Bitcoin mining company CleanSpark has announced its strongest quarterly performance ever, with both revenue and profit hitting record highs, exceeding analyst expectations.
CleanSpark stated on Thursday that its revenue for the third quarter from April to June was $198.6 million, a 91% increase from $104 million in the same period last year, surpassing analyst expectations of around $195 million.
CleanSpark CEO Zach Bradford said, "This is the most successful quarter in CleanSpark's history, reflecting the strength of our strategy."
The company's net profit for the quarter was $257.4 million, compared to a loss of $236.2 million in the same period last year. The diluted earnings per share were $0.78, far exceeding analyst expectations of about $0.20 per share.
CFO Gary Vecchiarelli stated, "The third quarter of this fiscal year is a key period for CleanSpark, as we fully covered our operating expenses through the Bitcoin we produced each month while also increasing our Bitcoin reserves."
CleanSpark also claimed to be the first publicly traded mining company in the U.S. to achieve a hash rate of 50 EH/s and manage 5.8% of the global hash rate.
Bradford noted, "We achieved an operational hash rate of 50 EH/s in June, becoming the first publicly traded company to reach this milestone entirely based on domestic U.S. infrastructure."
The company has increased its Bitcoin (BTC) reserve market value to over $1 billion without needing to raise funds through share issuance by 2025.
CleanSpark currently holds 12,703 Bitcoins, valued at approximately $1.48 billion at current market prices, ranking ninth among publicly traded companies globally in terms of Bitcoin holdings.
CleanSpark (CLSK) shares closed down more than 2.5% at $10.72 on Thursday, with only a slight increase in after-hours trading, rising less than 1%.
Since the beginning of 2025, the cryptocurrency miner's stock has risen 16.4%, outperforming industry leader MARA Holdings, which has seen a decline of over 7% this year.
Bitcoin mining companies performed strongly this quarter, primarily due to a 32% increase in the value of Bitcoin assets during the same period.
In late July, MARA Holdings released its second-quarter financial report, showing a 64% year-over-year revenue increase to $238 million, exceeding analyst expectations.
Additionally, Riot Platforms reported a record net profit of $219.5 million for the quarter.
Related: Ripple acquires stablecoin payment platform Rail for $200 million
Original article: “CleanSpark Announces Record Revenue, Achieves 'Most Successful' Quarter Ever”
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