Bitcoin mining firm CleanSpark has reported its strongest quarter ever, with record-high revenue and profit that exceeded analyst forecasts.
On Thursday, the company announced $198.6 million in revenue for the third quarter, a 91% jump from $104 million in the same period last year. This figure also surpassed the expected $195 million.
CleanSpark posted a net income of $257.4 million for the quarter, a sharp turnaround from a $236.2 million loss the year before. Diluted earnings per share reached 78 cents, far above analyst estimates of 20 cents.
“This was the most successful quarter in CleanSpark’s history and highlights the strength of our strategy. We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure.”
CEO Zach BradfordCleanSpark also stated that it is the first publicly traded Bitcoin mining company in the U.S. to reach a hashrate of 50 exahashes per second. The company added that it now manages 5.8% of the total global Bitcoin hashrate.
“Fiscal Q3 was a key moment for CleanSpark. We covered all operating expenses with monthly Bitcoin production while also growing our Bitcoin holdings.”
CFO Gary Vecchiarelli
In 2025, CleanSpark grew its Bitcoin treasury to over $1 billion in value without raising funds through equity offerings.
The company now holds 12,703 BTC, valued at approximately $1.48 billion based on current market prices. This makes CleanSpark the ninth-largest public company by Bitcoin holdings.
Bitcoin mining companies saw strong performance last quarter, largely thanks to Bitcoin’s 32% price increase during the period. The market rally significantly boosted mining revenues and profitability across the sector.
In late July, MARA Holdings reported second-quarter revenue of $238 million, marking a 64% year-on-year increase and surpassing analyst expectations. Meanwhile, Riot Platforms posted a record net income of $219.5 million for the same period.
