CleanSpark Reports Transformative FY 2025 Results
Rhea-AI Summary
CleanSpark (Nasdaq: CLSK) reported fiscal 2025 results for the year ended Sept 30, 2025 showing record performance and new capital capability.
Key figures: $766.3M revenue (+102.2% YoY), $364.5M net income ($1.25 basic EPS), $823.4M adjusted EBITDA, >50 EH/s operational hashrate, and $1.2B in bitcoin holdings. The company closed a $1.15B 0% convertible transaction to fund power and land expansion and reported $1.0B working capital.
Positive
- Revenue +102.2% YoY to $766.3M
- Net income of $364.5M (vs prior-year loss)
- Adjusted EBITDA rose to $823.4M from $245.8M
- Operational hashrate surpassed 50 EH/s
- $1.15B 0% convertible closed to fund infrastructure expansion
- $1.2B in bitcoin holdings supporting treasury
Negative
- Cash balance of only $43.0M as of Sept 30, 2025
- Total long-term debt of $644.6M (net of discounts)
- Convertible $1.15B transaction creates potential shareholder dilution
- Current liabilities of $315.8M relative to available cash
Insights
CleanSpark delivered materially stronger fiscal 2025 financials, shifting to profitability and large cash/bitcoin reserves.
Revenue rose to
The balance sheet shows
Operational scale and a large financing provide optionality to expand into AI compute while maintaining bitcoin operations.
The company reports surpassing
Key dependencies and risks include execution of AI-related deployments against stated power expansion and conversion terms of the convertible instrument; watch operational hashrate trends, contracted power rollout, and reported capital allocation over the next
Recent
"Fiscal 2025 was the year CleanSpark achieved operating leverage. We surpassed 50 EH/s in operational hashrate, set new revenue records, and demonstrated strategic capital stewardship by choosing accretive capital market tools, such as convertible debt and bitcoin backed revolvers instead of an ATM to finance the business during the calendar year," said Matt Schultz, Chairman and CEO of CleanSpark. "We are evolving into a comprehensive compute platform that is prepared to optimize value from both AI and bitcoin workloads. Our deep expertise in power procurement, infrastructure development, and efficient scaling gives us a unique advantage in meeting surging global demand for compute."
"I'm proud of our results for the fiscal year. Beyond our revenue of
Financial Highlights: Fiscal Year 2025
Financial Results for the Fiscal Year Ended September 30, 2025
- Fiscal year revenues were
$766.3 million $387.3 million 102.2% , from$379 million - Net income for the year ended September 30, 2025, was
$364.5 million $1.25 ( or ($145.8) million $0.69 - Adjusted EBITDA(1) increased to
$823.4 million $245.8 million
Balance Sheet Highlights as of September 30, 2025
Assets
- Cash:
$43.0 million - Bitcoin:
$1.2 billion - Total Current Assets:
$1.3 billion - Total Mining Assets (including prepaid deposits and deployed miners):
$950.1 million - Total Assets:
$3.2 billion
Liabilities and Stockholders' Equity
- Current Liabilities:
$315.8 million - Total long-term debt, net of debt discount and issuance costs:
$644.6 million - Total Liabilities:
$1.0 billion - Total Stockholders' Equity:
$2.2 billion
The Company had working capital of
1 See "Non-GAAP Measure" and the related reconciliation below
Investor Conference Call and Webcast
The Company will hold its fiscal year 2025 earnings presentation and business update for investors and analysts today, November 25, 2025, at 4:30 p.m. ET / 1:30 p.m. PT.
Webcast URL: https://clsk.news/fy25webcast
The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.
About CleanSpark
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading data center developer with a proven track record of success. We own a portfolio of more than 1.3 GW of power, land, and data centers across
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for high-performance computing ("HPC") and artificial intelligence ("AI") and other expectations, beliefs, plans, intentions, and strategies, including the benefits of the Company's treasury management activities. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to the Company's facilities does not increase as expected; the success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; our ability to execute on our business strategy, including our ability to diversify and expand into the market for HPC and AI solutions and data centers; our limited experience with respect to new markets we are entering, including the market for HPC and AI services; our ability to compete with our new HPC and AI services competitors; new or additional governmental regulation; the impacts of evolving global and
Non-GAAP Measure
The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in
Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin-related revenue.
The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.
Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.
CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) | ||||||||
September 30, | September 30, | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 42,966 | $ | 121,222 | ||||
Restricted cash | 3,490 | 3,056 | ||||||
Prepaid expense and other current assets | 11,875 | 7,995 | ||||||
Bitcoin - current | 966,829 | 431,661 | ||||||
Receivable from bitcoin collateral | 294,648 | 77,827 | ||||||
Note receivable from GRIID | — | 60,919 | ||||||
Derivative investments | 233 | 1,832 | ||||||
Investment in debt security, AFS, at fair value | — | 918 | ||||||
Total current assets | $ | 1,320,041 | $ | 705,430 | ||||
Bitcoin - noncurrent | $ | 222,614 | $ | — | ||||
Property and equipment, net | 1,363,681 | 869,693 | ||||||
Operating lease right of use assets | 4,254 | 3,263 | ||||||
Intangible assets, net | 5,849 | 3,040 | ||||||
Deposits on miners and mining equipment | 112,037 | 359,862 | ||||||
Other long-term assets | 23,497 | 13,331 | ||||||
Goodwill | 131,658 | 8,043 | ||||||
Total assets | $ | 3,183,631 | $ | 1,962,662 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 15,159 | $ | 82,992 | ||||
Accrued liabilities | 117,544 | 43,874 | ||||||
Other current liabilities | 6,096 | 2,240 | ||||||
Derivative liabilities | — | — | ||||||
Current portion of debt | 176,570 | 58,781 | ||||||
Dividends payable | 396 | — | ||||||
Total current liabilities | $ | 315,765 | $ | 187,887 | ||||
Long-term liabilities | ||||||||
Long-term debt, net of current portion, debt discount and debt issuance costs | 644,586 | 7,176 | ||||||
Deferred income taxes | 44,872 | 5,761 | ||||||
Other long-term liabilities | 3,281 | 997 | ||||||
Total liabilities | $ | 1,008,504 | $ | 201,821 | ||||
Commitments and contingencies - Note 19 | ||||||||
CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (continued) (in thousands, except par value and share amounts) | ||||||||
September 30, | September 30, | |||||||
Stockholders' equity | ||||||||
Preferred stock; | 2 | 3 | ||||||
Common stock; | 296 | 271 | ||||||
Additional paid-in capital | 2,445,723 | 2,239,367 | ||||||
Accumulated other comprehensive income | — | 418 | ||||||
Accumulated deficit | (125,894) | (479,218) | ||||||
Treasury stock at cost; 11,759,935 and 0 shares held, respectively | (145,000) | — | ||||||
Total stockholders' equity | 2,175,127 | 1,760,841 | ||||||
Total liabilities and stockholders' equity | $ | 3,183,631 | $ | 1,962,662 | ||||
The accompanying notes are an integral part of these Consolidated Financial Statements | ||||||||
CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share and share amounts) | ||||||||||||
For the year ended September 30, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Revenues, net | ||||||||||||
Bitcoin mining revenue, net | $ | 766,314 | $ | 378,968 | $ | 168,121 | ||||||
Other services revenue | — | — | 287 | |||||||||
Total revenues, net | $ | 766,314 | $ | 378,968 | $ | 168,408 | ||||||
Costs and expenses | ||||||||||||
Cost of revenues (exclusive of depreciation and amortization shown below) | 343,101 | 165,516 | 93,580 | |||||||||
Professional fees | 13,785 | 13,806 | 10,869 | |||||||||
Payroll expenses | 104,379 | 74,095 | 45,714 | |||||||||
General and administrative expenses | 52,625 | 30,185 | 20,823 | |||||||||
(Gain) loss on disposal of assets | (336) | 5,466 | 1,931 | |||||||||
Gain on fair value of bitcoin, net | (425,646) | (113,423) | — | |||||||||
Depreciation and amortization | 348,335 | 154,609 | 120,728 | |||||||||
Indirect tax contingency expenses | 11,122 | — | — | |||||||||
Impairment expense - bitcoin | — | — | 7,163 | |||||||||
Impairment expense - fixed assets | — | 197,041 | — | |||||||||
Impairment expense - other | — | 716 | — | |||||||||
Realized gain on sale of bitcoin | — | — | (1,357) | |||||||||
Total costs and expenses | $ | 447,365 | $ | 528,011 | $ | 299,451 | ||||||
Income (loss) from operations | 318,949 | (149,043) | (131,043) | |||||||||
Other income (expense) | ||||||||||||
Gain on fair value of contingent consideration | — | — | 2,484 | |||||||||
Gain on bitcoin collateral | 92,190 | 1,475 | — | |||||||||
Loss on derivative securities, net | (1,546) | (965) | (259) | |||||||||
