Financialnewsmedia.com News Commentary
PALM BEACH, Florida, Feb. 13, 2020 /PRNewswire/ -- Microgrids are seeing a groundswell of interest across the country. The Sonoma Valley Unified School District, for example is exploring how to bring each of its 11 district schools onto an energy microgrid so it can be less energy dependent in the event of power outages. According to Microgrid Knowledge, "The district has applied to the state school board for an allowance of attendance due to emergency conditions – which would mean it doesn't have to reschedule the lost days." Construction also started on a $12 million microgrid project being developed by the Snohomish County Public Utility District in Washington state, too. All in an effort to provide grid resiliency, as reported. As states wake up to the opportunity offered by microgrids, it's creating sizable opportunity for companies such as CleanSpark, Inc. (NASDAQ:CLSK), CoStar Group Inc. (NASDAQ:CSGP), Lattice Semiconductor Corp. (NASDAQ:LSCC), Shopify Inc. (NYSE:SHOP), and Tesla Inc. (NASDAQ:TSLA).
CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc., a diversified software development and intelligent energy services company, is pleased to announce that it has received a follow-on order for the company's generator breaker panels, to function within a distributed energy system configured with other CleanSpark components and technologies. CleanSpark Chairman, Matthew Schultz stated "With this equipment order, our contracted equipment order pipeline slated for 2020 delivery is in excess of $5,100,000, thus far. Overall, the company forecasts that equipment orders will reach $7,000,000 for 2020 which would represent a 100% increase in equipment sales for fiscal 2019." In addition to the rapidly growing equipment orders under contract, the Company also highlighted its recent financial and operational performance in a letter to shareholders, dated February 11, 2020.
Included in the highlighted financial and operational performance were the following: Quarter ending December 31, 2019 Revenue of $976,824, up 372% from $262,907 in 2018; Quarter ending December 31, 2019 Gross profit increased 238% to $94,103, up from $39,581 in 2018; Quarter ending December 31, 2019 Net loss per share improved by $0.23 per share to $(0.40) from $(0.63) in 2018; CleanSpark announced a 10-year exclusive agreement with International Land Alliance (ILAL). The agreement calls for CleanSpark to provide its microgrid Value Stream Optimizer (mVSO) software services to support system design and engineering as well as integrating CleanSpark's mPULSE software into the final systems on all future energy projects across the ILAL portfolio of properties. We are currently working with ILAL on two initial feasibilities studies and we anticipate that in 2020 we will recognize at least $200,000 in related revenue with a large increase expected in 2021 as ILAL's development efforts begin to accelerate; CleanSpark announced the signing of a Memorandum of Understanding ("MOU") with the Shoreline Unified School District of Sonoma, California to form a Strategic Alliance for Microgrid Assessment and Deployment. In accordance with the MOU, CleanSpark will evaluate two stages of grid resiliency for the District. The intended Resiliency Zones would utilize Solar Energy, Storage and Back-up Generation controlled by our mPulse controls platform to meet the School District's energy needs and provide back-up energy to the surrounding communities during emergencies; Release of new features and improvements to our SaaS Microgrid Value Stream Optimizer (mVSO) platform, which includes the enhanced equipment library, the ability to run scenario comparisons and upload site plans. We believe these features further distinguish CleanSpark as a market leader in the space. Release of new features and improvements to our mPulse Controls platform, which includes enhanced reporting and the release of a low costs 'light-version' for smaller systems. We expect this enhancement to further allow us to not only compete on price but also on functionality.
Other related developments from around the markets include:
CoStar Group Inc. (NASDAQ:CSGP) announced that it has signed an agreement to acquire RentPath's business for $588 million in cash, in connection with RentPath's recently announced Chapter 11 bankruptcy process. RentPath's primary service is digital marketing for rental properties through a network of Internet listing websites, including Rent.com, ApartmentGuide.com, Rentals.com and Lovely.com. The RentPath network of websites generated over 21 million monthly visits and almost 9 million monthly unique visitors in 2019, according to comScore, and had approximately 28,000 properties advertised on its network as of December, 2019. RentPath is headquartered in Atlanta, Georgia and has approximately 770 employees.
Lattice Semiconductor Corp. (NASDAQ:LSCC) announced financial results for the fiscal fourth quarter and full year ended December 28, 2019. Jim Anderson, President and Chief Executive Officer, said, "We made solid progress in 2019, as we drove a 210 basis point improvement in gross margin on a non-GAAP basis, and an 88% increase in non-GAAP net income for the full year. We are seeing the benefits of our business and product strategy, which is aligned with our customers and 100% focused on power efficient FPGAs. We remain focused on driving further improvements as we increase our cadence of new hardware products, solutions, and software stacks, including the launch of Nexus, our next-generation FPGA platform. The launch was ahead of schedule and serves as a testament to the execution of our product roadmap."
Shopify Inc. (NYSE:SHOP) just announced that, "For over six years, we have been growing our presence in the province, supporting hundreds of employees who work remotely in the region. Today, we're taking our commitment to the next level sharing that we are making a significant investment in Vancouver, with plans to hire 1,000 employees and open our first permanent office. Our mission has always been to make commerce better for everyone, and in order to continue this work, we're committed to hiring a world-class, cross-disciplinary team with a focus on software development in Vancouver. We're looking for backend developers, data engineers, mobile developers, web developers, product designers, and product managers. Last year, our share of R&D expenditure across Canada's professional, scientific and technical services sector was 9%, and our R&D spending increased over 70% in 2018 alone—the fastest among our peers in Canada."
Tesla Inc. (NASDAQ:TSLA) has released its financial results for the fourth quarter and full year ended December 31, 2019 by posting an update on its Investor Relations website. Please visit http://ir.tesla.com to view the update.
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