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CleanSpark Reports Second Quarter Fiscal 2025 Results

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."

Financial Highlights: Second Quarter Fiscal Year 2025
Financial Results for the Three Months Ended March 31, 2025

  • Quarterly revenues were $181.7 million, an increase of $69.9 million, or 62.5%, from $111.8 million for the same prior fiscal quarter.
  • Net loss for the three months ended March 31, 2025, was ($138.8 million) or ($0.49) per basic share, compared to net income of $126.7 million or $0.59 per basic share, for the same prior year period.
  • Adjusted EBITDA(1) decreased to ($57.8 million) from $181.8 million from the same period a year ago.

Balance Sheet Highlights as of March 31, 2025

Assets

  • Cash: $97.0 million
  • Bitcoin: $979.6 million
  • Total Current Assets: $947.5 million
  • Total Mining Assets (including prepaid deposits & deployed miners): $899.6 million
  • Total Assets: $2.7 billion

Liabilities and Stockholders' Equity

  • Current Liabilities: $109.3 million
  • Total long-term debt, net of debt discount & issuance costs: $641.7 million
  • Total Liabilities: $766.5 million
  • Total Stockholders' Equity: $1.9 billion

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.

1 See "Non-GAAP Measure" and the related reconciliation below

Investor Conference Call and Webcast
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.

About CleanSpark
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

Forward-Looking Statements
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. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: completion of construction, regulatory approvals, and electrical power availability to achieve the growth targets; the success and performance of the digital asset management and derivatives trading activities, which were only recently commenced; the success of our digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the impact of the changes to, and uncertainty surrounding, the U.S. import tariff regime, including the potential resulting impact on the cost of miners purchased by the Company; the anticipated import and delivery dates of new miners; the ability to successfully import and deploy new miners and other mining equipment; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Non-GAAP Measure
The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis.  Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues).  For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue.

The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.

CLEANSPARK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share amounts)

  

March 31,
2025

  

September 30,
2024

 
  

(Unaudited)

    

ASSETS

      

Current assets

      

Cash and cash equivalents

 

$

96,982

  

$

121,222

 

Restricted cash

  

3,435

   

3,056

 

Prepaid expense and other current assets

  

10,418

   

7,995

 

Bitcoin - current

  

832,690

   

431,661

 

Receivable from bitcoin collateral (see Note 9)

  

   

77,827

 

Note receivable from GRIID (see Note 5)

  

   

60,919

 

Derivative investments

  

72

   

1,832

 

Investment in debt security, AFS, at fair value

  

3,896

   

918

 

Total current assets

 

$

947,493

  

$

705,430

 
       

Bitcoin - noncurrent

 

$

146,945

  

$

 

Property and equipment, net

  

1,271,501

   

869,693

 

Operating lease right of use assets

  

4,433

   

3,263

 

Intangible assets, net

  

6,978

   

3,040

 

Deposits on miners and mining equipment

  

124,032

   

359,862

 

Other long-term assets

  

23,400

   

13,331

 

Goodwill

  

132,216

   

8,043

 

Total assets

 

$

2,656,998

  

$

1,962,662

 
       

LIABILITIES AND STOCKHOLDERS' EQUITY

      

Current liabilities

      

Accounts payable

 

$

11,390

  

$

82,992

 

Accrued liabilities

  

87,906

   

43,874

 

Other current liabilities

  

4,596

   

2,240

 

Current portion of loans payable

  

5,420

   

58,781

 

Total current liabilities

 

$

109,312

  

$

187,887

 

Long-term liabilities

      

Loans payable, net of current portion, debt discount and debt issuance costs

  

641,740

   

7,176

 

Deferred income taxes

  

11,934

   

5,761

 

Other long-term liabilities

  

3,521

   

997

 

Total liabilities

 

$

766,507

  

$

201,821

 

CLEANSPARK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except par value and share amounts)

  

March 31,
2025

  

September 30,
2024

 
  

(Unaudited)

    

Stockholders' equity

      

Preferred stock; $0.001 par value; 10,000,000 shares authorized;
    Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding
        (liquidation preference $0.02 per share)
    Series X shares; 0 and 1,000,000 authorized, issued and outstanding,
        respectively

  

2

   

3

 

Common stock; $0.001 par value; 600,000,000 and 300,000,000 shares
authorized; 292,660,113 and 270,897,784 shares issued; 280,900,178 and
270,897,784 shares outstanding, respectively

  

293

   

271

 

Additional paid-in capital

  

2,408,160

   

2,239,367

 

Accumulated other comprehensive income

  

3,396

   

418

 

Accumulated deficit

  

(376,360)

   

(479,218)

 

Treasury stock at cost; 11,759,935 and 0 shares held, respectively

  

(145,000)

   

 

Total stockholders' equity

  

1,890,491

   

1,760,841

 
       

Total liabilities and stockholders' equity

 

$

2,656,998

  

$

1,962,662

 

CLEANSPARK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited, in thousands, except per share and share amounts)

  

For the three months ended

  

For the six months ended

 
  

March 31,
2025

  

March 31,
2024

  

March 31,
2025

  

March 31,
2024

 

Revenues, net

            

Bitcoin mining revenue, net

 

$

181,712

  

$

111,799

  

$

344,018

  

