Core Insights - CleanSpark, Inc. reported a total of 12,827 BTC in treasury and achieved an average hashrate increase of 1.4 EH/s month over month as of August 31, 2025 [1][2] Production Metrics - The company produced 657 BTC in August 2025, with a peak single-day production of 21.71 BTC and an average daily production of 21.20 BTC [3] - For the calendar year 2025, the total BTC produced reached 5,296 [3] Fleet Metrics - The operational hashrate was recorded at 50.0 EH/s, while the average operating hashrate stood at 43.3 EH/s [3] - The peak efficiency of the deployed fleet was 16.07 J/Th, with a total of 242,222 miners deployed as of August 31, 2025 [3] Bitcoin Treasury Metrics - As of August 31, 2025, CleanSpark's total bitcoin holdings were 12,827, with 3,026 BTC posted as collateral [4] - The company sold a total of 533.5 BTC, generating proceeds of $60,712,990, with an average sale price of $113,800 per BTC [3][4] Power Portfolio Metrics - CleanSpark has 1.03 GW under contract and utilized 808 MW concurrently to support its operational hashrate [3][5] Company Overview - CleanSpark is recognized as a market-leading Bitcoin miner, operating data centers across the U.S. and focusing on optimizing operations to deliver superior returns to shareholders [6]

Group 1 - Bitcoin-related stocks experienced a rise despite market trends, with CleanSpark (CLSK.US) up 2.6%, MicroStrategy (MSTR.US) up over 1.6%, Marathon Holdings (MARA.US) up over 1.9%, Bit Digital (BTBT.US) up over 1.7%, and Coinbase (COIN.US) slightly up [1] - Bitcoin saw a short-term increase, rising nearly 2% in the past 24 hours [1]

RT CoinDesk Podcast Network (@CoinDeskPodcast)🎧 Catch the latest episode of 'THE MINING POD: Leadership Change, 50 EH/s, and HPC W/ CleanSpark's Harry Sudock,’ in partnership with @blockspacepod!Today on The Mining Pod, Harry Sudock from CleanSpark join to talk about the company's major leadership transition with CEO Zach Bradford's departure and Matt Schultz taking the helm. We dive into CleanSpark's impressive growth to 50 EH/s, their pure play mining strategy versus the industry's pivot to HPC/AI, and ho ...

Core Insights - Cleanspark (CLSK) shares have declined by 7.9% since the release of its Q3 fiscal 2025 results, primarily due to a challenging macroeconomic environment and tariff uncertainties [1] - The company reported earnings of $0.78 per share for Q3 fiscal 2025, a significant improvement from a loss of $1.03 per share in the same quarter last year [9] Revenue and Production - Revenues for Q3 fiscal 2025 reached $198.6 million, representing a 90.8% year-over-year increase and surpassing consensus estimates by 0.11% [2][9] - Bitcoin production increased by 28% year-over-year, totaling 2,012 Bitcoin, with an average revenue per Bitcoin of $99,000, a 50% increase YoY [2] Profitability Metrics - Gross profit for Q3 fiscal 2025 increased by approximately $50 million year-over-year, achieving a profit margin of 55% due to higher Bitcoin prices and lower energy costs [4] - Operating income was reported at $246.2 million, a turnaround from a loss of $249.1 million in the previous year [5][9] - Adjusted EBITDA for the quarter was $377.7 million, compared to an adjusted EBITDA loss of $12.6 million in the same period last year [6] Operating Expenses - Operating expenses rose by 20.9% year-over-year to $36 million, with professional fees and payroll expenses as a percentage of revenue declining [5] Balance Sheet Overview - As of June 30, 2025, Cleanspark had cash and cash equivalents of $34.55 million, down from $96.9 million as of March 31, 2025 [7] - Total long-term debt was reported at $643.9 million, with total debt approximately $820 million [7] Future Earnings Estimates - The Zacks Consensus Estimate for Q4 fiscal 2025 earnings is 8 cents per share, reflecting a 129.63% year-over-year increase [8] - For fiscal 2025, the earnings estimate is 82 cents per share, with revenues projected at $769.59 million, indicating a year-over-year increase of 103.08% [10]

