CleanSpark (CLSK) 9 Aug 232023 Q3 Earnings call transcript

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's Fiscal Third Quarter Financial Results Conference Call. [Operator Instructions] And at this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer.

You may begin.

XXXX. you financial us period results XXXX June thank fiscal for April and through quarter third call, XX, Abby, for today joining our X, Thanks, covering the

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industry. facilities our this which scale, our mined only XXXX, is on us far, X,XXX efficient but So over which most X, scale started substantial, through at not to in That fiscal run for also October year, speaks as July. we Bitcoins to operators. We the have skill the

win machine as plugged level efficiency We our hashing. We ever our efficiency This maximize if our can XXX,XXX traded metric is it a unmatched key Bitcoin is matters become and aren't to competitors. It doesn't are the a allows win of uptime our at mine take for less scale a becoming any of becoming network. at industry-leading are also Fleet efficient with our for operators, publicly the a for us among poised to understand, more This fleet has technology margins realization power. means machines machines the hashrate and machines, and and because more company. more is maintain our company use for it as Bitcoins we synergies by matter because in shareholders mining existing some to rather to only have we efficient, those ways. We we and if powerful hashrate more not pack but highest rates advantage in into of efficiency. infrastructure, these more sophisticated

at good, for latest one at line. We've more scale or period maintained on our miners the the efficiency XX we hashrate enough that gains in revenue ordered end the the bottom of report We significantly, to XX joules expect efficiency make impressive believe plugged all our reported approximately terahash. our XPs we see is the producing this rating per driving most, to Bitcoin, at fleet-wide to more coming revenue our margins of in are will but today. is July, As over our and are improve terahash. expanding deliver us. not and that good Once of X-month if not most, hand per This hashing, efficient Bitcoin reported approximately joules us on network the

$XXX the Gary but generated more provide million about will through in revenue. June Now XX, details quarter, over we've

stronger, and million. our over as Our unaudited is this balance strong today, $XX and of sheet is cash has balance been call, growing

X,XXX have our treasury. continue we Bitcoin hold We to to grow now flexibility per have Bitcoin. With debt, we XX outstanding increased approximately long-term and our funded exahash minimal second, CapEx through

by We ecosystem Bitcoin to in human Doing substantial a critical Bitcoin. and role building and do to the Bitcoin in our the we grow to commitment momentum our by dynamics. being means creating our into We now, is Bitcoin Right building liquidity and being Bitcoin intend gradually our responsive and this shareholders. We manage so some see moving best our ideological are the of about market how across goal we that outcome for remarkable not pragmatic balance we strategic of our infrastructure. Bitcoin balance. underscores best history. with believe Bitcoin can advancement

started. saying, getting just of we is As fond are it

last spot approval. for string Over seen have a in ecosystem, investors, institutional we make waiting few moves the serious ETFs of high-profile including the Bitcoin months, multiple

for many while have are even potentially the favorable of of languished movement months years, on Now signs there horizon. these and

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successfully of has launch BlackRock is there once they only successfully been ETFs suggests believe and filed not path ever track hundreds to has Their approved. that record an ETF. a

see guarantee the into our occur, Now there can of can we industry. coming it be interesting funds if will although to Bitcoin. We inflows for expect believe no make would this very does, substantial months this

position scrutiny Bitcoin treated Bitcoin cryptocurrencies. as is of regulators agree in other that some see as regulatory from abating commodity with and such as also so-called should We the a We different solidifies respects. further its all be

to we for see its be Bitcoin the Bitcoin, the next not expect price of horizon, ETFs also as the with the on expect XX with continues XX program only to We and months action coming but scarcity. transformational to trajectory happening

already We second. center hashrate million about take now $X.X community, a Washington, produced That has are advantage total completed a our expansion the in Georgia. Located X.X XX-megawatt of almost Bitcoins or in XXX having of very outskirts this on positioned well for machines to exahashes for of per facility Bitcoin that about data assumed XX,XXX momentum agreement We alone on rural expansion host of this just is ago. The just now win-win closely operations. Bitcoin day. X entire while to of low machine power the allows maintaining costs a $XX,XXX leaders turned our with to an revenue site at was per city power first few nearly producing a in community negotiate since expansion purchase weeks the a work value thrive the beautiful that

