#1Investor Presentation December 2023 CleanSpark NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark#2Disclaimer CleanSpark cautions you that statements in this presentation that are not a description of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Actual results may differ from those set forth in this presentation due to the risk and uncertainties inherent in our business, including, without limitation: 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 achievements expressed or implied by the forward-looking statements, including, but not limited to: the success of its bitcoin mining activities; the volatility of bitcoin value and energy prices; disruptions in the crypto asset markets; market perception of the Company's business and the crypto asset markets generally; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; increasing difficulty rates for bitcoin mining; future hashrate growth; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts and power rates; the risk that future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and any subsequent filings with the SEC. The forward-looking statements in this presentation are based upon information available to us as of the date it is given, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This presentation also contains aspirational statements regarding our efforts to source renewable and clean energy. Our sustainable energy strategy includes the use of renewable energy certificates as well as other strategies and efforts we may employ from time to time to mitigate or change our energy mix. Our sustainable energy strategy is at least in part dependent on the ability of certain third parties with which we contract to supply renewable and clean energy, and we do not control or independently review or audit their efforts or data. NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark 2#3CleanSpark is America's Bitcoin Miner™ Transformational infrastructure Industry-leading ☐☐ operational track record. 88,825 Miners deployed 155,000 Miners at full deployment $168M Revenue FYTD Exceptionally strong B balance sheet ~$71M Cash balance¹ 10 EH/s Deployed hashrate 20.4 EH/s After full deployment² 44% FY2023 gross profit margin 2,575 BTC/~$97M Bitcoin Held¹ 5 Owned & operated data centers 1. Unaudited, as of November 30, 2023. 2. Includes recent purchase of 4.4 EH/s of S21s. NASDAQ: CLSK 6,903 FYTD Bitcoin Mined $14.8M Total debt¹ Copyright 2023 CleanSpark | 3#4With a Proven Track Record of Strategic Growth Proven Track Record of Growth 28% YOY Revenue Growth¹ 135% YOY Hashrate Growth² Market- driven Strategies 1.5¢ Power rates as low as³ 1234 From September 30, 2022, to September 30, 2023 From September 30, 2022, to September 30, 2023 FY2023 wholesale low. FY2023 all-in power rate at wholly-owned and operated facilities is 4.8 cents. Purchased direct from Bitmain Fall 2023. NASDAQ: CLSK All Rights Reserved. $14/TH Purchased S21s at historic lows⭑ Copyright 2023 CleanSpark 4#5Price per Bitcoin A Track Record of Never Letting a Bear Market Go to Waste $70,000 $60,000 $50,000 B $40,000 $30,000 $20,000 $10,000 FIRST BITCOIN MINED December 2020 S- 1,000TH BITCOIN MINED October 2021 1 EH/S September 2021 2 EH/S January 2022 4 EH/S September 2022 PURCHASED 10,000 S19J PRO MINERS September 2022 PURCHASED 20,000 S19J PRO+ MINERS February 2023 5 EH/S & ACQUIRED NEW SANDERSVILLE, GA, FACILITY FROM MAWSON, INC October 2022 ACQUIRED NEW DALTON, GA, FACILITY FROM MAKERSTAR June 2023 PURCHASED 12,500 ANTMINERS19 XP MINERS ACQUIRED 4.4 EH/S OF NEW ANTMINER S21 MINERS October 2023 June 2023 8 EH/S July 2023 ACQUIRED FIRST BTC MINING FACILITY IN COLLEGE PARK, GEORGIA December 2020 ACQUIRED NEW 20 MW IMMERSION-COOLED FACILITY December 2021 *EH/S = Exahash per second NASDAQ: CLSK 2020 2021 All Rights Reserved. 