CleanSpark, Inc. (NASDAQ:CLSK) saw its stock price plummet 5.41% in after-hours trading on Thursday following the release of its second-quarter fiscal 2025 financial results. The bitcoin mining company reported a significant net loss despite a substantial increase in revenue, disappointing investors and triggering a sell-off.

For the quarter ended March 31, 2025, CleanSpark reported a net loss of $138.792 million, a stark contrast to the net income of $126.7 million in the same period last year. This disappointing bottom line came despite a 62.5% year-over-year increase in revenue, which reached $181.7 million. The company's quarterly loss of $0.49 per share significantly missed analyst estimates of a $0.08 loss per share, while revenue fell short of the expected $190.95 million.

Despite the challenges, CleanSpark's CEO Zach Bradford emphasized the company's commitment to maintaining its position as a pure-play, public bitcoin miner and reaching its 50 EH/s target by June. The company mined 1,957 bitcoins during the quarter, with an average revenue of $92,811 per coin. However, the market reaction suggests that investors are wary of the company's current financial performance amidst its growth strategy, leading to the sharp decline in stock price during after-hours trading.