have through by remarkable heat led Scott Delston Vice cold Manager; teams Mining, and and Garrison, shine, of in and Business Branch, of Our to Monnig, partners our Development; the expand Vice Washington, rain this President our and Site facility. Taylor President worked

also Georgia our the last is in X with sites We Ridge electrical to its Mountains, thriving in of Dalton foothills megawatts in XX Dalton, portfolio. Blue own adding acquired the Northwest a community utility. Located smaller quarter, Georgia

us and X of our rich Georgia into positioned owners of regional diversifying X. utility our is affordable while uniquely as to expertise has allowed move Vogtle Our the Dalton energy, providers. deepen is in Dalton

We the are opportunities expansion eyeing in area. surrounding several

at exahashes XX of high Washington the on our and we are achieving well full now we online hit With second. X And to exahashes Dalton hashrate per target of running second. all-time way capacity, expansion per over our fully have

before to to the us took like Now I'd momentous how discussing alone, a take like, year over are last XXX%. what And looks It get the in of to today. half the year years we've moment on achievement to where we is. reflect next nearly grown this X.X

our of a now in expansion months Sandersville site. are few hashrate to the set with nearly a We the double of matter

largest to football high machines tiered To We air to expected Currently, of approach center. year be about Our expansion efficiencies. This the you Sandersville the X of site South. at the data when of a operate a heat. are rare the thousands the operating cooling region make is consist experiences total ambient in expansion of ensures The give there allowing capable holding the of giving here, the gently expansion sense Once the machines. data buildings expansion each of another scale largest a shaping megawatts. will truly center is XX The X our is fields XX length each. XXX maximize peak even buildings, to flow complete, up runs extremely times during XXX will controlled believe capacity megawatts, campus Bitcoin megawatts. Sandersville the of carefully at for the impressive add of mining it capacity,

this work the site been a pads graded. start on substation, is Georgia region, of next other construction and breaker proud most is to expects expansion by call, As be expected week, building starts the our the soon. The of wiring and directly to the Pouring we the the MEAG of to has land underground or in next power end the cited are of the panels partner Energy for concrete and substation materials MEAG is provides arriving them new of continue building and needs daily. Excavation and finished with the Municipal MEAG, to cities. to building are their year. Authority substation. very

substation our dependent the related are next them to within construction of infrastructure. inside machines are the work construction control, we finish and the and few the delivery of for to The the Now house on the data the them months. of we centers and expect our

exahashes the per substation we X the and following energize will After proprietary second become hit the America. North of we XX the miners largest weeks complete, in over until expansion is

the Of isn't the XX us. second exahash for end course, per of road

that Dalton fleet opportunities. avenues We've deepen is of the to X our community to potential identified opportunistic. expand there. are We several would allow and us example commitment our

the We that or fast next as halving. the provide as new build acquisitions after for next eyeing several over also years are optionality as we to greenfield slow or believe maximum sense build choose could through us opportunities new or several to and makes

and hashrate, As we more we Networks continue to Bitcoin grid. monetize wait renewable to also that expected in explore see before on prepare horizon. corner The make Bitcoin CleanSpark, are queue North they to to and could American of is more ever opportunities the the years are future the projects most we that bright are the opportunities and exceptionally of connected for the well to positioned we the for

best teams to them. I'm hesitation, without work what believe that dedication this I'm none it Now is our turn of can about over that grit They grit. a in with in the Gary Nevada be industry. teams Georgia are I the in work. We to best. lot going management it to entire and of the to say proud internally without my now. our have so the possible talk this team and takes operators and

Zach. you, Thank

this mentioned, of track and am very I proud team as for record Zach our have us made of execution speaks efforts be team the tier humbled years of X.X management miner. of have to part a itself. top proven As a operations who we the last

