvements, have strong OpenADR XX leading our as cover our expect aid customers. experienced we backlog our XX total also is load electric revenues executed services. our next have over We now will contracts this software in The

significant and the in the Holistically, months in the three-month revenue June, X revenue -- three XX.X for ended ended. business months business other expect we nine the a XXX,XXX X.X growth our for million Overall, XXth. activities million play Company. and consolidated role don't achieved other Company activities to Our produced our for

XXX% the and ended achievement. is comparative our nine-month of double is For X- annual the worth revenues year-over-year Doubling X XX/XX/XXXX. months that mentioning fiscal growth respectively. and noteworthy year X-month XXX% It we XX in saw our revenues we period, more entire was revenue than a reported for in million also revenue

and costs its I the its trend expect will We deploys contracted will capabilities as and continue growth in mining significant expands CleanSpark segment. that energy discuss and delivers now our on our backlog of expenses.

of cost and excluding amortization depreciation X.X direct million. Our was revenues,

improve associated efforts increasing by such efforts to high-margin X $XXX,XXX as compared of months we focus revenues same to of are only more of cost with cost margins ended results for in a Our the X.X evident while than and revenues streams. the revenue our times on increase The continue revenue the period.

the our ended, times. increase ended to in of cost million for We revenues compared nearly was nine $X experienced prior X increase corresponding fees months million X.X to X million compared increase the a with million the cost the For in representing professional X.X year, of X.X for revenue an of months. XXXX.

The increased much fees increase X.X June, related million the months resolved fees. X- periods X mostly case and the to ended, the by we is in legal of For these attributable compared XXXX. legal X-month approximately fees. In to our to

the So, improve we expect dramatically in to quarter. costs these coming

stock-based X Our million to by payroll due non-reoccurring for X and to events. the that for XXXX for bonuses costs the compensations XX.X by are This compared compared increased ended months is to largely employee expenses considered months ended XXXX. increased million largely and XX.X

the growth. addition, support Company to our continues to tremendous talent add In

to like Our to expanding currency, required substantial of value of pursuant now holding employee to impairment rules. all measure digital XX, at is entities. companies CleanSpark, U.S. headcount the accounting Bitcoin all amounts stands

a decreased of quarter, end As of the impairment of the incurred million. Bitcoin on the the of at Bitcoin losses value we of result X.X

last Bitcoin significantly stated, end price previously increased the of I As has quarter. since

this Additionally, ended, XXX,XXX. sales a the reported nine of months driven included on Bitcoin by primarily on gains of in in organization gains other unrealized X.X are million figure of for the million. the securities Also X.X income,

XXXX. made measured reporting the of months million rather, were the up bulk on represent for million conclusion CleanSpark reported X actual unrealized that that For a are they a ended, the million sales the price million million. of X compared represent losses a investments, three to X.X loss of The X net do XXXX. losses fluctuations securities ended, not with ending of expenses X.X the These X months months of ended, market of at unrealized months of million other reported our to XX.X the for company Overall, ended same XX.X loss for XX.X period. net period for compared each

of represents the XXXX, share a per loss a quarter $X.XX. we of improvement ended For an $X.XX basic reported per $X.XX per share share. of from This loss

further back over to it on I For our my on to today Zach. context numbers, commentary will our Form-XX-Q. please turn refer now reported

Thank our ESG strive principles growth you, comment in experienced segment. Lori. I of mining first carbon segment. want goal is Bitcoin this of as our strongest we growth net neutrality. our the by This We growth XXX% towards to reaching the on guided

power online, additional will mix facilities. periodically between bring we our change As energy

energy facilities XX% across mix mining all current for we the now, of carbon-free. Bitcoin use approximately is As

of we utilized and energy adding purchasing blockchain facilitate. for and the of are sources the XXX% believe technologies additional addition the begin important to to renewable we to renewables, to support believe on-site we offset power carbon-based credits are Company. system plan future the proud We they trust these society our that technologies by of next quarter In

an to increased quarter, reported results have our XXX our We future. highs bullish over impact of continued in our achieve be increase prices Bitcoin exceeding XX.X%. production XX substantially are XX,XXX. with prices prior mining resulting throughout period Daily the lows continue to approaching Bitcoin, we of We volatile and about capacity year-to-date revenues. and strong Bitcoin the XX,XXX

day the day received. revenue value the for Bitcoin the that Bitcoin price daily the based any is on As on is

quarter. was believe the to recognized be we Bitcoin prior revenue time appreciation. We conditions, XX,XXX, may to plan Bitcoin Although from (sic) will was price. end continue this volatility XX,XXX we in USD haggling I that presentation or sell will this And near during based All mined We coin. choose long-term Bitcoin market we result amounts we saw increased Bitcoin. on based currently value on holding Bitcoin to referred of prices When prepared, the to average closely. time per June, monitor X.X% decrease a to the increase the although per quarter over

