CleanSpark, a leading American bitcoin mining company, posted its most successful quarter to date with record revenue and profitability for Q3 2025.
Revenue and profit surge
The company announced revenue of $198.6 million for the quarter ending in June, a 91% increase compared to $104 million in the same period last year.
Net income soared to $257.4 million, a reversal from a $236.2 million loss the previous year. Diluted earnings per share reached 78 cents, significantly surpassing analyst estimates of around 20 cents.
CleanSpark CEO Zach Bradford described the milestone:
“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy.”
Chief financial officer Gary Vecchiarelli emphasized the company’s operational efficiency:
“Fiscal Q3 was a pivotal quarter for CleanSpark, as we fully funded operational expenses through monthly Bitcoin production while simultaneously expanding our Bitcoin treasury.”
Hashrate milestone and treasury growth
In June, CleanSpark became the first public miner to reach 50 exahashes per second (EH/s) of operational hashrate using exclusively American infrastructure.
This achievement means CleanSpark now controls about 5.8% of the global network hashrate.
The company also expanded its bitcoin treasury to over $1 billion in value without raising new capital in 2025.
As of the end of the quarter, CleanSpark held 12,703 BTC, making it the ninth-largest public holder.
For updated figures, see the bitcoin mining companies’ holdings.
Market reaction and industry context
Despite strong results, CleanSpark shares closed down over 2.5% to $10.72 on Thursday, with only a minor after-hours rebound.
Year-to-date, CleanSpark stock has gained 16.4%, outperforming sector leader MARA Holdings, which is down over 7%.
Bitcoin miners broadly benefited from a 32% appreciation in bitcoin’s price over the quarter.
Other major miners like MARA Holdings and Riot Platforms also posted strong financial results, with MARA reporting $238 million in revenue and Riot $219.5 million in net income.
