CleanSpark Reports Transformative FY 2025 Results

$766.3 million revenue, 102% year over year increase

43% growth in contracted power sets the stage for AI expansion

Recent $1.15 billion 0% transaction provides capital for accretive infrastructure opportunities

CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America's Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2025.

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“Fiscal 2025 was the year CleanSpark achieved operating leverage. We surpassed 50 EH/s in operational hashrate, set new revenue records, and demonstrated strategic capital stewardship by choosing accretive capital market tools, such as convertible debt and bitcoin backed revolvers instead of an ATM to finance the business during the calendar year,” said Matt Schultz, Chairman and CEO of CleanSpark. “We are evolving into a comprehensive compute platform that is prepared to optimize value from both AI and bitcoin workloads. Our deep expertise in power procurement, infrastructure development, and efficient scaling gives us a unique advantage in meeting surging global demand for compute.”

“I'm proud of our results for the fiscal year. Beyond our revenue of $766 million and hashrate growth achievements, we also demonstrated disciplined capital investment and are financially positioned to rapidly become a leading AI infrastructure provider,” said Gary A. Vecchiarelli, President and Chief Financial Officer of CleanSpark. “We recently closed a landmark $1.15 billion 0% convertible transaction to accelerate expansion of our power and land portfolio. Our market leading bitcoin mining operations have been supplemented by cash generated from our institutional grade treasury desk. As we continue to execute on our strategies, our goal is to replicate our market leadership across a broader range of compute capabilities.”

Financial Highlights: Fiscal Year 2025 Financial Results for the Fiscal Year Ended September 30, 2025

— Fiscal year revenues were $766.3 million, an increase of $387.3 million, or 102.2%, from $379 million for the same prior year period.

— Net income for the year ended September 30, 2025, was $364.5 million or $1.25 per basic share, compared to net loss of ($145.8) million or ($0.69) per basic share, for the same prior year period.

— Adjusted EBITDA(1) increased to $823.4 million from $245.8 million one year ago.

Balance Sheet Highlights as of September 30, 2025

Assets

— Cash: $43.0 million

— Bitcoin: $1.2 billion

— Total Current Assets: $1.3 billion

— Total Mining Assets (including prepaid deposits and deployed miners): $950.1 million

— Total Assets: $3.2 billion

Liabilities and Stockholders' Equity

— Current Liabilities: $315.8 million

— Total long-term debt, net of debt discount and issuance costs: $644.6 million

— Total Liabilities: $1.0 billion

— Total Stockholders' Equity: $2.2 billion

The Company had working capital of $1 billion as of September 30, 2025.

1 See “Non-GAAP Measure” and the related reconciliation below

Investor Conference Call and Webcast The Company will hold its fiscal year 2025 earnings presentation and business update for investors and analysts today, November 25, 2025, at 4:30 p.m. ET / 1:30 p.m. PT.

Webcast URL: https://clsk.news/fy25webcast

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

About CleanSpark CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading data center developer with a proven track record of success. We own a portfolio of more than 1.3 GW of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for high-performance computing (“HPC”) and artificial intelligence (“AI”) and other expectations, beliefs, plans, intentions, and strategies, including the benefits of the Company's treasury management activities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available tothe Company's facilities does not increase as expected; the success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; our ability to execute on our business strategy, including our ability to diversify and expand into the market for HPC and AI solutions and data centers; our limited experience with respect to new markets we are entering, including the market for HPC and AI services; our ability to compete with our new HPC and AI services competitors; new or additional governmental regulation; the impacts of evolving global and U.S. trade policies and tariff regimes, including that there is uncertainty as to whether the Company will face materially increased tariff liability in respect of miners purchased since 2024 and in the future; the impact of the CEO transition on relationships with vendors, regulators, employees and investors and the ability of the new CEO to execute on the Company's strategies; the Company's ability to complete a definitive agreement to fully establish the partnership withSubmer; the anticipated delivery dates of new miners; the Company's ability to successfully complete acquisitions, including integration risks relating to completed and potential acquisitions and the ability to successfully deploy new miners; dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized, including in respect of the new markets that the Company seeks to enter; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Non-GAAP Measure The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“GAAP”). The Company's non-GAAP “Adjusted EBITDA” excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin-related revenue.

The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.

