Nikolas Sargeant
Bitcoin mining company CleanSpark has delivered its most successful financial performance to date, reporting record quarterly revenue and profits that substantially exceeded Wall Street forecasts for the fiscal third quarter.
The U.S.-based cryptocurrency miner generated $198.6 million in revenue during the quarter, representing a remarkable 91% increase from $104 million in the same period last year. This performance surpassed analyst expectations of approximately $195 million, demonstrating the company's operational strength amid favorable market conditions.
Most notably, CleanSpark achieved a dramatic turnaround in profitability, posting $257.4 million in net income compared to a $236.2 million loss in the previous year's corresponding quarter. This swing represents one of the most significant year-over-year improvements in the Bitcoin mining sector.
Earnings Per Share Crushes Analyst Predictions
CleanSpark's diluted earnings per share reached 78 cents, nearly quadrupling Wall Street estimates of approximately 20 cents per share. This exceptional performance reflects the company's enhanced operational efficiency and strategic positioning within the competitive mining landscape.
CEO Zach Bradford emphasized the historic nature of these results, stating: "This was the most successful quarter in CleanSpark's history, and it reflects the strength of our strategy." The executive team attributed success to disciplined operational management and strategic capacity expansion.
CFO Gary Vecchiarelli highlighted a crucial operational milestone, noting that monthly Bitcoin production revenues fully covered operational expenses while simultaneously allowing treasury expansion. This achievement demonstrates sustainable operational cash flow generation independent of external financing.
CleanSpark reached a significant infrastructure milestone, becoming the first publicly traded mining company to achieve 50 exahashes per second using exclusively U.S.-based infrastructure. This capacity represents approximately 5.8% of the global Bitcoin hashrate, positioning the company among the world's largest mining operations.
Treasury Holdings Reach $1.48 Billion Value
The company's Bitcoin treasury strategy has proven highly successful, with holdings reaching 12,703 BTC valued at approximately $1.48 billion at current market prices. This positions CleanSpark as the ninth-largest public Bitcoin holder globally, achieved without issuing new equity during 2025.
Despite these strong financial results, CleanSpark's stock price declined 2.5% to $10.72 on Thursday, though after-hours trading showed minimal recovery. The stock remains positive year-to-date, gaining 16.4% and outperforming competitor MARA Holdings, which has declined over 7% in 2025.
This exceptional quarter reflects broader Bitcoin mining sector strength, driven by Bitcoin's 32% price appreciation between April and June. Competitors have similarly benefited, with MARA Holdings reporting 64% year-over-year revenue growth to $238 million, while Riot Platforms achieved record $219.5 million net income.
