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    CleanSpark Reports Second Quarter Fiscal 2025 Results

    5/8/25 4:05:00 PM ET
    $CLSK
    Finance: Consumer Services
    Finance
    Get the next $CLSK alert in real time by email

    $181.7M quarterly revenue, up 62.5% from prior year

    Bitcoin production grew to 1,957, with an average revenue per coin of $92,811

    LAS VEGAS, May 8, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the quarter ended March 31, 2025.

    CleanSpark, Inc. Logo (PRNewsfoto/CleanSpark, Inc.)

    "This was a quarter defined by discipline, scale, and continued strategic clarity," said Zach Bradford, CleanSpark's CEO. "As other players shift direction or decelerate growth, CleanSpark has doubled down on being the only remaining pure-play, public bitcoin miner. We believe that focus matters now more than ever, and we remain on track to reach our 50 EH/s target during June, all while growing our bitcoin treasury, strengthening the balance sheet, and prioritizing long-term stockholder value."

    "CleanSpark has a track record of leadership in this industry," Bradford continued. "We've been infrastructure-first since the beginning, we pioneered the ASIC option structure to control our own destiny, and now we're leading the way in treasury management and non-dilutive financing."

    "Our results reflect the operating leverage that comes with scale, paired with disciplined cost control," said Gary Vecchiarelli, CleanSpark's CFO. "We continued to invest in strategic and accretive expansion without relying on dilutive capital, as demonstrated by our expanded revolving line with Coinbase. Additionally, we maintain one of the most efficient cost structures in the industry. Our Digital Asset Management group made meaningful progress during the quarter and is preparing to optimize our treasury, positioning bitcoin as both a productive asset and a source of strength on our balance sheet. These efforts reinforce our long-term focus: scale with discipline, capital efficiency, and stockholder value."

    Financial Highlights: Second Quarter Fiscal Year 2025

    Financial Results for the Three Months Ended March 31, 2025

    • Quarterly revenues were $181.7 million, an increase of $69.9 million, or 62.5%, from $111.8 million for the same prior fiscal quarter.
    • Net loss for the three months ended March 31, 2025, was ($138.8 million) or ($0.49) per basic share, compared to net income of $126.7 million or $0.59 per basic share, for the same prior year period.
    • Adjusted EBITDA(1) decreased to ($57.8 million) from $181.8 million from the same period a year ago.

    Balance Sheet Highlights as of March 31, 2025

    Assets

    • Cash: $97.0 million
    • Bitcoin: $979.6 million
    • Total Current Assets: $947.5 million
    • Total Mining Assets (including prepaid deposits & deployed miners): $899.6 million
    • Total Assets: $2.7 billion

    Liabilities and Stockholders' Equity

    • Current Liabilities: $109.3 million
    • Total long-term debt, net of debt discount & issuance costs: $641.7 million
    • Total Liabilities: $766.5 million
    • Total Stockholders' Equity: $1.9 billion

    The Company had working capital of $838.2 million as of March 31, 2025, including capacity of $50 million on the bitcoin collateralized line of credit.

    1 See "Non-GAAP Measure" and the related reconciliation below

    Investor Conference Call and Webcast

    The Company will hold its fiscal Q2 2025 earnings presentation and business update for investors and analysts today, May 8, 2025, at 1:30 p.m. PT / 4:30 p.m. ET.

    Webcast URL: clsk.news/q2fy25webcast

    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, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com. 

    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 expectations, beliefs, plans, intentions, and strategies, including its expectations regarding reaching 50 EH/s in the first half of 2025 and 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: completion of construction, regulatory approvals, and electrical power availability to achieve the growth targets; the success and performance of the digital asset management and derivatives trading activities, which were only recently commenced; the success of our digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the impact of the changes to, and uncertainty surrounding, the U.S. import tariff regime, including the potential resulting impact on the cost of miners purchased by the Company; the anticipated import and delivery dates of new miners; the ability to successfully import and deploy new miners and other mining equipment; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

    Non-GAAP Measure

    The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions,  all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed;  (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

