Slides
Page 1
CLEANSPARK
Page 2
FY2026 THIRD QUARTER EARNINGS CALL A U G U S T 2 0 2 6
Page 3
F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this presentation, forward - looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for data center development, high - performance computing ("HPC"), and artificial intelligence ("AI"), a nd other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify for ward - looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "proje cts ," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar e xpr essions. The forward - looking statements are subject to a variety of known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or ac hie vements expressed or implied by the forward - looking statements, including, but not limited to: the success of development and commerc ialization of some or all of our existing portfolio of bitcoin mining sites, as well as our other power and land assets, as data centers ha ving operations other than bitcoin mining; identification and acquisition of new sites and power capacity capable of supporting data centers; risks related to data center construction and operations, including permitting and utility constraints, construction delays, cost overruns, fi nan cing and supply - chain challenges, tenant performance, and the possibility projects may not be completed, delivered or operated on the ant icipated timeline, budget or terms; the success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in t he emerging and evolving industries in which the Company operates, including the volatility of BTC prices; increasing difficulty rates for bi tco in mining; bitcoin halving; changes to compute and data center infrastructure; new or additional governmental regulation; dependency on utility ra te structures and government incentive programs; dependency on third - party power providers for expansion efforts; the expectations of future revenue growth may not be realized, including in respect of the data center development, leasing, and compute markets; and ot her risks described in the Company's prior presentations and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward - looking statements contained herein are made only as to the date of this presentation, and we assume no obligation to update or revise any forward - looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law. L E G A L D I S C L A I M E R
Page 4
M A TT S C H U L TZ C H I E F E X E C U T I V E O F F I C E R & C H A I R M A N F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L
Page 5
High - Investment - Grade Tenant Triple Net lease structure 20 - year base term Vertically integrated EPCM/GC design and build partner fully contracted S A N D E R S V I L L E L E A S E S U B S T A N T I A L L Y DE - R I S K E D F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L 175 MW I T C A P A C I T Y 1 $6.6 B C O N T R A C T V A L U E 1 ~$3 30 M A V G . A N N U A L N O I 1 (1) Defined as contractual rental revenue less property - level operating expenses before depreciation, corporate overhead, interest and taxes
Page 6
F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L P R E M I U M T E X A S A S S E T S U N D E R E X C L U S I V I T Y S E A L Y OVERVIEW • 285 MW in Austin County, TX • ~ 5 0 miles west of Houston • Center P oint Energy ERCOT • Anticipate ERCOT Batch 0 – baseload designation • Facility Extension Agreement approved in 2025 E NERGY AVAILABILITY 1 • Substation construction underway • 209 MW mid - 2027 • 52 MW mid - 2028 • 2 4 MW mid - 2029 B R A Z O R I A OVERVIEW • Up to 600 MW in Brazoria County, TX • ~ 5 5 miles south of Houston • Center P oint Energy ERCOT • Phase I – 300 MW – anticipate ERCOT Batch 0 – baseload designation • Phase II – 300 MW - anticipate ERCOT Batch 0 ENERG Y AVAILABILITY 1 • Long - lead items procurred • Phase I – 300 MW – YE2027 • Phase II – 300 MW – mid - 2028 1. Anticipated energy availability dates as of 8/6/26.
Page 7
G A RY V E C C H I A RE L L I P R E S I D E N T & C H I E F F I N A N C I A L O F F I C E R F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L
Page 8
REVENUE $138.0 MM $136.4 MM GROSS PROFIT 1 $52.5 MM 38% $54.7 MM 40% NET LOSS ($239.8 MM ) ($378.3 MM ) ADJUSTED EBITDA 2 ($113.0 MM ) ($241.2 MM ) F I N A N C I A L P E R F O R M A N C E : Q 3- ’ 2 6 v s Q 2- ’ 2 6 F I N A N C I A L P E R F O R M A N C E 1. Gross Profit is calculated as (Total Revenue – Cost of Revenue)/Total Revenue 2. Refer to Non - GAAP Adjusted EBITDA reconciliation in appendix. Q3 – ‘26 Q2 – ‘26
Page 9
M A I N T A I N S T R O N G L I Q U I D I T Y $917MM of total liquidity as of 6/30/26 (~$200MM cash + ~14,000 BTC). Source of non - dilutive capital for highly - accretive growth S H A R E H O L D E R - F O C U S E D C A P I T A L S T R U C T U R E Pursue lower WACC through disciplined approach to utilizing debt and minimizing reliance on equity C A P I T A L S T E W A R D S H I P : F U N D I N G G R O W T H W H I L E P R E S E R V I N G F I N A N C I A L F L E X I B I L I T Y Financial strategy provides optionality for AI infrastructure development Preserves corporate liquidity, improves capital efficiency and enables access to lower cost of capital P R O J E C T - L E V E L F I N A N C I N G F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L
Page 10
Q&A F Y 2 0 2 6 T H I R D Q U A R T E R E A R N I N G S C A L L
Page 11
N O N - G A A P A D J U S T E D E B I T D A R E C O N C I L I A T I O N ($ in thousands) For the three months ended June 30, For the nine months ended June 30, Reconciliation of non-GAAP Adjusted EBITDA 2026 2025 2026 2025 Net (loss) income $ (239,842 ) $ 257,390 $ (996,896 ) $ 365,389 Depreciation and amortization 111,037 94,880 333,229 240,010 Share-based compensation expense 14,548 4,488 38,734 10,609 Gain (loss) on derivative securities, net (5,673 ) 430 (12,628 ) 1,549 Interest income (2,143 ) (355 ) (7,400 ) (3,845 ) Interest expense 2,040 3,454 7,790 6,280 Other income (318 ) (1,509 ) (187 ) (1,692 ) Loss (gain) on disposal of assets 2,925 156 6,692 (2,865 ) Fees related to financing & business development transactions 4,973 22 10,243 653 Litigation & settlement related expenses 807 638 3,267 1,179 Severance and other 150 — 50 12 Income tax (benefit) expense (2,969 ) 18,107 (44,275 ) 24,281 Indirect tax contingency expenses 1,500 — 6,393 — Impairment expense — — 5,406 — Non-GAAP Adjusted EBITDA $ (112,965 ) $ 377,701 $ (649,582 ) $ 641,560 N O N- G A A P A D J U S T E D E B I T D A R E C O N C I L I A T I O N