Key Takeaways
- The miner generated $198.6 million in revenue during its fiscal third quarter, marking a 90.8% jump from $104 million in the same period a year ago.
- Net income surged to $257.4 million, a sharp reversal from a $236.2 million loss in the prior-year quarter
Leading Bitcoin mining firm CleanSpark has reported the strongest quarter in its history, posting record revenue, profitability, and operational capacity for the three months ending June 30, 2025.
The Las Vegas-based company generated $198.6 million in revenue during its fiscal third quarter, marking a 90.8% jump from $104 million in the same period a year ago. The figure topped analyst expectations of around $195 million. Net income surged to $257.4 million, a sharp reversal from a $236.2 million loss in the prior-year quarter, while diluted earnings per share came in at $0.78 — nearly four times the $0.20 analysts had anticipated.
“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team,” said CEO Zach Bradford.
Adjusted EBITDA rose to $377.7 million from a loss of $12.6 million a year earlier, with the company noting that its calculation now includes non-cash impairment losses and realized gains or losses on Bitcoin sales
The quarter results also coincided with a strong rally in Bitcoin’s price, which climbed about 26% from roughly $86,500 in April to $109,000 in June. CleanSpark sold 401.39 BTC in April, 293.50 BTC in May, and 578.51 BTC in June, using proceeds to cover operational costs while adding to its holdings.
CleanSpark reported that its operational hashing power reached 50 exahashes per second (EH/s) in June, representing 5.8% of the global hashrate — a milestone it claims to be the first public company to achieve entirely with U.S.-based infrastructure.
The company’s Bitcoin treasury grew to 12,703 BTC, valued at approximately $1.48 billion at current market prices, making it the ninth-largest Bitcoin holder among public companies. In total, CleanSpark’s assets reached $3.1 billion in Q3, including $985 million in mining equipment and $34.6 million in cash. Total liabilities and debt stand at about $1 billion.
Chief Financial Officer Gary Vecchiarelli highlighted that the quarter was fully funded by monthly Bitcoin production without the need for equity financing. “Fiscal Q3 was a pivotal quarter for CleanSpark, as we fully funded operational expenses through monthly Bitcoin production while simultaneously expanding our Bitcoin treasury,” he said.
