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CLSK

CleanSpark, Inc.

CLSK

CleanSpark, Inc. • NASDAQ
$15.21 ▲ 13.09% (+1.76)
Market Cap $4.29 B
52w High $23.61
52w Low $6.45
Dividend Yield 0%
P/E 13.58
Volume 50.92M
Outstanding Shares 282.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $223.652M ▲ $29.304M ▲ $-925K ▼ -0.414% ▼ $-0.005 ▼ $127.285M ▼
Q3-2025 $198.644M ▲ $-137.647M ▼ $257.39M ▲ 129.574% ▲ $0.9 ▲ $373.831M ▲
Q2-2025 $181.712M ▲ $234.312M ▲ $-138.792M ▼ -76.38% ▼ $-0.49 ▼ $-61.667M ▼
Q1-2025 $162.306M ▲ $-117.96M ▼ $246.791M ▲ 152.053% ▲ $0.85 ▲ $323.796M ▲
Q4-2024 $89.275M $72.926M $-62.179M -69.649% $-0.25 $-9.588M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.01B ▲ $3.184B ▲ $1.009B ▲ $2.175B ▲
Q3-2025 $34.553M ▼ $3.102B ▲ $954.929M ▲ $2.147B ▲
Q2-2025 $933.568M ▼ $2.657B ▼ $766.507M ▲ $1.89B ▼
Q1-2025 $1.207B ▲ $2.779B ▲ $757.706M ▲ $2.022B ▲
Q4-2024 $553.801M $1.963B $201.821M $1.761B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-925K ▼ $-119.409M ▼ $135.498M ▲ $-7.648M ▼ $8.441M ▲ $-130.084M ▲
Q3-2025 $257.39M ▲ $-109.888M ▲ $-125.277M ▼ $172.763M ▲ $-62.402M ▲ $-152.423M ▼
Q2-2025 $-138.792M ▼ $-112.283M ▲ $-59.93M ▲ $-7.377M ▼ $-179.59M ▼ $-146.375M ▲
Q1-2025 $246.791M ▲ $-119.452M ▼ $-255.947M ▲ $531.128M ▲ $155.729M ▲ $-176.811M ▲
Q4-2024 $-62.179M $-82.685M $-416.7M $494.499M $-4.886M $-835.792M

Revenue by Products

Product Q4-2021Q1-2022Q2-2022Q3-2024
Service Other
Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Consolidated Revenues
Consolidated Revenues
 $30.00M ▲$40.00M ▲$40.00M ▲$0 ▼
Other Revenue And Eliminations
Other Revenue And Eliminations
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown quickly over the past few years, showing that the business is scaling up its Bitcoin mining activities. Gross profit has improved, which means the basic economics of the operations are moving in the right direction. However, the company is still losing money overall, with operating losses and net losses every year. Profitability is hovering around breakeven on a cash-earnings basis, but after all expenses it remains clearly in the red. The trend suggests a company in expansion mode: rising sales and better margins, but not yet at a steady, consistently profitable stage and still very sensitive to Bitcoin prices and mining economics.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base significantly, likely investing heavily in mining and data center infrastructure. Equity has increased much more than debt, which means growth has been funded primarily by issuing shares rather than borrowing. Debt levels are still relatively modest compared with the size of the company, which lowers financial risk but also means existing shareholders have likely been diluted. Cash has improved from very low levels but is still not large relative to the investment ambitions, so the company’s future build-out will probably continue to depend on external capital and the value of its Bitcoin-related assets.

Cash Flow

Cash Flow Cash generation from day-to-day operations has been inconsistent, swinging between slightly positive and clearly negative, which reflects the volatility of Bitcoin mining and the company’s growth phase. Free cash flow is solidly negative, mainly because of heavy spending on equipment, facilities, and expansion projects. In simple terms, much more cash is going out than coming in, and that gap is being filled by raising capital rather than from profits. This pattern is typical of an aggressive build-out: it can create future earnings power if executed well, but it also increases dependence on capital markets and exposes the company to downturns in crypto prices or funding conditions.

Competitive Edge

Competitive Edge CleanSpark competes in a crowded Bitcoin mining market where electricity cost and operational efficiency largely decide who wins. Its edge comes from controlling much of its own infrastructure, focusing on low-cost and mostly low-carbon power, and using advanced cooling and power-management technologies to squeeze more output from each unit of energy. This positions it as a relatively low-cost, sustainability-focused operator, which can be valuable when Bitcoin prices are weak and ESG scrutiny is high. At the same time, the mining industry is highly cyclical, exposed to regulation, and faces constant pressure from larger, well-funded miners. The planned move into AI and high-performance computing data centers could broaden its competitive base, but that also pits the company against established data center and cloud players, making execution quality crucial.

Innovation and R&D

Innovation and R&D The company’s innovation centers on how it uses energy and infrastructure rather than on traditional software-style research. Its proprietary energy-management tools, immersion cooling systems, and modular data centers are designed to cut power costs, boost reliability, and extend hardware life. These capabilities are now being repurposed for AI-focused data centers, which require dense, power-hungry computing that benefits from similar technologies. The expansion into AI infrastructure—especially the large planned campus in Texas and partnerships around immersion-cooled data centers—shows a push to turn mining know-how into a broader digital infrastructure platform. The opportunity is significant, but the payoff depends on attracting tenants, delivering projects on time and on budget, and keeping up with very fast-moving AI and data center technology standards.

Summary

Overall, CleanSpark looks like a high-growth, high-investment infrastructure play built on top of Bitcoin mining. Financially, it has rapidly rising revenue but persistent losses, a balance sheet that relies more on equity than debt, and cash flows that are deeply negative because of heavy expansion spending. Competitively, it leans on low-cost, cleaner power, strong operational control, and technical efficiency to stand out in a tough, cyclical mining field. Its move into AI data centers could diversify the business and reduce reliance on Bitcoin over time, but it adds new execution and competitive risks. The story is one of ambition and scale-up: potential for meaningful future earnings if the strategy works, balanced against volatility, capital needs, and the uncertainty of both crypto and AI infrastructure markets.

NEWS

November 25, 2025 · 4:02 PM UTC

CleanSpark Reports Transformative FY 2025 Results

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November 19, 2025 · 9:00 AM UTC

CleanSpark Executives to Discuss Fiscal Full Year 2025 Financial Results Via Webcast

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November 13, 2025 · 4:01 PM UTC

CleanSpark, Inc. Announces Closing of Upsized $1.15 Billion Zero-Coupon Convertible Notes Offering

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November 10, 2025 · 11:46 PM UTC

CleanSpark, Inc. Announces Upsize and Pricing of $1.15 Billion Convertible Notes Offering

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November 10, 2025 · 4:01 PM UTC

CleanSpark, Inc. Announces Proposed Private Offering of $1 Billion of Convertible Notes

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