As of the Bitcoin value XXth of of August, $XX.X we a with fair approximately held XXX million.

be exceeds coming ago. anticipate the which just capacity achieving of hash XX we nearly produced Bitcoins balance in hashes on is of That's capacity the -- one days as production our current per today, our month XXX August mining put trick To rigs one EH/s second. hashing in double is when scheduled capacity perspective, Quilly to one installed. PH/s just Our XXth. now in We June this X within over Quintillion

of current XXX,XXX result X million in in day, difficulty per now which X annualized million capable result or At and Bitcoin in are between producing EH/s day, in revenue. XX to We XXX,XXX to rates, Bitcoins per revenue XXX per one XXX day. would would

months. to mining we additional in scheduled the over ordered. to SXX mining have be arrive currently continue we rigs expect growing We XX place future to and XX SXX over XX,XXX beyond the of our have Pro and fleet near what orders installed to latest-generation next And the Bitmain

result to the a rate hash is as pre-orders, shown these increase slide. following As our of expected on

day, For per day, in we it in to If in Bitcoins to would difficulty XXX current hex to result million place per annualized in turn XX which XX XXX perspective, in result or had revenue. would of at hashes X.X today capacity X.X million rates. X.X the

We bring capacity expanding work energy of Company's the expansion this mining our to in growth site's will Bitcoin to XX capacity the accelerate continue total the operations to fall. Atlanta on megawatts. The total

new continue mining allowed this summer, construction our approximately megawatts. received has with with to Coinmint. the ongoing. rigs increased promptly the were expansion, for us partnership power deployed by is this addition All Coinmint In This total partnership while available growth our to has XX mining

later are additional data megawatts provide It The in an We the Georgia. expansion expects opportunity mining and power over our also in excited for data on infrastructure CleanSpark additional the of additional the mining of with The future. power for locator center. complete our X miners business will purchase 's the center's year. about company of announced to Norcross, mining installation recently acres XX this

over solar at be capable program. in will controls other expected net renewables, mining achieved be will included This The this PH/s facility's hold to adding platform. power. installation. of upon CleanSpark, The storage, operations a expect X,XXX partnership through simple facility Georgia's over XXX% are We S-XXs carbon-neutral. XXX producing solar new offset energy the Company the to operate also anticipates any mix program by The solar, will allow on-site in will carbon-based managed energy mPulse energy and regional with Company's our which

lowest at through prove We We the sustainably, new are and on that profit. This carbon is possible. can facility achieve of following our mine continue our mining X us with to this to done intend goal help footprint our responsibly, to along exahashes year. expected initiatives a be commitment substantial with Bitcoin other to

details this We also year. additional surrounding later ESG plans have to strategy unveil complete our

segment. energy our to on Now

contracts sales our the robust expect last quarter-over-quarter in revenues resulted to growth backlog revenue next additional X We continue additional and XX%. challenges. quarters. strong strong We to energy With that in growth and comes see very lead quarter a This has over we energy-related by friends backlog in positive that executed logistical business. growth several million operational to the over increased

constraints. to Battery Although supply encountering a a as supply are navigate strong the for during past still energy certain we our is key we chain quarter. last seeing earnings as factor whole growth, industry global discussed call, was us sales this

end increased chain, We expect overall this balance we didn't quarter. for positive June benefits much-needed The as full and We're see inventory continued supported close inventory a supply chain to to position shored and the expect our near further we through sheet normalization year the realize to inventory. in Fortunately, fiscal of also large this were those until benefits and up July. to the secure last Accordingly, seeing the ability number of have improvements of global we strong and of batteries capital balance Company's out received next. the we believe XXXX. significantly access our supply our strengthening and into

for -- now number The now are and the refinement us capabilities. and our allowing Our we backlog refine our our inventory increase growing to profitability to secured, into operations implementation turning installation are -- now are segment strong and sales quarters. attention can turn the completed moving of in these quarter. With activities the of is energy each critical coming increase projects contracted

more headcount positions. We've we work we have implementation are fill increased our our to We very and additional recruit do team reach to results seeing. But to to encouraged by project the long-term of the goals. already continue are

battery of times led number prior improvements of residential entire installations these to quarter. perspective. to the the the month completion during X over compared of the July For

