JP Morgan’s research team re-iterated its ‘Overweight’ status for Bitcoin miner CleanSpark (Nasdaq: CLSK), citing the management’s “clean” F4Q25 results, delivered Tuesday.
CleanSpark’s sites outside Atlanta represents more than 400 megawatts of available capacity for prospective HPC customers, management said on the call. Moreover, its 230-megawatt Sandersville site in Georgia could support inference applications with a long-term agreement on the table in the next calendar year. Plus, there’s interest at the newly acquired 285-megawatt Austin County, Texas property, located about 75 miles from Houston.
Read more: CleanSpark snaps up Texas site, 285 MW PPA to launch AI data center in Greater Houston
“We continue to like CleanSpark’s positioning in Tier-1 data center markets (most bitcoin miners are shopping remote sites in Texas), and look forward to updates on deals and construction progress at Sandersville and Austin County, TX,” the bank said in the note.
CleanSpark also plans to shift its bitcoin mining operations toward remote regions to free up metro-adjacent locations for HPC activity. The move is intended to increase available power for higher-value colocation contracts while lowering electricity costs for mining operations.
CleanSpark continued expanding its power and infrastructure footprint during fiscal 2025. Contracted power increased 43 percent for the year to 1,027 megawatts, according to JPMorgan.
CleanSpark generated $766.3 million in revenue for the 2025 fiscal year, more than double the prior year. The firm’s summary showed that fourth-quarter revenue reached $224 million, up 13% from the previous quarter.
CleanSpark’s cash cost per bitcoin was $67,743 in the fiscal fourth quarter, according to JPMorgan. The bank detailed electricity costs of $49,698 per coin and cash SG&A of $18,045 per coin. Total cost per coin rose 12% from the prior quarter.
CleanSpark mined 1,957 bitcoins in the fourth fiscal quarter, down 3 percent from the prior period. The firm reported a gross mining margin of 56.5% for the quarter.
The research note said CleanSpark increased fourth-quarter cash SG&A to $35 million from $31 million and recorded $97 million in net power costs, up from $90 million. Stock-based compensation rose sharply to $35 million from $4 million in the prior quarter.
The bank said CleanSpark did not issue shares through an at-the-market offering during FY2025.
