Strong fiscal performance underscores company’s shift from pure mining to high-growth compute and data-center operations
CleanSpark reported a milestone fiscal year, delivering record revenue of $766.3 million for the period ending Sept. 30, 2025 — a performance that reflects both its expanding bitcoin mining footprint and its accelerated move into AI-driven compute infrastructure. The year marked a dramatic turnaround for the company, with profitability surging and long-term strategic investments reshaping its operating model.
CleanSpark Revenue Growth and Financial Strength
The company more than doubled revenue year over year, a 102% jump, while posting net income of $364.5 million after recording a loss the previous year. Adjusted EBITDA rose to $823.4 million, reflecting strengthening margins and what management described as meaningful operational leverage.
CEO Matt Schultz said “fiscal 2025 was the year CleanSpark achieved operating leverage,” highlighting the firm’s expansion past 50 EH/s of hashrate, record revenues, and a disciplined shift toward convertible debt and bitcoin-backed credit lines rather than equity-based financing.
He emphasized that the company is transforming into “a comprehensive compute platform” designed to support both bitcoin mining and the rapidly growing AI workload market.
President and CFO Gary Vecchiarelli added that CleanSpark is “financially positioned to rapidly become a leading AI infrastructure provider,” pointing to its improved treasury management and capital investments across power and land assets.
AI Expansion and Capital Allocation Strategy
The fiscal year followed the completion of a $1.15 billion zero-coupon convertible notes offering, enabling the repurchase of more than 30 million shares and supplying capital for land acquisition, data-center development, and repayment of bitcoin-backed credit facilities.
Schultz called the financing a “defining moment” for strengthening the company’s long-term compute-infrastructure strategy.
CleanSpark advanced its AI transition in October with the hiring of Jeffrey Thomas to lead its new AI data-center division. Management is reviewing Georgia-based sites for conversion and evaluating large-scale “giga-campus” projects to meet rising demand for high-performance computing.
As of Sept. 30, the company reported $1.2 billion in bitcoin, $43 million in cash, and nearly $1 billion in mining assets. Total assets stood at $3.2 billion with stockholders’ equity of $2.2 billion.
The firm’s bitcoin holdings exceeded 13,000 BTC, placing it among the largest publicly listed corporate holders.
Schultz described the year as “the start of an exciting new chapter,” underlining CleanSpark’s strategy of unlocking additional value from its growing energy and compute portfolio.
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