Leadership Change - CleanSpark 的创始人接任 CEO，此前 Zachary Bradford 辞职 [1]

Core Viewpoint - CleanSpark, Inc. has appointed Matt Schultz as the new CEO following the resignation of Zachary Bradford, aiming for stability and continuity during this leadership transition [1][3]. Group 1: Leadership Transition - Zachary Bradford has resigned as CEO and director of CleanSpark, effective immediately, with Matt Schultz stepping in as CEO [1]. - Schultz, a co-founder and former CEO, has been instrumental in the company's growth and capital raising efforts, making CleanSpark a leading bitcoin mining company in North America [2]. - Schultz emphasizes the importance of stability and continuity during this transition, while the board believes this change is timely to capture new opportunities [3]. Group 2: Company Strategy and Operations - CleanSpark reaffirms its strategic plans, focusing on continued execution as a global leader in bitcoin mining and further development of data centers [4]. - The company operates a portfolio of mining facilities across the U.S., leveraging competitive energy prices to optimize returns for shareholders [5]. - CleanSpark is positioned to capitalize on the intersection of bitcoin, energy, operational excellence, and capital stewardship [5].

CleanSpark, a US-listed mining company, disclosed that some of its Bitcoin mining machines imported between April and June 2024 were identified by the US Customs and Border Protection (CBP) as originating in China, potentially facing punitive tariffs of up to $185 million. https://t.co/Y41VqKUBRk ...

