CleanSpark's Q2 Revenue Surges 62.5% to $181.7M, Bitcoin Holdings Top $979M
American Bitcoin mining company CleanSpark, led by CEO Zach Bradford, has unveiled its financial results for the second quarter of fiscal year 2025. The company generated a significant gross revenue of $181.7 million, marking a 62.5% increase from the same period last year.
CleanSpark's robust performance reflects a strategic and focused approach in the Bitcoin mining landscape, as stated by CEO Zach Bradford. The company's total assets surged to $2.7 billion, with mining assets valued at $899.6 million. Notably, CleanSpark held $97.0 million in cash and an impressive $979.6 million in bitcoin as of March 31, 2025.
The company reported a working capital of $838.2 million, bolstered by a $50 million bitcoin-backed credit line. Despite a net loss of $138.8 million, CFO Gary Vecchiarelli attributed this to the company's efficient cost structure and expanded operations without diluting shareholder equity. CleanSpark's liabilities stood at $766.5 million, with $109.3 million in current liabilities and $641.7 million in long-term debt.
CleanSpark aims to reach a 50 EH/s target by June, while continuing to grow its bitcoin treasury and strengthen its balance sheet.
CleanSpark's second quarter results demonstrate the company's resilience and growth potential in the Bitcoin mining sector. With a strong balance sheet and ambitious targets, CleanSpark is well-positioned to capitalize on opportunities in the evolving Bitcoin mining landscape.
