CleanSpark reports $181.7 million in Q2 revenue, retaining on 50 EH/S BITCOIN mining targets

CleanSpark, a U.S. Bitcoin mining company, announced its second quarter financial results for the 2025 fiscal year, with revenue of $181.7 million for the three months ended March 31. This marks a 62.5% increase in the same quarter last year of $111.8 million.

Despite revenue growth, the company reported a net loss of $138.8 million, or $0.49 per base share, while net income was $126.7 million, or $0.59 per share. Adjusted EBITDA also fell to $57.8 million from $181.8 million a year ago.

As of March 31, 2025, CleanSpark held $97 million in cash and $979.6 million in Bitcoin. The total assets are currently $947.5 million, and the mining assets (including advance deposits and deployed miners) total $899.6 million. Total assets reached US$2.7 billion. The company has liabilities of $766.5 million, current liabilities of $163 million and long-term liabilities of $641.7 million. The total equity of shareholders is US$1.9 billion.

CleanSpark reported that as of March 31, 2025, working capital was $838.2 million, including $50 million in Bitcoin-backed credit. The facility provides flexible funding while allowing companies to maintain equity and strategically leverage their Bitcoin holdings.

CleanSpark CEO Zach Bradford said their performance reflects a disciplined and centralized approach in the rapidly evolving Bitcoin mining landscape. “As other players’ directions or slowdowns grow, CleanSpark is the only pure game left, doubled the public Bitcoin miner,” Bradford said. “We think the focus is more important than ever before, and we hit the 50 E/S target during June while adding our Bitcoin Treasury, strengthening the balance sheet and prioritizing long-term shareholder value.”

Bradford highlights CleanSpark’s ongoing leadership in infrastructure and financial strategy, citing its groundbreaking ASIC option structure and non-debt financing approach.

CleanSpark’s chief financial officer Gary Vecchiarelli responded to these views, noting that CleanSpark maintains one of the most effective cost structures in the industry while expanding operations without diluting shareholder equity. “As we demonstrated with Coinbase’s expanded spin line, we continue to invest in strategic and proliferation expansion without relying on diluted capital,” he said. “Our Digital Asset Management Group made meaningful progress this quarter and is ready to optimize our Treasury to see Bitcoin as a productive asset and a source of strength on our balance sheet.”