CleanSpark Inc (NASDAQ:CLSK) leadership published a letter to shareholders on Tuesday, informing investors that fiscal third-quarter revenue nearly tripled year-over-year on strong sales of its custom electric switchgear hardware and boosting its projections for the future.
The company posted revenue of $3.4 million, an increase of 181% from $1.2 million in the same period of 2019. Gross profit more than doubled, rising 152% to $544,735 from $216,592.
CleanSpark also narrowed its net loss to $0.77 per share from $0.90 per share in 2019.
READ: CleanSpark wins contract to provide controls and storage for commercial microgrid in Southern California
“CleanSpark continues to execute on its strategy and is pleased to report our eighth consecutive record-breaking quarter, significantly increasing year over year revenues,” CEO Zach Bradford and Chairman Matthew Schultz wrote. “We remain optimistic that the company will continue to see record-setting growth across our software and services segments.”
The Utah-based company saw more than $6.4 million worth of electric switchgear products delivered during the nine months ended June 30. Going forward, the company is increasing its revenue guidance for switchgear sales over the fiscal year to $7.5 million from $7 million.
Additionally, the company’s mPulse software and microgrid Value Stream Optimizer have delivered more than $1 million in related sales and nearly $1 million in additional contracted backlog over the same nine-month period. There is also a pipeline of current proposals totaling roughly $10 million.
mVSO is a SaaS-based product used by solar developers, battery suppliers, and engineering, procurement and construction companies to model the ideal mix of distributed energy assets to deliver cost savings, energy resiliency and sustainability.
During the same period, CleanSpark said it delivered more than $1 million worth of software, energy storage and associated hardware, which prompted the company to boost its revenue projections for the segment to $1.3 million from $1 million for the fiscal year.
CleanSpark said its acquisition of p2klabs has allowed it to accelerate the development and deployment of new features to its software platforms and expanded the overall sales and marketing capabilities. The company continues to target $2 million in p2klabs revenue prior to the first anniversary of the acquisition on January 31.
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