CleanSpark, Inc Reports Fiscal 2020 Financial Results.

SALT LAKE CITY: CleanSpark, Inc. (Nasdaq: CLSK)("the "Company"), an advanced software and controls technology solutions company, focused on solving modern energy challenges, today reported results for its fiscal year ended September 30, 2020.

Financial Highlights

As the Company forecasted a year ago, CleanSpark more than doubled our annual revenues, with fiscal 2020 revenue exceeding $10.0 million, an increase of 122% from $4.5 million for the prior year. These results represent the third consecutive year in which revenues more than doubled.

Gross Margin increased 21.1% to $2.12 million compared 14.9% and $0.67 million to the prior year.

Loss from operations improved by $1,470,729 compared to the prior year.

Net loss improved by $2,770,780 compared to the prior year.

Non-GAAP net loss for the fiscal year ended September 30, 2020 totaled $466,000 or $(0.03) per basic and diluted share, compared to income of $106,000 or $0.01 per basic and diluted share in the same year-ago period.

Operational successes resulted in raising $44 million in funding over the last 12 months. These funding transactions are expected to provide long-term financial stability for the foreseeable future as the company moves towards profitability.

2020 Operational Highlights

CleanSpark successfully uplisted to the Nasdaq Capital Market in January 2020

The Company improved corporate governance and oversight by appointing two new independent board members and the creation of a fully independent audit and compensation committee.

CleanSpark further developed its reliable, talented and goal-oriented management team, including the promotion of Zach Bradford as its Chief Executive Officer, the appointments of Lori Love, as Chief Financial Officer, Amer Tadayon as Chief Revenue Officer, and Marty Weishaar as VP of Marketing. The Company's co-founder and former CEO, Matthew Schultz assumed new duties as the Executive Chairman. Our team has now grown to 62 full-time staff members as of December 16, 2020.

During our fiscal year, we completed successful acquisitions of GridFabric and p2klabs. Both acquired companies are cashflow-positive and provide us with entirely new verticals for growth.

We implemented new sales and marketing initiatives resulting in significant increases in overall revenues, contracted backlog, and proposal pipeline.

CleanSpark, Inc. and ReJoule were jointly awarded a $2.9 Million grant from the California Energy Commission with support from the Ford Motor...