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CleanSpark, Inc.

    We have discontinued coverage of CleanSpark, Inc.


    CleanSpark, Inc.

    Company Overview

    CleanSpark, Inc (CLSK) is a software and services company providing advanced energy software and control technology that enables a plug-and-play and end-to-end enterprise energy solution in microgrid and distributed energy resource (DER) settings as well as hardware systems, specifically switch gear and energy storage solutions. The SaaS and Controls business accounts for approximately 30% of the company’s revenue as of 3Q20 but carries an exceptional average margin of about 90%. The core of this business is an integrated software suite comprising mPulse and mVSO, with the core function of enabling a user to accurately model and intelligently manage a complex microgrid. Their software solutions can be widely implemented across commercial, industrial, military, and municipal establishments.

    The hardware segment accounts for approximately 70% of revenue as of 3Q20 and carries an average margin of approximately 15%. Hardware sales primarily include switch gear equipment and energy storage solutions. All of CleanSpark’s switchgear models are custom designed and manufactured to customer’s specifications and requirements with the capability to support all major manufacturer’s components. CleanSpark is also a reseller of energy storage batteries, which is a critical component of most microgrid systems. The company is targeting a 50% attachment rate with mPulse sales, which would help to significantly drive revenue going forward. The company is also working on partnerships with multiple battery groups, which will be of a marketing nature with the goal of being the preferred controls provider to as many battery groups as possible.

Analyst

Shawn Severson
President & Co-Founder

Recent Sector Insights

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Key Events Update: Purchased Bitcoin Mining Machines, Transitioned Mining Power, Announced Investments, and Launched Update to Smart Energy System
· Update Note · 21 Oct 2021

On October 12, 2021, CleanSpark announced the purchase of 4,500 units of Antminer S19 bitcoin mining machines funded partially by CleanSpark’s bitcoin holdings. The purchase will increase the computing power by ~450 PH/s, equivalent to almost 45% of the current computing power, and is inline with...

CleanSpark, Inc. (NASDAQ: CLSK)
Water Tower Research says CleanSpark ‘well-positioned to capitalize’ on microgrid market growth while scaling its Bitcoin mining operations
· In The News · 22 Sep 2021

Analysts at Water Tower Research said CleanSpark Inc (NASDAQ:CLSK) “is well-positioned to capitalize” on the long-term secular growth trend in the microgrid markets. CleanSpark’s software – mPluse and mVSO (Microgrid Value Stream Optimizer) – enables a microgrid to be scaled to the user’s specifi...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Bitcoin Mining Deep Dive with CleanSpark CEO Zach Bradford
· Management Series · 21 Sep 2021

We sat down with CleanSpark’s CEO, Zach Bradford, to take a deep dive into the company’s Bitcoin mining operations.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Bitcoin Valuation Update: What is the Market Missing?
· Update Note · 30 Aug 2021

Management believes CleanSpark is currently trading at a steep discount to bitcoin mining comparables (2.2x forward revenue vs. 5.7x industry average). Bitcoin is a commodity, yet CleanSpark is not getting credit for its mining operation that is profitable at price levels above ~$6,000 per bitcoi...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
3Q21 Results: +247% Revenue Growth Fueled by Bitcoin Mining; Management Raises FY21 Guidance
· Update Note · 20 Aug 2021

On August 16, 2021, CleanSpark reported its 3Q21 earnings results. The company delivered strong revenue growth fueled by bitcoin mining, but missed consensus estimates for the quarter. The stock traded down -15.1% post-earnings and is currently trading at ~1.9x 2022E sales.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
WTR Fireside Chat Series: Bitcoin Mining Deep-Dive with CleanSpark CEO Zach Bradford
· Fireside Chat Invitation · 20 Aug 2021

On Tuesday, August 24, 2021, at 1:30 pm EDT, we will be hosting CleanSpark CEO Zach Bradford in our Sustainable Investing Fireside Chat Series. We will be covering a deep-dive on CleanSpark's bitcoin mining operation focusing on the recent increase in hashrate capacity, the associated margin oppo...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
An Energy Intelligence Platform Paving the Way for Rapid Savings in Bitcoin Mining through Microgrid Solutions
· Initiation Of Coverage Report · 27 Jul 2021

CleanSpark is a diversified software and services company aligned to the fast-growing market for microgrids and bitcoin mining. The company’s software intelligently controls and manages microgrids to save money and optimize performance, providing an attractive ROI for its energy customers.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Reviewing CleanSpark’s Coinmint Partnership and Dynamic Changes in the Bitcoin Mining Industry with CEO Zach Bradford
· Management Series · 20 Jul 2021

We sat down with CleanSpark’s CEO, Zach Bradford, to discuss an update on the recent activity and changes in the bitcoin mining industry. We also spoke about CleanSpark’s recent partnership with Coinmint, the largest co-location bitcoin miner in the US focused on green mining.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
CleanSpark Announces Ecofriendly Bitcoin Mining Partnership with Coinmint to Increase Capacity and Expand Green Mining Initiatives
· Update Note · 14 Jul 2021

On Wednesday, July 14, 2021, CleanSpark announced a partnership with Coinmint to collaborate on the mining of zero-carbon bitcoin. WTR also hosted a Fireside Chat with CleanSpark’s CEO, Zach Bradford, covering recent changes in the bitcoin ecosystem and the Coinmint announcement. The event is acc...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
WTR Fireside Chat Series: An Overview of the Dynamic Changes in the Bitcoin Mining Industry with CleanSpark CEO Zach Bradford
· Fireside Chat Invitation · 12 Jul 2021

On Wednesday, July 14, 2021, at 11:30 am EDT, we will be hosting CleanSpark’s CEO, Zach Bradford, to discuss an update on the recent activity and changes in the bitcoin mining industry. The event is open to all investors.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Record 2Q21 Results: Revenues +122% Y/Y Fueled by Bitcoin Mining Success; Improved FY21 Outlook
· Update Note · 11 May 2021

CleanSpark reported a record 2Q21, with revenues doubling for the second consecutive quarter along with achieving profitability for the first time ever largely driven by the company’s bitcoin mining operation.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Bitcoin Mining Operations Leveraging Energy Savings to Drive Profits
· Update Note · 28 Apr 2021

Bitcoin mining is central to the bitcoin ecosystem. It is a process that verifies transactions and provides security to the bitcoin blockchain, and it is how new bitcoins enter circulation. CleanSpark entered into this rapidly growing market through its acquisition of ATL Data Centers in December...

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
Review of the Recent Quarter and an Update on the 2021 Outlook
· Management Series · 01 Mar 2021

CleanSpark generates revenue from two primary sources: energy management software and systems for microgrids and bitcoin mining.

CLIMATETECH & SUSTAINABLE INVESTING
CleanSpark, Inc. (NASDAQ: CLSK)
WTR Fireside Chat Series: CleanSpark CEO Zach Bradford Provides a Review of the Recent Quarter and an Update on the 2021 Outlook on Thursday, February 18th at 3:00 PM EST
· Fireside Chat Invitation · 18 Feb 2021

We are pleased to host Zach Bradford, CEO of CleanSpark in our WTR Fireside Chat Series on Thursday, February 18th at 3 pm EST (12 pm PST).

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