CleanSpark, Inc. reported financial results for the fiscal second quarter ended March 31, 2025, with quarterly revenue reaching $181.7 million, a 62.5% increase from the prior year. The company produced 1,957 Bitcoin during the quarter, with an average revenue per coin of $92,811.
Despite reporting a net loss of $(138.8) million, or $(0.49) basic EPS, this was primarily driven by a quarter-end decline in Bitcoin spot price and a mark-to-market adjustment, not by changes in mining operations. Gross profit reached nearly $100 million, up almost 5% sequentially and more than 24% year-over-year, with a gross margin of 53%.
CleanSpark maintained a strong liquidity position of over $1 billion and grew its Bitcoin treasury to over 12,000 Bitcoin as of April 30, making it the third largest among public miners. The company continued its non-dilutive growth strategy, with no equity issued since November 2024, and is on track to reach 50 EH/s by June, with vendor options to support growth to 65 EH/s.
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