As shown above, it lost about $4.5M in the first half of 2020. CLSK is still suffering consistent losses. Q120 and Q220 show revenue growth over the same quarters respectively in 2019. The following are CLSK’s revenues and losses over the past eight quarters: In our opinion, the company is likely worth about that amount today, if not less because of its many business failures. It states that over three years, from 2013-2016, CleanSpark generated about $14M in revenues.ĬleanSpark was acquired for $36M in an all-equity transaction. Stratean’s 2016 investor presentation, highlights the CleanSpark acquisition on page 8. Stratean later changed its name to CleanSpark. CleanSpark Small Revenues And Consistent LossesĬLSK was acquired in 2016 by Statean Energy, which was a clean energy trash company. Discovery has a history of selling its entire position of its many previous investments. The worst case scenario for CLSK, is if it owes Discover hundreds of millions of shares, as stated in CLSK’s appeal filed on 9/18/20. What we believe most CLSK shareholders don’t realize, is CLSK is in a vicious court battle with Discover which is demanding additional shares at a $1.50 price. What we believe will accelerate CLSK’s downfall, is the expected selling of shares by its largest shareholder, Discover Growth Fund (“Discover”). After a year of cash burn, we believe that the stock will fade back to $2-$3 where it was trading a few months ago. Its technology doesn’t appear to have any advantage over its competition which are established companies like Siemens and GE. However, its business hasn’t generated significant revenues and its losses have remained substantial. We believe the reason for the rapid rise in share price is due to news flow with buzz words that attract retail investors, primarily regarding microgrids and electric vehicle batteries and charging stations, sectors that have become hot this quarter. CLSK has been trading between $2-$3 from early March until early July, which is a fraction of its current price, which closed at $10.40 on 10/7/20. However, the reality is CLSK’s microgrid business has not gained any traction, and we doubt it ever will.ĬLSK was a former OTC traded stock and got uplisted to the Nasdaq on 1/24/20. This allows the company to have a diverse range of tools and abilities to help a client create a suitable microgrid platform.
#CLEANSPARK LAWSUIT SOFTWARE#
( NASDAQ: CLSK) claims to provide software as a service, physical controllers, and consultation services to renewable energy infrastructure.
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