TL;DR

Financial Record: CleanSpark reported $198.6 million in Q3 revenue, a 90.8% year-on-year gain, and $257.4 million in net income with $0.90 basic EPS.
Operational Scaling: The miner reached 50 exahashes per second using only U.S. infrastructure, and grew its Bitcoin treasury to 12,703 BTC valued at over $1.08 billion.
Balance Sheet: Total assets reached $3.1 billion, with $933.3 million in working capital, and stockholders’ equity expanded to $2.15 billion, supporting future growth.

CleanSpark Inc. delivered its best quarter in fiscal 2025, with record revenue and profitability fueled by robust Bitcoin mining operations and exclusive use of U.S. infrastructure. The Las Vegas-based company reported $198.6 million in revenue for the quarter ended June 30, 2025, a 90.8% increase from the prior year. Net income surged to $257.4 million, translating to $0.90 in basic earnings per share. Executives hailed this as validation of CleanSpark’s vertically integrated model and disciplined execution.

Financial Breakthrough

CleanSpark’s Q3 results showed significant growth and margin expansion. Revenue climbed 90.8% to $198.6 million, while adjusted EBITDA rose to $377.7 million from a negative $12.6 million. Net income flipped from a $236.2 million loss to a $257.4 million profit, lifting basic EPS to $0.90. Executives credited disciplined cost controls and a new derivatives strategy for boosting profitability.

Operational Milestones

During Q3, CleanSpark crossed 50 exahashes per second of hashrate, becoming the first public miner to rely solely on U.S. infrastructure. The company mined 2,012 Bitcoin, funding operations and treasury growth. Holdings grew to 12,703 BTC, valued at over $1.08 billion, without issuing equity since late 2024. This scale supports the firm’s goal to manage 5.8% of global hashrate.

Balance Sheet Strength

CleanSpark’s balance sheet strengthened, with total assets at $3.1 billion and working capital of $933.3 million as of June 30. Cash and cash equivalents were $34.6 million, complemented by $877.1 million in current Bitcoin assets. Long-term debt totaled $643.9 million net of discounts, while stockholders’ equity reached $2.15 billion. This liquidity enables capital-efficient growth and supports expansion.

Industry Context and Outlook

In a competitive landscape marked by rising Bitcoin prices and evolving regulations, CleanSpark’s results position it as a leader among U.S.-based miners. The company’s exclusive focus on American infrastructure contrasts with peers relying on overseas power, offering potential regulatory advantages.

Analysts note that Chinese-origin hardware manufacturers have shifted capacity to the U.S., boosting domestic hashrate share. Looking ahead, CleanSpark plans to expand its digital asset management team’s derivatives strategy and seek new power contracts to sustain growth.

Stakeholders will watch whether the company can maintain efficiency gains amid fluctuating Bitcoin difficulty, macroeconomic pressures, shifting network dynamics, and evolving regulatory trends.

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Filed under: News - @ August 8, 2025 1:31 pm