CleanSpark, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Quarter Ended March 31, 2025)

  • Revenue: $181.7M, up 12% QoQ and 62.5% YoY.
  • Gross Profit: ~$100M, up nearly 5% from Q1 FY25 and 24% YoY, with a gross margin of 53%.
  • Bitcoin Production: 1,957 BTC, down 3.6% YoY (pre-halving).
  • Average Revenue per BTC: $92,811, up 10.5% QoQ and 69% YoY.
  • Marginal Cost per Coin: ~$42,600, up 26% QoQ due to network difficulty and energy costs.
  • EBITDA: Adjusted EBITDA was -$57.8M due to mark-to-market Bitcoin losses. Normalized EBITDA was approx. +$70M (39% net margin).
  • Net Loss: $138.8M, driven by mark-to-market loss on Bitcoin spot price decline during the quarter.
  • Bitcoin Holdings as of April 30, 2025: 12,101 BTC (~$1.2B in value), third largest among public miners.
  • Total Liquidity: ~$1.1B, including $97M cash and ~$980M in BTC at March 31.
  • Total Debt: $641.7M (net of issuance costs); includes $650M zero coupon convertible from Dec 2024.

Operational Performance

  • Maintained 53% gross margin despite increased power costs and mining difficulty.
  • Fleet efficiency improved from 18 J/TH in December to <17 J/TH by end of April 2025.

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Mike Colonnese - H.C. Wainwright: Greg Lewis - BTIG: Brian Dobson - Clear Street: Paul Golding - Macquarie Capital: John Todaro - Needham & Company: Operator: Good afternoon, my name is Jeanne and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark Fiscal Year Second Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. [Operator Instructions] Thank you. Harry, you may begin your conference. Harry Sudock : Thanks, Jeanne. And thank you for joining us today for the second quarter fiscal year financial results for CleanSpark, America's Bitcoin miner, covering the three and six months ended March 31st, 2025. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com. Additionally, the 10-Q will be filed shortly. Today's call is also being webcast and a replay and transcript will be available on our website. On the call with me are Zach Bradford, our chief executive officer, and Gary Vecchiarelli, our chief financial officer. Keep in mind that some of the statements we make today are forward looking and based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our most recently filed annual report and 10-Q. We will also discuss certain non-GAAP financial

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