Q3 2021 CleanSpark Inc Earnings Call
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Welcome everyone on behalf of clean Spark Inc. I welcome you to our third fiscal quarter financial results Conference call.
My name is Rachel Silverstein, I'm, Queensbury VP of compliance and general counsel.
With us today with prepared remarks are clean Sparks, Chief Executive Officer, Dr. Bradford and Lori Love, our Chief Financial Officer.
Before beginning I would like to remind everyone.
That would be exception of historical information the matters discussed in this presentation are forward looking statements.
As defined within federal Securities laws.
Investors are cautioned that these forward looking statements involve a number of risks and uncertainties.
The actual results of the company could differ materially from those statements.
Factors that can cause or contribute to such differences include but are not limited to continued demand for the company's products competitive factors regulatory development changes in bitcoin difficulty right the company's ability to achieve future growth the company's ability to produce.
And market new products in a timely fashion.
Uncertainty surrounding the pandemic the company's ability to continue to attract and retain skilled personnel and the company's ability to sustain or improve the current levels of productivity.
Looking statements May include words, such as anticipate could estimate intend expect believe potential.
Should project and similar expressions.
Further information on the company's risk factors is contained in the company's quarterly and annual reports filed with the Securities and Exchange Commission.
Today August 16th the company will file its Form 10-Q.
Which will be available on SEC Gov, and the company's website.
A press release announcing our financial results will also be issued tomorrow.
Participants on this call may wish to look at the press release as the company will include a summary of the results discussed on this call.
Finally, please note that can on today's call management will refer to non-GAAP financial measures in which clean spark excludes certain expenses from its GAAP financial results. Please refer to clean Sparks press release for a full reconciliation of its non-GAAP performance measures to the most comparable.
<unk> GAAP financial measures.
The press release will be available at www dot clean spark dot com forward Slash Investor Dash relations forward Slash news dash releases forward slash.
Following the prepared remarks, we will open up for a short Q&A for the analyst community.
With that said I would like to turn the call over to our CEO Zach Radford.
Rachel Thank you very much good afternoon, everybody and thank you for joining our call as Rachel noted I am also joined today by Lori <unk>, our Chief Financial Officer.
This was another great quarter of strong growth for clean spark.
This rapid growth means clean spark more than doubled its comparable year over year revenue.
At the conclusion of the nine months ended June 30th we realized $22.3 million in revenue, representing a 176% revenue growth when compared to the nine month period, one year ago.
For the three months ended June 30, we realized.
$11.9 million in revenue, representing 250% revenue growth when compared to the same period three months ago.
Our growth was not without challenges. The company has continued to navigate the volatility of bitcoin successfully procure for immediate and future delivery over 30000 next generation mining risks, we managed our supply chain constraints resolved a legal dispute aggressively expanded our sales and market.
<unk> efforts and increased our labor force for energy products, while increasing our quarterly energy revenue by 61% from the prior quarter now.
<unk> rapid growth is not free and our efforts ultimately resulted in a loss for the quarter. It is important to note, though that many of these expenses, but not all were related to noncash items or were considered one time non reoccurring expenses.
Laura will speak to the specifics during her section of the presentation later.
Achieving long term profitability as our guiding principle as we continue our trend of rapid revenue growth. We are now halfway through our fourth fiscal quarter and the efforts we have taken over the prior three quarters have placed the company in a very strong position as we move into our next fiscal year. We believe these efforts will translate.
Right into a bright future and increase shareholder value.
We now expect to more than double our current cash rate before the end of 2021 and more than quadruple our current attach rate in 2022, our energy business continues to build momentum with positive regulatory tailwind and incentives in place for Green energy.
Along with our backlog of executed contracts of over $20 million.
The combined efforts of our bitcoin mining and energy businesses are expected to contribute to record growth through the balance of 2021 and 2022.
I will turn it over to Laurie to review the third fiscal quarter financial results. After Lori I will cover business developments in other current developments then Laura will run through our earnings expectations before a brief Q&A and closing remarks.
Thank you Zack and good afternoon, everyone.
I would first like to discuss our balance sheet and operating capital.
It is our assets that drive the future of our business.
All the numbers I reference are.
Our balance sheet will be as of June 32021.
All the numbers I referenced and related to our statement of operations will be for the three and nine months periods ended June 32021 and June 32020.
Our balance sheet continued to strengthen with working capital of over $36.2 million.
