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- **Revenue Growth**: FY2025 revenue up 100% YoY to $766M, with 55% gross margin post-halving.
- **AI Expansion**: 250MW Sandersville and 285MW Texas AI campuses targeting 2026 hyperscaler leases.
- **Digital Asset Management**: DAM generated $9.3M Q4 premiums, boosting Bitcoin sale price by 4%.
- **Capital Deployment**: $1.15B convertible note and $400M credit facility fund land/power acquisitions.
- **Efficiency Leader**: 13.5 J/T miners give 50 exahash at industry-low power costs; 6 exahash expansion by Q1 2026.

**【CEO Summary Section】**
- Achieved record revenue of $766 million in FY2025, up 100% YoY, with 55% gross margin post-halving.
- Deployed 19,000 S21 XP Immersion miners (13.5 J/T) to reach 50 exahash, targeting 6 exahash expansion by Q1 2026.
- Transitioning to AI data centers: 250MW Sandersville site and 285MW Texas site (ERCOT-approved, 285 acres) for HPC/AI tenants.
- Digital Asset Management (DAM) generated $9.3M in Q4 premiums via covered calls, boosting effective Bitcoin sale price by 4%.
- Bought back $460M of own stock (10.9% reduction) and issued $1.15B 0% convertible note for land/power acquisitions.

**【CFO Financial Commentary】**
- FY2025 GAAP net income: $365M; Q4 revenue: $25M YoQ growth to $206M, 56.5% gross margin.
- DAM strategy: Spot Plus (weekly/monthly cash flow) and Yield (12% annualized return) via covered calls.
- $400M Bitcoin-backed credit facility and $1.15B convertible note provide capital for AI campus development.
- Texas site: 285MW energization Q2 2027, with 240MW tranches in 2028-2029; behind-the-meter gas generation evaluation.

**【Q&A Highlights】**
- **AI Demand**: Multiple hyperscalers seeking 200-800MW sites for 2026 delivery; Sandersville and Atlanta sites in high demand.
- **Mining Flexibility**: Modular immersion cooling allows repurposing Bitcoin miners to AI campuses; 6 exahash deployment prioritizes efficiency over scale.
- **Texas Site**: 285MW Submer partnership for prefabricated data centers; 10-15% cost savings vs. stick-built.
- **Credit Strategy**: 70-85% LTV secured debt for AI campuses; DAM generates $5M+ monthly premiums post-Q4.
- **Execution Timeline**: First AI lease likely Q1 2026; DAM scaling to $100M+ annual premiums by end-2026.

CleanSpark, Inc. (CLSK) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CLSK

CLSK fundamentals

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