The bitcoin mining firm announced $766.3 million in revenue for the fiscal year ended September 30, 2025, marking a 102% increase compared to 2024. The company swung to significant profitability, posting net income of $364.5 million, a stark reversal from the $145.8 million net loss recorded the previous year. Adjusted EBITDA also soared to $823.4 million, up from $245.8 million a year ago.
CEO Matt Schultz stated that “fiscal 2025 was the year CleanSpark achieved operating leverage,” highlighting milestones such as surpassing 50 EH/s of operational hashrate, setting new revenue records, and prioritizing “accretive capital market tools, such as convertible debt and bitcoin backed revolvers” for financing over an At-The-Market (ATM) program.
Schultz emphasized the company’s evolution into “a comprehensive compute platform,” positioned to capture value from both bitcoin and emerging AI workloads. President and CFO Gary Vecchiarelli echoed this, noting the firm is “financially positioned to rapidly become a leading AI infrastructure provider,” supported by its treasury desk and capital investments.
The strong results follow a major capital restructuring, including the completion of a $1.15 billion zero-coupon convertible notes offering. This offering provided $1.13 billion in net proceeds, enabling the company to repurchase 30.6 million shares for approximately $460 million.
CleanSpark plans to use the remaining proceeds to support power and land acquisition, data center development, and the repayment of bitcoin-backed credit lines—all aimed at strengthening its energy and infrastructure compute platform strategy.
The AI pivot gained momentum in October with the hiring of former Humain executive Jeffrey Thomas to lead its AI data-center unit. This move aligns with a broader industry trend of bitcoin miners retooling facilities for high-performance computing (HPC). CleanSpark is currently reviewing existing Georgia sites for conversion and evaluating “giga-campus” projects to meet soaring AI demand.