The company has limited liabilities with only $15.7 million in total liabilities and net and net assets of $281.8 million.
We have grown the net assets on our balance sheet by a factor of over 17 times since the start of this fiscal year.
We are pleased with the strength of our balance sheet and the strong foundation. It has created for our growth.
I also want to highlight a few specific assets that will drive our continued growth.
We had cash of $22.2 million.
And over $4 million in inventory the majority of that inventory, we expect to install and convert into revenue over the fourth quarter.
We also had $62.4 million in mining equipment. The majority of which was fully installed in hashing as of June 30.
In addition to the miners that we have on hand, we also fully paid deposits of $125.8 million for mining equipment scheduled to be delivered after June 30.
The mining equipment ordered will drive a substantial amount of revenue over the for the company over the coming years.
A significant portion of the equipment arrived and was installed in August which will increase our revenues in the current quarter.
I will now turn to the results of our operations and related growth I will first discuss our revenues.
For the quarter ended our total revenue is derived from three reportable lines of revenue, which I will discuss individually.
These reportable lines of revenues, our digital currency mining.
Energy projects and services and other revenue activities, which includes all other revenue generating activities that fall outside of our two core lines of business for.
For further details on all our lines of revenues I encourage you to review our 10-Q.
Our digital currency mining activities produced $16.1 million in revenue, which made up 72% of our total revenue for the nine months period.
For the three months period. These activities produced $8.6 million in revenue or 73% of our total revenue.
Our digital currency mining revenues increased by $1.9 million or 22% from the previous quarter ended March 31.
This quarter over quarter increase was driven by the deployment of additional miners and because of these efforts increased bitcoin mind, a bitcoin received.
We expect rapid growth in this segment.
There are no comparable revenues for the previous three and ninth period nine month periods ending June or June 32020, due to this being a new line of business. This year.
Yeah.
Overall, we are pleased with these results and our growth in this sector the growth from last quarter, although significant.
Represents only a fraction of the growth in our future and we're very excited about what the future holds.
At the end of the quarter, we were required to measure our bitcoin assets for impairment, which I will discuss shortly but it should be noted that the price has since recovered and now exceeds the average value of the bitcoin, we held at quarter end against which that impairment was measured.
I also want to mention that we continue with our strategy of holding bitcoin, we only sold 125 bitcoin last quarter at prices above 60000.
Our energy business activities produced $5 million year to date revenue, which made up of 22% of our total revenue.
For the three months period. These activities produced $2.9 million in revenue or 20% to 24% of our revenue.
Our energy revenues increased by $1.8 million or 61% from the previous quarter ended March 31.
This quarter quarter over quarter growth.
Came primarily from revenue is associated with the residential energy business.
We have also experienced strong growth in our open ADR software solutions, which aid and load management and grid services.
The electric vehicle sector is leading this growth as we now have 15 customers.
Due to our strong backlog of executed contracts and inventory improvements, we expect our total energy revenues to increase significantly over the next 12 months.
I will now briefly cover our other revenues.
Our other business activities produced $400001.2 million for the three month, three and nine months ended.
Overall, we don't expect our other business activities to play a significant role in our revenue growth for the company.
Holistically the company achieved $22.3 million in consolidated revenue for the nine months ended June 30th.
For the comparative year over year, three and 19 nine month period, we saw revenue growth of 250% and 176% respectively.
It is also worth mentioning that our nine months revenue was more than double the $10 million and revenues we reported for our entire fiscal year ended September 32020.
Doubling annual revenues and nine months as a noteworthy noteworthy achievements.
We expect that our trend of significant growth will continue as clean spark deploys and expanded its mining capabilities and delivered delivers on its contracted backlog in the energy segment.
I will now discuss our costs and expenses.
Our direct cost of revenues, excluding depreciation and amortization was $6.7 million.
Our cost of revenues and associated margins continue to improve as we focus our efforts on high margin revenue streams.
The results of such efforts are evident with only $119000 increase in cost of revenues, while increasing revenue by more than two and a half times for the nine months ended compared to the same period.
For the three months ended our cost of revenues were $3.8 million compared to $2.8 million for the prior year, representing a million dollar increase in costs with a corresponding revenue increase of nearly three and a half times.
We experienced an increase in professional fees of $3 million for the nine months ended compared to 2020 for the three months ended our legal fees increased by approximately $1.3 million compared to 2020.
The increase in the three and nine month periods is mostly attributable to legal fees.
