Cleanspark Inc - CLSK STOCK NEWS

CleanSpark (Nasdaq: CLSK) has completed the acquisition of Solar Watt Solutions, a solar and energy storage developer based in California. The deal could involve up to 477,703 shares and $3.85 million in cash, depending on performance objectives. This acquisition is anticipated to enhance CleanSpark's residential initiative, with expectations of contributing approximately $20 million in revenue over the next 12 to 18 months. Solar Watt's experience and existing contracts will bolster CleanSpark's position in the California residential microgrid market.

CleanSpark, Inc. (Nasdaq: CLSK) will participate in the Water Tower Research Fireside Chat Series on February 18, 2021, at 3:00 PM ET. CEO Zachary Bradford will discuss recent quarterly performance, the 2021 outlook, partnerships, and Bitcoin mining operations. The event will include a Q&A session. Investors can register for the live event, which will also be available for replay. CleanSpark focuses on solving energy challenges through advanced software solutions and operates a Bitcoin mining fleet with a capacity expected to increase from 200 PH/s to over 315 PH/s.

CleanSpark has launched mVoult, a revolutionary energy management system for home microgrids, enabling flexible control of both existing and new energy assets. This standalone solution, designed for residential use, offers homeowners options like solar integration and backup generators. The launch comes amid increasing demand for residential energy solutions due to utility outages, particularly in California. With pre-orders expected in April 2021, CleanSpark aims to significantly expand its market presence and enhance revenue streams from home microgrid solutions.

CleanSpark, Inc. (CLSK) reported its Q1 2021 financial results, showcasing a remarkable 130% increase in revenue, reaching $2.26 million compared to $0.98 million in the previous year. Gross margins improved to 41%, indicating enhanced profitability in Bitcoin mining operations. However, operating losses widened to $6.2 million. With a net loss of $7.2 million or $(0.32) per share, the company showed an adjusted EBITDA loss of $591,975. Cash reserves surged to $25.6 million, bolstered by a prior capital raise, supporting future expansion and operational capacity improvements.

CleanSpark, Inc. (CLSK) provided a 60-day update on its Bitcoin mining operations, indicating heightened expectations for its Bitcoin mining capacity. By the end of February 2021, the company anticipates exceeding 315 Ph/s, reflecting over a 65% increase since the December 2020 acquisition. CleanSpark emphasizes the importance of energy costs as demand for Bitcoin grows in light of investments from major companies like Tesla and MicroStrategy. CEO Zach Bradford noted that their focus includes both capacity increase and renewable energy implementation, aiming for the lowest operational energy costs in the U.S.

Pioneer Power Solutions (Nasdaq: PPSI) announced a $1.4 million order for distributed generation equipment from CleanSpark, Inc. (Nasdaq: CLSK), a channel partner. This order expands their collaboration with one of the largest mass-market retailers, following a successful pilot program initiated in 2019. The equipment includes Automatic Transfer Switches and specialty controls, expected to be shipped by Q3 2021. This order enhances Pioneer Power's backlog, which stood at $11.3 million as of September 30, 2020, indicating a positive outlook for 2021.

CleanSpark, Inc. (Nasdaq: CLSK) has secured a new purchase order exceeding $1,500,000 from a Texas-based microgrid developer, to supply ATS solutions. The order will support the world's largest retail chain, enhancing operational resilience during power outages. CEO Zach Bradford emphasized the growing demand for microgrid solutions due to increased grid disruptions. This order aligns with CleanSpark's strategy of providing advanced energy technologies, alongside its Bitcoin mining activities, aiming for sustainable energy costs.

CleanSpark (Nasdaq: CLSK) announced that its subsidiary, GridFabric, has achieved OpenADR certification for KIGT, an electric vehicle charging company. This certification allows KIGT to participate in utility demand response programs, facilitating entry into new markets, including California and Hawaii. KIGT aims to leverage this certification to support the expected growth in the EV market, with projections indicating a doubling of consumer spending on electric vehicles over the next five years. Both CleanSpark and KIGT are positioned for growth as demand for efficient charging solutions increases.

CleanSpark (Nasdaq: CLSK) announced a major upgrade to its microgrid planning software, mVSO, enhancing customer-facing reports and financial analyses. The update includes redesigned report interfaces for better collaboration among energy developers and clear communication of financial metrics. Customers can now seamlessly integrate outputs from various renewable software and manage custom rate structures. The improvements are based on user feedback and aim to support the growing renewable energy market, driven by new government initiatives.