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CleanSpark Inc (NASDAQ: CLSK) On The Rise

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CleanSpark Inc (NASDAQ: CLSK) is an exciting stock making a powerful move up the charts as legions of new shareholder accumulate. It’s easy to get excited about a Company such as CleanSpark which recently announced record revenues of $5.6 million for fiscal year-to-date through April 30, 2020 representing an increase of approximately 414% over the comparable year-to-date revenues in 2019.

Recently CleanSpark and its partner ReJoule were awarded a grant from the California Energy Commission for approximately $2.9 million. The Company was also awarded a $300,000 contract to provide controls and storage for a commercial microgrid located in Southern California.

CleanSpark Inc (NASDAQ: CLSK) provides advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. Its services consist of intelligent energy monitoring and controls, microgrid design and engineering and consulting services. Its software allows energy users to obtain resiliency and economic optimization and is uniquely capable of enabling a microgrid to be scaled to the user’s specific needs that can be widely implemented across commercial, industrial, military and municipal deployment.

Integral to its business is its mPulse and mVSO software platforms. When the Platforms are implemented on a customer’s power system, they are able to control the distributed energy resources on site to provide secure, sustainable energy often at significant cost savings for CleanSpark energy customers. The Platforms allows customers to efficiently manage renewable energy generation, other distributed energy generation technologies including energy generation assets, energy storage assets, and energy consumption assets. By having autonomous control over the distributed facets of energy usage and energy storage, customers are able to reduce their dependency on utilities, thereby keeping energy costs relatively constant over time. The overall aim is to transform energy consumers into energy producers by supplying power that anticipates their routine instead of interrupting it. The Company also owns patented gasification technologies. Its technology converts any organic material into SynGas. SynGas can be used as clean, renewable, environmentally friendly, warming fuel for power plants, motor vehicles, and as feedstock for the generation of DME (Di-Methyl Ether).

CLSK recently reported record revenues; as of April 30, 2020, CleanSpark revenues for the prior seven months were approximately $5.6 million which surpasses its revenues for the entire 2019 fiscal year of $4.5 million by 24%. CleanSpark’s Chief Executive Officer, Zach Bradford, stated, “We have achieved significant progress even in the face of COVID-19. Our current fiscal year-to-date revenues through April 30, 2020 of approximately $5.6 million represent an increase of approximately 414% over the comparable year-to-date revenues in 2019. Our projections lead us to believe that we can maintain course and double our 2019 fiscal year revenues in 2020 and achieve our corporate goal of profitability by the end of this calendar year.”

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CLSK got a boost several weeks ago after the Company and a partner; ReJoule, a battery diagnostics and optimization company announced they have been awarded a grant from the California Energy Commission for approximately $2.9 million and is slated to be deployed over the next 30 months. ReJoule and CleanSpark will be further supported by Ford Motor Company, BigBattery, and GRID Alternatives. CleanSpark expects to receive approximately $470,000 of the grant funding for its microgrid design and mVSO software services and follow-on deployment of its mPulse software and controls. CleanSpark has also agreed to provide over $88,000 in matched funding.

On July 29 CLSK announced it has been awarded a contract to provide controls and storage for a commercial microgrid located in Southern California. CleanSpark expects to realize in excess of $300,000 in initial revenues from the project as well as a long-term software subscription. This microgrid project is designed to provide economic optimization and cost avoidance, as well as energy resiliency for the facility. CleanSpark’s patented mPulse controls platform will manage a Battery Energy Storage System (“BESS”) paired with photovoltaic rooftop solar panels.

Zach Bradford, CEO of CleanSpark said, “Our mPulse controller will optimally manage all of the distributed energy assets to ensure the customer will realize the strongest ROI while maintaining resiliency in the event of a grid disruption. This project requires a particularly short execution timeline due to the client’s urgent needs. CleanSpark’s flexible software architecture and ease of deployment enabled us to commit to the required timelines. The ability to meet this rapid deployment schedule is yet another example of how CleanSpark’s disruptive approach to energy management is a significant competitive advantage.”

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Currently running up the charts CleanSpark is an exciting story developing in small caps; There are a number of catalysts at play here including continued growth and record revenues; recently the Cojmpany reported its fiscal year-to-date revenues through April 30, 2020 of approximately $5.6 million represent an increase of approximately 414% over the comparable year-to-date revenues in 2019. The stock has been moving higher ever since CleanSpark and its partner ReJoule were awarded a grant from the California Energy Commission for approximately $2.9 million. Microcapdaily first reported on CLSK back in 2018 when the stock was trading on the OTCQB. We will be updating on CLSK when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CLSK.

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Disclosure: we hold no position in CLSK either long or short and we have not been compensated for this article.

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