In June we resolve the case related to much of these fees. So we expect these cost to dramatically improve in the coming quarter.
Our payroll expenses increased by $15.7 million for the nine months ended compared to 2020 and increased by $10.8 million for the three months ended compared to 2020. This was largely due to cost per employee bonuses and stock based compensation that are largely considered nonrecurring events.
In addition, the company continues to add talent to support our tremendous growth our employee head count now stands at 74 spanning all entities.
Clean spark like all companies holding substantial amounts of digital currency is required to measure impairment to the value of bitcoin pursuant to U S. Accounting rules as a result of the decreased value of bitcoin at the end of the quarter, we incurred losses on the impairment of bitcoin.
Of $3.7 million as I previously stated bitcoin price has increased significantly since the end of last quarter.
Additionally for the nine months ended the organization reported a $6.8 million in other income primarily driven by the unrealized gains on securities of $5.3 million.
Also included in this figure is gains on sales of bitcoin of 672000.
For the three months ended.
Our <unk>.
Other expenses were $2 million with a bulk of that made up of unrealized losses on securities of $2.2 million.
These unrealized losses do not represent actual sales of investments of investments rather they represent market price fluctuations that are measured at the conclusion of each reporting period.
Overall clean spark re reported a net loss of $16.4 million for the nine months ended compared to $16.3 million for the nine months ended 2020. The company reported a net loss of $16.7 million for the three months ended compared to $8.6 million.
<unk> for the same period ending 2020.
For the quarter ended 2021, we reported a loss per basic share of <unk> 60.
From a loss per share of $2.32.
This represents an improvement of $1.72 per share.
For further context on my commentary today on our reported numbers. Please refer to our Form 10-Q, I will now turn it back over to Zac.
Thank you Laurie.
First want to comment on the growth of our bitcoin mining segment.
We experienced the strongest growth in this segment.
This growth is guided by our ESG principles as we strive towards our goal of reaching 100% net carbon neutrality.
As we bring additional power online our energy mix will periodically change between facilities as of now the current energy mix, we used for bitcoin mining across all facilities is approximately 90% carbon free in addition to adding onsite renewables we plan to begin purchasing.
Additional renewable energy credits next quarter to offset 100% of the carbon based power sources utilized by the company.
We believe that blockchain technologies are important for the future of our society and we are proud to support these technologies and the system of trust, we believe they facilitate.
We have continued to achieve strong results and we are bullish about our bitcoin mining future.
We increased our production capacity substantially throughout the quarter.
<unk> in 191, bitcoin and increase of 47% over the prior period or 32, 2%.
Bitcoin prices continue to be volatile with year to date highs exceeding 64000 and lows approaching 28000.
Daily prices impact our reported revenues as the revenue value for any day is based on the daily Bitcoin price on the day that the bitcoin has received.
Although we saw prices decreased near the end of June the average revenue, we recognized perfect corn mined during the quarter increased to 45341 or a two 6% increase over the prior quarter, we monitor volatility closely and although we may choose to sell that corn from time.
To time based on market conditions. We currently plan to continue holding bitcoin, we believe the hard link bitcoin or result in long term value appreciation.
When this presentation was prepared bitcoin was 47000 per coin.
All USD amounts I referred to will be based on this price.
As of the 14th of August we held 525, bitcoin with a fair value of approximately $24.7 million.
Our current hatrick capacity now exceeds 820 <unk> as of today.
Which is nearly double our capacity just 46 days ago.
We anticipate achieving one extra hash in production capacity within the coming months when the balance of our mining rigs scheduled to be hashing in August are installed.
Thats, one clearly one quintillion cashes per second.
To put this in perspective, we produced just over three bitcoins on June 30.
We are now capable of producing between six and seven bitcoins per day.
At current difficulty rates one extra hash would result in eight to nine bitcoin per day, which would result in 376000 to 424000 in revenue per day.
137 million to $154 million in annualized revenue.
Yeah.
We have over 22000 of the latest generation bit made S 19, and S 19 pro mining rigs scheduled to arrive and be installed over the next 12 to 14 months.
And we expect to place additional orders in the near future to continue growing our mining fleet beyond what we have currently ordered as a result of these preorders are hash rate is expected to increase as shown on the following slide.
For perspective at current difficulty rates, if we had the three four <unk> of capacity in place today.
Would result in 26 to 28 <unk> per day, which in turn would result in $1 two to $1.3 million per day or $446 million to $480 million in annualized revenue.
