CleanSpark, American Bitcoin mining firm, announced its monetary outcomes for the second quarter of fiscal 12 months 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 12 months.
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 earnings of $126.7 million, or $0.59 per primary share, in the course of the prior-year interval. Adjusted EBITDA additionally declined to destructive $57.8 million from $181.8 million a 12 months in the past.
As of March 31, 2025, CleanSpark held $97.0 million in money and $979.6 million in bitcoin. Whole present belongings stood at $947.5 million, with mining belongings (together with pay as you go deposits and deployed miners) totaling $899.6 million. Whole belongings 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. Whole 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 offers versatile funding whereas permitting the corporate to protect fairness and strategically leverage its bitcoin holdings.
Zach Bradford, CleanSpark CEO, mentioned their efficiency displays a disciplined and targeted strategy in a quickly evolving bitcoin mining panorama. “As different gamers shift path or decelerate development, CleanSpark has doubled down on being the one remaining pure-play, public bitcoin miner,” Bradford said. “We imagine 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 stability sheet, and prioritizing long-term stockholder worth.”
Bradford emphasised CleanSpark’s continued management in infrastructure and monetary technique, referencing its pioneering ASIC choice construction and non-dilutive financing strategies.
Gary Vecchiarelli, CleanSpark’s CFO, echoed these sentiments, noting that CleanSpark maintained some of the environment friendly price buildings within the business whereas increasing operations with out diluting shareholder fairness. “We continued to spend money on strategic and accretive enlargement with out counting on dilutive capital, as demonstrated by our expanded revolving line with Coinbase,” he mentioned. “Our Digital Asset Administration group made significant progress in the course of the quarter and is getting ready to optimize our treasury, positioning bitcoin as each a productive asset and a supply of power on our stability sheet.”