CleanSpark, Inc.

Good afternoon, everyone. Welcome to the CleanSpark Fiscal Year 2022 Q1 Earnings Call. All participants will be in a listen-only mode. Should you need assistance, please email a conference specialist by pressing the start key followed by zero. A question and answer session will follow today's presentation. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Rachel Silverstein, VP of Compliance and General Counsel.

Welcome, everyone. On behalf of CleanSpark, Inc., thank you for joining our first quarter financial results conference call for fiscal year 2022. My name is Rachel Silverstein, and I am CleanSpark's VP of Compliance and General Counsel. With us today with prepared remarks are CleanSpark's Chief Executive Officer, Zach Bradford, and Gary Veccarelli, our Chief Financial Officer. On today's call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that would cause actual results to materially differ from these forward-looking statements are contained in today's press release and in our filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise. During today's call, we will also discuss certain non-GAAP financial measures in talking about our performance. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. With that, it is my pleasure to turn the call over to our CEO, Zach Bradford.

Thank you very much. Good afternoon, and thank you all for joining. It was a little over a year ago that we mined our very first Bitcoin in College Park, Georgia. Well, it's been just over a year. I believe it's fair to say that we are no longer new in this space. We've developed relationships across the industry, deepened our understanding of the mining ecosystem, and committed ourselves fully to the Bitcoin project for the value it brings to our shareholders and for the good it does in the world. This is a new era for Queen Spark and for the Bitcoin blockchain. We are evolving as a company and as an industry, becoming more transparent, more deliberate, and more intentional in what we do. Bitcoin mining has become our business, and we expect to bring fiscal discipline and operational focus to this great opportunity. We've heard your feedback about our previous communications, and with that in mind, hope to use this call to usher in a new era of transparency. To do that, I want to share with you our vision for CleanSpark. It's actually quite simple. Our vision is to be a top five Bitcoin miner. Please note my emphasis on Bitcoin rather than other cryptocurrencies. I echo what Fidelity's analysts recently said. Bitcoin is a superior form of money, different than other types of money that have come before, and different than any other digital currency in the market. The vision is clear to us. How we get there is also clear. Bitcoin now accounts for 90% of our revenues. Our commitment to mining Bitcoin means we are considering strategic alternatives for the energy business. All options are on the table. But know this, as a CleanSpark investor, you are investing in a sustainable Bitcoin mining company. After we share our quarterly results, we'll take some time to unveil our strategic intentions to help you understand what makes us different from other miners. With that, I'd like to transition our focus to some of our business highlights for the quarter. It was a record-breaking quarter in almost every sense of the word. We mined 660 Bitcoin, over a third of which was mined in December alone. I cannot emphasize enough how remarkable this growth has been. I'm so appreciative of the teams that racked machines through the busiest time of year to achieve these incredible results. Because of their work, we ended the quarter with a hash rate of 1.9 exahash per second. And just days after the quarter ended, we exceeded 2 exahash. We are currently operating 74 megawatts of power in support of Bitcoin mining, of which 47 megawatts are at our own properties and 27 megawatts are at co-location facilities. We also have an additional 20 megawatts under development at our newest facilities. Our growth in this area has been truly remarkable. Since January of last year, we've mined over 1,826 Bitcoins, and our hash rate has steadily increased to now exceed 2.1 exahash. While we talk a lot about numbers on these calls, it's about people. That's why we're in this business, to make the world a little better, fairer, more sustainable, and more resilient. One way we are doing this is by doubling down on the commitments we've made in the communities in which we operate. We recently awarded five scholarships to students in Gwinnett Technical College's computer science program. The scholarships will cover these students' entire associate's degree. We are just getting started and expect to make similar commitments in the future. These commitments are not only important in the sense of giving back, but for demonstrating our long-term partnership with the communities in which we operate. I'll talk more about our community involvement later in the call. But first, I'd like to give the floor to Gary. Before doing that, I just want to say how thrilled we are to have Gary on our team. He brings deep experience in capital markets, and in just the last 60 days or so, has more than demonstrated his ability to effectively lead and communicate strategic priorities. Gary brings more than two decades of technical, operational, and strategic experience in finance and accounting to CleanSpark. He also happens to be a great guy. We're lucky to have him. Gary, I'll let you take it from here.