We continue to work on expanding the company's total energy capacity to accelerate the growth of our bitcoin mining operations in Atlanta. This fall.
The expansion will bring this site's total capacity of 50 megawatts. In addition to this expansion our partnership with coin Mint has allowed us to continue our growth while construction is ongoing.
All of the new mining rigs received this summer were promptly deployed with coin Mint. This partnership has increase the total available power for mining by approximately 25 megawatts.
We are also excited about our recently announced purchase of an additional data center. The data centers located on over 700 acres in Norcross, Georgia.
We'll provide 20 megawatts of additional power for clean Sparks mining business with the opportunity for additional mining power expansion in the future.
The company expects to complete the installation of the mining infrastructure and miners later this year. We expect this facility will hold over 6000 S 19 capable of producing over 650 <unk> hash upon installation.
The new facilities mining operations are expected to operate at 100% net carbon neutral.
This will be achieved through our partnership in Georgia simple solar program.
The program will allow clean spark to offset any carbon based energy included in the regional energy mix with solar power the.
The company also anticipates, adding onsite solar energy storage and other renewables, which will be managed by the company's impulse controls platform.
We are following through on our commitment to mine with the lowest carbon footprint possible.
This new facility along with our other initiatives is expected to help us achieve our goal of two <unk> this year.
We intend to continue to prove that bitcoin mining can be done sustainably responsibly and at a substantial profit.
We also have plans to unveil additional details surrounding our complete ESG strategy later this year.
Now onto our energy segment.
We.
To see strong growth trends in the energy business we.
We executed over $6 million in additional energy related contracts last quarter and increased our quarter over quarter revenues by 61%.
This strong sales growth as a resulted in a very robust backlog that we expect to lead to positive revenue growth over the next several quarters.
With that backlog comes additional operational and logistical challenges.
Although we are seeing strong sales growth as we discussed during our last earnings call. The energy industry as a whole is still encountering certain global supply chain constraints.
Battery supply was a key factor for us to navigate this past quarter.
Fortunately, we believe we have significantly shored up our supply chain and a large number of batteries were received into inventory in June or July. We're also seeing positive improvements to the overall global supply chain and expect continued normalization through the balance of 2021.
Sure.
We didn't see the full benefits of increased inventory until near the end of last quarter. Accordingly, we expect to realize those benefits as we close out this fiscal year and further strengthening our position for the next.
The company's strong balance sheet and access to capital.
Supported our ability to secure as much needed inventory.
Our growing sales and strong contracted backlog are now turning our are allowing us to now turn our attention to refine our operations and increase our installation and implementation capabilities.
The refinement of these activities are critical for moving the energy segment into profitability in the coming quarters with inventory secured we can now increase the number of projects completed each quarter.
We have more work to do to reach our long term goals, but we are very encouraged by the results we are already seeing.
We've increased the head count of our project implementation team and continue to recruit to fill additional positions for.
For perspective.
These improvements led to the completion of over three times the number of residential battery installations. During the month of July compared to the entire prior quarter. We expect the rate of deployments for all of our energy products to continue to increase through the current quarter and into next year.
Our strongest growth in the residential sector, which accounted for approximately 54% of the total energy business revenue last quarter.
We expect our residential energy revenue to continue to grow and eventually exceed 70% of the total energy revenues over the next several quarters as we rollout our new solutions.
With that I am excited to announce our AMOLED product line is now available in California, and the associated application can be found in both the Apple and Android App stores.
Vault product line is built on the backbone of our impulse controls platform and empowers a homeowner to integrate a micro grid at their home and view its performance through our application based user interface. The system operates autonomously without any required input from the homeowner.
Homeowners also provided certain controls to manage aspects of their system, such as increasing the reserve level on their batteries to prepare for fire outages or other events.
This is part of our commitment to helping people solve modern energy and environmental challenges.
Lastly, although we experienced our share of challenges it was an excellent quarter with strong revenue growth, we believe that our combined bitcoin and energy strategy will result in profitability as we focus on rapidly scaling both businesses. We expect the next six months to be a.
<unk> period for the company.
Now, let me turn it over to Lori to run through our outlook for the balance of 2021. Thank you Zack.
I now want to speak to our financial outlook and expectations.
As a result of an industry trends volatility in bitcoin and other market impacts and constraints, we are updating our revenue expectations for the 2021 fiscal year.
