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CleanSpark's Impressive Q2 Fiscal 2025 Results

CleanSpark, Inc., recognized as America’s Bitcoin Miner®, showcased remarkable financial results for the second quarter that concluded on March 31, 2025. This quarter was characterized by substantial growth, with total revenues reaching $181.7 million—a significant increase of 62.5% compared to the previous year’s figure of $111.8 million. Additionally, bitcoin production surged, amounting to 1,957 BTC with an average revenue of $92,811 per coin.

Strategic Focus and Growth

Zach Bradford, the CEO of CleanSpark, remarked, "This was a quarter defined by discipline, scale, and continued strategic clarity." As other market players pivot or slow down, CleanSpark remains steadfast in its position as the only pure-play public bitcoin mining company, which Bradford notes is increasingly vital in today's climate. The company aims to achieve a hashrate of 50 EH/s by June 2025 while simultaneously strengthening its bitcoin reserves and reinforcing its balance sheet—all with a keen focus on long-term shareholder value.

CleanSpark’s commitment to an infrastructure-first operational model has set it apart from its competitors, significantly contributing to its leadership in the industry. Pioneering initiatives like the ASIC option structure have allowed the company to maintain control over its operations, thus enhancing performance in treasury management and non-dilutive financing.

Financial Highlights

For the second quarter of fiscal 2025, CleanSpark reported:

• - Quarterly revenues: $181.7 million (up from $111.8 million)
• - Net loss: $138.8 million ($0.49 loss per share), in contrast to a net income of $126.7 million ($0.59 per share) during the same period last year.
• - Adjusted EBITDA: Decreased significantly to ($57.8 million) from $181.8 million.

Balance Sheet Strength

As of March 31, 2025, CleanSpark exhibited strong financial health:

• - Cash reserves: $97.0 million
• - Total assets: $2.7 billion
• - Total liabilities: $766.5 million
• - Total stockholders' equity: $1.9 billion

These figures underscore CleanSpark's sturdy foundation as it continues to navigate the dynamic landscape of cryptocurrency mining.

Gary Vecchiarelli, the CFO, emphasized the company’s tactic of investing into growth without relying on dilutive capital, evidenced by their recently expanded revolving line of credit with Coinbase. He stated, "Our results reflect the operating leverage that comes with scale, paired with disciplined cost control. We maintain one of the most efficient cost structures in the industry."

Upcoming Events

CleanSpark is set to provide more insights during its fiscal Q2 2025 earnings call and business update, scheduled for May 8, 2025. Investors and analysts can join the session online, which will be available for at least a month post-event.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK) stands out as a market leader in the bitcoin mining sector, boasting a robust portfolio of mining facilities across the United States. Utilizing competitively priced energy, the company maximizes efficiency to yield higher returns for its shareholders. In a landscape where bitcoin's value fluctuation is notable, CleanSpark is poised to leverage its low-cost energy model for sustained success.

For any further updates and details about CleanSpark, visit www.cleanspark.com.

Forward-Looking Statements
This report contains forward-looking statements, including expectations regarding growth targets, treasury management, and potential risks associated with operational dynamics. There are inherent uncertainties that could lead to diverging actual results from those anticipated.

In conclusion, CleanSpark’s Q2 fiscal 2025 performance displays robust financial strength and a strategic focus crucial in today’s evolving bitcoin mining industry, marking it as a company to watch amidst the ongoing adjustments in the cryptocurrency sphere.