Bitcoin miner CleanSpark reported its best-ever quarterly results, with its highest-ever revenue and profitability beating analyst expectations.

CleanSpark said on Thursday that revenue for its third quarter from April to June was $198.6 million, a 91% increase from $104 million the same quarter a year ago, beating analyst expectations of about $195 million.

“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy,” said CleanSpark CEO Zach Bradford.

The company also reported a quarterly net income of $257.4 million compared to a loss of $236.2 million in the previous year. Its diluted earnings per share were 78 cents, far outpacing analysts’ expectations of 20 cents per share.

“Fiscal Q3 was a pivotal quarter for CleanSpark, as we fully funded operational expenses through monthly Bitcoin production while simultaneously expanding our Bitcoin treasury,” said its chief financial officer, Gary Vecchiarelli. 

First company to hit hashrate milestone 

CleanSpark also claimed to be the first public mining company to achieve 50 exahashes per second in the US and to have 5.8% of global hashrate under management. 

“We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure,” said Bradford.

The firm has expanded its Bitcoin (BTC) treasury to over $1 billion in value in 2025 without needing to raise capital through equity offerings. 

CleanSpark currently holds 12,703 BTC, worth about $1.48 billion at market prices, making it the ninth-largest holder of Bitcoin among public companies.

Results fail to woo investors

Shares in CleanSpark (CLSK) ended trading on Thursday down over 2.5% to $10.72 and saw only a slight bump after-hours that cooled to a less than 1% gain.

Shares in the crypto miner have gained 16.4% since the beginning of 2025, performing better than sector leader MARA Holdings, which is down over 7% this year.

Related: IREN soars 11% after mining more Bitcoin than MARA in July

Big quarter for Bitcoin miners

Bitcoin mining firms have had a bumper quarter, primarily due to the assets’ 32% appreciation in value over the period. 

In late July, MARA Holdings beat analyst expectations in its second-quarter earnings with revenue up 64% year-on-year to $238 million.

Riot Platforms reported a record $219.5 million in net income for the period. 

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