TL;DR
- CleanSpark closed the quarter with $162.3 million in revenue, a 120% increase from the previous year, and a net income of $246.8 million.
- It reached 40 EH/s of operational capacity and plans to expand to 50 EH/s in 2025 with new facilities in Wyoming, Tennessee, and Georgia.
- It will maintain its exclusive focus on Bitcoin, has accumulated over 10,500 BTC, and avoids diversification into AI infrastructure.
CleanSpark closed the first fiscal quarter of 2025 with $162.3 million in revenue, a 120% increase compared to the same period last year.
The company reported a net income of $246.8 million and an adjusted EBITDA of $321.6 million, reflecting a substantial improvement in operational profitability. The marginal mining cost decreased by 6%, settling at approximately $34,000 per Bitcoin.
The financial balance showed total assets of $2.8 billion, including $929.1 million in BTC and $1.2 billion in available liquidity. The company highlighted its Bitcoin accumulation strategy, holding over 10,500 BTC, all mined internally in the United States. Additionally, it maintains a $50 million Bitcoin-collateralized credit line.
CleanSpark exceeded 2024 expectations and reached an operational capacity of 40 EH/s in January, with an efficiency of 16.15 J/Th. The company expects to reach 50 EH/s in the first half of 2025 through operational expansions in Wyoming, Tennessee, and Georgia, replicating its growth model developed in the latter state.
CleanSpark Will Maintain Its Bitcoin Strategy
In October, it completed the acquisition of GRIID for $155 million, and in December, it closed a $650 million convertible bond issuance to finance expansions and reduce debt. The company highlighted that its financing strategy allows it to maintain a solid capital structure while continuing to grow.
Unlike other miners diversifying into AI data centers, CleanSpark remains focused solely on Bitcoin. Its management team believes Bitcoin mining offers faster returns and lower initial costs compared to AI infrastructure projects, which have longer maturation periods. The company emphasized its strategy of selling during bullish cycles and accumulating during bearish periods to maximize profitability throughout the market cycle.
Following the release of these results, CleanSpark’s stock rose 7.1% in pre-market trading. The company maintains an optimistic outlook on Bitcoin’s price and expects current conditions to support its growth strategy.
