CleanSpark Reports Third Quarter Fiscal 2025 Results

$198.6M quarterly revenue, up 91% from prior year

Net income of $257.4 million, 90 cents basic EPS

12,703 bitcoin held in treasury and more than 1 GW of power under contract

LAS VEGAS, Aug. 7, 2025 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner®, today reported financial results for the quarter ended June 30, 2025.

“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team,” said Zach Bradford, CEO of CleanSpark. “We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure, while achieving record basic EPS of $0.90 and nearly $200 million in revenue. We also grew our bitcoin treasury to over $1 billion in value, all without raising capital through equity offerings since November 2024. These results show we’re not just scaling, we’re doing so efficiently, responsibly, and profitably.”

Bradford continued “Having achieved 5.8% of global hashrate under management and over one gigawatt of power contracted, CleanSpark is proving that our vertically integrated model is built not just for growth, but for leadership. As the Bitcoin network evolves, our focus remains on expanding market share in bitcoin production, leveraging our unmatched operational playbook, and executing with the urgency and excellence that have brought us to this point. We believe the future of Bitcoin will be defined by those who build with purpose, and CleanSpark is setting the standard.”

“Fiscal Q3 was a pivotal quarter for CleanSpark, as we fully funded operational expenses through monthly bitcoin production while simultaneously expanding our bitcoin treasury,” said Gary A. Vecchiarelli, Chief Financial Officer of CleanSpark. “We also launched our Digital Asset Management team’ derivatives strategy, which began producing promising early returns and validating our approach. As we look ahead, we remain committed to drive accretive growth through high-efficiency operations and a resilient, strategically positioned balance sheet.”

Financial Highlights: Third Quarter Fiscal Year 2025
Financial Results for the Three Months Ended June 30, 2025

• Quarterly revenues were $198.6 million, an increase of $94.5 million, or 90.8%, from $104.1 million for the same prior year period.
• Net income for the three months ended June 30, 2025, was $257.4 million or $0.90 per basic share, compared to net income of ($236.2) million or ($1.03) per basic share, for the same prior year period.
• Adjusted EBITDA⁽¹⁾ increased to $377.7 million from ($12.6) million from the same period a year ago.

Balance Sheet Highlights as of June 30, 2025

Assets

• Cash: $34.6 million
• Bitcoin: $1.08 billion  
• Total Current Assets: $1.21 billion
• Total Mining Assets (including prepaid deposits & deployed miners): $985.9 million
• Total Assets: $3.1 billion

Liabilities and Stockholders’ Equity

• Current Liabilities: $276.8 million
• Total long-term debt, net of debt discount & issuance costs: $643.9 million
• Total Liabilities: $954.9 million
• Total Stockholders’ Equity: $2.14 billion

The Company had working capital of $933.3 million as of June 30, 2025.

¹ See “Non-GAAP Measure” and the related reconciliation below

Investor Conference Call and Webcast
The Company will hold its fiscal Q3 2025 earnings presentation and business update for investors and analysts today, August 7, 2025, at 4:30 p.m. ET / 1:30 p.m. PT.

Webcast URL: clsk.news/q3fy25webcast

The webcast will be accessible for at least 30 days on the Company’s website and a transcript of the call will be available on the Company’s website following the call.

About CleanSpark
CleanSpark (Nasdaq: CLSK), America’s Bitcoin Miner®, is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies, including the benefits of the Company’s treasury management activities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of 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: completion of construction, regulatory approvals, and electrical power availability to achieve anticipated growth; the success and performance of the digital asset management and derivatives trading activities, which were only recently commenced; the success of our digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation;  the impacts of evolving global and U.S. trade policies and tariff regimes, including that there is uncertainty as to whether the Company will face materially increased tariff liability in respect of miners purchased since 2024 and in the future; the anticipated import and delivery dates of new miners; the ability to successfully import and deploy new miners and other mining equipment; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of 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 those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Non-GAAP Measure
The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“GAAP”). The Company’s non-GAAP “Adjusted EBITDA” excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company’s share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company’s general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company’s ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company’s future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company’s normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides 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. In addition to management’s internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis.  Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues).  For example, the Company expects 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. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

The Company’s adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with GAAP.

Investor Relations Contact 
Harry Sudock
702-989-7693
[email protected]

Media Contact
Eleni Stylianou
702-989-7694
[email protected]

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SOURCE CleanSpark, Inc.