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Introduction & Market Context
CleanSpark Inc (NASDAQ:CLSK), a pure-play Bitcoin mining company, recently released its Q2 2025 investor presentation highlighting operational achievements amid financial challenges. The company’s stock, which has been volatile with a beta of 4.37, is currently trading within its 52-week range of $6.45 to $20.64. Following the earnings announcement, CLSK shares dropped 3.8% in aftermarket trading, though the stock has shown signs of recovery with a 4.29% increase in premarket trading to $10.21 as of June 9, 2025.
The presentation comes after CleanSpark reported disappointing Q2 2025 financial results, with an earnings per share (EPS) of -$0.49, significantly below the anticipated $0.04, despite revenue increasing 62.5% year-over-year to $181.7 million.
Quarterly Performance Highlights
CleanSpark’s Q2 FY2025 presentation revealed a company continuing to expand its Bitcoin mining operations while facing profitability challenges. As of April 30, 2025, the company reported an operating hashrate of 42.4 EH/s with 204,770 miners hashing, representing approximately 4.9% of the global Bitcoin network hashrate.
The company mined 633 bitcoins in April 2025, demonstrating substantial scale despite the Bitcoin halving event that occurred in April 2024, which reduced block rewards from 6.25 to 3.125 BTC.
As shown in the following chart of monthly Bitcoin production, CleanSpark has maintained relatively stable production levels post-halving, though with expected decreases from pre-halving peaks:
On the financial front, CleanSpark reported Q2 FY2025 revenue of $181.7 million, which aligns with the earnings report but fell short of analyst expectations of $195.25 million. The company posted a net loss of $138.8 million for the quarter, primarily attributed to Bitcoin price mark-to-market adjustments according to the earnings call.
The following slide highlights key performance indicators that showcase the company’s operational scale:
Bitcoin Accumulation Strategy
A central element of CleanSpark’s strategy has been its aggressive Bitcoin accumulation approach. The company reported holding 12,101 bitcoins as of April 30, 2025, representing approximately 111% year-over-year growth in its treasury. At current Bitcoin prices, this treasury is valued at approximately $1.13 billion.
CEO Zach Bradford emphasized this strategy in the presentation, stating: "Our pivot in our HODL strategy prior to the most recent run-up in the price of Bitcoin has enabled us to reach new heights as a market leader."
The company’s Bitcoin holdings growth is illustrated in the following chart, showing consistent accumulation over time alongside Bitcoin price movements:
This treasury value has fluctuated with Bitcoin price volatility, as shown in the following chart tracking treasury value from October 2024 through April 2025:
Operational Efficiency & Expansion
CleanSpark emphasized its operational efficiency as a key competitive advantage, reporting a cost to mine one Bitcoin of approximately $42,667 for the three months ended March 31, 2025. The company attributes this relatively low mining cost to its energy expertise and strategic facility locations.
However, the presentation also revealed increasing energy costs as a percentage of Bitcoin mining revenue, rising from 40.4% in Q1 FY2025 to 46.0% in Q2 FY2025. This trend may partially explain the earnings challenges faced in the most recent quarter.
The following chart illustrates CleanSpark’s operational efficiency metrics over time:
The company continues to expand its infrastructure, with 915 MW of total power capacity under contract across 32 sites as of April 30, 2025. CleanSpark’s mining operations span four states, with the largest concentration in Georgia (508 MW), followed by Tennessee (234 MW), Wyoming (110 MW), and Mississippi (63 MW).
The company’s geographic distribution strategy is illustrated in this map:
CleanSpark has completed significant facility expansions, including a 150 MW expansion at its Sandersville facility (from 80 MW to 230 MW) and a 50 MW expansion at its Washington facility (from 32 MW to 82 MW). These expansions are part of the company’s strategy to lower mining costs through scale and operational efficiency:
Forward-Looking Statements
Looking ahead, CleanSpark aims to reach 50 EH/s by the first half of calendar year 2025, though the earnings call mentioned a more ambitious target of 57 EH/s. The company is focusing on expansions in Tennessee and Wyoming, with particular emphasis on immersion-cooled Bitcoin mining data centers.
The presentation highlighted several strategic initiatives, including:
- Ongoing expansions of GRIID Infrastructure’s facilities
- Development of immersion-cooled mining centers in Wyoming
- Upgrading the mining fleet through a contract with Bitmain
- Enhancing existing facilities to increase hashrate
While the presentation projects confidence in future growth, the earnings miss and negative adjusted EBITDA of -$57.8 million for Q2 FY2025 suggest challenges ahead. CEO Zach Bradford’s statement during the earnings call that "We are achieving disruption through discipline" indicates a focus on long-term strategic positioning despite short-term financial setbacks.
CleanSpark’s balance sheet shows total assets of $2.66 billion as of March 31, 2025, with stockholders’ equity of $1.89 billion. The company’s significant Bitcoin holdings provide a substantial asset base, though the volatility of Bitcoin prices remains a key risk factor for the company’s financial stability.
As the Bitcoin mining industry continues to evolve post-halving, CleanSpark’s emphasis on energy expertise, operational efficiency, and infrastructure ownership positions it as a significant player, though investors will likely be watching closely to see if the company can translate its operational scale into consistent profitability in future quarters.
Full presentation:
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