CleanSpark Revenue Soars 102% with $364M Profit in 2025

CleanSpark has announced a transformational fiscal year, reporting an impressive $766.3 million in revenue for the year ending September 30, 2025—a substantial 102% increase from the previous year.

Key Takeaways:

CleanSpark experienced a dramatic turnaround in 2025, with revenue soaring by 102% and net income shifting to a profit of $364.5 million.
The company attributes its successful year to factors such as operating leverage, record hashrate, and disciplined financing.
CleanSpark is actively pivoting towards AI infrastructure, with plans to expand its data-center capabilities and enhance its compute platform strategy.

The company's results, shared late Tuesday, indicate a significant recovery from 2024, highlighting how its broadened strategy is transforming both its operations and financial outcomes.

Net income stood at $364.5 million, a striking change from last year’s loss of $145.8 million. Adjusted EBITDA climbed to $823.4 million, up from $245.8 million the previous year.

CleanSpark Revenue Soars 102% with $364M Profit in 2025

CEO Highlights Operating Leverage and Financial Discipline

CEO Matt Schultz credited the company's turnaround to achieving “operating leverage” throughout the year.

He pointed out key achievements, including an operational hashrate exceeding 50 EH/s, record revenues, and a focus on “accretive capital market tools,” such as convertible debt and Bitcoin-backed financing options, rather than relying on an ATM program to sustain operations during the fiscal year.

Schultz emphasized that CleanSpark is evolving into a "comprehensive compute platform" poised to capitalize on value from its core bitcoin mining activities and emerging AI workloads.

President and CFO Gary Vecchiarelli supported this view, stating that the company is strategically positioned to become a leading provider of AI infrastructure, thanks to its treasury operations, capital structure, and clear investment roadmap.

Shares of CleanSpark increased by 3% on Tuesday ahead of the announcement, but saw a 2% decrease in pre-market trading on Wednesday after a brief overnight spike.

These robust fiscal outcomes follow CleanSpark’s successful $1.15 billion zero-coupon convertible notes offering, which yielded $1.13 billion in net proceeds. This funding enabled the firm to repurchase approximately 30.6 million shares for about $460 million.

Schultz referred to this financing as a “defining moment” that supports the company’s ambitions to grow into an energy-driven compute platform. The remaining proceeds will be designated for power and land acquisition, new data-center developments, and the repayment of bitcoin-backed credit lines.

In October, CleanSpark further boosted its AI initiatives by hiring former Humain executive Jeffrey Thomas to lead its new AI data-center division. Schultz remarked that this move “positions CleanSpark at the center of the AI and intelligent-computing revolution,” adding that the company is exploring modifications of its Georgia facilities and identifying “giga-campus” sites across its network to satisfy rising AI infrastructure demand.

As of September 30, CleanSpark's portfolio includes $1.2 billion in Bitcoin, $43 million in cash, and $950.1 million in mining assets. Total assets reached $3.2 billion, with stockholders' equity standing at $2.2 billion.

Working capital was reported at $1 billion, while long-term debt amounted to $644.6 million. Throughout the year, the cryptocurrency miner also expanded its bitcoin treasury, exceeding 13,000 BTC in September and remaining among the top public companies holding bitcoin globally.

Schultz characterized fiscal 2025 as “the beginning of an exciting new chapter,” as CleanSpark aims to uncover more value from its energy assets and expansion projects.