CleanSpark Reports Second Quarter Fiscal 2025 Results

CleanSpark, Inc., a prominent player in the Bitcoin mining industry, has released its financial results for the second quarter of fiscal year 2025, ending March 31, 2025. The company, known for its focus on infrastructure and strategic clarity, has reported significant growth in revenue and Bitcoin production, despite facing some financial challenges.

Financial Highlights

For the second quarter of fiscal 2025, CleanSpark reported a substantial increase in revenue, reaching $181.7 million, up 62.5% from $111.8 million in the same period last year. However, the company faced a net loss of $138.8 million, or $0.49 per basic share, compared to a net income of $126.7 million, or $0.59 per basic share, in the prior year. Adjusted EBITDA also saw a decline, dropping to ($57.8 million) from $181.8 million a year ago.

Business and Operational Highlights

CleanSpark's Bitcoin production grew to 1,957 coins, with an average revenue per coin of $92,811. The company emphasized its disciplined cost control and strategic expansion, which included an expanded revolving line with Coinbase. The Digital Asset Management group made significant progress, preparing to optimize the company's Bitcoin treasury.

Strategic Initiatives and Corporate Developments

CleanSpark continues to focus on non-dilutive financing and maintaining one of the most efficient cost structures in the industry. The company is on track to reach its 50 EH/s target by June 2025, while also growing its Bitcoin treasury and strengthening its balance sheet.

Management's Perspective

CEO Zach Bradford highlighted the company's disciplined approach and strategic clarity, emphasizing CleanSpark's position as a pure-play, public Bitcoin miner. CFO Gary Vecchiarelli noted the company's operating leverage and efficient cost structure, underscoring the importance of strategic and accretive expansion without relying on dilutive capital.

Future Outlook

CleanSpark remains optimistic about its future, with plans to reach its 50 EH/s target in the first half of 2025. The company aims to continue optimizing its Bitcoin treasury and maintaining capital efficiency to deliver long-term stockholder value.

SEC Filing: CLEANSPARK, INC. [ CLSK ] - 8-K - May. 08, 2025