Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 87

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 2
Chunk 87
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 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

    —

    Litigation & settlement related expenses

    348

    —

    Severance and other expenses

    —

    102

    Non-GAAP adjusted EBITDA*
     
    $
    321,649

    $
    69,090

* We have not excluded our net gain on fair value of bitcoin ($218,206 and $36,041 in the three months ended December 31, 2024 and 2023, respectively), which we now record in our condensed consolidated statements of operations and comprehensive income as provided in ASC 350-60, as discussed in the Form 10-K.

Liquidity and Capital Resources

($ presented in 000's)

Our primary requirements for liquidity and capital are working capital, capital expenditures, loan payments, public company costs and general corporate needs. We expect these needs to continue as we further develop and grow our business. Our principal sources of liquidity have been and are expected to be our cash and cash equivalents, bitcoin inventory and proceeds from our convertible note.

As of December 31, 2024, we had total current assets of $1,225,265, consisting of cash and cash equivalents, inventory, prepaid expenses and other current assets, bitcoin, investment in debt security and related derivative asset, current assets held for sale, and total assets