Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 153

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 153
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 does not believe any of such items are normal operating expenses necessary to generate our bitcoin related revenues). For example, we expect that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate our bitcoin-related revenue.

The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, we only utilize that measure supplementally and do not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in our condensed consolidated financial statements, which have been prepared in accordance with GAAP. 

14

The following is a reconciliation of our non-GAAP Adjusted EBITDA to its most directly comparable GAAP measure (i.e., net income (loss)) for the periods indicated:

     ($ in thousands)
     
    For the Three Months Ended December 31,

    Reconciliation of non-GAAP Adjusted EBITDA
     
    2024

    2023

    Net income
     
    $
    246,791

    $
    25,909

    Depreciation and amortization

    66,229

    29,847

    Share-based compensation expense

    3,021

    9,953

    Unrealized (gain) loss of derivative securities

    (3,622
    )

    1,243

    Interest income

    (1,476
    )

    (586
    )

    Interest expense

    1,559

    546

    (Gain)/Loss on disposal of assets

    (791
    )

    677

    Income tax expense

    9,217

    1,399

    Fees related to financing & business development transactions

    373