CleanSpark, Inc. reported significant financial results for the second quarter of fiscal year 2025, ending March 31, 2025. The company generated $181.7 million in bitcoin mining revenue for the quarter, a 63% increase from $111.8 million in the same period last year. For the six months ending March 31, 2025, total revenue reached $344 million, compared to $185.6 million for the same period in 2024. Despite the revenue growth, CleanSpark reported a net loss of $138.8 million for the quarter, a stark contrast to a net income of $126.7 million in the prior year, primarily due to increased costs and losses related to bitcoin valuation.
The company's total assets increased to $2.66 billion as of March 31, 2025, up from $1.96 billion at the end of the previous fiscal year. This growth was driven by a substantial rise in bitcoin holdings, which increased to $979.6 million from $431.7 million, reflecting a strategic shift to classify a portion of bitcoin as noncurrent for long-term holding. CleanSpark's liabilities also rose significantly, primarily due to the issuance of convertible senior notes, which increased long-term liabilities to $641.7 million from $7.2 million.
Strategically, CleanSpark completed the acquisition of GRIID Infrastructure Inc. in October 2024, enhancing its operational capacity and geographic footprint, particularly in Tennessee. The acquisition involved issuing 5.03 million shares of common stock valued at approximately $60.7 million and is expected to contribute to future revenue growth. Additionally, the company has expanded its mining operations through various asset acquisitions, including facilities in Georgia, Tennessee, and Mississippi, totaling over $29 million.
Operationally, CleanSpark's bitcoin mining capacity has been bolstered by the integration of GRIID's facilities, with the company operating 12 data centers in Georgia, five in Mississippi, and 12 in Tennessee. As of March 31, 2025, CleanSpark held 11,869 bitcoins, with a cost basis of $75,660 per bitcoin. The company reported a significant increase in its employee headcount, reflecting its expansion efforts, although specific numbers were not disclosed.
Looking ahead, CleanSpark anticipates continued growth in bitcoin mining revenue, driven by increased operational capacity and strategic acquisitions. However, the company also acknowledges the volatility in bitcoin prices and regulatory challenges as potential risks to its profitability. CleanSpark's management remains focused on executing its business strategy while navigating the evolving landscape of the cryptocurrency market.
About CLEANSPARK, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.