CleanSpark Reports Record-Breaking Quarter as Bitcoin Mining Revenue Soars 91%
Las Vegas-based bitcoin miner CleanSpark achieves historic milestone with $198.6 million in quarterly revenue and $1 billion BTC treasury
Quick overview
CleanSpark, one of the biggest bitcoin mining companies in the U.S., had its best quarter ever, with sales of $198.6 million for the three months ending June 30, 2025. This is a huge 91% rise from the same time last year, when sales were only $104.1 million.
The Las Vegas-based company’s third-quarter earnings were much better than analysts had expected, with sales coming in at around $195 million. This was a big deal for the publicly traded miner (NASDAQ: CLSK). The company’s net income went from a deficit of $236.2 million in the same period last year to a profit of $257.4 million this year.
“This was CleanSpark’s best quarter ever, and it shows how strong our strategy is, how disciplined we are in carrying it out, and how dedicated our team is,” stated CEO Zach Bradford when he announced the results.
CleanSpark’s Historic Operational Milestones
During the quarter, CleanSpark set a number of records in the industry. For example, it became the first public firm to surpass 50 exahashes per second (EH/s) of operational hashrate utilizing only American infrastructure. With this milestone, the business now manages 5.8% of the world’s hashrate, solidifying its position as a major participant in the bitcoin mining industry.
The company has grown its operations to include 33 data centers in four states: Georgia, Mississippi, Tennessee, and Wyoming. This is thanks to strategic acquisitions like GRIID Infrastructure Inc., which improved CleanSpark’s position in the Tennessee Valley Authority service area.
Growing Bitcoin Treasury
Most importantly, CleanSpark’s bitcoin treasury went above the $1 billion mark during the quarter, with 12,703 BTC worth almost $1.48 billion at current market levels. This means that CleanSpark is now the ninth-largest public company that owns bitcoin. They haven’t raised any money through share offers since November 2024.
“Fiscal Q3 was a very important quarter for CleanSpark. We were able to fully cover our operating costs through monthly bitcoin production while also growing our bitcoin treasury,” said Chief Financial Officer Gary Vecchiarelli.
Strong Financial Performance Across Metrics
The company’s diluted earnings per share of $0.78 were far higher than analysts’ projections of roughly $0.20 per share. Basic earnings per share were $0.90. Adjusted EBITDA went from a loss of $12.6 million in the same quarter last year to a profit of $377.7 million this year.
CleanSpark’s balance sheet shows that the company is doing well, with total assets of $3.1 billion, including $1.08 billion in bitcoin holdings, $985.9 million in mining assets, and $933.3 million in working capital. The corporation has $643.9 million in long-term debt and $2.14 billion in total stockholders’ equity.
Market Response and Industry Context
CleanSpark shares fell 2.55% to $10.72 on Thursday, even though the company had record-breaking profits. The stock has gained 16.4% so far this year, which is better than MARA Holdings, the industry leader, which is down more than 7% this year.
Bitcoin miners are having a great time right now, and the high quarterly result is mostly due to the fact that the price of bitcoin went up 32% throughout the quarter, from about $86,500 in April to almost $109,000 by June. Other big miners, like Riot Platforms and MARA Holdings, also had good quarters. MARA made $238 million in sales and Riot made $219.5 million in net income.
CleanSpark’s strategy focus on American infrastructure, operational efficiency, and treasury management seems to be setting the company up for more development in a mining industry that is becoming more competitive. The company is in a good position to stay at the top of the bitcoin mining industry since it has a proven operational playbook and contracts for more than one gigawatt of power.
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