Let's the now. numbers for quarter dive third into the

revenues of greater XXXX, million most an to to the we increased quarter. When million revenue approximately which Bitcoin preceding a was quarter, our For second $X the compared increase during growth of This was hashrate or quarter of approximately increase and mined $XX.X third $XX.X the X%. our million or XX% thus, due recent increase. in recognized

attention gross in the where the our $XX.X While both to due quarter, the and quarter profit profit elevated. increased recent want hashrate your million for price comparisons. I to Bitcoin steady year increased This most increase in point preceding comparison, to revenues prior gross relatively remaining in led the quarter million. preceding $X.X increases remained our to revenues to

now costs. I gross gross that as detail our declines I margins XX% revenues want to saw profit in power from XX%. in than call out to the We few our slides. in the this also increase increase between is quarters in increase greater quarter X% greater a will due The third here in to discuss

decreased we comparable third less net is loss at amortization the GAAP $XX.X and for our Looking our The million. a is periods our contributor which to $XX in to net largest loss both depreciation our quarter. net little million than loss,

As acquiring miners ASIC the requires efforts our efforts, increases business newest significant expense. on the model you market, capital to are in in most our our aware, combined with in efficient led depreciation investment that our and M&A

remain the finding focused deals infrastructure best or market machines, often we even on setting lows. on and the However, timing

though ability helps number with hunt do to deals expect keep expense as Our as this we to for possible, good depreciation future future grow low purchases.

profitability is management of moment adjusted operations. EBITDA, Let's a evaluate the to its discuss our which to a take metric uses

million increased from dip margins slight quarter increase of immediate reflected When We same last million did For second preceding XX%, the adjusted our EBITDA to adjusted or approximately the new adjusted third XXX% our to quarters in EBITDA the several the $XX.X in X%. X quarter, EBITDA was the year. an over third quarter. is a see compared over which $X.X or which our XX% quarter, $X.X between million, items

slight in price variance for Foremost, This second started Bitcoin where on the quarter to the quarter lower at earlier $XX,XXX $X.X approximately realized sheet between was Bitcoin a stayed to in a the $XX,XXX. The our the and stark out a range the quarter, of third the most sale Bitcoin periods this contrast third loss quarter production under at we Bitcoin with gain/loss. second $XX,XXX in million third that carrying resulted quarter balance of sold the a the approximately whereas year had Bitcoin value approximately quarter. want the of third on number started trading and larger than realized a I included $XX,XXX the and point of the gain price of and $XXX,XXX. quarter's had

million. I'd Additionally, to take we costs impairment greater in saw like moment Bitcoin to detail. approximately power greater expense $X.X our a of discuss

costs noticed You in may a of and XX-Q. breakeven have table that last included power our we quarter, starting analysis MD&A portion of our the

included power I and our Here, highlight breakdown want what of those costs. the in power costs to is

actual power does have a incurred that disclosing utility should when cost of We the all not in the have noted the industry standard to on costs discussing which monthly costs include bill or addition and power all-in electricity, we of electricity. CleanSpark the cities includes margins in, has and consistently distribution to which cost profit fees. charges, not other its taxes operate the just provided costs, wholesale but transmission miscellaneous

per cost For the was power of hour. proprietary kilowatt third for $X.XXX quarter, sites our all-in mining

comprise the purchase the As you approximately based will hour. power XX% have kilowatt state the all-in are fees, There our here, hour which fees per cost of see true within number. These kilowatt operate our vary charges, utilities wholesale electrical we include of negotiated on per in $X.XXX over which agreements, of other we with $X.XXX Georgia. chart was X

is our which monitoring shows hour strategy. Additionally, management market power. This -- attributable directly approximately second to is XX% power active from cost frankly, And our power $X.XXX in decreased you'll approximately the managing the value kilowatt quarter. $X.XXX rate see and from

higher in quarter resulted second kilowatt which saw per January, The lower cost especially temperatures, hour. in

section the moderate and with our MD&A cost the spring lower hour of was sites power recent However, co-locations all-in find our rates. relatively most between in down our can XX-Q. quarter weather proprietary broken Again, in per filed bringing you kilowatt third the

discuss want I I Before position. close to out, our liquidity

XX, $XX $XX we total and million. of approximately on valued June of of a XXX at Bitcoin As million hand cash had approximately