$

185,585

 
             

Costs and expenses

            

Cost of revenues (exclusive of depreciation and
amortization shown below)

  

85,424

   

34,298

   

155,714

   

63,194

 

Professional fees

  

2,983

   

2,208

   

6,868

   

3,780

 

Payroll expenses

  

15,255

   

16,820

   

36,124

   

32,141

 

General and administrative expenses

  

11,736

   

6,819

   

21,790

   

11,822

 

(Gain) loss on disposal of assets

  

(2,230)

   

1,652

   

(3,021)

   

2,329

 

Loss (gain) on fair value of bitcoin (see Note 2
and Note 4)

  

127,667

   

(119,702)

   

(90,539)

   

(155,743)

 

Impairment expense - other

  

   

396

   

   

396

 

Depreciation and amortization

  

78,901

   

32,187

   

145,130

   

62,034

 

Total costs and expenses

 

$

319,736

  

$

(25,322)

  

$

272,066

  

$

19,953

 
             

(Loss) income from operations

  

(138,024)

   

137,121

   

71,952

   

165,632

 
             

Other (expense) income

            

Gain on bitcoin collateral

  

   

   

42,493

   

 

Loss on derivative securities

  

(4,741)

   

(949)

   

(1,119)

   

(2,192)

 

Interest income

  

2,014

   

2,684

   

3,490

   

3,270

 

Interest expense

  

(1,267)

   

(526)

   

(2,826)

   

(1,072)

 

Other income

  

183

   

   

183

   

 

Total other (expense) income

 

$

(3,811)

  

$

1,209

  

$

42,221

  

$

6

 
             

(Loss) income before income tax (benefit) expense

  

(141,835)

   

138,330

   

114,173

   

165,638

 

Income tax (benefit) expense

  

(3,043)

   

11,595

   

6,174

   

12,994

 

Net (loss) income

 

$

(138,792)

  

$

126,735

  

$

107,999

  

$

152,644

 
             

Preferred stock dividends

  

   

2,842

   

5,141

   

3,421

 
             

Net (loss) income attributable to common shareholders

 

$

(138,792)

  

$

123,893

  

$

102,858

  

$

149,223

 
             

Other comprehensive income

  

2,946

   

29

   

2,978

   

58

 
             

Total comprehensive (loss) income attributable to
common shareholders

 

$

(135,846)

  

$

123,922

  

$

105,836

  

$

149,281

 

CLEANSPARK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)
(Unaudited, in thousands, except per share and share amounts)

  

For the three months ended

  

For the six months ended

 
  

March 31,
2025

  

March 31,
2024

  

March 31,
2025

  

March 31,
2024

 

(Loss) income from operations per common share -
basic

 

$

(0.49)

  

$

0.59

  

$

0.36

  

$

0.77

 
             

Weighted average common shares outstanding -
basic

  

280,853,882

   

209,287,089

   

282,722,198

   

193,964,904

 
             

(Loss) income from operations per common share -
diluted

 

$

(0.49)

  

$

0.58

  

$

0.34

  

$

0.76

 
             

Weighted average common shares outstanding -
diluted

  

280,853,882

   

212,099,068

   

308,336,536

   

196,903,594

 

CLEANSPARK, INC.
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited, in thousands)

  

Three Months Ended March 31,

  
  

2025

  

2024

  

Net (loss) income

 

$

(138,792)

  

$

126,735

 

Adjustments:

        

Impairment expense - other

  

   

396

 

Depreciation and amortization

  

78,901

   

32,187

 

Share-based compensation expense

  

3,101

   

9,797

 

Unrealized loss of derivative securities

  

4,741

   

949

 

Interest income

  

(2,014)

   

(2,684)

 

Interest expense

  

1,267

   

526

 

Other income

  

(183)

   

 

(Gain) loss on disposal of assets

  

(2,230)

   

1,652

 

Income tax expense

  

(3,043)

   

11,595

 

Fees related to financing & business development transactions

  

258

   

176

 

  Litigation & settlement related expenses

  

193

   

500

 

  Severance and other expenses

 

12

  

  

Total Adjusted EBITDA

 

$

(57,789)

  

$

181,829

 
        
  

Three months ended

December 31, 2024

   

Revenues, net

     

Digital currency mining revenue, net

 

$

162,306

   

Total revenues, net

 

$

162,306

   
      

Net income

 

$

246,791

   

Adjustments:

      

Depreciation and amortization

  

66,229

   

Share-based compensation expense

  

3,021

   

  Unrealized gain on derivative security

  

(3,622)

   

  Interest income

 

(1,476)

   

  Interest expense

 

1,559

   

  Gain on disposal of assets

 

(791)

   

  Income tax expense

 

9,217

   

  Fees related to financing & business development transactions

 

373

   

  Litigation & settlement related expenses

 

348

   

Total Adjusted EBITDA

 

$

321,649

   

*We have not excluded our net loss on fair value of bitcoin of $127,667 and our net gain of $119,702 in the three months ended March 31, 2025 and 2024, respectively, which we now record in our condensed consolidated statements of operations and comprehensive income as provided in ASC 350-60, as discussed in the Form 10-K.

Investor Relations Contact
Harry Sudock
702-989-7693
ir@cleanspark.com 

Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com

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