CleanSpark, the American Bitcoin mining company, reported its fiscal second-quarter 2025 results on April 1, 2025. For the three months ended March 31, revenue reached $181.7 million, a 62.5% increase from $111.8 million in the same quarter last year. However, the company recorded a net loss of $138.8 million ($0.49 per basic share), compared to net income of $126.7 million ($0.59 per basic share) in the prior-year period. Adjusted EBITDA also declined to negative $57.8 million from $181.8 million a year ago.
Balance Sheet and Capital Position
As of March 31, 2025, CleanSpark held $97.0 million in cash and $979.6 million in bitcoin. Total current assets stood at $947.5 million, with mining assets (including prepaid deposits and deployed miners) totaling $899.6 million. Total assets reached $2.7 billion. The company’s liabilities amounted to $766.5 million, consisting of $109.3 million in current liabilities and $641.7 million in long-term debt. Total stockholders’ equity was $1.9 billion. Working capital was $838.2 million, which includes a $50 million bitcoin-backed credit line, providing flexible funding while preserving equity and strategically leveraging bitcoin holdings.
Management Commentary
CEO Zach Bradford said the results reflect a disciplined approach in a rapidly evolving Bitcoin mining landscape. “As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner,” Bradford noted. He confirmed the company remains on track to reach its 50 EH/s target in June, while growing its bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value. Bradford also highlighted CleanSpark’s continued leadership in infrastructure and financial strategy, referencing its pioneering ASIC option structure and non-dilutive financing methods.
CFO Gary Vecchiarelli echoed the sentiment, stating CleanSpark maintained one of the most efficient cost structures in the industry while expanding operations without diluting shareholder equity. “We continued to invest in strategic and accretive expansion without relying on dilutive capital, as demonstrated by our expanded revolving line with Coinbase,” he said. Vecchiarelli added that the Digital Asset Management group made meaningful progress during the quarter, preparing to optimize the treasury and positioning bitcoin as both a productive asset and a source of strength on the balance sheet.