CleanSpark Q3 Revenue Surges 91% to $198.6M, Shares Fall Despite Record Profit

CleanSpark Inc. reported record Q3 revenue of $198.6 million, up 91% YoY, and a net income of $257.4 million, or $0.90 per basic share. Adjusted EBITDA rose sharply to $377.7 million from a negative $12.6 million in the prior-year quarter. Despite the strong financial performance, the stock traded lower following the announcement, down 5.55% at $10.13.

CleanSpark Inc. (NASDAQ: CLSK) has reported a strong third-quarter performance for fiscal 2025, with record revenue and net income, despite a mixed investor reaction. The company reported $198.6 million in revenue for the period ending June 30, representing a 91% year-over-year increase from the prior year's $104.1 million [1]. Net income for the quarter was $257.4 million, or $0.90 per basic share, compared to a net loss of $236.2 million in the same period last year [1]. Adjusted EBITDA increased sharply to $377.7 million from a negative $12.6 million in the prior-year quarter [1].

CleanSpark achieved a significant milestone by reaching 50 exahashes per second (EH/s) of operational hashrate using solely U.S.-based infrastructure, controlling 5.8% of the global Bitcoin hashrate [1]. The company holds 12,703 BTC, valued at approximately $1.48 billion at current prices [1]. The company's Bitcoin treasury has expanded to over $1 billion without issuing new equity since November 2024 [1].

Despite the impressive financial results, CleanSpark's stock price declined 5.55% to $10.13 following the earnings announcement [1]. The stock has gained 16.4% year-to-date, outperforming some sector peers like MARA Holdings, which has fallen more than 7% in 2025 [1]. The broader Bitcoin mining industry has seen a surge due to a 32% increase in Bitcoin’s price during the quarter, with Bitcoin rising from approximately $86,500 in April to nearly $109,000 by June [1].

CleanSpark's focus on U.S. infrastructure aligns with industry trends toward geographic diversification and sustainability. The company's achievement of 50 EH/s through exclusively American facilities reinforces this trend. The company's ability to fund growth through mining revenue rather than equity issuance positions it for continued expansion in a highly competitive market. CleanSpark now ranks as the ninth-largest Bitcoin holder among public firms, with its operational hashrate placing it among industry leaders [1].

References:

[1] CleanSpark Reports Third Quarter Fiscal 2025 Results (https://investors.cleanspark.com/news/news-details/2025/CleanSpark-Reports-Third-Quarter-Fiscal-2025-Results/default.aspx)