TLDR
- CleanSpark’s stock drops amid $185M import dispute, despite strong revenue growth.
- CleanSpark faces $185M tariff issue after posting 90% revenue surge in Q3.
- Legal battle over tariffs dents CleanSpark’s stock, despite record revenues.
- CleanSpark’s growth shadowed by $185M import dispute, stock drops sharply.
- CleanSpark’s Q3 success overshadowed by $185M tariff dispute with CBP.
CleanSpark, Inc. (CLSK) experienced a notable decline in stock price on August 8, 2025, after the company faced a potential $185 million import dispute. The stock fell from $10.72 to below $9.85 before showing slight recovery to $10.14 in after-hours trading.
This drop occurred shortly after CleanSpark reported a substantial 90% surge in its fiscal Q3 2025 revenues, highlighting the company’s financial growth despite the looming legal issue.
Financial Performance Boosted by Record Revenue Growth
CleanSpark’s financial report for the quarter ended June 30, 2025, revealed impressive performance. The company posted quarterly revenues of $198.6 million, marking a significant increase of 90.8% from $104.1 million in the same quarter last year. This growth was largely driven by a surge in bitcoin mining operations, which now represent a key portion of CleanSpark’s business.
🚀 CleanSpark, The Bitcoin Mining Company, Posts Explosive Quarter as Bitcoin Treasury Tops $1 Billion
“A year ago they were bleeding red. Now they’re printing profit and stacking sats like giants.”
📈 $257M profit. 12,703 BTC. 50 EH/s. CleanSpark isn’t just mining — it’s… pic.twitter.com/FcfWiFqO2e
— Mansa Tesla (@MansaTesla) August 8, 2025
Net income for the quarter reached $257.4 million, or $0.90 per basic share, a major improvement from a loss of $236.2 million during the same period in 2024. The company’s adjusted EBITDA surged to $377.7 million, up from a negative $12.6 million last year. CleanSpark also increased its bitcoin treasury to more than $1 billion, marking a milestone without raising capital through equity offerings since November 2024.
CEO Zach Bradford emphasized CleanSpark’s achievements, noting that the company had reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure. These accomplishments show the company’s focus on efficient and profitable scaling in the competitive bitcoin mining space.
Legal Challenge: U.S. Customs and Border Protection Invoices CleanSpark for $185M in Tariffs
CleanSpark’s stock was rattled by news of an invoice from U.S. Customs and Border Protection (CBP), which accused the company of improperly declaring Bitmain Antminers imported between April and June 2024. The CBP claims that the miners originated from China, making them subject to hefty punitive tariffs under U.S. trade regulations. CleanSpark, however, strongly disputes the allegations, stating that its suppliers had provided certified documentation confirming the miners were manufactured outside China.
It’s appears @CleanSpark_Inc faces a potential $185 million tariff on mining rigs imported between April and June 2024, as classified by U.S. Customs and Border Protection as originating from China.
The situation highlights the need for robust compliance and supply chain… pic.twitter.com/WNCkF7axcz
— Anthony P⭕️wer (@cazenove_uk) August 8, 2025
The dispute could lead to a substantial retroactive tariff bill of $185 million, a figure representing nearly 70% of CleanSpark’s Q3 2025 net income. While the company has not set aside reserves for this potential liability, it remains confident in its defense. CleanSpark’s legal team is determined to prove that the tariff claims are unfounded, based on the documentation and agreements it holds with its suppliers.
The potential financial impact of this dispute raises significant concerns, especially as the crypto mining sector already faces operational risks from market volatility. CleanSpark is not alone in facing such challenges. Another publicly traded miner, IREN, disclosed a similar dispute with CBP over Bitmain hardware, highlighting a broader crackdown on the crypto mining industry’s equipment imports.
Ongoing Scrutiny: A Sign of Broader Trends in the Mining Industry
The scrutiny surrounding CleanSpark is part of a wider pattern, with U.S. authorities intensifying enforcement on the importation of cryptocurrency mining equipment. Both CleanSpark and IREN are grappling with accusations related to the origin of Bitmain Antminers, which are central to their mining operations. The increasing complexity of supply chain regulations is becoming a critical risk factor for the industry.
CleanSpark has made it clear that it will defend itself vigorously, but the outcome of this case remains uncertain. As the situation unfolds, it highlights the growing challenges faced by crypto miners as they navigate evolving regulatory environments and market conditions. CleanSpark’s case, along with others, underscores the importance of transparent supply chain practices in the crypto mining sector.
CleanSpark continues to focus on its operational efficiency and market leadership in the bitcoin mining sector. The company’s ongoing commitment to expanding its bitcoin production capabilities and digital asset management strategy positions it for future growth. However, the resolution of this import dispute will be a key factor in shaping its financial trajectory in the coming months.