3 EH/S August 2022 6 EH/S December 2022 PURCHASED 45,000 ANTMINER S19 XP MINERS April 2023 ACQUIRED FACILITY IN WASHINGTON, GA, FROM WAHA TECHNOLOGIES August 2022 2022 RELEASED ESG AND CORPORATE RESPONSIBILITY REPORT March 2023 2023 10 EH/S October 2023 Copyright 2023 CleanSpark |#6A Track Record of Pragmatically Growing our Bitcoin Balance Price Per Bitcoin NASDAQ: CLSK $50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 HODL vs BTC Price Bitcoin is a strategic part of our capital strategy. We are bullish on bitcoin and believe it plays an important role in our growth plans. $- Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 BTC HODL Balance All Rights Reserved. BTC Price 3,000 2,500 2,000 1,500 1,000 500 Bitcoins in Treasury Copyright 2023 CleanSpark | 6#7A Track Record of Being a Top Bitcoin Producer Hashrate (EH/s) 18 16 14 1,227B 12 10 964B 889B 8 660B 10 6 4 4.08 2 2.84 2.3 1.69 NASDAQ: CLSK 1,530B 1,872B 2,000 1,877B 16 1,624B 1,800 1,600 1,400 Now over 10 EH/s! 1,200 9.6 1,000 6.6 6.7 6.2 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Q2 FY2023 Forecasted Hashrate Hashrate Q3 FY2023 Q4 FY2023 -Total Bitcoin Mined Q2 FY2024 BEGINNING OF FISCAL YEAR 2023 42,000+ Operational Miners 4.2 EH/S All Rights Reserved. NOVEMBER 30, 2023 -88,825 Operational Miners 10+ EH/s 800 600 400 200 Quarterly Bitcoin Mined Copyright 2023 CleanSpark | 7#8Bitcoin is a Superior Form of Money a B ப Gold B Bitcoin Fiat Currency NASDAQ: CLSK X [] Durable Divisible Fungible Portable Verifiable Scarce Track Record × ✓ × × While all are physically durable, fiat currency over history has not maintained purchasing power durability. Physical gold is only divisible into small pieces; Bitcoin is divisible to eight decimals. Gold and bitcoin are fungible, but fiat currency is not fungible with oth er fiat (US Dollar is not fungible with the Canadian Dollar). Gold has a high value-to- weight ratio, but it is still heavy and cumbersome to transport compared to the others. Both gold and fiat currency have been counterfeited; Gold can be verified but only through cumbersome assay. Gold is scarce, bitcoin is scarce and finite; The only constraint on fiat currency is willingness of government or central bank. Gold has the longest track record of money and maintaining purchasing power; Bitcoin's history is the shortest; Fiat currency has a All Rights Reserved. poor track record. Source: Bitcoin First, Fidelity Digital Assets, 2022 Copyright 2023 CleanSpark | 8#9Best Operators in the Industry NASDAQ: CLSK Leading efficiency Proprietary infrastructure Extraordinary people Energy expertise Massive scale America's Bitcoin Miner 0 (20 All Rights Reserved. Copyright#10Leaders in Efficiency Efficiency of Fleet: We mine more bitcoin with less power ● Current fleet efficiency: 26.4 J/TH1 • Expected fleet efficiency at 20.4 EH/s: 24.1 J/TH² Efficiency of Operations: We run our own facilities • Highest hashrate realization in the industry at scale³ We are one of the most efficient operators in the industry • Maximum flexibility and industry-leading margins Efficiency of Capital: Faster ROI for shareholders Build, buy rigs, and deploy as quickly as possible Identify market trends to acquire latest-gen ASICs at industry-setting prices 1. 2. 3. November 30, 2023. TheMinerMag, August 2023 Based on expected upgrades and optimization. NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 10#11Building Proprietary Infrastructure "Owning our infrastructure makes us more efficient, predictable, and reliable. This strategy has made us one of the top operators in the industry." NASDAQ: CLSK Predictability Efficiency Zach Bradford, CEO We own 3.2 million sq. ft. of real estate and infrastructure adjacent to energy resources, putting us in control of our destiny. All Rights Reserved. Reliability ■ Owned & Operated 78% ■ Co-Located 22% As of November 30, 2023 Copyright 2023 CleanSpark | 11#12Best-in-Class Teams Best Mining Technicians: We have a team