[CleanSpark Third Quarter Fiscal 2025 Financial Results](index=1&type=section&id=CleanSpark%20Reports%20Third%20Quarter%20Fiscal%202025%20Results) [Executive Summary and Operational Highlights](index=1&type=section&id=Executive%20Summary%20and%20Operational%20Highlights) The company achieved record revenue and key operational milestones, including reaching 50 EH/s hashrate and growing its bitcoin treasury to over $1 billion - Reached **50 EH/s** of operational hashrate in June, becoming the first public company to achieve this exclusively with American infrastructure[2](index=2&type=chunk) - Grew bitcoin treasury to over **12,703 BTC**, valued at over **$1 billion**, without raising capital through equity offerings since November 2024[1](index=1&type=chunk)[2](index=2&type=chunk) - Achieved **5.8% of global hashrate** under management and has contracted over one gigawatt of power, demonstrating a vertically integrated model[2](index=2&type=chunk) - Operational expenses are now fully funded through monthly bitcoin production while simultaneously expanding the bitcoin treasury[2](index=2&type=chunk) - Launched a Digital Asset Management team's derivatives strategy, which has begun producing promising early returns[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported substantial year-over-year growth, turning a net loss into a significant net income of $257.4 million with a strengthened balance sheet [Third Quarter Fiscal Year 2025 Performance](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202025%20Performance) Revenue surged 90.8% year-over-year to $198.6 million, driving a significant turnaround to a net income of $257.4 million Q3 FY2025 vs. Q3 FY2024 Key Financial Metrics | Metric | Q3 FY2025 | Q3 FY2024 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $198.6 million | $104.1 million | +90.8% | | **Net Income (Loss)** | $257.4 million | ($236.2) million | Significant Turnaround | | **Basic EPS** | $0.90 | ($1.03) | Significant Turnaround | | **Adjusted EBITDA** | $377.7 million | ($12.6) million | Significant Turnaround | [Balance Sheet Highlights (as of June 30, 2025)](index=2&type=section&id=Balance%20Sheet%20Highlights%20as%20of%20June%2030%2C%202025) The balance sheet shows a strong liquidity position with total assets reaching $3.1 billion, supported by over $1 billion in Bitcoin holdings Key Balance Sheet Items (as of June 30, 2025) | Item | Value | | :--- | :--- | | **Cash** | $34.6 million | | **Bitcoin** | $1.08 billion | | **Total Current Assets** | $1.21 billion | | **Total Assets** | $3.1 billion | | **Total Liabilities** | $954.9 million | | **Total Stockholders' Equity** | $2.14 billion | | **Working Capital** | $933.3 million | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The financial statements reflect significant year-over-year growth, driven by a 90.8% revenue increase and favorable fair value adjustments on Bitcoin [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $3.10 billion, primarily driven by increased Bitcoin holdings and property and equipment, alongside a rise in long-term debt Balance Sheet Comparison (in thousands) | Account | June 30, 2025 | Sept 30, 2024 | | :--- | :--- | :--- | | **Total current assets** | $1,210,140 | $705,430 | | **Total assets** | $3,101,817 | $1,962,662 | | **Total current liabilities** | $276,819 | $187,887 | | **Loans payable, long-term** | $643,913 | $7,176 | | **Total liabilities** | $954,929 | $201,821 | | **Total stockholders' equity** | $2,146,888 | $1,760,841 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net income of $257.4 million, a significant improvement from the prior-year period's loss, driven by higher mining revenue Income Statement Summary - Three Months Ended June 30 (in thousands) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | **Bitcoin mining revenue, net** | $198,644 | $104,108 | | **(Gain) loss on fair value of bitcoin, net** | ($268,651) | $48,338 | | **Income (loss) from operations** | $246,163 | ($249,078) | | **Net income (loss)** | $257,390 | ($236,242) | | **Basic EPS** | $0.90 | ($1.03) | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes Adjusted EBITDA to reflect core operational performance, updating its calculation to include gains and losses on digital assets [Explanation of Non-GAAP Measure (Adjusted EBITDA)](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Measure%20(Adjusted%20EBITDA)) Adjusted EBITDA is presented to allow for more meaningful comparisons of core business results by excluding certain non-cash and non-recurring items - Adjusted EBITDA is a non-GAAP measure used to provide meaningful comparisons of the Company's core business operating results[9](index=9&type=chunk)[10](index=10&type=chunk) - The calculation has been updated to no longer exclude non-cash impairment losses and realized gains/losses on sales of bitcoin[9](index=9&type=chunk) [Reconciliation of Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) GAAP net income of $257.4 million was reconciled to a non-GAAP Adjusted EBITDA of $377.7 million for the third quarter of fiscal 2025 Reconciliation of Net Income (Loss) to Adjusted EBITDA - Q3 FY2025 vs Q3 FY2024 (in thousands) | Line Item | Q3 2025 | Q3 2024 | | :--- | :--- | :--- | | **Net income (loss)** | $257,390 | ($236,242) | | Depreciation and amortization | $94,880 | $40,727 | | Impairment expense - fixed assets | $0 | $189,235 | | Income tax expense (benefit) | $18,107 | ($9,495) | | **Non-GAAP Adjusted EBITDA** | **$377,701** | **($12,669)** | [Company Information and Forward-Looking Statements](index=2&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides a corporate profile, investor webcast details, and standard legal disclaimers regarding forward-looking statements - CleanSpark identifies as a market-leading, pure-play bitcoin miner that owns and operates facilities across the United States[5](index=5&type=chunk) - An investor conference call and webcast to discuss Q3 2025 results was scheduled for August 7, 2025[4](index=4&type=chunk) - The report contains forward-looking statements that are subject to risks such as bitcoin mining difficulty rates and regulatory changes[6](index=6&type=chunk)[8](index=8&type=chunk)

