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CleanSpark’s total revenue grew 400% in fiscal 2021, but the sustainable bitcoin mining and energy technology company also posted a net loss of $ 21.8 million, or $ 0.75 per share, as it announced on Tuesday.
For the year ended September 30, CleanSpark generated $ 49.4 million in revenue, up from approximately $ 10 million in the prior year. More than $ 27 million came in the fourth quarter, when the price of bitcoin surged. Net loss was slightly less than $ 23.3 million or $ 2.44 per share for fiscal 2020.
CleanSpark’s adjusted EBITDA for the year was $ 9 million, or $ 0.31 earnings per share, versus $ 10.2 million, $ 1.07 loss per share, compared to the same period a year earlier.
The company has expanded significantly over the past eight months. In April, she signed contracts for the purchase of 22,680 Bitcoin mining machines.
In August, CleanSpark acquired a second data center in Norcross, Hawaii for $ 6.5 million, and has purchased additional mining machines in the past two months. Most recently, the company announced the acquisition of a 20-megawatt submerged cooling infrastructure for the Norcross center to boost mining efficiency by more than 20%.
The company currently has a hash rate of 1.3 exahash per second, which it intends to increase with additional capacity.
On Tuesday, in an earnings call, CleanSpark CEO Zach Bradford called CleanSpark “incredibly undervalued” and highlighted the company’s energy expertise.
“We are introducing advanced technologies such as renewable energies and immersion cooling to make our operations more efficient,” said Bradford. “These efficiency measures are expected to increase production and lower operating costs across all of our facilities.”
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