    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.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands, except par value and share amounts)







    March 31,

    2025





    September 30,

    2024







    (Unaudited)









    ASSETS













    Current assets













    Cash and cash equivalents



    $

    96,982





    $

    121,222



    Restricted cash





    3,435







    3,056



    Prepaid expense and other current assets





    10,418







    7,995



    Bitcoin - current





    832,690







    431,661



    Receivable from bitcoin collateral (see Note 9)





    —







    77,827



    Note receivable from GRIID (see Note 5)





    —







    60,919



    Derivative investments





    72







    1,832



    Investment in debt security, AFS, at fair value





    3,896







    918



    Total current assets



    $

    947,493





    $

    705,430

















    Bitcoin - noncurrent



    $

    146,945





    $

    —



    Property and equipment, net





    1,271,501







    869,693



    Operating lease right of use assets





    4,433







    3,263



    Intangible assets, net





    6,978







    3,040



    Deposits on miners and mining equipment





    124,032







    359,862



    Other long-term assets





    23,400







    13,331



    Goodwill





    132,216







    8,043



    Total assets



    $

    2,656,998





    $

    1,962,662

















    LIABILITIES AND STOCKHOLDERS' EQUITY













    Current liabilities













    Accounts payable



    $

    11,390





    $

    82,992



    Accrued liabilities





    87,906







    43,874



    Other current liabilities





    4,596







    2,240



    Current portion of loans payable





    5,420







    58,781



    Total current liabilities



    $

    109,312





    $

    187,887



    Long-term liabilities













    Loans payable, net of current portion, debt discount and debt issuance costs





    641,740







    7,176



    Deferred income taxes





    11,934







    5,761



    Other long-term liabilities





    3,521







    997



    Total liabilities



    $

    766,507





    $

    201,821



     

    CLEANSPARK, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

    (in thousands, except par value and share amounts)







    March 31,

    2025





    September 30,

    2024







    (Unaudited)









    Stockholders' equity













    Preferred stock; $0.001 par value; 10,000,000 shares authorized;

        Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding

            (liquidation preference $0.02 per share)

        Series X shares; 0 and 1,000,000 authorized, issued and outstanding,

            respectively





    2







    3



    Common stock; $0.001 par value; 600,000,000 and 300,000,000 shares

    authorized; 292,660,113 and 270,897,784 shares issued; 280,900,178 and

    270,897,784 shares outstanding, respectively





    293







    271



    Additional paid-in capital





    2,408,160







    2,239,367



    Accumulated other comprehensive income





    3,396







    418



    Accumulated deficit





    (376,360)







    (479,218)



    Treasury stock at cost; 11,759,935 and 0 shares held, respectively





    (145,000)







    —



    Total stockholders' equity





    1,890,491







    1,760,841

















    Total liabilities and stockholders' equity



    $

    2,656,998





    $

    1,962,662



     

    CLEANSPARK, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

    (Unaudited, in thousands, except per share and share amounts)







    For the three months ended





    For the six months ended







    March 31,

    2025





    March 31,

    2024





    March 31,

    2025





    March 31,

    2024



    Revenues, net

























    Bitcoin mining revenue, net



    $

    181,712





    $

    111,799





    $

    344,018





    $

    185,585





























    Costs and expenses

























    Cost of revenues (exclusive of depreciation and

    amortization shown below)





    85,424







    34,298







    155,714







    63,194



    Professional fees





    2,983







    2,208







    6,868







    3,780



    Payroll expenses





    15,255







    16,820







    36,124







    32,141



    General and administrative expenses





    11,736







    6,819







    21,790







    11,822



    (Gain) loss on disposal of assets





    (2,230)







    1,652







    (3,021)







    2,329



    Loss (gain) on fair value of bitcoin (see Note 2

    and Note 4)





    127,667







    (119,702)







    (90,539)







    (155,743)



    Impairment expense - other





    —







    396







    —







    396



    Depreciation and amortization





    78,901







    32,187







    145,130







    62,034



    Total costs and expenses



    $

    319,736





    $

    (25,322)





