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CleanSpark receives $359,000 in new orders for its intelligent switchgear

The new orders, thanks to a new and existing customer, all came within the last week

Cleanspark, Inc. -
Intelligent switchgear provides uninterrupted power from a backup source

CleanSpark Inc (OTCMKTS:CLSKD) said Friday it had received nearly $360,000 in new orders for its intelligent switchgear in the last week.

Salt Lake City-based CleanSpark said that two customers ordered seven units of the switchgear, which is used to provide uninterrupted power from a backup source.

Three of the units are for a new customer, while the remaining four units relate to a current customer, ClearSpark told investors.

READ: CleanSpark posts record annual revenue in fiscal 2019, up 783% year-over-year

The existing customer’s new order comes in addition to the $2.5 million order it placed in May 2019. CleanSpark said it anticipates receiving “several” follow-up orders from the same customer in 2020.

"Our new business wins are driven by the high quality and performance of our products and the strong relationships that we are building with both returning and new customers,” CleanSpark CEO Zachary Bradford said in a statement.

“We have been able to leverage our growing network of external sales representatives to land new customers,” Bradford said. “The use of external sales representatives is an important part of our strategy to increase sales while limiting internal overhead costs and driving margins higher over time.”

Earlier this week CleanSpark announced a record 783% year-over-year jump in revenue in fiscal year 2019 thanks to expanding product offerings and customer base.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 8.81 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $191.72 m
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