CleanSpark, American Bitcoin mining firm, announced its monetary outcomes for the second quarter of fiscal yr 2025, reporting $181.7 million in income for the three months ended March 31. This marks a 62.5% enhance from $111.8 million in the identical quarter final yr.
Regardless of the income development, the corporate reported a web lack of $138.8 million, or $0.49 per primary share, in comparison with web revenue of $126.7 million, or $0.59 per primary share, through the prior-year interval. Adjusted EBITDA additionally declined to adverse $57.8 million from $181.8 million a yr in the past.
As of March 31, 2025, CleanSpark held $97.0 million in money and $979.6 million in bitcoin. Complete present property stood at $947.5 million, with mining property (together with pay as you go deposits and deployed miners) totaling $899.6 million. Complete property reached $2.7 billion. The corporate’s liabilities amounted to $766.5 million, with $109.3 million in present liabilities and $641.7 million in long-term debt. Complete stockholders’ fairness was $1.9 billion.
CleanSpark reported working capital of $838.2 million as of March 31, 2025, which features a $50 million bitcoin-backed credit score line. This facility gives versatile funding whereas permitting the corporate to protect fairness and strategically leverage its bitcoin holdings.
Zach Bradford, CleanSpark CEO, stated their efficiency displays a disciplined and centered method in a quickly evolving bitcoin mining panorama. “As different gamers shift course or decelerate development, CleanSpark has doubled down on being the one remaining pure-play, public bitcoin miner,” Bradford acknowledged. “We consider that focus issues now greater than ever, and we stay on monitor to achieve our 50 EH/s goal throughout June, all whereas rising our bitcoin treasury, strengthening the steadiness sheet, and prioritizing long-term stockholder worth.”
Bradford emphasised CleanSpark’s continued management in infrastructure and monetary technique, referencing its pioneering ASIC possibility construction and non-dilutive financing strategies.
Gary Vecchiarelli, CleanSpark’s CFO, echoed these sentiments, noting that CleanSpark maintained one of the environment friendly price constructions within the business whereas increasing operations with out diluting shareholder fairness. “We continued to put money into strategic and accretive growth with out counting on dilutive capital, as demonstrated by our expanded revolving line with Coinbase,” he stated. “Our Digital Asset Administration group made significant progress through the quarter and is getting ready to optimize our treasury, positioning bitcoin as each a productive asset and a supply of power on our steadiness sheet.”