million and were we've assets over flexible than balance which relatively total sheet. and a $XX of clean debt, million represents less Our $XXX

million targets. fully earlier exahash capital XX capital building reach we get Bitcoins, approximately other of machines, $XXX fund to X,XXX on and our materials the than have represents includes today, we to that enough enough the of stated to have currently Zach $XX investments call, almost As to as liquidity and infrastructure. goal, more hand our in which million And in over

forward now strategy that the perspective, state With and to in our of in Now that over place recent back turn to we I my on we next want growth to from months. flexibility couple excellence. With respect will performance. balance, extend really have like Bitcoin our the I our to over certainty, We look our continuing execute of of to the to and to Isaac. that, balance operational the all capital have the sheet operational people strong track pieces from I call record increases

the analysts. Thanks, line Gary. for Abby, to remarks. this open like from prepared concludes We would now questions our

our take And from question Colonnese Michael we with Instructions] will [Operator H.C. first Wainright.

X quarter. see down the come me. power First for the costs Great in to

the in market the online speak state. the we've recent just Vogtle seen and U.S. the trajectory seen could some heat you that to since now the what of especially you've going X in that the in and of quarter is forward, waves light If across

is heat that in to This around we able great but Yes, hot. This to Power maintain the we're our we're thing has Also, curtailment advantageous. upper Yes, uptimes the power prices quarter the contending continued they in limited. I way. XX% prices seeing are. fill But way the I'll about first. manage that with Zach. and in we to it's even the number, have X end. have don't remain not not are been we're very the Georgia after Texas, have not that. is is exact still incredibly same a

fairly continued expect of the really, realization. our probably high flat. is So in we're next been has though -- the What prices, do usually are should on last seeing maintain great. the power the August extremely Georgia. July X you been see able weeks year in update what of expect is We to to hottest they've

in like last slight range so. to power we average. the August? maintain where just $X.XX whole But I we did continue rates seeing quarter are on the we sub think So we in $X.XXX had see where Yes, to increase a

I So best Georgia tell, made most impact peers, of but it's little feeling again all bets. Vogtle able its in To your a and machines part the to let is last online bet. the probably our of reason me Really, to X. keep all, we're be than address the is too early to we of We're more our one good. really think proving question, that

to again, demand, really lead and If economics. providing you increased additional power and simple and Vogtle supply demand abundance, or should XX/X, the which to cost, lower should is is curve supply XXX load base supply just X lead understand cost what on a that

And we take Fitzgerald. next Cantor Siegler our Josh will question from with

Congrats the on funded. exahash fully XX in

I think that's quite an achievement.

So ties year-end congratulations now, actually first is the exahash target? with achieving sure what to of do for you actually rigs major such plan exahash and into still XX on my installing the best managing the which XX can year-end. that. by things as How question, you on rigs exahash fully view actually It risk to the you do that make as transportation funded hit XX

I the for What the we we've we control. And Josh, can question months. thanks been this joining call. thoughtful planning focus this. many for what on appreciate on is on

should first I intention. address rigs advance The the miners to in me let and say. arrive the our So miners, months is going are

late what batch, if XX,XXX is expect which should we they that site, -- unit September. shipped or will -- be majority the of and August, order, which that August you goes September in the September early sorry, late be means So at into look

it's a quickly just how that at can of planes point, on the the get so matter ground. And

week the of the have of should in we that expect XX,XXX case, an end -- be would should by it those November. the really on outside first realistically, X all or state I side October machines all So

infrastructure. it comes from there, Now to

ahead our ready time. on So of is well to be infrastructure track

optimally, putting very and minute we're shelves have period miners go. time. ready we right storing of the and With a short we're them to for to then available, on that shelves

we everything lead rigs control contract. the items So infrastructure, been all under the ordered between have time and the long already

We have secured. all the contractors

that that things is we of are of to that side. anything of. The don't all course, their relates risk control. can, care timing And So us be the or utility to taken

