THE MINING POD: CleanSpark FY 2025 Recap: It's Not an AI Pivot, It's an Expansion w/ Matthew Schultz

Dec 2, 2025

Matthew Schultz, CEO of CleanSpark and a leader in Bitcoin mining and AI, shares insights on the company's impressive $766M revenue and operational milestones. He discusses the strategic leadership shift that revitalized the firm and the exciting expansion into AI and high-performance computing workloads. Schultz highlights partnerships for innovative cooling solutions and the potential of hybrid mining operations. With major site acquisitions on the horizon, he emphasizes how CleanSpark will leverage its infrastructure for a powerful future in the evolving tech landscape.

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INSIGHT

Operational Efficiency Drove Strong FY25 Results

CleanSpark generated $766M revenue with 55%+ gross margin, driven by operational efficiency and disciplined fleet management.
The team emphasizes uptime, in-house repairs, and continuous fleet upgrades to sustain profitability.

ANECDOTE

Leadership Change Reenergized The Team

Matthew described the executive reshuffle as mutually beneficial and energizing for the company culture.
He emphasized breaking down silos and empowering promoted leaders to improve collaboration and performance.

INSIGHT

Sealy Site Offers Rapid Scale Advantage

The Austin County site was prized for speed to market, existing long-lead orders, fiber access, and potential to expand behind-the-meter generation.
CleanSpark expects initial 207 MW online in early 2027 with room to scale beyond 285 MW.

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CleanSpark CEO Matt Schultz joins us to discuss CleanSpark’s fiscal year 2025 earnings.

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Welcome back to The Mining Pod! Today, Matthew Schultz, CEO of CleanSpark, joins us to talk about CleanSpark'sfiscal year 2025 earnings. CleanSpark raked in $766M in revenue for the year, hit the 50 EH/s milestone, and has begun expanding into AI loads. Schultz shares insights on CleanSpark’s partnerships with Submer for cooling solutions, the company’s capital strategy, the potential for hybrid mining-HPC loads at CleanSpark sites, and what the AI revolution means for bitcoin mining in the United States.

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**Notes:**

• $766M in FY 2025 revenue

• LEadership change refocused company

• Austin Texas site underway

• AI load feasibility being explored for Sandersville, other sites

• $1.15B convertible note almost over subscribed

Timestamps:

00:00 Start

03:15 Overview of fiscal year

07:16 Leadership change

09:43 Texas site development

13:41 Submer cooling solutions partner

18:30 Containerized solutions

21:39 Green field vs retrofit

27:23 Blended AI & mining sites

30:50 Two business lines

36:11 $1.15B note

45:19 Evaluating operators

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio 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.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!