We now expect to achieve between 38 and $48 million in Bitcoin mining revenues. This year, which is an increase in expectations of approximately $8 million overall since our most recent guidance.
We are installing projects under that our energy business as quickly as possible, but we believe it is prudent to reduce our overall revenue expectations for our energy business to between 9% and $12 million in fiscal 2021.
We are taking steps to increase this further but we conservatively estimate that a portion of our backlog will not be installed until the first quarter of our next fiscal year. We also expect our other revenues to contribute $2 million in fiscal 2021.
As a result, we.
We expect to achieve between 49% and $62 million and combined revenues in fiscal 2021. This is a net increase in baseline revenue expectations of approximately $3 million.
We intend to remain as conservative in our projections as possible, while still providing quality data points to our shareholders.
As noted earlier there are certain risks risks surrounding our projections I will mention a few but investors should also review our risk disclosures in our filings.
Bitcoin is extremely volatile and as a result is difficult to forecast future performance. These future forecasts are currently based off an average bitcoin price of 47000 and fluctuations from that point, we will affect the final numbers actually recognized by the company.
We have included the potential for limited shipment delays in mining equipment in our forecast is such delays occur and are longer than than anticipated it could negatively affect our forecast.
We also intend to continue with our strategy of holding the bitcoin remind as we believe bitcoin will continue to increase in value over time, resulting in increased value to our shareholders.
We expect to see the demand from residential commercial and industrial clients to continue to increase as the U S continues the process of normalizing business activities post pandemic.
Our backlog for non bitcoin segments remained strong at approximately 20 to $24.2 million as of the date of this call we.
We believe our contracted backlog demonstrates the pent up demand for resilient distributed energy solutions as the pandemic began to improve.
As stated in our last earnings call. We continue to expect our fiscal quarter ended December 2021 to be our strongest quarter, our company has ever experienced.
Let me conclude by reiterating zacks confidence in our long term business outlook, we continue to expect to generate strong revenue growth through the end of 2021, and we believe that the next six months will be transformational with that I would like to turn the call over to Rachel.
Who will be moderate moderating the Q&A Rachel.
Thank you Laurie.
We've received several questions from the analyst community, then we will address prior to closing.
Our first question is from Amit Dayal and analyst from H C. Wainwright he asks.
What are our expectations for mining difficulty over the next 12 months.
I'll go ahead and take that one step that one is a great question.
Overall, the global hash rate has trended lower over the last few months as Chinese miners.
With some of the changes that happened over there.
This has resulted in a difficulty right now it's about <unk> 15 trillion.
Which is down from approximately $20 million from earlier this year around may.
This means that miners like clean spark, earning more bitcoin everyday.
The ability to secure power and infrastructure will make it difficult for many of these minor so moved offline to get bought back online quickly.
Further.
Many analysts have estimated that only half of the rigs that came offline in China are the newer generation like the 19th that we years.
Further estimates indicate that 20% to 30% of that.
Were actually or <unk> or older.
Put that in perspective those S nines.
Really not efficient to put back online and as a result.
We don't expect to actually see those come back online, which will provide a long term.
Permanent decrease for what they would have accounted for it.
Overall.
It places clean spark in an advantageous position, where we're getting more bitcoin every day as a result.
So it's hard to estimate exactly where difficulty will be but we do expect it to increase over time as we and other U S miners grow and some of the hash rate that exited China does come back online.
I expect to see that come up 20%, 30% by the end of the year.
But it's really hard to tell.
The good thing is we expect our rate of growth to far outpace the overall changes in that increase in difficulty.
So.
It's not.
<unk> answer, but we are paying attention to it and we do remain focus on outpacing it.
Thank you Zach and Mr. <unk> second question is when will the newly acquired data center begin to contribute.
I'll go ahead and jumping on that one also.
It is going to come online.
Near the end of this year.
So I would expect probably around December.
Something that's important to note with that is we do have plenty of energy that will be available both at our Atlanta facilities. It also with our coin Mitt partnership.
So even into December for the equipment, we're receiving we should have plenty of room now what we will be doing is as we prepare that facility to receive miners. If it does come online before December we would look to evaluate the opportunity to buy miners.
To put them into use quicker.
Then what we already have on order so we're going to play that.
Kind of day by day, because currently we have plenty of power for the miners, we're going to receive over the next five years to six months.
Our next analyst question is from Greg Lewis from <unk>.
What is the company's appetite to continue to add new equipment any color around current pricing for rigs and what would be the earliest delivery date for new equipment order today.
