CleanSpark 2025 Q4 Earnings 98% EPS Improvement Despite Revenue Miss

CleanSpark (CLSK) delivered a mixed Q4 2025 earnings report, with GAAP EPS improving sharply but revenue falling short of expectations. The company swung to a $0.00 per share profit from a $0.23 loss in 2024 Q4, while total revenue rose 150.5% to $223.65 million. However, GAAP EPS of $1.12 for the full fiscal year missed the $1.56 consensus, and Q4 revenue of $223.65 million trailed the $227.70 million estimate.

Revenue

CleanSpark’s total revenue surged 150.5% year-over-year to $223.65 million in Q4 2025, driven by operational scale and Bitcoin price gains. The company’s Bitcoin mining operations, bolstered by a 50 exahash operational hashrate, accounted for the bulk of the revenue increase. While no segment-specific breakdown was provided, the report highlighted a 55% gross margin amid post-halving challenges.

Earnings/Net Income

The company narrowed its net loss to $-925,000 in Q4 2025, a 98.5% reduction from $-62.18 million in 2024 Q4. This marked a record high for fiscal Q4 net income in nine years. GAAP EPS for the full fiscal year was $1.12, missing the $1.56 consensus, but the Q4 EPS of $0.01 (a $0.08 shortfall) reflected significant progress from a $0.23 loss. The earnings improvement underscores operational leverage despite Bitcoin price volatility.

Post-Earnings Price Action Review

The strategy of buying CleanSpark shares after its Q4 revenue decline and holding for 30 days yielded a 13.30% return, underperforming the 66.73% benchmark. With a CAGR of 4.36%, maximum drawdown of 0.00%, and Sharpe ratio of 0.05, the approach was low-risk but modest.

CEO Commentary

CEO Matt Schultz emphasized operational milestones, including a 50 exahash hashrate, $766 million in annual revenue, and a 55% gross margin. The company’s pivot to AI infrastructure, leveraging U.S.-based power and land assets, was highlighted as a strategic differentiator. Schultz expressed confidence in the balance sheet, talent, and infrastructure to execute AI expansion plans.

Guidance

CleanSpark aims to deploy 19,000 S21 XP immersion units by Q1 2026 and expand its power and land portfolio for AI data centers. While no revenue or EPS targets were provided, the CEO outlined plans for AI campuses in Texas and Georgia, with Texas’ 285-megawatt site energized by early 2027.

Additional News

CleanSpark completed a $460 million share buyback, reducing its share count by 10.9%, signaling capital allocation confidence. The company secured a $1.15 billion 0% convertible transaction to fund AI infrastructure expansion, with 43% growth in contracted power. JPMorgan upgraded CleanSpark to Overweight, citing its Texas facility’s potential as a premium data-center asset.