CleanSpark Reports Record Quarterly Revenue and Profitability

According to Cointelegraph, Bitcoin miner CleanSpark has announced its most successful quarterly results to date, surpassing analyst expectations with record revenue and profitability. For the third quarter, spanning April to June, CleanSpark reported revenue of $198.6 million, marking a 91% increase from the $104 million recorded in the same period last year. This figure exceeded analyst predictions of approximately $195 million. CleanSpark CEO Zach Bradford highlighted the quarter as the most successful in the company's history, attributing the results to the strength of their strategic approach. CleanSpark also reported a quarterly net income of $257.4 million, a significant turnaround from the $236.2 million loss experienced in the previous year. The company's diluted earnings per share reached 78 cents, far exceeding the anticipated 20 cents per share. Chief Financial Officer Gary Vecchiarelli described the fiscal third quarter as pivotal, noting that operational expenses were fully funded through monthly Bitcoin production while simultaneously expanding their Bitcoin treasury. In a notable achievement, CleanSpark claimed to be the first public mining company in the United States to reach 50 exahashes per second, managing 5.8% of the global hashrate. Bradford emphasized that this milestone was achieved exclusively with American infrastructure. The firm expanded its Bitcoin treasury to over $1 billion in value without raising capital through equity offerings in 2025. Currently, CleanSpark holds 12,703 BTC, valued at approximately $1.48 billion at current market prices, ranking it as the ninth-largest Bitcoin holder among public companies. Despite these impressive results, CleanSpark's shares (CLSK) closed down over 2.5% at $10.72 on Thursday, with only a slight after-hours increase that settled to less than a 1% gain. Since the beginning of 2025, CleanSpark's shares have risen by 16.4%, outperforming sector leader MARA Holdings, which has seen a decline of over 7% this year. The quarter has been favorable for Bitcoin mining firms overall, driven by a 32% increase in the asset's value during the period. In late July, MARA Holdings exceeded analyst expectations with a 64% year-on-year revenue increase to $238 million in its second-quarter earnings. Similarly, Riot Platforms reported a record net income of $219.5 million for the same period.