    $

    272,066





    $

    19,953





























    (Loss) income from operations





    (138,024)







    137,121







    71,952







    165,632





























    Other (expense) income

























    Gain on bitcoin collateral





    —







    —







    42,493







    —



    Loss on derivative securities





    (4,741)







    (949)







    (1,119)







    (2,192)



    Interest income





    2,014







    2,684







    3,490







    3,270



    Interest expense





    (1,267)







    (526)







    (2,826)







    (1,072)



    Other income





    183







    —







    183







    —



    Total other (expense) income



    $

    (3,811)





    $

    1,209





    $

    42,221





    $

    6





























    (Loss) income before income tax (benefit) expense





    (141,835)







    138,330







    114,173







    165,638



    Income tax (benefit) expense





    (3,043)







    11,595







    6,174







    12,994



    Net (loss) income



    $

    (138,792)





    $

    126,735





    $

    107,999





    $

    152,644





























    Preferred stock dividends





    —







    2,842







    5,141







    3,421





























    Net (loss) income attributable to common shareholders



    $

    (138,792)





    $

    123,893





    $

    102,858





    $

    149,223





























    Other comprehensive income





    2,946







    29







    2,978







    58





























    Total comprehensive (loss) income attributable to

    common shareholders



    $

    (135,846)





    $

    123,922





    $

    105,836





    $

    149,281



     

    CLEANSPARK, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

    (Unaudited, in thousands, except per share and share amounts)







    For the three months ended





    For the six months ended







    March 31,

    2025





    March 31,

    2024





    March 31,

    2025





    March 31,

    2024



    (Loss) income from operations per common share -

    basic



    $

    (0.49)





    $

    0.59





    $

    0.36





    $

    0.77





























    Weighted average common shares outstanding -

    basic





    280,853,882







    209,287,089







    282,722,198







    193,964,904





























    (Loss) income from operations per common share -

    diluted



    $

    (0.49)





    $

    0.58





    $

    0.34





    $

    0.76





























    Weighted average common shares outstanding -

    diluted





    280,853,882







    212,099,068







    308,336,536







    196,903,594



     

    CLEANSPARK, INC.

    RECONCILIATION OF ADJUSTED EBITDA

    (Unaudited, in thousands)







    Three Months Ended March 31,









    2025





    2024





    Net (loss) income



    $

    (138,792)





    $

    126,735



    Adjustments:

















    Impairment expense - other





    —







    396



    Depreciation and amortization





    78,901







    32,187



    Share-based compensation expense





    3,101







    9,797



    Unrealized loss of derivative securities





    4,741







    949



    Interest income





    (2,014)







    (2,684)



    Interest expense





    1,267







    526



    Other income





    (183)







    —



    (Gain) loss on disposal of assets





    (2,230)







    1,652



    Income tax expense





    (3,043)







    11,595



    Fees related to financing & business development transactions





    258







    176



      Litigation & settlement related expenses





    193







    500



      Severance and other expenses



    12





    —





    Total Adjusted EBITDA



    $

    (57,789)





    $

    181,829























    Three months ended

    December 31, 2024







    Revenues, net











    Digital currency mining revenue, net



    $

    162,306







    Total revenues, net



    $

    162,306



















    Net income



    $

    246,791







    Adjustments:













    Depreciation and amortization





    66,229







    Share-based compensation expense





    3,021







      Unrealized gain on derivative security





    (3,622)







      Interest income



    (1,476)







      Interest expense



    1,559







      Gain on disposal of assets



    (791)







      Income tax expense



    9,217







      Fees related to financing & business development transactions



    373







      Litigation & settlement related expenses



    348







    Total Adjusted EBITDA



    $

    321,649







    *We have not excluded our net loss on fair value of bitcoin of $127,667 and our net gain of $119,702 in the three months ended March 31, 2025 and 2024, respectively, which we now record in our condensed consolidated statements of operations and comprehensive income as provided in ASC 350-60, as discussed in the Form 10-K.

