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Call sheet · Q2'25

CleanSpark (CLSK)

Q2'25 earnings call · held May 8, 2025 · compared with the Q1'25 call · management-credibility review
5/12
Disclosure score
3 high, 4 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that CleanSpark just pulled off the trade of the year with their Bitcoin-for-miners deal, saving $10M while hedging tariff risk, yet the market is missing this because they're abandoning the very transparency that got them here. The headline 12% revenue growth masks that they're burning $35M/month while power costs hit record highs and they can't even tell you their current hash rate anymore. The binding constraint isn't power or machines; it's that their unit economics are breaking down as difficulty rises faster than efficiency improves, forcing them to abandon their HODL strategy. Zach literally said 'we intend to modify how we provide growth guidance,' which is code for 'visibility just went to hell.' My view changes if they return to publishing specific hash rates and actually show positive operating cash flow.

The 30-second version

  • The sleeper: CleanSpark just executed a killer Bitcoin-for-miners deal that effectively hedged against tariffs while saving $10M
  • The obvious: Revenue up 12% QoQ despite Bitcoin price declining from $93K to $81K during the quarter
  • The red flag: Growth guidance just got vaguer as they abandon time-bound hash rate targets

What changed this quarter

MetricQ1'25Q2'25Change
Revenue$162.3M (up 120% YoY)$181.7M (up 62.5% YoY)+12% QoQ but YoY comp decelerated 58 points
Net Income$246.8M profit($138.8M) lossSwung $385M negative on Bitcoin mark-to-market
Adjusted EBITDA$321.6M($57.8M) reported, $70M normalizedNormalized margin compressed from 198% to 39%
Gross Profit$93M (57% margin)$96M (53% margin)+400 bps margin compression despite efficiency gains
Bitcoin Mined2,031 BTC1,957 BTCDown 74 BTC despite higher hash rate
Hash Rate39.1 EH/sNot disclosed for Q2 endMetric disappeared from earnings release
Fleet Efficiency17.59 J/TH<17 J/TH (April)Improved but no longer giving precise numbers
Cost per Bitcoin$34,000$42,600+25% cost inflation in one quarter
Power Cost$0.049/kWh$0.06/kWh+22% increase, highest in company history
Bitcoin Treasury11,869 BTC12,101 BTC (April)Only added 232 BTC despite mining 1,957

Accountability tracked

7 new promises made6 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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