Bitcoin Miner Posts All-Time-High Revenue While Pivoting Toward AI

A major U.S. mining firm has just delivered its most pivotal year yet as it accelerates its shift toward AI-focused computing infrastructure.

CleanSpark closed its fiscal 2025 with the strongest performance in its history, reporting $766.3 million in revenue – more than double last year’s tally – as the company continues reshaping itself from a pure-play Bitcoin miner into a broader compute-infrastructure provider.

The bottom line flipped dramatically as well. CleanSpark earned $364.5 million in net income after posting a loss the prior year, while adjusted EBITDA surged to $823.4 million. CEO Matt Schultz said the company finally hit “true operating leverage” in 2025, pointing to milestones such as exceeding 50 EH/s of active hashrate and deploying new financing mechanisms, including bitcoin-backed credit facilities and convertible debt.

Schultz and CFO Gary Vecchiarelli both emphasized that CleanSpark’s future is no longer tied exclusively to mining. The company aims to become a major supplier of compute capacity for AI workloads, leveraging its energy portfolio, treasury strategy, and data-center footprint to make that pivot possible.

Financial Moves Fuel Transformation

The strong fiscal year follows CleanSpark’s $1.15 billion zero-coupon convertible note issuance, which brought in $1.13 billion in net proceeds. The company used part of the funds to repurchase 30.6 million shares for about $460 million, with the remainder earmarked for land acquisition, power development, additional data-center builds, and paying down bitcoin-backed borrowing lines.

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CleanSpark also deepened its AI ambitions by appointing Jeffrey Thomas, formerly of Humain, to oversee its AI data-center division. The company is now studying how to repurpose certain Georgia sites and exploring large-scale “giga-campus” projects designed to handle high-performance computing demand.

Balance Sheet Strength and Growing BTC Treasury

As of September 30, CleanSpark held $1.2 billion in Bitcoin, along with $43 million in cash, $950.1 million in mining assets, and $3.2 billion in total assets. Long-term debt came in at $644.6 million, while equity stood at $2.2 billion.
The company also continued to grow its Bitcoin reserves, climbing above 13,000 BTC, placing it among the top public miners by holdings.

Schultz framed the year as the beginning of a “new chapter,” with the company preparing to extract more value from its expanding energy and compute infrastructure.