CleanSpark Posts $181.7M Revenue in Q2 Despite $138.8M Net Loss
CleanSpark, a prominent American Bitcoin mining enterprise, has unveiled its financial results for the second quarter of fiscal year 2025. Despite incurring a net loss of $138.8 million, the company's revenue witnessed a 62.5% increase to $181.7 million.
The quarter concluded with CleanSpark's liabilities totaling $766.5 million, comprising $109.3 million in current liabilities and $641.7 million in long-term debt. Meanwhile, the company's assets remained robust at $947.5 million, with mining assets valued at $899.6 million. Cash and bitcoin reserves amounted to $97.0 million and $979.6 million respectively.
CleanSpark's working capital reached $838.2 million, bolstered by a $50 million bitcoin-backed credit line. Despite an adjusted EBITDA decline to negative $57.8 million, CEO Zach Bradford attributed the performance to a disciplined approach in the Bitcoin mining sector. The company's primary competitors include other leading Bitcoin miners and enterprises expanding in the Bitcoin mining and high-performance computing sectors, such as Galaxy Digital.
CleanSpark aspires to achieve a 50 EH/s target by June, while growing its bitcoin treasury and fortifying its balance sheet. Although the company reported a net loss, its revenue growth and sturdy asset position signal a promising outlook in the competitive Bitcoin mining arena.
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