Financial Performance - CleanSpark reported quarterly earnings of 78 cents per share, exceeding the analyst consensus estimate of 10 cents [1] - Quarterly revenue reached $198.64 million, surpassing the Street estimate of $191.54 million and increasing from $104.1 million in the same period last year [1] Balance Sheet Highlights - At the end of the third quarter, CleanSpark's cash stood at $34.6 million, with a bitcoin treasury valued at $1.08 billion [5] - Total current assets amounted to $1.21 billion, while total mining assets, including prepaid deposits and deployed miners, were valued at $985.9 million [5] - The company's total assets reached $3.1 billion [5] Operational Achievements - CleanSpark achieved an operational hashrate of 50 EH/s in June, becoming the first public company to do so using exclusively American infrastructure [3] - The company reported a record basic EPS of 90 cents and nearly $200 million in revenue during this period [3] - CleanSpark has grown its bitcoin treasury to over $1 billion in value without raising capital through equity offerings since November 2024 [3] Market Reaction - Following the earnings report, CleanSpark's stock price increased by 1.21%, reaching $10.85 in extended trading [3]

Financial Data and Key Metrics Changes - CleanSpark reported record-setting revenue of approximately $199 million for the third quarter, representing a 94% increase year-over-year and a 9% increase from the previous quarter [5][33] - Earnings per share reached $0.90, supported by gross margins of 54.6% [5][34] - The company produced 20.12 Bitcoin during the quarter, a 28% increase compared to the same quarter last year [33] - The total Bitcoin treasury grew to approximately $1.08 billion, an increase of over $100 million since the last quarter [6][39] - The marginal cost per Bitcoin was $44,806, reflecting a 5% increase over the previous quarter, primarily due to increased mining difficulty [36] Business Line Data and Key Metrics Changes - CleanSpark achieved an operational hash rate of 50 exahash, marking a significant milestone as the first publicly traded company to reach this level with American infrastructure [7][9] - The average power efficiency of the mining fleet improved to just over 16 joules per terahash [7] - The all-in cost per kilowatt hour decreased to $0.56, nearly $0 lower than in the second quarter [8][36] Market Data and Key Metrics Changes - The company holds approximately 5.6% of the global hash rate, an increase from 4.3% at the end of fiscal 2024 [15][16] - The average revenue recognized per Bitcoin produced was approximately $99,000, a 50% increase year-over-year [34] Company Strategy and Development Direction - CleanSpark aims to become the global leader in Bitcoin mining, focusing on operational excellence and capital stewardship [10][31] - The company is evaluating approximately 1.2 gigawatts of near-term power opportunities and an additional 1.7 gigawatts of long-term projects [21][22] - The strategy includes a balanced approach between monetizing new production and growing the Bitcoin treasury [47][48] Management's Comments on Operating Environment and Future Outlook - Management highlighted supportive macro and policy tailwinds, including recent regulatory developments that could drive increased demand for Bitcoin [23][24] - The company is optimistic about the future, expecting to capture a greater share of the global hash rate and continue its growth trajectory [14][15] Other Important Information - CleanSpark's total debt stands at approximately $820 million, with a significant portion related to a convertible transaction [39] - The company has onboarded several high-quality counterparties for its digital asset management team and completed its first derivative transaction [40][41] Q&A Session Summary Question: Can you elaborate on the 200 megawatts of additional contracted power available? - Management indicated that the 200 megawatts are in areas of existing operations and will focus on rolling out the next phase of infrastructure quickly [54][55] Question: What is the current M&A landscape and appetite for potential deals? - Management sees a robust pipeline in the private space and is ready to take advantage of opportunities as miners pivot to other areas [57][59] Question: When do you expect to reach targeted run rates for the digital asset management strategy? - Management expects a ramp-up in the coming quarters, with a measured approach to onboarding additional counterparties [62][64] Question: How are conversations with utility partners regarding the growth pipeline? - Management emphasized the flexibility of their operations, which positions them favorably in discussions with utilities [66][68] Question: What percentage of the Bitcoin treasury will be used for yield generation? - Management plans to use approximately 40% of the huddle balance to generate a target yield of 4% [72][73] Question: How does the company view the existing tariff environment regarding fleet expansion? - Management acknowledged the secondary market for hardware purchases as an option and noted the fluctuating tariff environment [108]