CleanSpark, Inc. reported significant financial performance improvements in its latest quarterly filing for the period ending June 30, 2025. The company generated $198.6 million in bitcoin mining revenue for the three months ended June 30, 2025, marking a 91% increase from $104.1 million in the same period last year. For the nine months ended June 30, 2025, total revenue reached $542.7 million, up 87% from $289.7 million in the prior year. The net income for the quarter was $257.4 million, a substantial turnaround from a net loss of $236.2 million in the same quarter of 2024. This positive shift in profitability was attributed to increased bitcoin production and higher average bitcoin prices.
The company’s operational metrics also showed notable growth. CleanSpark mined 2,012 bitcoins during the quarter, compared to 1,580 bitcoins in the same quarter of 2024. The average price of bitcoin mined increased to $98,736, up from $65,891 a year earlier. The total number of miners in operation rose to 241,227, a 58% increase from the previous year, contributing to a higher hashrate of 45.3 EH/s. The company’s total bitcoin holdings as of June 30, 2025, were approximately 10,075 bitcoins, with a fair value of $1.08 billion.
In terms of strategic developments, CleanSpark completed the acquisition of GRIID Infrastructure Inc. in October 2024, which has enhanced its mining capacity, particularly in Tennessee. The integration of GRIID has been ongoing, and the company reported revenues from GRIID's locations of $29.4 million for the three months and $64.5 million for the nine months since the acquisition. Additionally, CleanSpark has expanded its operational footprint and is actively developing plans for further capacity growth in Tennessee.
The company’s financial position remains strong, with total assets of $3.1 billion as of June 30, 2025, compared to $2.0 billion at the end of the previous fiscal year. Current assets increased significantly, driven by a rise in bitcoin holdings and cash reserves. However, total liabilities also rose to $954.9 million, primarily due to increased loans payable, including $635.3 million in convertible senior notes. CleanSpark reported working capital of $933.3 million, indicating a solid liquidity position to support ongoing operations and future growth initiatives.
Looking ahead, CleanSpark expressed optimism about its growth trajectory, emphasizing its commitment to expanding its mining operations and enhancing its bitcoin treasury management strategy. The company plans to leverage its bitcoin holdings for operational funding and potential capital expenditures while navigating the volatile bitcoin market. CleanSpark's management remains focused on achieving consistent profitability and addressing the challenges posed by market conditions and regulatory environments.
About CLEANSPARK, INC.
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