CleanSpark, Inc. (CLSK) saw its stock price plummet 5.65% in after-hours trading on Thursday following the release of its second-quarter fiscal 2025 financial results. The bitcoin mining company reported a significant net loss despite a substantial increase in revenue, disappointing investors.
For the quarter ended March 31, 2025, CleanSpark reported a 62.5% year-over-year increase in revenue, reaching $181.7 million. However, the company swung to a net loss of $138.8 million, a stark contrast to the net income of $126.7 million reported in the same period last year. The company's bitcoin mining revenue stood at $181.712 million, with 1,957 bitcoins produced at an average revenue per coin of $92,811. Despite the top-line growth, CleanSpark's adjusted EBITDA decreased dramatically to -$57.8 million from $181.8 million in the prior year.
CEO Zach Bradford emphasized the company's commitment to maintaining its position as a pure-play, public bitcoin miner and its goal of reaching 50 EH/s by June. CFO Gary Vecchiarelli highlighted CleanSpark's strategic expansion efforts without relying on dilutive capital and maintaining efficient cost structures. However, the significant shift from profit to loss appears to have overshadowed these forward-looking statements, leading to the after-hours stock decline.
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