CleanSpark Reports $766M Revenue in FY 2025, Shifting to AI Compute

TLDR

• CleanSpark reported $766.3 million in revenue for the fiscal year ending Sept. 30, 2025, marking a 102% increase from the previous year.
• The company achieved net income of $364.5 million, a significant improvement from a net loss of $145.8 million in 2024.
• Adjusted EBITDA rose to $823.4 million, up from $245.8 million last year, reflecting strong financial performance.
• CEO Matt Schultz highlighted that CleanSpark reached key milestones, including surpassing 50 EH/s of operational hashrate.
• CleanSpark’s shift toward AI compute infrastructure was reinforced by the appointment of Jeffrey Thomas to lead its AI data-center unit.

CleanSpark announced a transformative fiscal year, reporting $766.3 million in revenue for the year ending Sept. 30, 2025. This represents a 102% increase compared to the previous year. The bitcoin miner showed a strong performance, supported by its strategic pivot toward AI compute infrastructure.

Record Profit and EBITDA Growth

The company’s net income reached $364.5 million, a dramatic turnaround from a $145.8 million net loss in 2024. Adjusted EBITDA also surged to $823.4 million, up from $245.8 million last year. CEO Matt Schultz highlighted the operating leverage achieved during the fiscal year, citing key milestones such as surpassing 50 EH/s of operational hashrate.

Schultz further emphasized the company’s financial strength, pointing to the successful use of capital market tools, including convertible debt and bitcoin-backed revolvers. “Fiscal 2025 was the year CleanSpark achieved operating leverage,” Schultz said. He also noted that the company’s capital strategies are helping CleanSpark stay financially solid during its transformation.

Strategic Shift Toward AI Compute Infrastructure

CleanSpark is evolving into a comprehensive compute platform that supports both bitcoin and AI workloads. The company has made significant strides in the AI sector, including hiring Jeffrey Thomas to lead its AI data-center unit. President and CFO Gary Vecchiarelli said CleanSpark is “financially positioned to become a leading AI infrastructure provider rapidly.”

The company’s strategic investments in AI data centers align with the broader industry trend of bitcoin miners transitioning to high-performance computing. CleanSpark is reviewing its existing facilities in Georgia for potential conversion and exploring large-scale “giga-campus” projects. These efforts aim to meet the increasing demand for AI capabilities across various industries.

CleanSpark Repurchases 30.6 Million Shares with $460M

CleanSpark’s balance sheet reflects its robust financial position, with $1.2 billion in bitcoin holdings and $43 million in cash. As of Sept. 30, 2025, the company’s total assets amounted to $3.2 billion, with stockholders’ equity at $2.2 billion. CleanSpark also reported a working capital of $1 billion and long-term debt of $644.6 million.

In addition to its operational growth, CleanSpark completed a $1.15 billion zero-coupon convertible notes offering. This raised $1.13 billion in net proceeds, of which $460 million was used to repurchase 30.6 million shares. The remaining funds will support further acquisitions and the development of new data centers.

The company’s efforts to build its bitcoin treasury continued in fiscal 2025. Its bitcoin holdings exceeded 13,000 BTC by September, maintaining CleanSpark’s position among the top 10 bitcoin holders. CEO Matt Schultz framed the year as the start of a new chapter for CleanSpark, focused on expanding its energy and infrastructure portfolio.

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