B. Riley Raises CleanSpark PT to $17, Keeps Buy Rating

CleanSpark, Inc. (NASDAQ:CLSK) reported Q3 revenue of $198.6 million, up 91% YoY, and net income of $257.4 million. The company's CEO, Zach Bradford, stated that Q3 2025 was the "most successful quarter" in the company's history. B. Riley lifted its price target on CleanSpark to $17 from $16 while keeping a Buy rating on the shares.

CleanSpark, Inc. (NASDAQ: CLSK) reported its third-quarter fiscal 2025 earnings, showcasing a significant turnaround in performance. The company's revenue surged by 91% year-over-year (YoY) to $198.6 million, while net income reached a record $257.4 million. CEO Zach Bradford described the quarter as the "most successful" in the company's history.

The impressive results were driven by a 90.8% YoY increase in revenues, which exceeded the consensus mark by 0.11%. This growth was primarily attributed to increased Bitcoin production and higher Bitcoin prices. In the third quarter, Cleanspark produced 2,012 Bitcoin, a 28% increase YoY. The average revenue per Bitcoin was $99,000, a 50% increase from the previous year. The cost per Bitcoin was $44,806, significantly lower than the average spot price of approximately $98,500 during the same period [1].

Despite the strong financial performance, Cleanspark's stock price declined 2.5% post-earnings, reflecting broader market caution over regulatory and macroeconomic risks. However, the company's stock has gained 7.2% year-to-date, outperforming the broader Zacks Computer & Technology sector's 9.3% return [1].

B. Riley & Co. lifted its price target on CleanSpark to $17 from $16, maintaining a Buy rating on the shares. The firm's upward revision in the price target reflects its confidence in Cleanspark's operational success and the potential for continued growth in the Bitcoin mining sector [2].

CleanSpark's Q3 performance highlights the potential of Bitcoin mining firms to generate significant returns in a high-price environment. However, the company's stock response underscores the inherent volatility and market sentiment challenges that persist in the cryptocurrency sector [2].

References:
[1] https://finance.yahoo.com/news/cleanspark-share-price-dips-8-160400073.html
[2] https://www.ainvest.com/news/bitcoin-news-today-cleanspark-q3-net-income-jumps-91-257-4m-strong-bitcoin-production-2508/