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CleanSpark expects to exceed its 2019 revenue of $4.5 million in the first six months of 2020

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CleanSpark Inc (NASDAQ:CLSK) announced Thursday that it expects to exceed its fiscal 2019 revenue of $4.5 million in the first six months of fiscal 2020. 

In a statement, the Utah-based company noted that it has realized in excess of $275,000 in revenue over the past week as part of $900,000 in pipeline under contract scheduled for the month of March. 

“We are encouraged by the results we have seen this year to date and in demonstrating the success of our growth strategy,” said CEO Zach Bradford.

READ: CleanSpark’s intelligent switchgear shipped to new US Embassy in Beirut

“Our strong sales have continued in March, we have already delivered $275,000 of $900,000 in contracted sales for the month of March. Based on our pipeline under contract, we expect to achieve in excess of $4.5 million in year-to-date sales by the end of March,” he added.

CleanSpark makes software that allows an energy microgrid to be scaled to the user’s specific needs and implemented across commercial, industrial, military and agricultural sectors. 

Bradford said this anticipated revenue achievement is driven by a combination of growth initiatives in conjunction with solid overall demand for distributed energy and microgrid products. 

“According to Navigant Research the global market for microgrids is expected to experience a 28% compound annual growth rate from 2020-2029. As a result of our strong sales and the overall growing market demand, we reiterate our target of $10 million in revenue for the 2020 fiscal year,” Bradford said.

“Our focus remains on growing our high margin revenue streams including services and software sales. On the back of our strong revenue growth and improved revenue mix, we maintain our belief that we can reach profitability before the end of the calendar year.”

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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