CleanSpark(CLSK) - 2025 Q2 - Quarterly Results

Financial Performance - Quarterly revenue reached $181.7 million, an increase of 62.5$111.8 million in the same prior fiscal quarter[4] - Net loss for the quarter was ($138.8 million) or ($0.49) per basic share, compared to net income of $126.7 million or$0.59 per basic share in the prior year[4] - Adjusted EBITDA decreased to ($57.8 million) from$181.8 million in the same period a year ago[4] - Bitcoin mining revenue for Q2 2025 reached $181.712 million, a 62.4$111.799 million in Q2 2024[19] - Total costs and expenses for Q2 2025 were $319.736 million, compared to a negative$25.322 million in Q2 2024, indicating a significant increase in operational costs[19] - Net loss for Q2 2025 was $138.792 million, contrasting with a net income of$126.735 million in Q2 2024[19] - Adjusted EBITDA for Q2 2025 was $(57.789) million, a decrease from$181.829 million in Q2 2024[22] - The company reported a loss on the fair value of bitcoin of $127.667 million in Q2 2025, compared to a gain of$119.702 million in Q2 2024[22] - The company reported a total comprehensive loss attributable to common shareholders of $135.846 million in Q2 2025, compared to a comprehensive income of$123.922 million in Q2 2024[19] Assets and Capital Structure - Total assets amounted to $2.7 billion, with total stockholders' equity at$1.9 billion[8] - The company had working capital of $838.2 million as of March 31, 2025, including$50 million capacity on a bitcoin collateralized line of credit[5] - Cash reserves stood at $97.0 million, while bitcoin holdings were valued at$979.6 million[4] - The weighted average common shares outstanding for Q2 2025 were 280,853,882, up from 209,287,089 in Q2 2024[20] Operational Efficiency and Strategy - CleanSpark aims to reach a target of 50 EH/s in bitcoin mining by June 2025[2] - The company maintains one of the most efficient cost structures in the industry, focusing on capital efficiency and long-term stockholder value[2] - CleanSpark is committed to strategic expansion without relying on dilutive capital, as evidenced by its expanded revolving line with Coinbase[2] Expenses - The company incurred $78.901 million in depreciation and amortization expenses in Q2 2025, compared to$32.187 million in Q2 2024[19] - Professional fees increased to $2.983 million in Q2 2025 from$2.208 million in Q2 2024[19] - Interest income for Q2 2025 was $2.014 million, slightly down from$2.684 million in Q2 2024[19] Bitcoin Production - Bitcoin production grew to 1,957 coins, with an average revenue per coin of $92,811[1]