1. $181.7M revenue, 62.5% increase from last year. 2. Bitcoin production grew to 1,957, average revenue per coin of $92,811. 3. Net loss of $138.8M vs. $126.7M profit last year. 4. Focus on treasury management and cost control emphasized by leadership. 5. Targeting 50 EH/s hash rate by June 2025.
The significant net loss indicates financial distress. Historically, such losses can drive stock prices down.
The company's financial results directly influence stockholder sentiment and market behavior.
Immediate losses reported may negatively affect investor perception and stock valuation in the next few months.
$181.7M quarterly revenue, up 62.5% from prior year
Bitcoin production grew to 1,957, with an average revenue per coin of $92,811
LAS VEGAS, May 8, 2025 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the quarter ended March 31, 2025.
"This was a quarter defined by discipline, scale, and continued strategic clarity," said Zach Bradford, CleanSpark's CEO. "As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner. We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value."
"CleanSpark has a track record of leadership in this industry," Bradford continued. "We've been infrastructure-first since the beginning, we pioneered the ASIC option structure to control our own destiny, and now we're leading the way in treasury management and non-dilutive financing."
"Our results reflect the operating leverage that comes with scale, paired with disciplined cost control," said Gary Vecchiarelli, CleanSpark's CFO. "We continued to invest in strategic and accretive expansion without relying on dilutive capital, as demonstrated by our expanded revolving line with Coinbase. Additionally, we maintain one of the most efficient cost structures in the industry. Our Digital Asset Management group made meaningful progress during the quarter and is preparing to optimize our treasury, positioning bitcoin as both a productive asset and a source of strength on our balance sheet. These efforts reinforce our long-term focus: scale with discipline, capital efficiency, and stockholder value."
Balance Sheet Highlights as of March 31, 2025
The Company had working capital of $838.2 million as of March 31, 2025, including capacity of $50 million on the bitcoin collateralized line of credit.
The Company will hold its fiscal Q2 2025 earnings presentation and business update for investors and analysts today, May 8, 2025, at 1:30 p.m. PT / 4:30 p.m. ET.
Webcast URL: clsk.news/q2fy25webcast
The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies, including its expectations regarding reaching 50 EH/s in the first half of 2025 and the benefits of the Company's treasury management activities.
The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States("GAAP").
Investor Relations Contact: Harry Sudock, 702-989-7693, info@cleanspark.com
Media Contact: Eleni Stylianou, 702-989-7694, media@cleanspark.com
SOURCE CleanSpark, Inc.