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What’s Behind the Party in CleanSpark Inc (OTCMKTS:CLSK)?

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One of the more dramatic outperformers in recent action on the OTC is CleanSpark Inc (OTCMKTS:CLSK). Shares have launched higher in recent days, more than tripling in the past week on a massive jump in average trading volume. One of the key catalysts during the run was the company’s announcement that it obtained its first contract executed outside of the United States.

According to the release, “CleanSpark has been awarded a contract to serve as the technical consultant for a large industrial park in Costa Rica. Services will include financial feasibility study, conceptual engineering, procurement and construction support, programming, testing, and commissioning of the system in partnership with a local EPC (Engineering Procurement and Construction) firm. CleanSpark earned this award through strong past performance and by leveraging its Microgrid Value Stream Optimizer (mVSO) to deliver unlevered returns exceeding 15% to the project’s owner. The contract also anticipates the deployment of CleanSpark’s mPulse DER Energy Manager Software to operate the microgrid after completion. The customer owns and operates several other industrial properties throughout the country.”

CleanSpark Inc (OTCMKTS:CLSK) bills itself as a company that provides energy software and control technology in the United States.

The company offers an integrated distributed energy management control platform that provides energy generation with storage devices, as well as controls facility loads to provide energy security in real time to commercial, industrial, mining, defense, campus, and residential users.

It also provides turnkey microgrid implementation services, microgrid design and engineering, project development consulting, and solar photovoltaic installation and consulting. In addition, the company offers mPulse software suite, a modular platform that enables fine-grained control of a Microgrid; and microgrid value stream optimizer that provides a robust distributed energy and microgrid system modeling solution.

Further, it converts various materials, including municipal solid waste, municipal sewage sludge, food and cooking waste, petroleum sludge and oily wastes, animal manures, cellulosic and non-cellulosic biomass, energy crops, scrap tires, and coal into SynGas.

The company’s SynGas is used as clean, renewable, environmentally friendly, and warming fuel for power plants and motor vehicles; and as feedstock for the generation of di-methyl ether. The company was formerly known as Stratean Inc. and changed its name to CleanSpark, Inc. in November 2016. CleanSpark, Inc. was incorporated in 1987 and is based in Bountiful, Utah.

According to company materials, “CleanSpark provides advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. Our services consist of intelligent energy monitoring and controls, microgrid design and engineering, microgrid consulting services, and turn-key microgrid implementation services. CleanSpark’s software allows energy users to obtain resiliency and economic optimization. Our software is uniquely capable of enabling a microgrid to be scaled to the user’s specific needs and can be widely implemented across commercial, industrial, military and municipal deployment.”

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As noted above, CLSK just announced its first contract executed outside of the United States.

We’ve witnessed 180% piled on for shareholders of the company during the trailing month. What’s more, the listing has registered increased average transaction volume recently, with the past month seeing approaching 920% over the long run average. This should not be overlooked with the stock trading on a float that is relatively small at just 23.7M shares.

“It’s refreshing to see local businesses committing to sustainability. Costa Rica, as a country has been a leader in renewable energy.  The industrial sector has much to gain from microgrid solutions by way of cost avoidance, critical power support and improved power quality.  We’re pleased mVSO has identified these opportunities, and we’re eager to deliver the benefits in the field,” said CleanSpark’s Director of Analytics, Billy Gamboa.

Earning a current market cap value of $255.58M, CLSK has a bankroll ($413K) of cash on the books, which is balanced by about $1.3M in total current liabilities. CLSK is pulling in trailing 12-month revenues of $579K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 88%. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $CLSK stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $CLSK, either long or short, and we have not been compensated for this article.

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