of experts who deeply understand Bitcoin technology with extensive knowledge of mining equipment, safety protocols, and the latest technological advancements in the field. Best Repair Teams: They are the heartbeat of our mining operations. Our team is dedicated to optimizing, refurbishing, and maximizing the efficiency of our rigs. We've saved hundreds of thousands of dollars with in-house repairs. Best Site Leaders: Our site leaders have an unwavering commitment to staying ahead of the curve. They leverage cutting-edge technologies and adapt strategies to ensure we're always at the forefront of the mining landscape. Best Corporate Support: It's not just about technology - it's about people. Our leaders foster a culture of collaboration, empowerment, and continuous learning. They inspire and motivate our teams to reach new heights, turning challenges into opportunities and obstacles into stepping stones. Best Management Teams: Our management team isn't just experts - they're visionaries. With years of hands-on experience and a deep understanding of the intricacies of Bitcoin mining, they're the driving force behind our operation's efficiency, innovation, and profitability. CleanSpark NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 12#13Our Energy Expertise Drives Sophisticated Power Management NASDAQ: CLSK "By running at max operating power when electricity costs are lowest, and optimizing when electricity costs are higher, we have been able to achieve some of the best margins in the industry, all while maintaining one of the highest realized hashrates in North America." Gary Vecchiarelli, CFO 13% FY-23 Power Cost 6% 6% ■Wholesale Electricity $0.036 Transmission & Distribution $0.006 ■Profit Margin to City $0.003 Taxes $0.003 75% Total Cost of Power $0.048 All Rights Reserved. Copyright 2023 CleanSpark | 13#14Positioned to Accumulate Rapid Gains as We Scale Quarterly Gross Margin at 16 EH/s NASDAQ: CLSK (in Millions) Global Hashrate (EH/s) Bitcoin Price $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 300 EH/s $44m $65m $86m $107m $128m $149m $171m 5.3% 325 EH/s $37m $57m $76m $96m $115m $135m $154m 4.9% 350 EH/s $31m $50m $68m $86m $104m $122m $140m 4.6% 375 EH/s $27m $44m $60m $77m $94m $111m $128m 4.3% 400 EH/s $22m $38m $54m $70m $86m $102m $118m 4.0% 425 EH/s $19m $34m $49m $63m $78m $93m $108m 3.8% 3.6% 450 EH/s $15m $29m $44m $58m $72m $86m $100m Footnote: Key assumptions: Miner up-time 98%; Average realized power cost: $.048; Pre-halving alized power All Rights Reserved. TROY CLSK Share of Global Hashrate Copyright 2023 CleanSpark 14#15Bitcoin Mining Data Centers Dalton, Georgia .8 EH/s Norcross, Georgia .5 EH/s Washington, Georgia 3.2 EH/S Sandersville, Georgia College Park, Georgia 2.4 EH/s 1.5 EH/s *Hashrate as of November 30, 2023. NASDAQ: CLSK Massena, New York 1.6 EH/s All Rights Reserved. Copyright 2023 CleanSpark | 15#16Georgia: (Actually) the Best State to Mine Bitcoin Legend CleanSpark Bitcoin Mining B Facility Nuclear Power Plant B University of Georgia Georgia Institute of Technology Emory University Morehouse College A Spelman College Dalton State College Morris Brown College NASDAQ: CLSK Why We Love Georgia: B G B % B All Rights Reserved. Best State for Business 9 years in a row - Area Development, 2022 Competitive Fiscal and Tax Structure Ranked 8 for corporate tax climate - Tax Foundation, 2023 Educated and Growing Workforce McKinsey Global Institute Analysis, 2022 Temperate Climate National Weather Service, 2023 4 Abundant, Affordable Energy North American Electric Reliability Council, 2023 Copyright 2023 CleanSpark | 16#17Community Impact • • • • • $145+ million in capital commitments over five years in Gwinnett county $2.5+ million in local sales tax across Georgia (FYTD) Supporting renewable generation with Georgia's Flex REC program Chamber Memberships: Georgia, Washington-Wilkes, Washington, Las