CleanSpark, Inc. Q3 FY2025 Earnings Call

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CleanSpark Fiscal Q3 2025 Earnings Summary

  • Revenue: $199 million, a 94% YoY increase from Q3 2024 ($103 million) and up 9% QoQ from Q2 2025.
  • Net Income: $257 million for the quarter.
  • Adjusted EBITDA: $378 million; normalized Adjusted EBITDA (excluding non-cash expenses): $78 million.
  • Earnings Per Share (EPS): $0.90, record-setting and reflecting strong operational performance.
  • Bitcoin Production: 2,012 BTC mined, up 28% YoY (1,576 BTC in Q3 2024) and slightly below all-time high of Q2 2024 (2,031 BTC).
  • Bitcoin Treasury Balance: 12,608 BTC (valued at approx. $1.08 billion at quarter-end), reflecting an increase of more than $100 million since last quarter.
  • Treasury Strategy: Evolution from 100% HODL to a balanced yield-generating approach. Writing covered calls on 40% of BTC holding, targeting a 4% return on total HODL balance.
  • Average Revenue per BTC: $99,000, up 50% YoY.
  • Marginal Cost per BTC: $44,806 (5% increase QoQ due to higher mining difficulty).
  • Gross Profit Margin: 55%, up $50 million YoY and $12 million QoQ.

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Operator: Good afternoon. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark Fiscal Year Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Thank you. Harry, you may begin your conference. Harry Sudock: Thanks, Jeannie, and thank you for joining us today for the Third Quarter Fiscal Year Financial Results for CleanSpark, America's Bitcoin Miner, covering the period April 1, 2025, through June 30, 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 remains subject to the risk factors disclosed in our most recently filed annual report and 10-Q. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website. And with that, it's my pleasure to turn the call over to Zach. Zachary K. Bradford: Thanks, Harry, and good af

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