CleanSpark (CLSK) stock soared 18.59% in pre-market trading on Friday, fueled by the company's impressive first-quarter 2025 financial results and its rapidly expanding Bitcoin mining operations.
In its latest earnings report, CleanSpark announced a staggering 120% year-over-year increase in revenue, reaching $162.3 million for the first quarter. This impressive figure surpassed analysts' expectations and was driven by the company's thriving Bitcoin mining business. CleanSpark's adjusted earnings per share (EPS) of $0.85 also significantly outperformed consensus estimates, reflecting the company's robust profitability and operational efficiency.
CleanSpark's operational hashrate surpassed 40 exahashes per second (EH/s) in January, positioning it firmly on track to achieve its ambitious goal of reaching 50 EH/s in the first half of 2025. Notably, the company's marginal cost of mining Bitcoin during the quarter was approximately $34,000, enabling CleanSpark to accumulate a substantial Bitcoin treasury of 9,952 coins by self-mining rather than acquiring the digital asset at market prices. This Bitcoin holding swelled to 10,556 by the following month.
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