As things good right feel are going. trajectory we the of now, of about

time to ways that get quickly power some in does help we we're machines do can along and as we there, course, on. possible. But process, turn sure so going of still make to the take the to the it to as there when continue Now is

it happened took comes If paid hashing get that a with get and XX-megawatt a recent comes lot of machines days that our with XX, or it XX us to to megawatts to power. you about whole fact attention to those on light flipping expansion, the all down It's of working XX when like turned what -- just not XX days power. we're XXX to switch

buffer us -- ready to control, It's of the that kind plenty way, early for our we side that we're going have of So try have of we and up. equation. sum to on and everything room

very for And helpful target color. I up set XX you establish Got the should funding to larger company we would it, the over Once a as if potential is the exahash, a time. Zach. if we're larger That take forward, XX could achieved, balance then source was hollow was beyond growth exahash right? about hollow look curious, view it thinking a growth? balance this

an market the view absolutely. another ETFs, back sheet that to halving has Yes, And it one. the value. asset example, the to seeing, that events is because we're balance on also ROI ability grow it's an in for source, We as going

Bitcoin the basis. a should up push is value built mind with that long-term on scarcity in

that, the the adoption in will rates show effects We also other believe direction such continued increase as but of that the right everything value. trending also to Bitcoin that ETFs, in market is

months. Now levers from pull as use last in XX always that we operations can, it as of the to up seen goes growth like to grow. for that We've have of we course, to value, X fund the

months, of hit got that what's X our unpopular, we XX was Bitcoin almost though when it right when started condition ago even market view, it Bitcoin a selling point And years so again, $XX,XXX. from we almost

believe because it by a also times. day day, the it still on into week. than basis, Although the play, we really the it But absolutely, And to are week market strong And way but to time indicated us operating a balance we'll think to sell better. again, see basis, sell. we other sets hope on hold measure that levers is do long-term it's chose by as it fund to unpopular, more a growth. And on to market We to was indicating time we up growth. debt that really higher to which it's there, markets come in the more and non-dilutive capital, or we good long-term sheet not a debt, a degree for that opportunities whether look those we'll having future back

We BTIG. will from DiMatteo take question our next Tyler from

Yes. I really appreciate the time here.

Zach, color realizing wondering look provide or stronghold a the you expansion little X obviously, could So becoming really, is And that what in but think you important. timing more that the Georgia that specifically? about footprint realizing nuclear Georgia with color Vogtle company, How about would was if I any online, would there? Dalton of on going is like more real even

Just specifically? any that other color side on

all We don't away I'm additional right information. At of we're a to to able now. on secrets of want provide give time, lot this the working not everything

So prices is would there's all of prove that would just opportunity of point low years the To Georgia, again, bet There's power made power just opportunity. X.X stay abundance out ago, it be from an to and continuing we to view. continue like reiterate, low. over Georgia

more expansion. will it we sharing information many so opportunities that When have in to look And X forward we of with hand, for is everybody.

going I the the you XX. back efficiency just do the And really mean, XX the circle on And fleet my general. rig potentially? XX terahash how guess, I I about wanted at per growth cycle think Great. Okay. moving then to here, beyond and to replacement jouals in follow-up

Just But just to in obviously, anything I curious shake be? today. what how that? other kind do on that about any And could thinking how improve a kind you to of big market topic immersion's you're and of thinking up know, about there can efficiency the color you're efficiency.

Yes.

that's required the now there be that online, end we're year. by process -- future. halfway exahash added between get anybody us So think once get we that will going have optimization really, that a miners up total efficiency that the And per that's call actively actively over the be terahash. that the to XX of miners strategy then midterm halving machines an has to for, it's fleet to improvement at if and to is all exahash. And to going there. and What be expect some and going our obviously in XX going doing in there we the that, have, will will anything fleet process they're to efficiency we All won't it to I'm in see of upgrades the lead in going from and have an XX.X will over don't exahash. everything upgraded of we And installed watts the shifted be been we're

cycle. the does that that of we Now what out machines pull mean for

and of or small in more extremely cheap, maybe Africa uncertainty There's them maybe them can obviously to timing. where them. is to and turn in into buying capital but of deploy them we flare more a anything keep where there's building them remote situations and couple facilities. things with do gas from can This power sites sell be just We efficient can keep and look to

a as that optionality. see point we So of

what stack nearly warehouse SXX next for worth SXX an as today, less you waiting the bull they're that's the were look you market another gold or So back have bull lower-efficient how efficient shelves, again. stack to and proven when actually the can But suddenly their for of in run, machines going always a for what we miners. you prices are flying many opportunity has SXXs and off an buy a

or see have XX.X under of as expect -- above an watts we a don't So have point efficiency per to we optionality, anything that would that but terahash. plugged halving in

