Bitcoin miner CleanSpark has posted its strongest quarterly performance to date, delivering record revenue and profitability that surpassed analyst forecasts.
For its third fiscal quarter, spanning April to June, CleanSpark reported revenue of $198.6 million — a 91% jump from $104 million in the same period last year — beating expectations of roughly $195 million.
“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy,” said CEO Zach Bradford.
Net income for the quarter came in at $257.4 million, a sharp turnaround from the $236.2 million loss recorded a year earlier. Diluted earnings per share hit 78 cents, far exceeding analyst estimates of around 20 cents.
“Fiscal Q3 was a pivotal quarter for CleanSpark, as we fully funded operational expenses through monthly Bitcoin production while simultaneously expanding our Bitcoin treasury,” added CFO Gary Vecchiarelli.
First Company to Reach Hashrate Milestone
CleanSpark says it has become the first U.S. public mining company to reach 50 exahashes per second of operational hashrate, representing 5.8% of the global total.
“We reached 50 EH/s in June, becoming the first public company to achieve this milestone solely using American infrastructure,” said CEO Zach Bradford.
The company also grew its Bitcoin treasury to more than $1 billion in value without issuing new equity in 2025. CleanSpark now holds 12,703 BTC — worth about $1.48 billion at current prices — ranking it as the ninth-largest Bitcoin holder among public companies.
Results fail to woo investors
Shares in CleanSpark (CLSK) ended trading on Thursday down over 2.5% to $10.72 and saw only a slight bump after-hours that cooled to a less than 1% gain.
Shares in the crypto miner have gained 16.4% since the beginning of 2025, performing better than sector leader MARA Holdings, which is down over 7% this year.
Strong Quarter for Bitcoin Miners
Bitcoin miners enjoyed a standout quarter, fueled largely by a 32% rise in the asset’s value during the period.
In late July, MARA Holdings reported second-quarter revenue of $238 million — up 64% year-on-year — surpassing analyst expectations.
Riot Platforms also posted a record net income of $219.5 million for the quarter.
