CHICAGO, IL., October 20, 2020 – Water Tower Research has published an Initiation of Coverage Report on CleanSpark (NASDAQ: CLSK). The report focuses on the company’s key drivers, milestones, obstacles and opportunities, and industry megatrends.
“The market for microgrids appears to be in a long-term secular growth trend. One of the key strategies is to make microgrids “smarter,” which can optimize performance and drive a better ROI for customers,” said Shawn Severson, Co-Founder of Water Tower Research and Head of Sustainable Investing and BioEconomy Research. “CleanSpark’s software and hardware are vendor agnostic and can connect and communicate with any components of a microgrid, regardless of brand. The company’s technological approach compares to other industry solutions that are generally just feature-specific and do not easily allow for a Best-in-Class approach in building a microgrid. CleanSpark’s approach is based on intelligent energy software that can model, measure, monitor, and adjust how a microgrid engages with the grid and the various assets. This problem-solving software offers an ROI solution for customers.”
Mr. Severson continued, “Key catalysts and milestones to monitor include reaching financial breakeven status, which management has stated could occur in FY20, additional add-on acquisitions, larger-scale new business wins and accelerating growth of SaaS revenue. Additionally, the company’s balance sheet has improved substantially, following a recent raise of approximately $40 million, which should provide a runway for growth. Some of the challenges include its relatively small size in an industry dominated by much larger, very well-capitalized competitors. Additionally, CleanSpark has proven its ability to compete effectively but will need to continue to expand its sales network and ensure its software platform evolves with the industry.”
The full report can be downloaded HERE.
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