Chardan. with next Brian Dobson from We will question take our

approval approval? any what time So are we interesting this your much you thoughts line that X capital of see spot line for ETF. directed that toward how you shared approved? do on And on for those suppose, potential to I thoughts if the the estimate is could have

follow-on earnings do better Anything and got Novogratz BlackRock will I months would insiders during some be If maybe a belief months, to a information was I would comments say call is probably their not that guess. of expect be than He X going I from to pretty X at it yesterday years. matter out. Mike But this. that has be it his on public

So that's past probably a likely that something it's -- it And the that in participants, something good is with few happened had do months. indication. But the we as term. have very market over see I near conversations

managed looking these that. From to of lot X.X% out or to of really firms X.X% percentages. come from it's ETFs. think these into stop nothing X% big a being And to capital point a view, or So forward money into down play, even ETFs come there's just I from somebody to There's once putting going there.

And when But that the very funds Bitcoin. that could would and or is you under potentially trillions a that office -- how large family about much into amount what would think to allocate certainty dollar flows regulatory guess. part just any into ETFs. coming. we It's of mentioned again, is which, we consider the a really do think of big management, a that this, these I is think

a come happens, in, second that need when wave, capital that there's all if additional So regulatory maybe that could we after comes potential ETFs another see when the XX of even think. into and play, we the not I months certainty

more. point process commodities bit a of X-step certainty So little this unless potentially that a up I think a speeds just view, is from

We will Josh Fitzgerald. take a follow-up Siegler from Cantor question with

wanted to I cooling. immersion just touch on

immersion? can have as you're curious efficiency been helpful. be if And immersion would well in quite color from that cashing for some seeing the you any on operations time, on you've comment Now its gains I'm you

absolutely. Yes,

to more the think like it chips seeing and future is immersion really heat from therefore smaller, results I more nanometers get we also generation going potentially, we're immersion. as the of efficient So miners more more become important. and produces in the get And

part actually that everything more build 'XX needed we to said learn. site really I so later, but in our to be knew cool and that, the wasn't we We allowed we owned. look that we amongst And we'll specifically do when as us learn to It's currently, it Norcross of smallest think it immersion that facilities. biggest going that built to

repair is running better XX/X, all and time, downtime than is perfectly it Currently, cool. the flat air substantially

couple a seen. from happy of we things we've that so We've the learned in again, results would And extremely change also future. the we're

more XXXX we'll I be into later, to facilities. in do So immersion move ready large-scale think and

comes we a doing these base interested and there's that's the at or it Now out But what seeing of talk plate a overclock ability we're many something improve lot to about flexibility in of the efficiency when do in or window. is efficiency performance, machines. we of the X% so headlines not and to because some instead, goes XX% of gain better and we're lot maintain can to XXX%, and immersion nameplate the hash

on efficiency gains very temperatures, So in. us allows to environment those maintaining to them while long life, healthy be it miners, happy very for make

So efficiency, we're bottom happy with the line. smaller gains, again more to which higher drives

need just that the to immersion we're on that's go does over a future. We're cost. going the that window. I comes -- these our I in you for not efficiency about at because would clocks is and massive out going risk, the to investors to So know that's, do where say, guess, -- hear to focus try that, do point And when of

again, lower overclock clocking even levels more it down when when winter, goes current the we to you Bitcoin to like great. So or sounds valuable. But comes under actually saw $XX,XXX, Bitcoin is can in

cooling. the value immersion flexibility in So real is

with gentlemen, disconnect may lines. And today's ladies your thank and conclude we for We participation, and you that, conference. will your now you