Bitcoin miner CleanSpark reports record revenue for FY 2025 amid broader AI shift

CleanSpark reported what it called a "transformative" fiscal year late Tuesday, posting $766.3 million in revenue for the year ended Sept. 30, 2025 — a 102% increase from 2024 — as the bitcoin miner continued its shift toward a broader AI compute-infrastructure strategy.

Net income reached $364.5 million, compared with a $145.8 million net loss last year, while adjusted EBITDA rose to $823.4 million from $245.8 million a year ago.

CEO Matt Schultz said "fiscal 2025 was the year CleanSpark achieved operating leverage," pointing to milestones such as surpassing 50 EH/s of operational hashrate, setting new revenue records, and prioritizing "accretive capital market tools, such as convertible debt and bitcoin backed revolvers instead of an ATM [program] to finance the business during the calendar year."

Schultz added that CleanSpark is evolving into "a comprehensive compute platform" positioned to capture value from both bitcoin and AI workloads. Echoing those views, President and CFO Gary Vecchiarelli said the firm is "financially positioned to rapidly become a leading AI infrastructure provider," citing the company's treasury desk and capital investments.

CleanSpark shares closed up 3% on Tuesday ahead of the results. Following a brief spike overnight, the stock is currently down 2% in pre-market trading on Wednesday, according to The Block's CLSK price page.

Capital shift and AI expansion

The results follow CleanSpark’s recently completed $1.15 billion zero-coupon convertible notes offering, which provided $1.13 billion in net proceeds and enabled the repurchase of 30.6 million shares for roughly $460 million.

Schultz previously described the financing as a "defining moment" that strengthens the company’s strategy as an energy and infrastructure compute platform. CleanSpark said the remaining proceeds will support power and land acquisition, data center development, and repayment of bitcoin-backed credit lines.

The company moved deeper into its AI pivot in October, when CleanSpark hired former Humain executive Jeffrey Thomas to lead its AI data-center unit, joining a broader industry trend of bitcoin miners retooling facilities for high-performance computing. Schultz said at the time that the appointment "positions CleanSpark at the center of the AI and intelligent-computing revolution" as the company reviews its existing Georgia sites for conversion and evaluates "giga-campus" projects across its portfolio to meet growing AI demand.

CleanSpark's balance sheet included $1.2 billion in bitcoin holdings, $43 million in cash, and $950.1 million in mining assets as of Sept. 30. The company also reported total assets of $3.2 billion, stockholders' equity of $2.2 billion, and working capital of $1 billion. Long-term debt stood at $644.6 million, with total liabilities at $1 billion.

The miner also continued to build its bitcoin treasury during the year. Its holdings surpassed 13,000 BTC in September, keeping the firm in the top 10 bitcoin holders among public companies. Schultz framed the fiscal year as the start of "an exciting new chapter" as CleanSpark seeks to unlock additional value from its energy portfolio and expansion pipeline.

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