CleanSpark Inc, a leading U.S.-based Bitcoin mining company, announced a 62.5% year-over-year increase in revenue for the second quarter of fiscal 2025, totalling $181.7 million. However, despite the strong revenue growth, the company reported a net loss of $138.8 million, or $0.49 per share, compared to a net income of $126.7 million, or $0.59 per share, in the same quarter last year.
CleanSpark’s adjusted EBITDA also significantly declined, dropping to -$57.8 million from $181.8 million in the previous year. Despite these challenges, the company will reach 50 exahashes per second (EH/s) by June 2025. CEO Zach Bradford emphasized the company’s ongoing commitment to scaling its operations and growing its Bitcoin treasury without relying on dilution.
During the quarter, CleanSpark produced 1,957 Bitcoin, generating an average revenue of $92,811 per coin. The company maintained a strong balance sheet with $97 million in cash and nearly $980 million in Bitcoin 9holdings. Total assets reached $2.65 billion, and shareholder equity stood at $1.9 billion.
The company highlighted strategic moves, including an expanded revolving credit line with Coinbase, which helps CleanSpark finance its operations without issuing additional equity.
CleanSpark’s stockholders’ equity grew to $1.9 billion, while the company’s long-term debt stood at $641.7 million. The company’s total liabilities amounted to $766.5 million, and its total mining assets, including prepaid deposits and deployed miners, reached $899.6 million.
Despite the losses, the company remains optimistic about its prospects. CleanSpark’s digital asset management team has made significant strides in optimizing its Bitcoin treasury, aiming to leverage Bitcoin as both a productive asset and a strength on the balance sheet.
In addition to these efforts, CleanSpark reported mining 668 Bitcoin in December 2024, a testament to its ongoing operational success. This latest update further reinforces the company’s potential to navigate the current market landscape and capitalize on future opportunities within the Bitcoin mining industry.
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