Interest income | 4,125 | 8,555 | 481 | |||||||||
Interest expense | (11,335) | (2,455) | (2,977) | |||||||||
Other income | 1,192 | — | 11 | |||||||||
Total other income (expense) | $ | 84,626 | $ | 6,610 | $ | (260) | ||||||
Income (loss) before income tax expense | 403,575 | (142,433) | (131,303) | |||||||||
Income tax expense | 39,111 | 3,344 | 2,416 | |||||||||
Income (loss) from operations | $ | 364,464 | $ | (145,777) | $ | (133,719) | ||||||
Discontinued operations | ||||||||||||
Loss from discontinued operations | $ | — | $ | — | $ | (4,429) | ||||||
Net income (loss) | $ | 364,464 | $ | (145,777) | $ | (138,148) | ||||||
Preferred stock dividends | 11,140 | 3,422 | — | |||||||||
Net income (loss) attributable to common shareholders | $ | 353,324 | $ | (149,199) | $ | (138,148) | ||||||
Other comprehensive (loss) income, net of tax | (418) | 192 | 116 | |||||||||
Total comprehensive income (loss) attributable to common shareholders | $ | 352,906 | $ | (149,007) | $ | (138,032) | ||||||
CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (continued) (in thousands, except per share and share amounts) | ||||||||||||
For the year ended September 30, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Income (loss) from continuing operations per common share - basic | $ | 1.25 | $ | (0.69) | $ | (1.30) | ||||||
Weighted average common shares outstanding - basic | 282,182,800 | 216,860,819 | 102,707,509 | |||||||||
Income (loss) from continuing operations per common share - diluted | $ | 1.12 | $ | (0.69) | $ | (1.30) | ||||||
Weighted average common shares outstanding - diluted | 317,761,220 | 216,860,819 | 102,707,509 | |||||||||
(Loss) on discontinued operations per common share - basic | $ | — | $ | — | $ | (0.04) | ||||||
Weighted average common shares outstanding - basic | 282,182,800 | 216,860,819 | 102,707,509 | |||||||||
(Loss) on discontinued operations per common share - diluted | $ | — | $ | — | $ | (0.04) | ||||||
Weighted average common shares outstanding - diluted | 317,761,220 | 216,860,819 | 102,707,509 | |||||||||
CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA (Unaudited, in thousands) | ||||||||||||
($ in thousands) | For the Year Ended September 30, | |||||||||||
Reconciliation of non-GAAP Adjusted EBITDA | 2025 | 2024 | 2023 | |||||||||
Net income (loss) | $ | 364,464 | $ | (145,777) | $ | (138,148) | ||||||
Depreciation and amortization | 348,335 | 154,609 | 120,728 | |||||||||
Share-based compensation expense | 45,335 | 29,555 | 24,142 | |||||||||
Loss on derivative securities, net | 1,546 | 965 | 259 | |||||||||
Interest income | (4,125) | (8,555) | (481) | |||||||||
Interest expense | 11,335 | 2,455 | 2,977 | |||||||||
Other income | (1,192) | — | (11) | |||||||||
Indirect tax contingency expenses | 11,122 | — | — | |||||||||
(Gain) loss on disposal of assets | (336) | 5,466 | 1,931 | |||||||||
Income tax expense | 39,111 | 3,344 | 2,416 | |||||||||
Fees related to financing & business development transactions | 778 | 4,059 | 697 | |||||||||
Litigation & settlement related expenses | 2,052 | 1,970 | 7,872 | |||||||||
Severance and other expenses | 4,948 | — | 701 | |||||||||
Impairment expense - other | — | 716 | — | |||||||||
Impairment expense - fixed assets | — | 197,041 | — | |||||||||
Loss from discontinued operations | — | — | 4,429 | |||||||||
Change in fair value of contingent consideration | — | — | (2,484) | |||||||||
Non-GAAP Adjusted EBITDA* | $ | 823,373 | $ | 245,848 | $ | 25,028 | ||||||
*We have not excluded our Gain on fair value of bitcoin, net of |
Investor Relations Contact
Harry Sudock
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.
FAQ
What were CleanSpark's fiscal 2025 total revenues and year-over-year change (CLSK)?
How much net income did CleanSpark report for fiscal 2025 (CLSK)?
What is the size and purpose of CleanSpark's recent convertible financing (CLSK)?
How large is CleanSpark's bitcoin treasury and how does it affect liquidity (CLSK)?
What operational scale did CleanSpark achieve in fiscal 2025 (CLSK)?
What were CleanSpark's working capital and total assets on Sept 30, 2025 (CLSK)?
