CleanSpark(CLSK) - 2025 Q3 - Quarterly Results

CleanSpark Third Quarter Fiscal 2025 Financial Results Executive Summary and Operational Highlights 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] - Grew bitcoin treasury to over 12,703 BTC, valued at over $1 billion, without raising capital through equity offerings since November 2024[1][2] - Achieved 5.8% of global hashrate under management and has contracted over one gigawatt of power, demonstrating a vertically integrated model[2] - Operational expenses are now fully funded through monthly bitcoin production while simultaneously expanding the bitcoin treasury[2] - Launched a Digital Asset Management team's derivatives strategy, which has begun producing promising early returns[2] Financial Highlights 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 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) 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 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 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 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 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) 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][10] - The calculation has been updated to no longer exclude non-cash impairment losses and realized gains/losses on sales of bitcoin[9] Reconciliation of Adjusted EBITDA 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 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] - An investor conference call and webcast to discuss Q3 2025 results was scheduled for August 7, 2025[4] - The report contains forward-looking statements that are subject to risks such as bitcoin mining difficulty rates and regulatory changes[6][8]