CleanSpark, Inc. (CLSK) saw its stock soar 5.04% in pre-market trading on Friday, following the release of its impressive third-quarter fiscal 2025 earnings report. The Bitcoin mining company significantly outperformed analysts' expectations, demonstrating strong growth and profitability.

CleanSpark reported earnings per share of $0.78 on a diluted basis, far exceeding the analyst estimate of $0.30. This represents a remarkable turnaround from the $1.03 per share loss reported in the same quarter last year. Revenue for the quarter ended June 30 surged by 90.8% year-over-year to $198.6 million, slightly below the analyst expectation of $199.2 million but still showcasing robust growth.

The company's performance was primarily driven by significant expansion in its Bitcoin mining operations and favorable Bitcoin price movements. CleanSpark's operational hashrate reached 50 exahash per second (EH/s) in June 2025, up from 27.6 EH/s in September 2024, representing an increase of over 80% in less than a year. This growth allowed the company to manage 5.8% of the global Bitcoin network's computational power. Additionally, CleanSpark benefited from a $268.7 million gain from marking its Bitcoin holdings to fair value, compared to a $48.3 million loss in the same quarter last year. The company's strategic shift to self-funding operations using mined Bitcoin, coupled with its expanding mining capacity and the rising Bitcoin prices, contributed to its record profitability this quarter.