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CleanSpark Inc. (NASDAQ: CLSK), a leading U.S. Bitcoin mining company, reported a stellar third quarter for 2025, surpassing Wall Street expectations with record revenue of $198.6 million, a 91% jump from $104 million last year. The Las Vegas-based miner also achieved a net income of $257.4 million, reversing a $236.2 million loss from the prior year, with earnings per share of $0.78, far exceeding analyst estimates of $0.20.
The surge was driven by a 32% rise in Bitcoin prices and CleanSpark’s operational efficiency, reaching a 50 exahash per second (EH/s) hashrate, a first for a public U.S. miner using domestic infrastructure. CEO Zach Bradford highlighted the company’s disciplined strategy, stating, “This was our most successful quarter, reflecting our focus on scale and efficiency.” Chief Financial Officer Gary Vecchiarelli noted that Bitcoin production fully covered operating costs, boosting the company’s Bitcoin treasury to 12,703 BTC, valued at $1.48 billion.
CleanSpark’s expansion included a 150 MW increase at its Sandersville, Georgia, facility and a 50 MW upgrade in Washington, with plans to hit 57 EH/s by mid-2025 through projects in Tennessee and Wyoming. The company’s focus on low-cost energy and immersion-cooled mining centers has kept its mining cost at approximately $42,667 per Bitcoin, among the industry’s lowest.
Despite a 2.5% stock dip to $10.72 on August 7, 2025, CleanSpark’s shares have risen 16.4% year-to-date, outperforming rivals like MARA Holdings. Analysts, including H.C. Wainwright’s Mike Colonnese, remain bullish, forecasting 2025 revenue at $854.9 million and adjusted EBITDA at $663.2 million, driven by Bitcoin’s projected $98,866 price. CleanSpark’s sustainable mining approach positions it as a top player ahead of the 2028 Bitcoin halving.