We expect all the year. quarter deployments continue energy through next of for to our the to into increase rate and products current

of quarter. which business Our sector, residential energy accounted strongest for in the approximately the growth XX% last total revenues

environmental and increasing of modern mVoult part for fire commitment the product homeowner found solve backbone their to expect on grow to is interface. without announce built The and other the empowers and home a application-based and challenges. our the is our Stores. to the or our batteries, averages, With quarters system provided over to helping also and revenues controls homeowner to can solutions. their from their line in we our a required prepare product reserve input total XX% integrate is A events. continue impulse that. the performance out both to several system, our be California energy autonomously to the We new associated of deal I'm operates as our through residential of Apple controls any energy certain roll This as now is exceed application and platform in at aspects of next Android revenues microgrid with user people the energy such The manage available eventually excited line on homeowner. envelope level App

was our strong businesses. share growth. excellent will Lastly, although Bitcoin it result our in quarter challenges, scaling combined rapidly with revenue profitability that focus we believe both experienced we on as and energy an of We strategy

next the for expect a X months We to period be transformational Company. the

me over the Now through Lori turn to balance outlook XXXX. to our let of run it for

now you, want our financial to Zach. expectations. outlook I Thank speak and to

year. and we which We expectations since for As XX a year, revenues this achieve volatility, approximately increase to and and trends, expectations expect in industry fiscal the of impacts million is constraints, other guidance. our overall, recent an now market mining XXXX Bitcoin result XX between are updating and X,XXX,XXX of Bitcoin, revenue our most in

next are overall We our it energy million and our under prudent fiscal We're business installing but XXXX. projects million possible. portion fiscal first believe between revenue of further, our quickly energy the year. is as But be this expectations for to as will until $XX a conservatively in of to we increase backlog our reduce that business to $X our quarter estimate taking not we installed steps

to We also expect our fiscal in other X contribute million XXXX. revenues

expect a expectations revenue increase quality our achieve a to data XXXX. remain and to in between combined while million approximately baseline shareholders. in XX net we of possible, XX projections As intend in as to revenues providing still in conservative Fiscal is This points million. as result, our We X

will Bitcoin risks and is on projections. average to of and our filings. will certain should price an forecast the the recognized fluctuations investors surrounding difficult is are also that there review few, currently final as Company. but I are Bitcoin point extremely actually our by a performance. These XX,XXX from result, volatile earlier, forecasts future based affect disclosures mention noted it in numbers risk a -- As our risks future

such our delays it included anticipated, our mining in are shipment occur longer have forecast. could in limited If We and affect delays forecast. equipment negatively potential than the for

strategy also the to increase of as to Bitcoin value we to over We with intend value continue Bitcoin shareholders. holding time, we in mine believe increased the continue our in will resulting

to commercial, of process continues as to from the continue We and post-pandemic. industrial expect the increase demand U.S. see normalizing activities residential, business clients

energy backlog at remains the call. for date to improve. demonstrates strong the pent-up as for the approximately demand our contracted of begins million solutions of believe Our non-bitcoin XX.X pandemic segments We as backlog distributed resilient this

we ever quarter As the ended Company call, our stated has to strongest last in our our earnings continue fiscal experienced. quarter to December be expect XXXX

by outlook. conclude Zach's reiterating our me Let long-term in business confidence

will through turn Rachel, Rachel. We continue generate the that, strong like believe end to and moderating the call the that would over With to X expect growth transformational. be of I revenue Q&A. to who we the will to next be months XXXX,

analyst Thank address community you, Lori. will prior that to We received several questions closing. the we from

ask difficulty question first our from Dayal, an from next he Our XX months? analyst over Amit the for Does expectations are what H.C. mining is Wainwright.

are position SXs decrease in back expect to the SXXs -- are that half online, which permanent put we it in what use. provide global XX approximately this ahead come earlier the getting in more or earning the XX% months for. miners unplugged a long-term would it's where trended online, to like ability places take great that accounted changes has have a from of it last back the of Bitcoin they estimates down few I'll difficulty only have and more moved SXs with rate million day newer year, is infrastructure about as over a Bitcoin many every Overall, perspective, Chinese Further, will there. that that that an difficult resulted offline, quickly. one. some one XX every miners indicate from go make and miners result. estimated we secure result, really back those for rate, online will This many hash Overall, it Clean happen rigs to XX Which those all That advantageous lower around these are over China and as actually are Spark has that a in To means see power Clean is for of that now to don't get that Spark, like trillion. This were a question. actually day. to the we Further offline put came as not of the have efficient analysts generation older. who May. The

expect it's but estimate and So, increase time the difficulty grow. do where to miners will other hard over U.S. exactly to we it be, we as

of the to some XX% tell. the thing see good rates is expect But or we And expect the it's I in come to online. in come year. of that that the overall The China our back rate exited far XX% does hard of changes by -- that hash to up really growth outpacing increase difficulty. end

it's but it are not answer, So, an do paying attention to we focused remain we and exact on outpacing it.

