- Record Financial Performance: Achieved $766 million in FY2025 revenues, 100% YoY growth to $763.663 million, and over $800 million in adjusted EBITDA
- Bitcoin Treasury Expansion: Bitcoin holdings grew 62% to over 13,000 BTC, with $1.2 billion valuation and $607,100 monthly Bitcoin generation
- Operational Scale: Operational hash rate reached 50 exahash/second, deploying 19,000 S21X immersion miners and planning 6 EH/s additional capacity
- Capital Efficiency: Executed $1.15 billion 0% convertible note, repurchased $460 million stock (10.9% share reduction), and maintained $400 million in Bitcoin-backed credit facilities
- Strategic Diversification: Secured 1 GW+ energy contracts for AI/HPC, with Texas projects (200 MW+ phases) and Georgia sites (100 MW) converting to high-demand compute applications
Financial Performance and Bitcoin Mining Efficiency
The company's average marginal cost per Bitcoin was $0.043, and its average revenue per Bitcoin was approximately $98,000, highlighting its operational efficiency in Bitcoin mining. CleanSpark's digital asset management (DAM) strategy generated $9.3 million in premiums in the fourth quarter, with an annualized yield of 12% on a blended basis. The company's covered call program continues to produce attractive risk-adjusted returns, contributing to its overall financial performance.
Diversification into AI and HPC: A New Growth Avenue
CleanSpark is diversifying its compute platform to serve AI, high-performance computing (HPC), and grid balancing, marking a significant strategic shift. The company has secured over a gigawatt of power under contract and has nearly 300 megawatts in Texas, scheduled to begin energization in early 2027. Partnerships, such as with Submer for liquid-cooled and prefabricated data center solutions, are expected to facilitate this diversification. CleanSpark's venture into AI data centers is anticipated to open new pools of capital, allowing for significant levered rates of return.
Valuation and Growth Prospects
With a P/S Ratio of 5.6 and an EV/EBITDA of 6.65, the market appears to have priced in a certain level of growth. Analysts estimate next year's revenue growth at 23.6%. The company's ROE stands at 17.71%, indicating a relatively healthy return on equity. CleanSpark's strategy to repurpose its Bitcoin mining sites for AI and HPC use is advantageous, with a focus on building sites to suit the architecture requirements of off-take customers.
Capital Structure and Future Plans
The company has issued a $1.15 billion 0% convertible note and used the proceeds to buy back $460 million of its stock, representing a 10.9% reduction in outstanding shares. CleanSpark plans to introduce secured debt into its capital stack and is open to bringing in more equity to achieve a lower loan-to-value ratio. The focus is on securing high credit quality tenants to secure the best deal possible, with a multi-gigawatt pipeline of opportunities across various regions.