CleanSpark’s Record Q3 Performance (April–June 2025)

Revenue: $198.6M — up 91% YoY from $104M, beating analyst estimates (~$195M).

Net Income: $257.4M — a major turnaround from $236.2M loss last year.

EPS: $0.78 vs. expected $0.20.

Key Milestone: First U.S. public miner to hit 50 EH/s (5.8% global hashrate) using only U.S. infrastructure.

Bitcoin Holdings: 12,703 BTC (~$1.48B), 9th-largest among public companies; no equity dilution in 2025.

Funding: Operations and treasury expansion covered entirely by monthly BTC production.

Market Reaction:

Stock closed down 2.5% at $10.72 despite results; slight (<1%) after-hours recovery.

YTD performance: +16.4%, outperforming MARA (-7% YTD).

Industry Context:

Bitcoin price rose 32% during the quarter.

MARA: Q2 revenue +64% YoY to $238M.

Riot Platforms: record net income of $219.5M for the same period.

If you want, I can also analyze why CleanSpark’s stock still dipped despite the blowout earnings—it’s a common puzzle in the market after strong results. Would you like me to unpack that?

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