Vegas, Henderson, Chamber of Digital Commerce Community Days at our facilities Support through volunteering, and tens of thousands of dollars in donations and sponsorships for community events and initiatives Full scholarships for five Gwinnett Tech computer science students Walking trail and benches for College Park nature area NASDAQ: CLSK GEDIGIT TRAILS All Rights Reserved. Copyright 2023 CleanSpark | 17#18Our Facilities* Facility Hashrate No. of Machines MW Uptime Square Footage Utility Provider College Park MEAG/Georgia 1.5 EH/s 12,022 38 99.82% 261,360 Power Norcross .5 EH/s 4,289 17.7 99.94% 317,988 Georgia Power Washington 3.2 EH/s 25,840 828 82 98.83% 1,176,120 MEAG Sandersville 2.4 EH/s 23,600 72 98.53% 1,437,480 MEAG *As of November 30, 2023 NASDAQ: CLSK Dalton .8 EH/s 6,114 Co-locations 20 20 99.70% 87,120 Dalton Utilities 50 1.6 EH/s 16,368 97.53% N/A NYISO Total 10 88,825 279.7 98.80% 3,280,068 All Rights Reserved. Copyright 2023 CleanSpark | 18#19NASDAQ: CLSK Investment Highlights Infrastructure First 20 17.9 13.6 15 ■ Owned & Operated 78% 10 5 ■ Co-Located 22% Efficiency 26.4 J/Th As of November 30, 2023 Operational Leader Realized Hashrate of Bitcoin Mining Companies 9.5 9.4 7.7 6.6 5.9 5.7 4.7 4.0 Clean Balance Sheet, Low Leverage Total Assets $761.6m Total Debt $14.8m MARA CORZ STOR CSK As of October 31, 2023 RIOT CIFR BITF IREN WULF HIVE NB2.DE 2.7 2.1 1.7 1.7 1.4 0.9 ARBK Regional Expertise (Georgia) All Rights Reserved. HUT8 BTBT DGHI DMG Source: The Miner Mag September 30, 2023 Profitable Operations Adjusted EBITDA $25M September 30, 2023 Copyright 2023 CleanSpark | 19#20Appendix CleanSpark NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 20#21Glossary Word Definition CY EBITDA EH/s FY Hashrate Realization HODL J/TH Abbreviation for calendar year; refers to the timeframe of January 1, 2023, through December 31, 2023. Abbreviation for earnings before interest, taxes, depreciation, and amortization; is a widely-used, non-GAAP measure of a company's financial health. Abbreviation for exahashes per second; a measurement of hashrate. An exahash is equivalent to 1 quintillion hashes per second. Abbreviation for fiscal year; refers to the budget year used for accounting purposes (October 1, 2022, through September 30, 2023). Expressed as a percentage of a company's stated hashrate and calculated based on how much bitcoin a company is expected to produce. Hold on for dear life; slang description for the strategy of not selling Bitcoin despite market volatility. Abbreviation for Joules per Terahash; used to describe a bitcoin mining fleet's efficiency using its energy-to-hashrate ratio. KWh Abbreviation for kilowatt-hour; a measurement based on the amount of energy it takes to run a 1,000-watt appliance for 1 hour. MW Abbreviation for megawatt; an energy measurement equivalent to 1 million watts. MRQ Abbreviation for most recent quarter; refers to the fiscal quarter that most recently ended. Uptime Percentage of time a miner is operational is often used interchangeably with hashrate realization. NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 21#22Leaders of Teams and Industries Natasha Betancourt Chief of Staff NASDAQ: CLSK Taylor Monnig SVP, Mining Isaac Holyoak Chief Communications Officer Gary A. Vecchiarelli Chief Financial Officer Zach Bradford CEO & President S. Matthew Schultz Executive Chairman All Rights Reserved. Scott Garrison SVP, Growth Joni McMillan VP, Organizational Development Bradley Audiss VP, Operations Copyright 2023 CleanSpark | 22#23Other Resources B What is Bitcoin? S_G ESG & Corporate Responsibility Report 2023 肉 Facility Locations NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 23#24Bitcoin & Traditional Assets ROI Source: Creative Planning Bitcoin Gold NASDAQ 100 S&P 500 2014 -58% -2% 19% 14% 2015 35% -11% 10% 1% 2016 125% 8% 7% 12% 2017 1331% 13% 33% 22% 2018 -73% -2% 0% -4% 2019 95% 18% 39% 3% 2020 301% 25% 49% 18% 2021 2022 66% -4% 27% 29% -66% -1% -33% -18% 2023 YTD 127% 11% 36% 18% 2014-23 Annualized 48% 5% 16% 9% NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 24#25Income Statement FYE-23 ($ in thousands, except per value and share amounts) Revenue, net Bitcoin mining revenue, net Other services revenue Total revenue, net $ Q1-23 December 31, 2022 Q2-23 March 31, 2023 Q3-23 June 30, 2023 Q4-23 September 30, 2023 FYE-23 September 30, 2023 27,746 42,488 45,427 52,460 $ 168,121 73 58 96 60 287 27,819 42,546 45,523 52,520 $ 168,408 Costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) Professional fees Payroll expenses 20,416 22,082 20,681 30,401 93,580 2,831 3,750 2,225 2,063 10,869 9,802 9,750 10,405 15,757 45,714 General and administrative expenses Loss on disposal of assets Other impairment expense (related to bitcoin) Realized (gain) loss on sale of bitcoin Depreciation and amortization Total costs and expenses 3,724 4,329 5,064 7,706 20,823 3 1,928 1,931 83 194 740 6,146 7,163 517 (1,422) 143 (595) (1,357) 19,329 21,346 21,850 58,203 120,728 56,702 60,032 61,108 121,609 $ 299,451 Loss from operations (28,883) (17,486) (15,585) (69,089) (131,043) Other income 11 11 Change in fair value of contingent consideration 485 2,000 (1) 2,484 Unrealized gain (loss) on derivative security (1,271) 56 105 851 (259) Interest income 70 52 52 307 481 Interest expense (889) (799) (689) (600) (2,977) Total other (expense) income (1,605) (680) 1,468 557 (260) NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 25#26Income Statement FYE-23 (cont'd) ($ in thousands, except per value and share amounts) Loss before income tax expense Income tax expense Loss from continuing operations Discontinued operations Gain (Loss) from discontinued operations Q1-23 December 31, 2022 Q2-23 March 31, 2023 Q3-23 June 30, 2023 (30,488) $ (30,488) (18,166) (18,166) (14,117) (14,117) Q4-23 September 30, 2023 FYE-23 September 30, 2023 (68,532) 857 (69,389) (131,303) $ 857 (132,160) Net loss Loss from continuing operations per common share - basic Weighted average common shares outstanding - basic Loss from continuing operations per common share - diluted Weighted average common shares outstanding diluted Adjusted EBITDA calculation: Net loss (Gain) loss on discontinued operations Depreciation and amortization Share-based compensation expense Other income Change in fair value of contingent consideration Unrealized (gain) loss of derivative security Interest income Interest expense Loss on disposal of assets $ 1,457 (294) (102) (5,490) $ (4,429) $ (29,031) (18,460) (14,219) (74,879) $ (136,589) Other comprehensive income 29 29 28 30 116 Total comprehensive loss attributable to common shareholders $ (29,002) (18,431) (14,191) (74,849) $ (136,473) $ (0.46) 66,395,174 (0.46) 66,395,174 (0.23) (0.12) (0.47) $ (1.29) 80,469,471 114,844,402 148,1579,790 102,707,509 (0.23) (0.12) (0.47) 80,469,471 114,844,402 148,1579,790 (1.29) 102,707,509 $ (29,031) (18,460) (14,219) $ (136,589) (1,457) 294 102 (74,879) 5,490 4,429 120,728 19,329 21,346 21,850 58,203 24,142 5,878 5,743 5,947 6,574 (11) (11) (485) (2,000) (2,484) 1 259 1,271 (56) (105) (851) (481) (70) (52) (52) (307) 2,977 889 799 689 600 1,931 3 1,928 Income tax expense 857 857 Litigation related expenses 1,163 3,056 7,872 1,036 2,617 Professional fees related to financing & business development transactions 697 542 48 85 22 Severance expenses 701 701 Adjusted EBITDA (1,971) 12,721 13,333 945 $ 25,028 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 26#27Income Statement FYE-22 ($ in thousands, except per value and share amounts) Revenue, net Bitcoin mining revenue, net Other services revenue Total revenue, net Costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) Professional fees Payroll expenses General and administrative expenses (Gain) loss on disposal