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CleanSpark reports fourth consecutive year of record-breaking annualized revenues, reaffirms 2021 gross revenue target

The company said preliminary unaudited revenue for its fiscal year ended September 30, 2020, was in excess of $10.0 million, representing a 222% increase on 2019 fiscal year-end results

Revenue growth
CleanSpark currently has an executed contracted backlog exceeding $6.0 million and a proposal pipeline exceeding $12.0 million

CleanSpark, Inc. (NASDAQ:CLSK) has reported a fourth consecutive year of record-breaking annualized revenues and has reaffirmed its target of $20 million in gross revenue for its 2021 fiscal year

The diversified software and services company said preliminary unaudited revenue for its fiscal year ended September 30, 2020, was in excess of $10.0 million, representing a 222% increase in gross revenues over the company's 2019 fiscal year-end results.

The company said it will be investing in growth with a focus on higher-margin software and service sales. CleanSpark currently has an executed contracted backlog exceeding $6.0 million and a proposal pipeline exceeding $12.0 million.

READ: CleanSpark reveals award of $370,000 order for its intelligent automatic transfer switch (ATS) switchgear

"Achieving our target revenue of $10.0 million for 2020 in the face of navigating a global pandemic represents a significant accomplishment for our team.  We believe that this further demonstrates our continued progress in establishing CleanSpark as a leader in advanced software and controls for energy management systems, validated by the multinational partnership agreements we've executed," Zachary Bradford, the company's chief executive officer said in a statement 

"We are still in the early stages of what we believe is a multi-year trend towards expanding microgrid applications worldwide. Securing $40.0 million in institutional capital earlier this month strengthens our ability to capitalize on this trend as we continue to expand CleanSpark's operations, offerings and critical personnel," Bradford added.

CleanSpark offers software and intelligent controls for microgrid and distributed energy resource management systems and innovative strategy and design services. It provides advanced energy software and control technology that allows energy users to obtain resiliency and economic optimization.

The group's software is uniquely capable of enabling a microgrid to be scaled to the user's specific needs and can be widely implemented across commercial, industrial, military, agricultural and municipal deployment. Its product and services consist of intelligent energy controls, microgrid modeling software, and innovation consulting services in design, technology, and business process methodologies to help transform and grow businesses.

Contact the author at [email protected]

Quick facts: CleanSpark Inc

Price: 10.93 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $238.66 m
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