CleanSpark 2021’s revenue has increased 400%.

CleanSpark’s overall revenue increased 400% in its fiscal year 2021, but the sustainable bitcoin mining and energy technology firm also reported a net loss of $21.8 million, or $0.75 per share, on Tuesday.

CleanSpark produced $49.4 million in revenue for the fiscal year ending September 30, up from over $10 million the prior year. As the value of bitcoin increased in the fourth quarter, the company received more than $27 million. The net loss was marginally smaller than the $23.3 million, or $2.44 per share, deficit predicted for the company’s 2020 fiscal year.

CleanSpark’s adjusted EBITDA for the year was $9 million, or a $0.31 gain per share, compared to $10.2 million, or a $1.07 loss per share, in the same time last year.

Over the previous eight months, the firm has grown tremendously. It made commitments to buy 22,680 bitcoin mining devices in April.

CleanSpark paid $6.5 million for a second data center in Norcross, Georgia, in August, and has since purchased more mining equipment. It recently stated that it has purchased 20-megawatt immersion cooling equipment for the Norcross site, which would increase mining efficiency by more than 20%.

The company’s current hashrate is 1.3 exahash per second, which it wants to grow with more mining capacity.

In an earnings call on Tuesday, CleanSpark CEO Zach Bradford termed the firm “incredibly undervalued” and emphasized its energy expertise. He said:

“We are deploying advanced technologies like renewable energy assets and immersion cooling to make our operations more efficient. These efficiency enhancements are expected to increase production and decrease operating costs at all our facilities.”

Patrick

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