Bitcoin miner CleanSpark has reported its best-ever quarterly outcomes, with its highest-ever income and profitability beating analyst expectations.
CleanSpark stated on Thursday that its income for its third quarter from April to June was $198.6 million, a 91% improve from its $104 million in revenues from the identical quarter a yr in the past, beating analyst expectations of round $195 million.
“This was essentially the most profitable quarter in CleanSpark’s historical past, and it displays the power of our technique,” stated CleanSpark CEO Zach Bradford.
The agency additionally reported a quarterly web revenue of $257.4 million in comparison with a lack of $236.2 million within the earlier yr. Its diluted earnings per share have been 78 cents, far outpacing analysts’ expectations of round 20 cents per share.
“Fiscal Q3 was a pivotal quarter for CleanSpark, as we totally funded operational bills by way of month-to-month Bitcoin manufacturing whereas concurrently increasing our Bitcoin treasury,” stated its chief monetary officer, Gary Vecchiarelli.
First firm to hit hashrate milestone
CleanSpark additionally claimed to be the primary public mining firm to realize 50 exahashes per second within the US and to have 5.8% of worldwide hashrate beneath administration.
“We reached 50 EH/s of operational hashrate in June, turning into the primary public firm to take action completely with American infrastructure,” stated Bradford.
The agency expanded its Bitcoin (BTC) treasury to over $1 billion in worth, without having to lift capital by way of fairness choices in 2025.
CleanSpark at the moment holds 12,703 BTC price round $1.48 billion at present market costs, making it the ninth-largest holder of Bitcoin amongst public firms.
Results fail to woo traders
Shares in CleanSpark (CLSK) ended buying and selling on Thursday down over 2.5% to $10.72 and noticed solely a slight bump after-hours that cooled to a lower than 1% achieve.
Shares within the crypto miner have gained 16.4% because the starting of 2025, performing higher than sector chief MARA Holdings, which is down over 7% this yr.
Related: IREN soars 11% after mining extra Bitcoin than MARA in July
Big quarter for Bitcoin miners
Bitcoin mining corporations have had a bumper quarter, primarily because of the belongings’ 32% appreciation in worth over the interval.
In late July, MARA Holdings beat analyst expectations in its second-quarter earnings with revenues up 64% year-on-year to $238 million.
Meanwhile, Riot Platforms reported a document $219.5 million in web revenue for the interval.
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