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CLSKW

CleanSpark, Inc.

CLSKW

CleanSpark, Inc. • NASDAQ
$0.58 ▼ -3.19% (-0.02)
Market Cap $163.62 M
52w High $0.72
52w Low $0.53
Dividend Yield 0%
P/E 0
Volume 423.00K
Outstanding Shares 282.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $223.652M ▲ $73.702M ▲ $-925K ▼ -0.414% ▼ $-0.005 ▼ $127.285M ▼
Q3-2025 $198.644M ▲ $-154.045M ▼ $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 ▲ $-138.829M ▼ $246.791M ▲ 152.053% ▲ $0.85 ▲ $323.796M ▲
Q4-2024 $89.275M $72.926M $-62.179M -69.649% $-0.23 $-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 $916.025M ▼ $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 ▲ $-548.296M ▼
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

Five-Year Company Overview

Income Statement

Income Statement The company is clearly in growth mode, not profit mode yet. Revenue has been rising steadily from a small base, which shows traction, but operating results remain in the red. Gross profit is positive, meaning the core services can create value after direct costs, but overhead, expansion, and other operating expenses more than offset this. Net losses have been consistent over the last few years, though the most recent year shows some improvement in underlying operating performance as EBITDA has edged toward breakeven. Overall, the income statement tells a story of a business scaling up, with improving efficiency but still some distance from sustained profitability.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets and shareholders’ equity growing several-fold in just a few years. This suggests heavy investment in infrastructure and capacity, funded mostly by equity rather than debt. Debt levels remain relatively modest compared with the asset base, which limits financial leverage risk but also points to reliance on issuing equity or similar instruments to fund growth. Cash has increased but remains small relative to the scale of investments being made. In short, the company has built a much larger platform on a relatively low-debt foundation, but it needs that platform to start generating stronger cash returns.

Cash Flow

Cash Flow Cash flow highlights the growing pains. Operating cash flow has swung around and is currently negative, indicating that the business is still consuming cash in its day-to-day operations. Free cash flow is even more negative because capital spending is very heavy, consistent with building and expanding data centers and related infrastructure. This pattern is typical for a capital‑intensive scaling phase, but it means the company depends on external funding or existing cash reserves to support its build‑out. The path to healthier cash generation will depend on turning recent investments into stable, higher‑margin revenue streams and controlling future capital spending once the main build stage eases.

Competitive Edge

Competitive Edge The company’s edge centers on efficiency, infrastructure control, and power management. It has built a reputation as one of the more energy‑efficient bitcoin miners, thanks to advanced cooling, modern hardware, and expertise in optimizing power usage. Owning and controlling much of its data center infrastructure and power arrangements reduces dependence on third‑party hosts and can lower ongoing costs. Its sites are spread across multiple U.S. states, which can help diversify regulatory and power‑market risks. However, the core bitcoin business remains highly exposed to cryptocurrency price cycles and energy prices, and the pivot into AI infrastructure will put it into competition with large, well‑funded data center and cloud players, so execution will be critical.

Innovation and R&D

Innovation and R&D Innovation has been a key part of the company’s story. It began with microgrid and energy optimization software, which laid the groundwork for running energy‑intensive operations more efficiently. It has moved early into immersion cooling, modular data center design, and now is pushing into high‑performance computing and AI‑focused data centers. The Texas “giga‑campus” plan, long‑term power deals, and partnerships with specialized cooling providers show a strong commitment to building next‑generation infrastructure. The opportunity is sizable if AI compute demand grows as expected, but these projects are large, complex, and capital‑heavy, so there is meaningful execution, timing, and technology‑adoption risk.

Summary

Overall, the picture is of a company transitioning from a focused, efficiency‑driven bitcoin miner into a broader digital infrastructure and AI compute provider. Financially, it is still loss‑making and burning cash, with a balance sheet that has grown rapidly on the back of big capital investments and relatively low use of debt. Strategically, it appears to have genuine strengths in energy management, cooling technology, and vertically integrated data center operations, and it is aiming to leverage these strengths into the fast‑growing AI compute market. The main questions ahead are whether it can scale its new AI initiatives on time and on budget, convert its enlarged asset base into consistent cash generation, and manage the volatility and regulatory uncertainties inherent in both crypto mining and large‑scale data center operations.