CleanSpark, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • CEO Transition: Matt Shultz rejoined as CEO in August 2025, reaffirming the company's infrastructure-first and people-first strategy while expanding into AI and compute technologies.
  • Fiscal Year Revenue: $763.7 million, up over 100% year-over-year compared to fiscal 2024.
  • Gross Margin: 55%, slightly down 1% YoY due to the first full fiscal year post-Bitcoin halving.
  • Bitcoin Production: 7,978 BTC mined in FY25 at an average cost below $0.043 per kWh; average revenue per BTC of $98,000.
  • Adjusted EBITDA: $305 million on a normalized basis (excluding noncash fair value gains) with ~40% margin.
  • Net Income: Approximately $365 million positive net income driven by fair value gains and strong operations.
  • Fourth Quarter Revenue: $225 million (estimated from +13% QoQ increase from Q3); gross margin 56.5% (up 2 pts QoQ).
  • Bitcoin Treasury: Increased 62% to over 13,000 BTC (valued over $1.2 billion).
  • Exahash Rate: Reached operational 50 EH/s in Q4. CleanSpark now the largest U.S.-based miner by hash rate.

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Operator: Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I'd like to welcome you to the CleanSpark Fiscal Full Year 2025 Earnings Results. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Star one again. Thank you. Terry, you may begin your conference. Harry Sudock: Thanks, Colby. And thank you for joining us today to review the fourth quarter and full fiscal year 2025 financial results for CleanSpark. We encourage you to review our earnings results press release, which was issued today and is available on our website. Our 10-Ks will be filed shortly. A webcast replay and transcript of today's call will be added to our website once available. On the call today, I am joined by Matt Shultz, our Chief Executive Officer, and Gary Vecchiarelli, our President and Chief Financial Officer. Some of the statements we make today will be forward-looking 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 10-Ks. 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, my pleasure to introduce Matt Schulz. Matt Shultz: Thanks, Har

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