CLEANSPARK, INC.CONSOLIDATED BALANCE SHEETS(in thousands, except par value and share amounts) September30, September30, 2025 2024ASSETSCurrent assetsCash and cash equivalents $ 42,966 $ 121,222Restricted cash 3,490 3,056Prepaid expense and other current assets 11,875 7,995Bitcoin – current 966,829 431,661Receivable from bitcoin collateral 294,648 77,827Note receivable from GRIID – 60,919Derivative investments 233 1,832Investment in debt security, AFS, at fair value – 918Total current assets $ 1,320,041 $ 705,430Bitcoin – noncurrent $ 222,614 $ -Property and equipment, net 1,363,681 869,693Operating lease right of use assets 4,254 3,263Intangible assets, net 5,849 3,040Deposits on miners and mining equipment 112,037 359,862Other long-term assets 23,497 13,331Goodwill 131,658 8,043Total assets $ 3,183,631 $ 1,962,662LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesAccounts payable $ 15,159 $ 82,992Accrued liabilities 117,544 43,874Other current liabilities 6,096 2,240Derivative liabilities – -Current portion of debt 176,570 58,781Dividends payable 396 -Total current liabilities $ 315,765 $ 187,887Long-term liabilitiesLong-term debt, net of current portion, debt discount and debt issuance costs 644,586 7,176Deferred income taxes 44,872 5,761Other long-term liabilities 3,281 997Total liabilities $ 1,008,504 $ 201,821Commitments and contingencies – Note 19CLEANSPARK, INC.CONSOLIDATED BALANCE SHEETS (continued)(in thousands, except par value and share amounts) September30, September30, 2025 2024Stockholders' equityPreferred stock; $0.001 par value; 10,000,000 shares authorized; 2 3Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding(liquidation preference $0.02 per share)Series X shares; 0 and 1,000,000 authorized, issued and outstanding,respectivelyCommon stock; $0.001 par value; 600,000,000 and 300,000,000 shares authorized; 296 271296,087,533 and 270,897,784 shares issued; 284,327,598 and 270,897,784 sharesoutstanding, respectivelyAdditional paid-in capital 2,445,723 2,239,367Accumulated other comprehensive income – 418Accumulated deficit (125,894) (479,218)Treasury stock at cost; 11,759,935and 0shares held, respectively (145,000) -Total stockholders' equity 2,175,127 1,760,841Total liabilities and stockholders' equity $ 3,183,631 $ 1,962,662The accompanying notes are an integral part of these Consolidated Financial StatementsCLEANSPARK, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(in thousands, except per share and share amounts) For the year ended September30, 2025 2024 2023Revenues, netBitcoin mining revenue, net $ 766,314 $ 378,968 $ 168,121Other services revenue – – 287Total revenues, net $ 766,314 $ 378,968 $ 168,408Costs and expensesCost of revenues (exclusive of depreciation and amortization shown below) 343,101 165,516 93,580Professional fees 13,785 13,806 10,869Payroll expenses 104,379 74,095 45,714General and administrative expenses 52,625 30,185 20,823(Gain) loss on disposal of assets (336) 5,466 1,931Gain on fair value of bitcoin, net (425,646) (113,423) -Depreciation and amortization 348,335 154,609 120,728Indirect tax contingency expenses 11,122 – -Impairment expense – bitcoin – – 7,163Impairment expense – fixed assets – 197,041 -Impairment expense – other – 716 -Realized gain on sale of bitcoin – – (1,357)Total costs and expenses $ 447,365 $ 528,011 $ 299,451Income (loss) from operations 318,949 (149,043) (131,043)Other income (expense)Gain on fair value of contingent consideration – – 2,484Gain on bitcoin collateral 92,190 1,475 -Loss on derivative securities, net (1,546) (965) (259)Interest income 4,125 8,555 481Interest expense (11,335) (2,455) (2,977)Other income 1,192 – 11Total other income (expense) $ 84,626 $ 6,610 $ (260)Income (loss) before income tax expense 403,575 (142,433) (131,303)Income tax expense 39,111 3,344 2,416Income (loss) from operations $ 364,464 $ (145,777) $ (133,719)Discontinued operationsLoss from discontinued operations $ – $ – $ (4,429)Net income (loss) $ 364,464 $ (145,777) $ (138,148)Preferred stock dividends 11,140 3,422 -Net income (loss) attributable to common shareholders $ 353,324 $ (149,199) $ (138,148)Other comprehensive (loss) income, net of tax (418) 192 116Total comprehensive income (loss) attributable to common shareholders $ 352,906 $ (149,007) $ (138,032)CLEANSPARK, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (continued)(in thousands, except per share and share amounts) For the year ended September30, 2025 2024 2023Income (loss) from continuing operations per common share – basic $ 1.25 $ (0.69) $ (1.30)Weighted average common shares outstanding – basic 282,182,800 216,860,819 102,707,509Income (loss) from continuing operations per common share – diluted $ 1.12 $ (0.69) $ (1.30)Weighted average common shares outstanding – diluted 317,761,220 216,860,819 102,707,509(Loss) on discontinued operations per common share – basic $ – $ – $ (0.04)Weighted average common shares outstanding – basic 282,182,800 216,860,819 102,707,509(Loss) on discontinued operations per common share – diluted $ – $ – $ (0.04)Weighted average common shares outstanding – diluted 317,761,220 216,860,819 102,707,509CLEANSPARK, INC.RECONCILIATION OF ADJUSTED EBITDA(Unaudited, in thousands)($ in thousands) For the Year Ended September30,Reconciliation of non-GAAP Adjusted EBITDA 2025 2024 2023Net income (loss) $ 364,464 $ (145,777) $ (138,148)Depreciation and amortization 348,335 154,609 120,728Share-based compensation expense 45,335 29,555 24,142Loss on derivative securities, net 1,546 965 259Interest income (4,125) (8,555) (481)Interest expense 11,335 2,455 2,977Other income (1,192) – (11)Indirect tax contingency expenses 11,122 – -(Gain) loss on disposal of assets (336) 5,466 1,931Income tax expense 39,111 3,344 2,416Fees related to financing & business development transactions 778 4,059 697Litigation & settlement related expenses 2,052 1,970 7,872Severance and other expenses 4,948 – 701Impairment expense – other – 716 -Impairment expense – fixed assets – 197,041 -Loss from discontinued operations – – 4,429Change in fair value of contingent consideration – – (2,484)Non-GAAP Adjusted EBITDA* $ 823,373 $ 245,848 $ 25,028*We have not excluded our Gain on fair value of bitcoin, net of $425,646 and $113,423 in the year ended September30, 2025 and 2024, respectively, which we now record in our Consolidated Statements of Operations and Comprehensive Income as provided in ASC 350-60, as discussed in the Gain on fair value of bitcoin, net section above.

Investor Relations Contact Harry Sudock702-989-7693ir@cleanspark.com

Media ContactEleni Stylianou702-989-7694pr@cleanspark.com

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