Thank second you, question when will contribute? center to Zach, is, Greg's begin acquired Mr. data the newly

also. ahead go jump come this I'll one is near in and to that end online on It the going year. of

So, have also facilities note expect of and do is our mid important will that both be probably our I with that with something Atlantic December, available we energy that's coin would at to plenty partnership. around

for equipment of even the receiving, December, we have we're plenty So should into room.

December, Now, put look we as to we does what we online opportunity to use will facility be into the on miners, we evaluate miners, to if before would it quicker have order. already come them to doing it, what receive that buy than prepare

that by to over X power because next have we're So the going the we to -- currently, we're play day to but months. receive plenty going for miners X of day

equipment color BTIG. ordered today? what Company's for equipment? question rigs from be new would for next analyst new to is current and appetite Any from add continue Lewis, the to pricing earliest delivery What Our is Greg date around the

-- we until future, we beyond formal And I to the we grow -- already won't and to indicated grow. announcement a make have. we an what question. we appetite definitely in -- specifics we have that actually get do expect but absolutely we the around Great into

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evaluations opportunities that, of some manufacturer really the going to data 'XX. online we're making our and how the as XXXX be and July Beyond I of for that based power from do coming any directly mentioned we we about to weeks have between purchase total in time capacity January bring new It's quickly center upon before.

at electricity, and of question next coins power from from mined Water tracking energy what mined green Our analyst Tower are He Research. asks coins the for percentage is are Shawn clean sources?

great the community. a lot bring question can and it's a something often in that That's of commentary Bitcoin

carbon-free. any And We renewable bit little did XX% us to credits we for Bitcoin the it's about so online brings more do to energy. we month or see we're buying recently going level, mentioned as be producing energy been next to offset before, have carbon tracking carbon-free. So, new Bitcoin, I but but bring power a closer the look that within some XX% to a internally as mined mechanisms what we at date, being as

goal what XXX%, current, we to to December mined our again, have historically, XX% a but So is to get carbon-free. from and the is last XX% between mined

actively Great. like facilities? and mining look additional Sean's at second energy are these do question the sites, is looking you for profile what

The question. excellent yes. answer is An

that takes profile course, looking very attention exceed paying what absolutely profile. because we a for energy site we And and for megawatts like are real are But us, close a to trying from be sites. as to want identify greenfield or We these the are look would time is -- is are of own We possible. as more. negotiation the green XXX currently some they sites with their that, complexities. what profile And currently energy to additional

to trying really to in in a -- we the -- as especially difficulty, difference in $X.XX that and think keep we possible. degree -- have. to from to it critical connected Because is looking or is what to new site as of have sites -- really focus are wind. or credits energy to impact profitability. call the that maintaining overall have renewable credits additional But mattering renewable And energy price directly directly the these what large energy a day, do ability sure the sources access end in at going power view to That's view long-term we it pricing that perspective, out. -- they than at we're affordable looking extent large the optimally really we program as we nearby at, base generally is, yes, to, think the and even And try -- what we hydroelectricity really and that an to and looking Chinese the below of solar works ends as for but to on we either it home obtain low so close a with up are possible. carbon-producing we $X.XX So as for as grow do located, as connected We that's a such we market, or power make a have to absolutely prices it's at our that we're do already sources. how change

I'll Zack, questions. closing s analyst to for turn you remarks. our concludes it That over

I close, focus To Rachel. and you, profitability growth. on to our reiterate just thank Perfect, want

industries by continue working to to transform microgrid and energy industries both and bitcoin and implementing best-in-class The are energy We the develop. distributed solutions. developing

leaders the realities climate. I Spark long-term lead trusted Quality growth the as adjust also expect are to Spark. emphasize be the market will participants high like our the wave and there in world that growth. and industry changing pandemic quality to winners be will the want of this positioned a to respective Clean Clean belief companies We of significant industry-wide like the and

Clean Spark, modern at our pride energy ourselves us to of solve ability All and challenges.

we have we advantage recognized line, are product positioned XXX% a a profitable long-term is while opportunities And as for focus goal and responsible mining. good in the highly corporate cryptocurrency our on of of have respected business building have brand, we future. business the growth citizens. our strategy take maintain well Spark Clean and being we Bitcoin confident our to We with ESG We're mining. mining carbon cutting-edge a neutral of to committed strategy a profits reaching

dollars. Spark and [Indiscernible] stakeholders, entire importantly, who again of Lastly, the you shareholders us, the we're a with for shareholders organization, most grateful have for thank their deeply Clean great our entrusted behalf of our have and continued other joining On day. investment

will press like that remind replay our available I later tomorrow's Before this us today. today. instructions for and Please to and the for end via This disconnect. today's concludes Earnings call may earnings www.cleanspark.com/Investor-Relations. refer joining to available Thank rather today's call be you website at for release you dialing Call, Company's replay we now press everyone or would release