CleanSpark, Inc. (CLSK) witnessed a remarkable pre-market surge of over 7% on Friday, driven by the company's stellar 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 of $150.87 million. Furthermore, the company's adjusted earnings per share (EPS) of $0.85 significantly outperformed the consensus estimate of $0.09.
The standout financial performance can be attributed to CleanSpark's thriving Bitcoin mining business. The company'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, CleanSpark's marginal cost of mining Bitcoin during the quarter was approximately $34,000, enabling the company to accumulate a substantial Bitcoin treasury through self-mining rather than acquiring the digital asset at market prices.
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