Key takeaways
CleanSpark reported a record-breaking quarter with $198.6 million in income and $257.4 million in internet revenue, pushed by robust Bitcoin manufacturing and rising costs. Regardless of the stellar outcomes, the inventory noticed little motion.
Bitcoin [BTC] miner CleanSpark has reported its finest quarter but, with income and revenue hovering previous expectations.
The outcomes come as the broader mining industry advantages from larger Bitcoin costs however continues to navigate world competitors and power challenges.
Document quarter marks milestone
CleanSpark’s fiscal Q3 outcomes confirmed a pointy year-on-year turnaround, with income climbing 91% to $198.6 million and internet revenue hitting $257.4 million.
This reverses a $236.2 million loss in the identical interval final yr.
Supply: buyers.cleanspark.com
Zack Bradford, CEO, said,
“This was probably the most profitable quarter in CleanSpark’s historical past, and it displays the energy of our technique, the self-discipline of our execution, and the tireless dedication of our group…”
Earnings per share got here in at $0.78, almost 4 instances larger than consensus forecasts of $0.20.
The corporate mined 2,012 Bitcoin in the course of the quarter, averaging $98,753 in income per coin.
Operationally, CleanSpark reached 50 exahashes per second utilizing solely U.S. primarily based infrastructure (representing 5.8% of world hash fee) and elevated its Bitcoin holdings to 12,703 BTC, now valued at round $1.48 billion.
Speaking about future plans, Bradford added,
“Because the Bitcoin community evolves, our focus stays on increasing market share in Bitcoin manufacturing, leveraging our unmatched operational playbook, and executing with the urgency and excellence which have introduced us so far.”
Notably, these expansions had been achieved with out issuing new fairness in 2025, a transfer that stands out in a sector usually reliant on share gross sales to fund progress.
Muted inventory response amid business shifts
Though CleanSpark posted document earnings,its share value dipped following the announcement. After-hours buying and selling confirmed a modest uptick of lower than 1%.
Regardless of the dip, CleanSpark’s inventory is up 16.4% year-to-date—outperforming MARA Holdings, which is down 7%, although nonetheless trailing Riot Platforms’ current surge.
These outcomes come amid a 32% rise in Bitcoin’s value between April and June, boosting miner revenues throughout the business.
In the meantime, the broader mining panorama stays complicated. Chinese language-origin capital, {hardware}, and experience proceed to drive an estimated 55%–65% of world mining exercise, regardless of Beijing’s 2021 ban.
In distinction, the U.S. hashrate share has climbed from simply 4% in 2019 to 38% at this time. Iran, however, has warned that crypto mining could also be answerable for as much as 20% of its nationwide power imbalance.
Bitcoin miner reserves maintain regular as promoting stays restricted
Supply: CryptoQuant
Knowledge reveals miner reserves have stayed regular at round 1.808 million BTC in current months.
This implies miners, together with giant public corporations like CleanSpark, haven’t been promoting closely regardless of Bitcoin’s value reaching about $116,600.
Supply: CryptoQuant
In-house movement knowledge, monitoring actions inside miner wallets, reveals transient spikes linked to routine operations moderately than huge alternate gross sales.
With reserves secure and promoting restricted to intervals of value energy, miners look like following a “hold-first” technique.
This strategy possible supported Q3 income throughout the business, whilst rising community problem and power prices proceed to strain operations.
