Shares of CleanSpark, Inc. (CLSK) soared 5.78% in intraday trading on Thursday, outperforming the broader market. The rally was fueled by the company's impressive first-quarter 2025 financial results, which exceeded analyst expectations and highlighted its strength in the booming Bitcoin mining industry.

CleanSpark reported blockbuster Q1 earnings, with revenue surging 120% year-over-year to $162.3 million, beating the consensus estimate of $150.87 million. The company's adjusted earnings per share of $0.85 crushed analysts' expectations of $0.09, driven by its robust Bitcoin mining operations and growing digital asset holdings.

Notably, CleanSpark's operational hash rate exceeded 40 EH/s in January, placing the company firmly on track to achieve its goal of 50 EH/s in the first half of 2025. With a marginal cost of mining Bitcoin around $34,000 during the quarter, CleanSpark emphasized its strategic focus on self-mining rather than purchasing the cryptocurrency at market prices. The company's Bitcoin holdings grew to over 10,500 during the quarter, all of which were self-mined.