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CleanSpark expects equipment orders to reach $7M in 2020

The Salt Lake City-based company's equipment order forecast comes as it wins $117K follow-on order for generator breaker panels

Cleanspark, Inc. - CleanSpark Inc receives $117,000 follow-on order for its generator breaker panels to function within a distributed energy system
CleanSpark delivered its sixth consecutive record-setting quarter with a significant hike in revenues during the last three months of 2019

CleanSpark Inc (NASDAQ:CLSK) announced Thursday it expects $7 million in equipment orders in 2020 as the company secures a $117,000 follow-on order for its generator breaker panels to function within a distributed energy system configured with other company components and technologies.

“With this equipment order, our contracted equipment order pipeline slated for 2020 delivery is in excess of $5,100,000, thus far,” said Chairman Matthew Schultz in a statement.

“Overall, the company forecasts that equipment orders will reach $7,000,000 for 2020 which would represent a 100% increase in equipment sales for fiscal 2019.” 

READ: CleanSpark boosts revenue and gross profit in sixth consecutive record-setting quarter

In addition to the rapidly growing equipment orders under contract, the company also highlighted its recent financial and operational performance in a letter to shareholders on February 11.

CleanSpark delivered its sixth consecutive record-setting quarter with a significant increase in revenues thanks to an expanded product offering and customer base.

The company saw its revenue jump 372% and gross profit increased by 238% during the last three months of 2019. The totals were boosted by a couple of significant agreements and product releases that helped propel the microgrid energy company to almost $1 million in revenue over the quarter.

CleanSpark, based in Utah, makes software that allows an energy microgrid to be scaled to the user's specific needs and implemented across commercial, industrial, military and agricultural sectors.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

 

Quick facts: CleanSpark Inc

Price: 2.01 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $19.83 m
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