Las Vegas-based bitcoin miner CleanSpark (ticker CLSK) has reported notable growth in its fiscal third-quarter earnings report, with revenue jumping 91% year-over-year to $198.6 million. Moreover, adjusted EBITDA increased to $377.7 million, up significantly from a loss of $12.6 million from the same period a year ago.
“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team,” said Zach Bradford, CEO of CleanSpark, in a statement.
The firm’s net income for the three months ending June 30 reached $257.4 million. Net income can exceed revenue due to non-operating income, such as gains from asset sales, investments, or one-time events, which are included in net income but not in revenue.
CleanSpark also uses an adjusted EBITDA metric that does not follow generally accepted accounting principles (GAAP). The firm noted that it previously excluded non-cash impairment losses on bitcoin and realized gains and losses on sales of bitcoin, “but has determined such items are part of the Company’s normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.”
Bitcoin rose about 26% to about $109,000 in June from around $86,500 at the start of CleanSpark’s third quarter in April, giving many mining firms a modest boost in quarterly revenues and earnings. Previous monthly statements noted the firm sold 578.51 BTC in June, 293.50 BTC in May, and 401.39 BTC in April.
Somewhat unusually, CleanSpark ends its third quarter on June 30, which is typically part of a public firm’s Q2 reporting period.
The company said its hashing power reached 50 EH/s in Q3, which accounts for 5.8% of global hashrate. Bradford noted CleanSpark is the first public company to have reached that level “exclusively with American infrastructure.”
Further, its bitcoin treasury exceeded the $1 billion mark in Q3, in part through the rising price of bitcoin as well as its increased holdings. In all, it has about $3.1 billion in total assets, including $1.08 billion worth of bitcoin, $985 million worth of mining assets, and $34.6 million in cash against total liabilities and debt of about $1 billion.
CLSK dropped about 2% to $10.74 by market close from an opening price above $11, according to The Block’s data page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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