of assets Other impairment expense (related to bitcoin) Impairment expense - other Impairment expense - goodwill Realized (gain) loss on sale of bitcoin Depreciation and amortization Total costs and expenses Income (loss) from operations Other income Change in fair value of contingent consideration Realized gain on sale of equity security Unrealized loss on equity security Unrealized gain (loss) on derivative security Interest income Interest expense Total other income (expense) NASDAQ: CLSK Q1-22 December 31, 2021 Q2-22 March 31, 2022 Q3-22 June 30, 2022 Q4-22 September 30, 2022 FYE-22 September 30, 2022 $ 36,975 $ 36,965 $ 30,942 $ 26,118 $ 131,000 150 233 87 55 525 $ 37,125 $ 37,198 $ 31,029 $ 26,173 $ 131,525 5,636 8,684 10,288 16,626 41,234 3,102 1,059 1,428 880 6,469 7,328 8,806 8,076 16,710 40,920 1,816 2,773 2,119 3,716 10,424 278 (921) (643) 6,222 812 4,418 758 12,210 250 250 12,048 12,048 (9,995) 2,734 5,235 (541) (2,567) 7,427 10,452 14,781 16,385 49,045 $ 21,814 $ 34,399 $ 46,345 $ 66,832 $ 169,390 15,311 2,799 308 55 291 1 (2) 299 33 (53) $ 333 $ (15,316) (40,659) (37,865) 308 (40) 306 1 (2) (1,410) 52 (1,033) 52 194 54 (8) (314) (703) (767) $ (1,295) $ (495) $ (1,950) 191 (1,078) (2,224) All Rights Reserved. Copyright 2023 CleanSpark | 27#28Income Statement FYE-22 (cont'd) ($ in thousands, except per value and share amounts) Q1-22 December 31,2021 Q2-22 March 31, 2022 Q3-22 June 30, 2022 Q4-22 September 30, 2022 FYE-22 September 30, 2022 Income (loss) before income tax expense Income tax expense Income (loss) from continuing operations Loss from discontinued operations Net income (loss) Other comprehensive income $ 15,644 $ 2,032 $ (16,611) $ (41,154) $ (40,089) 15,644 2,032 (1,158) (2,203) 14,486 (171) 18 28 (16,611) (12,729) (29,340) 29 (41,153) (1,147) (42,301) 41 (40,089) (17,237) (57,326) 116 Preferred stock dividends. (315) (20) (335) Total comprehensive income (loss) attributable to common shareholders $ 14,189 $ (163) $ (29,311) $ (42,261) $ (57,546) Income (loss) per common share - basic. $ 0.38 $ Weighted average common shares outstanding basic 40,279,938 (0.05) 41,336,342 $ Income (loss) per common share diluted 0.38 Weighted average common shares outstanding diluted 40,485,761 (0.05) 41,395,075 (0.40) 41,277,090 (0.40) 41,277,090 $ (0.97) 42,614,197 (0.97) 42,614,197 $ (0.95) 42,614,197 (0.95) 42,614,197 Adjusted EBITDA calculation: Net income gain (loss) Loss on discontinued operations Impairment expense - other Impairment expense - goodwill Depreciation and amortization Share-based compensation expense Other income $ 14,486 $ (171) $ 1,158 2,203 (29,340) 12,729 $ (42,301) 1,147 $ (57,326) 17,237 250 250 12,048 12,048 7,427 5,749 10,452 6,554 14,781 16,385 49,045 5,213 13,949 31,465 Change in fair value of contingent consideration (55) (291) 41 (305) Realized gain on sale of equity security (1) (1) Unrealized loss of equity security 2 2 Unrealized (gain)/loss of derivative security (299) 1,410 1,033 (194) 1,950 Interest income (33) (52) (52) (54) (191) Interest expense 53 8 314 703 1,078 Legal fees related to litigation development transactions (Gain) loss on disposal of assets Professional fees related to financing & business Severance expenses Adjusted EBITDA 278 (921) (643) 136 116 $ 28,901 $ 143 126 41 189 597 289 102 14 19,638 $ 5,112 $ 2,711 $ 521 827 405 56,362 NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 28#29Balance Sheet ($ in thousands, except per value and share amounts) Assets Current assets Cash and cash equivalents Accounts receivable, net Inventory Prepaid expense and other current assets Bitcoin Derivative investment asset Investment in debt security, AFS, at fair value Current assets held for sale Total current assets Property and equipment, net Operating lease right of use asset Intangible assets, net Deposits on miners and mining equipment Other long-term asset Goodwill Long-term assets held for sale NASDAQ: CLSK Total assets September 30, 2023 September 30, 2022 $ $ 29,215 20,463 5 27 809 216 12,034 7,931 56,241 11,147 2,697 2,956 726 610 445 7,426 $ 102,172 $ 50,776 $ 564,395 $ 376,781 688 551 4,603 6,485 75,959 12,497 5,718 3,990 8,043 $ 761,578 $ All Rights Reserved. 