Great question.
I kind of indicated that we definitely do have an appetite to grow beyond what we already have.
And we won't get into the specifics until we actually make a formal announcement around it in the future, but we absolutely expect to grow.
We are seeing really good pricing around the rigs right.
Right now.
Currently some of that pricing is because there are new rigs that were ordered for Chinese miners that have to be redirected and it's creating some good price opportunities. So again, we're taking this day by day, but.
But we have recently look to increase that.
If we were to make orders we are seeing actually because of the rerouting of Chinese miners that we can get additional miners right now from a price value point of view I would say that the miners arriving in October and November.
Still a good levels.
And that we do have opportunities to purchase direct from the manufacturer for anytime between January of 2022 and July of 'twenty two.
So it's really going to be based upon some evaluations were making in the coming weeks about our total power capacity and how quickly we bring that new data center online as I mentioned before.
Our next analyst question is from Sean at Wire Tower research.
He asks are we tracking the mind coins for Green energy electricity and what percentage of coins mined are from clean power sources.
That's a great question and it's something that can often bring.
A lot of a lot of commentary in the bitcoin community. So we see bitcoin as a bitcoin, but we do internally have some tracking mechanisms for what we'd look at as being mined carbon free and to date it's.
It's been about 95% carbon free we recently did bring a little bit more power online that as I mentioned before brings us closer to the 90% level, but.
Within the next month or so we're going to be buying renewable energy credits to offset any new carbon producing energy. So again, our goal is to get to a 100%, but historically from.
Last December to current what we have mined is between 90 and 95% in mind carbon free.
Great. Sean second question is are you actively looking for additional mining site and what did the energy profile look like at these facilities.
Excellent question.
<unk>, yes.
We are absolutely looking for some additional sites.
And what they look like from a profile currently for US as we are currently trying to identify a greenfield site that would exceed 100 megawatts or more.
<unk>.
That of course takes time of negotiation because these are real sites with their own complexities.
But what we are paying very close attention to is the energy profile.
We want the energy profile to be as green as possible. So.
Optimally these are located directly connected to our nearby.
Sources, such as solar Hydroelectricity or wind.
And to the extent that they do have carbon producing energy sources, we try and make sure that we have a renewable energy credit program either directly connected to it or access to additional renewable energy credits at affordable prices so that the over.
How pricing works out because at the end of the day the price of power is what ends up mattering in our ability for profit to obtain profitability.
And we have a really large focus on maintaining that.
As low as possible, but we really do view it as we think from a long term perspective.
Especially with the change in the Chinese.
Difference in power and how it could impact difficulty we think below five <unk> is a critical marker and we're really looking at sites trying to keep that as close to <unk> as possible. So that that's generally what we're looking at but yes, we absolutely are looking.
For for a new site to call Homebase and grow to even larger degree than what we already have.
That concludes our analyst question, So Zach I'll turn it over to you for closing remarks.
Perfect. Thank you Rachel.
To close I, just want to reiterate our focus on profitability and growth.
We are working to transform both the energy and bitcoin industries by developing and implementing best in class solutions.
The micro grid in distributed energy industry continues to develop.
We expect there will be significant industry wide growth as the world adjusts the pandemic and the realities of the change in climate.
Quality market participants and trusted companies like clean spark are positioned to lead this wave of growth.
I also want to emphasize our belief that the long term winners in the industry will be the high quality and respected leaders like claims spark.
All of us at clean spark pride ourselves in our ability to solve modern energy challenges.
We are a recognized and respected brand we have a cutting edge product line.
We have a highly profitable bitcoin mining business with a goal of reaching 100% carbon neutral mining.
We are committed to our ESG strategy of responsible profit in crypto currency mining <unk>.
And we are confident in our long term growth strategy as we maintain our focus on building the business to take advantage of opportunities while being good corporate citizens.
Clean spark is positioned well for the future.
Lastly.
We are deeply grateful for the continued <unk> of our shareholders and other stakeholders. Most importantly, the shareholders who have entrusted clean spark with their investment dollars.
Behalf of our entire organization. Thank you again for joining us and have a great day.
Before we end today's earnings call I would like to remind everyone that this call will be available for replay later today. Please refer to today's press release or rather Tomorrows press release for dial in replay instructions available via the company's website at www dot clean spark dot com forward slash.
Investor Relations. Thank you for joining US today. This concludes our earnings call and you may now disconnect.