CleanSpark Inc., a Bitcoin mining firm, has announced record revenue for its third quarter of fiscal year 2025, marking what the company calls its "most successful" quarter ever. The company's revenue surged to $198.6 million, a 91% increase compared to the same quarter last year, exceeding analyst expectations. This financial achievement is complemented by a net income of $257.4 million and basic earnings per share (EPS) of $0.90.
CEO Zach Bradford credited the company's strong strategic approach for the impressive results. CFO Gary Vecchiarelli highlighted that the company fully funded operational expenses through monthly Bitcoin production while expanding its Bitcoin treasury.
In addition to its financial accomplishments, CleanSpark reached a 50 EH/s operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure, managing 5.8% of the global hashrate. The company has also secured over 1 GW of power under contract to support its mining operations.
CleanSpark's Bitcoin holdings have grown to 12,703 BTC, valued at over $1.08 billion. The company has not raised equity capital since November 2024, and its total assets stood at $3.1 billion, with stockholders' equity at $2.14 billion and working capital at $933.3 million as of June 30, 2025. CleanSpark's Digital Asset Management team has also launched a derivatives strategy that has shown promising early returns, further diversifying the company's portfolio and revenue streams.
Analysts and market observers are increasingly recognizing CleanSpark as a leading Bitcoin mining company, citing its focus on sustainable operations and scalable infrastructure. The company's commitment to using renewable energy sources enhances its appeal in an industry that faces increasing scrutiny for its environmental impact.
Despite the positive news, CleanSpark's shares (CLSK) closed down over 2.5% on Thursday, with only a slight after-hours increase. However, the company's shares have gained 16.4% since the beginning of 2025. CleanSpark is now the ninth-largest holder of Bitcoin among public companies.
