CleanSpark Revenue Surges 102% as Firm Posts $364M Profit in 2025

CleanSpark delivered what executives described as a “transformative” fiscal year, reporting $766.3 million in revenue for the period ending September 30, 2025, a 102% jump from the previous year.

The company’s results, released late Tuesday, show a dramatic reversal from 2024, underscoring how its expanded strategy is reshaping both operations and financial performance.

Net income came in at $364.5 million, compared with a $145.8 million loss last year. Adjusted EBITDA surged to $823.4 million, up from $245.8 million a year earlier.

CleanSpark CEO Credits Operating Leverage and Capital Discipline for Breakout Year

CEO Matt Schultz attributed the shift to a year in which the company “achieved operating leverage.”

He highlighted milestones, including more than 50 EH/s of operational hashrate, record revenue, and what he described as discipline around “accretive capital market tools, such as convertible debt and Bitcoin-backed revolvers instead of an ATM [program] to finance the business during the calendar year.”

Schultz said CleanSpark is evolving into “a comprehensive compute platform” capable of capturing value from both its core bitcoin mining operations and emerging AI workloads.

President and CFO Gary Vecchiarelli echoed the point, saying the firm is “financially positioned to rapidly become a leading AI infrastructure provider,” citing the company’s treasury desk, capital stack, and strategic investment road map.

CleanSpark shares rose 3% during Tuesday’s session ahead of the announcement. After a brief spike overnight, the stock slipped 2% in pre-market trading Wednesday.

The strong fiscal results follow CleanSpark’s $1.15 billion zero-coupon convertible notes offering, which brought $1.13 billion in net proceeds and allowed the firm to repurchase 30.6 million shares for roughly $460 million.

#BITCOIN MINER CLEANSPARK HAS REPORTED RECORD ANNUAL REVENUE AFTER MOVING INTO AI ALONGSIDE ITS MINING OPERATIONS ⛏️🤖 pic.twitter.com/DSdES8HbL8

— That Martini Guy ₿ (@MartiniGuyYT) November 26, 2025

Schultz previously called the financing a “defining moment,” supporting the company’s strategy to grow as an energy-driven compute platform.

Remaining proceeds will go toward power and land acquisition, new data-center developments, and repayment of bitcoin-backed credit lines.

CleanSpark intensified its AI ambitions in October with the hiring of former Humain executive Jeffrey Thomas to lead its AI data-center division.

Schultz said the move “positions CleanSpark at the center of the AI and intelligent-computing revolution,” noting the company is evaluating conversions of its Georgia facilities and assessing “giga-campus” sites across its network to meet AI infrastructure demand.

Treasury Strength and Mining Footprint

As of September 30, CleanSpark held $1.2 billion in Bitcoin, $43 million in cash, and $950.1 million in mining assets, with total assets reaching $3.2 billion and stockholders’ equity at $2.2 billion.

Working capital stood at $1 billion, while long-term debt totaled $644.6 million.

The miner also expanded its bitcoin treasury throughout the year, surpassing 13,000 BTC in September, keeping it among the top public-company bitcoin holders worldwide.

Schultz framed fiscal 2025 as “the start of an exciting new chapter” as CleanSpark works to unlock more value from its energy assets and expansion pipeline.