CleanSpark 2025 Q4 Earnings Record High Net Income After 98.5% Loss Reduction

CleanSpark (CLSK) reported fiscal 2025 Q4 earnings on November 25, 2025, delivering a sharp turnaround in profitability and revenue growth. The company’s net income surged to $364.5 million for the fiscal year, with Q4 net income reaching $-925,000—a 98.5% reduction in losses compared to $-62.18 million in 2024 Q4. While GAAP EPS of $1.12 for FY2025 missed estimates by $0.44, the Q4 earnings narrowed to $0.00 per share from a $0.23 loss, reflecting significant operational improvements. Guidance highlights include deploying 19,000 S21 XP immersion units by Q1 2026 and expanding AI infrastructure in Texas.

Revenue

CleanSpark’s total revenue for Q4 2025 rose 150.5% to $223.65 million, driven by robust Bitcoin mining operations and AI infrastructure expansion. This marked a substantial increase from $89.28 million in the prior-year quarter, underscoring the company’s ability to scale operations amid favorable market conditions.

Earnings/Net Income

The company’s net loss narrowed to $-925,000 in Q4 2025, a 98.5% reduction from $-62.18 million in Q4 2024. This improvement was driven by higher Bitcoin prices and operational efficiencies, with Q4 earnings per share improving by 98% to $0.00 from a $0.23 loss. The 98.5% loss reduction and 98% EPS improvement indicate a strong earnings performance.

Post-Earnings Price Action Review

The strategy of buying CleanSpark shares after its Q4 revenue decline on the report date and holding for 30 days yielded a 13.30% return, significantly underperforming the 66.73% benchmark. The approach, characterized by a 4.36% CAGR and a Sharpe ratio of 0.05, highlighted low risk but modest returns, with no maximum drawdown recorded.

CEO Commentary

Matt Schultz emphasized CleanSpark’s 50 exahash per second operational hash rate, $766 million revenue, and 55% gross margin. Strategic priorities include transitioning to an AI infrastructure platform, leveraging U.S.-based power and land portfolios, and securing 285 MW in Texas for an AI factory. The CEO underscored Bitcoin as a capital asset and confidence in AI demand growth.

Guidance

CleanSpark aims to deploy 19,000 S21 XP immersion units by Q1 2026, expand Bitcoin mining to 6 exahash, and energize 285 MW in Texas by 2027. The company plans to prioritize long-term tenants for AI campuses and maintain 50%-55% gross margins in mining while scaling AI data center margins.

Additional News

1. Share Buyback: CleanSpark completed a $460 million share repurchase, reducing its share count by 10.9%.

2. Rating Downgrade: S&P downgraded CleanSpark’s convertible notes due to market concerns over capital structure.

3. AI Expansion: The company secured 271 acres in Texas and 285 MW of power for future AI data centers, aligning with its infrastructure-first strategy.