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Mar 31, 2025
Cleanspark Q2 2025 Earnings Report
Reported financial results for the quarter ended March 31, 2025
Key Takeaways
CleanSpark reported significant revenue growth in Q2 2025, reaching $181.7 million, a 62.5% increase year-over-year, driven by strong Bitcoin production. Despite this, the company posted a net loss of $138.8 million.
Quarterly revenues were $181.7 million, a 62.5% increase from the prior year.
Net loss for the quarter was $138.8 million, or ($0.49) per basic share.
Bitcoin production reached 1,957, with an average revenue per coin of $92,811.
Total assets as of March 31, 2025, were $2.7 billion, with cash and cash equivalents of $97.0 million and Bitcoin holdings valued at $979.6 million.
Revenue by Segment
Forward Guidance
CleanSpark remains focused on being a pure-play Bitcoin miner and is on track to reach its 50 EH/s target during June 2025.
Positive Outlook
- On track to reach 50 EH/s target during June 2025.
- Continuing to grow its bitcoin treasury.
- Strengthening the balance sheet.
- Prioritizing long-term stockholder value.
- Investing in strategic and accretive expansion without relying on dilutive capital.
Challenges Ahead
- Subject to volatile and unpredictable cycles in the emerging and evolving industries.
- Increasing difficulty rates for bitcoin mining.
- Potential impact of bitcoin halving.
- Risk of new or additional governmental regulation.
- Dependency on utility rate structures and government incentive programs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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