1,545 452,625 Copyright 2023 CleanSpark | 29#30Balance Sheet (cont'd) ($ in thousands, except per value and share amounts) Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities Current portion of operating lease liability Current portion of finance lease liability Current portion of long-term loans payable Dividends payable Current liabilities held for sale Total current liabilities Long-term liabilities Operating lease liability, net of current portion Finance lease liability, net of current portion Loans payable, net of current portion Deferred income taxes Long-term liabilities held for sale Total liabilities Stockholders' equity Common stock Preferred stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity NASDAQ: CLSK September 30, 2023 September 30, 2022 $ 65,577 $ 181 130 6,992 24,662 113 260 7,786 21 1,175 1,199 $ 74,055 $ 34,041 519 9 8,911 857 447 180 13,433 512 $ 84,351 $ 48,613 160 2 1,009,482 226 (332,643) 677,227 $ 761,578 $ All Rights Reserved. 56 2 599,898 110 (196,054) 404,012 452,625 Copyright 2023 CleanSpark | 30#31Facility: College Park 1.5 Hashrate (EH/s) 12,022 No. of Machines -$ 38 Megawatts 99.82% Uptime 261,360 Square Footage NASDAQ: CLSK 2500 KVA CleanSpark MEAG/ Georgia Power CleanSpark's first ever bitcoin mining facility is in College Park, Georgia. It sits on six acres near the Hartsfield-Jackson Atlanta International Airport and features at its heart 48 new generation air-cooled pods enclosed by a Department of Transportation sound wall. Machines are also housed in 20 Ant boxes, an annex building and within the original data center. CleanSpark founder and CEO Zach Bradford originally visited the operation to consult on an energy project but quickly recognized the opportunity to lead one of the most important energy projects of our generation: bitcoin mining. Utility Provider All Rights Reserved. ESTABLISHED DECEMBER 2020 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2023 CleanSpark | 31#32Facility: Norcross .5 Hashrate (EH/s) 4,289 No. of Machines 渋 17.7 Megawatts 99.94% Uptime 317,988 Square Footage NASDAQ: CLSK Cleangg TAS Georgia Power An 87,000-square-foot data center in Norcross was purchased and transformed into CleanSpark's second Bitcoin mining facility. Situated on over seven acres, the immersion- cooled site participates in Georgia's Flex REC program and is 100% net carbon-neutral. There are two large rooms that house 20 MW of single-phase immersion - about 4,300 machines. Liquid immersion cooling, where the bitcoin mining machines are fully immersed in a specialized oil, has proven to significantly improve efficiency by reducing power consumption and extending the life of the machines - thereby maximizing financial gains. Utility Provider All Rights Reserved. ESTABLISHED AUGUST 2021 OWNED & OPERATED IMMERSION- COOLED SYSTEM Copyright 2023 CleanSpark | 32#33Facility: Washington 3.2 Hashrate (EH/s) 25,840 No. of Machines -$ 82 Megawatts Nestled between Augusta and Athens, the historic town of Washington is home to CleanSpark's third bitcoin mining facility. It was purchased during the summer 2022 bear market from another bitcoin miner as an already-operational site. Bitcoin mining machines operate in multiple air-cooled buildings. A completed 50MW expansion created four more buildings filled with an additional 14,000 latest-gen miners. It draws power predominantly from low-carbon sources, such as nuclear energy. Since its acquisition, CleanSpark has contributed hundreds of thousands in taxes to the city and supported numerous local businesses through sponsorships and charities. It is a perfect place to mine bitcoin, and we are thrilled to partner with the community. 