    Investor Relations Contact

    Harry Sudock

    702-989-7693

    [email protected] 

    Media Contact

    Eleni Stylianou

    702-989-7694

    [email protected]

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-reports-second-quarter-fiscal-2025-results-302450457.html

    SOURCE CleanSpark, Inc.

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      Revenue grows 125% year over year  Current hashrate surpasses 33.5 EH/s on track for 37 EH/s LAS VEGAS, Dec. 2, 2024 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2024. "Our performance this year reflects a sustained growth trajectory, solidifying our position as one of the top Bitcoin miners in the world, as we move into an anticipated new bull market," said CleanSpark CEO Zach Bradford. "Reflecting on the past year, our results in FY 2024 and the positioning o

      12/2/24 4:05:00 PM ET
      $CLSK
      Finance: Consumer Services
      Finance

    $CLSK
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Director Wood Thomas Leigh sold $357,330 worth of shares (44,444 units at $8.04), decreasing direct ownership by 26% to 126,736 units (SEC Form 4)

      4 - CLEANSPARK, INC. (0000827876) (Issuer)

      3/24/25 7:43:20 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • Director Cavaleri Amanda sold $103,600 worth of shares (13,000 units at $7.97), decreasing direct ownership by 8% to 140,289 units (SEC Form 4)

      4 - CLEANSPARK, INC. (0000827876) (Issuer)

      3/24/25 6:07:49 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • Chief Technology Officer Monnig Taylor was granted 536 shares and sold $2,543 worth of shares (239 units at $10.64), increasing direct ownership by 0.15% to 201,281 units (SEC Form 4)

      4 - CLEANSPARK, INC. (0000827876) (Issuer)

      2/14/25 8:01:55 PM ET
      $CLSK
      Finance: Consumer Services
      Finance

    $CLSK
    Leadership Updates

    Live Leadership Updates

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    • CleanSpark Set to Join the S&P SmallCap 600® Index

      LAS VEGAS, March 10, 2025 /PRNewswire/ -- CleanSpark, Inc. (NASDAQ:CLSK), America's Bitcoin Miner® (the "Company"), today announced it will join the S&P SmallCap 600 index, effective prior to the open of trading on Monday, March 24, 2025. The S&P SmallCap 600 Index seeks to measure the small-cap segment of the U.S. equity market.  "CleanSpark's inclusion in the S&P SmallCap 600 index is another significant milestone for our employees, investors and management team, and is an important recognition of our consistent performance," said Zach Bradford, CEO of CleanSpark. "Our inclu

      3/10/25 9:00:00 AM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • DoorDash, TKO Group Holdings, Williams-Sonoma and Expand Energy Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, March 7, 2025 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 100, S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 24, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 100 are more representative of the mega-cap market space. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P

      3/7/25 6:19:00 PM ET
      $ALK
      $AMBC
      $ATI
      $BBWI
      Air Freight/Delivery Services
      Consumer Discretionary
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    • CleanSpark Names Chief Accounting Officer

      Brian Carson was promoted from his previous role, director of financial reporting LAS VEGAS, Oct. 7, 2024 /PRNewswire/ -- CleanSpark Inc. (NASDAQ:CLSK), America's Bitcoin Miner® (the "Company"), has announced the appointment of Brian Carson as chief accounting officer. In his prior role as director of financial reporting at CleanSpark, Carson led teams responsible for financial closing activities, report management, spend analysis, system-implementations, training, and auditing. He successfully maneuvered ever-changing rules in the cryptocurrency industry to ensure short- and

      10/7/24 4:36:00 PM ET
      $CLSK
      Finance: Consumer Services
      Finance

    $CLSK
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by CleanSpark Inc.

      SC 13G/A - CLEANSPARK, INC. (0000827876) (Subject)

      11/12/24 2:31:49 PM ET
      $CLSK
      Finance: Consumer Services
      Finance
    • Amendment: SEC Form SC 13G/A filed by CleanSpark Inc.

      SC 13G/A - CLEANSPARK, INC. (0000827876) (Subject)

      11/4/24 11:26:29 AM ET
      $CLSK
      Finance: Consumer Services
      Finance