98.83% Uptime 1,176,120 Square Footage MEAG Utility Provider NASDAQ: CLSK All Rights Reserved. ESTABLISHED AUGUST 2022 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2023 CleanSpark | 33#34Facility: Sandersville Sandersville 2.4 Hashrate (EH/s) 23,600 No. of Machines 72 渋 Megawatts 98.53% Uptime NASDAQ: CLSK 1,437,480 Square Footage MEAG Utility Provider All Rights Reserved. CleanSpark's fourth bitcoin mining site (and second to be purchased during the summer 2022 bear market) is the largest facility in our portfolio. The turnkey operation in Sandersville was acquired from another bitcoin miner with room to almost triple its capacity. The site is undergoing a massive 150 MW expansion with expected completion later this year. It will feature cathedral-style buildings, some the length of over three football fields. Each building will house thousands of high-performance bitcoin mining machines and, once completed, will add about 7 EH/s to CleanSpark's hashrate. ESTABLISHED OCTOBER 2022 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2023 CleanSpark | 34#35Facility: Dalton .8 Hashrate (EH/s) 6,114 No. of Machines 99.70% Uptime NASDAQ: CLSK 洗 20 Megawatts 0 87,120 Dalton Utilities Square Footage Utility Provider All Rights Reserved. Dalton marks CleanSpark's fifth campus in Georgia. We collaborate closely with the local utility, which is owned and operated by the City of Dalton. This campus is unique, being made of two separate sites a few miles from each other. ESTABLISHED JUNE 2023 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2023 CleanSpark | 35#36Facility: Co-locations NASDAQ: CLSK 1.6 Hashrate (EH/s) 97.53% Uptime 16,368 No. of Machines Most of CleanSpark's hashrate comes from the bitcoin mining locations that we own and operate. However, we also co-locate some of our machines at Coinmint in Massena, New York. The facility runs on hydroelectric power-a prime example of bitcoin mining with clean energy. 楽 50 Megawatts All Rights Reserved. PARTNERED JULY 2021 CO- LOCATED AIR-COOLED SYSTEM Copyright 2023 CleanSpark | 36#37Non-GAAP Measures Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash operating expenses, CleanSpark management believes that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between the Company's core business operating results and those of other companies, as well as providing the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. The Company's Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results. We are providing supplemental financial measures for non-GAAP adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Adjusted EBITDA excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our bitcoin for which the accounting requires significant estimates and judgment, and the resulting expenses could vary significantly in comparison to other companies; and (iv) and impacts related to discontinued operations that would not be applicable to our future business activities. Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. 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. We have also excluded impairment losses on assets, including impairments of our digital currency our non-GAAP financial measures, which may continue to occur in future periods as a result of our continued holdings of significant amounts of bitcoin. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our Consolidated Financial Statements, which have been prepared in accordance with GAAP. We rely primarily on such Consolidated Financial Statements to understand, manage, and evaluate our business performance and use the non-GAAP financial measures only supplementally. NASDAQ: CLSK All Rights Reserved. Copyright 2023 CleanSpark | 37#38NASDAQ: CLSK CleanSpark America's Bitcoin Miner TM All Rights Reserved. 2500 Copyright 2023 CleanSpark