CleanSpark

CLSK · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

CLSK · Last close · November 6, 2026

$6.16

CleanSpark's revenue rose 102.2% to $766 million in fiscal 2025. Its operating margin was 41.6%, up from −39.3% a year earlier. Free cash flow was −$606 million. It paid out $145 million in dividends and buybacks. The diluted share count rose 46.5%.

CleanSpark, Inc. Latest fiscal year ended September 30, 2025 10-K filed November 25, 2025 · 0001193125-25-297510 Updated November 5, 2026

Revenue

$766M

102.2%

Operating margin

41.6%

80.9 pts

Net income

$364M

Free cash flow

−$606M

Return on capital

12.9%

23.1 pts

Market cap

$1.7B

Nov 6 close

P/E

5.5x

On $1.12 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-10), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What CleanSpark does

CleanSpark describes itself as a data center developer that, until recently, focused only on bitcoin mining. It owns, leases and operates data centers and power assets in the United States, in Georgia, Tennessee, Mississippi and Wyoming, with total contracted power capacity of approximately 1,027 megawatts as of September 30, 2025.

Bitcoin mining has historically been its main source of revenue. Miners use powerful computers to validate bitcoin transactions, and they are rewarded with newly created bitcoin and transaction fees paid in bitcoin. CleanSpark has mined bitcoin since December 2020. It says it will not mine, buy or hold any other crypto asset for now, and it held none at the end of September 2025.

It is now planning for a second use of its sites: hosting and leasing space for artificial intelligence and high-performance computing (HPC) workloads, either instead of or alongside mining. It says it is studying which of its sites and planned developments suit each use. It faces competition from companies with more resources, particularly as it enters new markets.

Its biggest risks, as it describes them

Operating in new, fast-changing industries with volatile and unpredictable cycles.
Competing with companies that have greater resources, especially in new markets.
Its move into AI and HPC may divert resources and power from bitcoin mining.
Depending on construction contractors and equipment suppliers to finish expansion on plan.
Possibly needing more financing that may not be available on acceptable terms.

From CleanSpark's annual report on Form 10-K, filed November 25, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	18	20	29	121	43
Debt incl. finance leases	—	14	9	7	645
Net debt (negative means net cash)	—	−7	−20	−114	602
Net debt to EBITDA	—	−0.6x	—	−20.5x	0.9x
Debt to equity	—	0.0x	0.0x	0.0x	0.3x
Interest coverage	−81.7x	−35.1x	−44.0x	−60.7x	28.1x
Current ratio	5.7x	1.5x	1.4x	3.8x	4.2x
Quick ratio	5.6x	1.5x	1.4x	3.8x	4.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project CleanSpark's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open CleanSpark's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought CleanSpark shares on the open market, and 3 insiders sold $1.9 million, $394,353 of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Taylor MonnigCTO, COO	Sold plan	25,249	$13.34	$336,822	Form 4
Sep 4, 2026	Taylor MonnigCTO, COO	Sold plan	4,513	$12.61	$56,909	Form 4
Aug 14, 2026	Taylor MonnigCTO, COO	Sold plan	54	$11.51	$622	Form 4
Dec 23, 2025	Thomas Leigh WoodDirector	Sold	85,315	$11.69	$997,332	Form 4
Dec 4, 2025	Amanda CavaleriDirector	Sold	33,000	$15.02	$495,660	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	2 of 9	5 of 9	3 of 9
Rule of 40	−18.7%	45.9%	23.2%
Altman Z''	5.91	9.58	4.88
Accruals ratio	−19.9%	6.5%	32.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	2 of 9	5 of 9	3 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put CleanSpark side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
CleanSpark	FY25	102.2%	41.6%	−79.0%	12.9%	0.9x	3
IREN	FY26	41.1%	−148.1%	−127.0%	−19.8%	—	3	Compare
DigitalOcean	FY25	15.5%	17.4%	20.0%	15.7%	4.0x	7	Compare
Riot Platforms	FY25	71.9%	−96.1%	−119.6%	−14.2%	—	1	Compare
MARA	FY25	38.2%	−135.0%	−133.4%	−15.2%	—	2	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	0	0	1	4	10	39	132	168	379	766
Revenue growth	—	446.1%	29.2%	683.4%	121.2%	291.8%	234.8%	28.0%	125.0%	102.2%
Gross profit	0	0	0	1	2	34	90	75	214	423
Research and development	0	0	0	—	—	—	—	—	—	—
Operating income	−2	−13	−7	−17	−15	−12	−38	−131	−149	319
Net income	−2	−14	−47	−26	−23	−22	−57	−138	−146	364
Diluted EPS (US$)	—	—	—	−6.25	−2.44	−0.75	−0.95	−1.30	−0.69	1.12
Diluted shares (millions)	2	3	4	4	10	29	43	103	217	318
Cash flow
Cash from operations	−0	−1	−1	−6	−7	−24	74	−17	−234	−461
Capital expenditure	0	0	0	0	0	139	19	62	66	145
Free cash flow	−0	−1	−1	−6	−7	−163	54	−79	−300	−606
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	145
Acquisitions	0	0	0	0	0	0	20	0	0	0
Stock-based compensation	—	0	2	2	2	8	32	24	30	45
Balance sheet at fiscal year end
Cash and short-term investments	0	0	0	8	3	18	20	29	121	43
Debt incl. finance leases	—	0	0	3	—	—	14	9	7	645
Total assets	33	21	18	23	22	318	453	762	1,963	3,184
Total liabilities	0	0	2	4	6	12	49	86	202	1,008
Shareholders' equity	33	20	16	19	16	306	404	676	1,761	2,175
Margins and ratios
Gross margin	61.9%	33.9%	32.5%	14.8%	21.1%	86.6%	68.7%	44.4%	56.3%	55.2%
Operating margin	−3,097.9%	−2,986.5%	−1,222.9%	−366.5%	−151.0%	−30.3%	−28.8%	−77.8%	−39.3%	41.6%
Net margin	−3,097.1%	−3,013.3%	−8,123.6%	−576.2%	−232.8%	−55.5%	−43.6%	−82.0%	−38.5%	47.6%
Free cash flow margin	−545.9%	−305.1%	−220.5%	−128.0%	−66.6%	−415.5%	41.2%	−46.7%	−79.1%	−79.0%
Rule of 40 (growth + FCF margin)	—	140.9%	−191.3%	555.4%	54.7%	−123.7%	276.0%	−18.7%	45.9%	23.2%
Return on capital	—	—	−30.8%	−87.6%	—	—	—	−19.7%	−10.2%	12.9%
Return on equity	−15.2%	−50.9%	−258.3%	−149.5%	−132.2%	−13.5%	−16.1%	−25.6%	−12.0%	18.5%
Return on assets	−15.0%	−50.2%	−245.2%	−127.4%	−102.0%	−12.8%	−14.9%	−22.8%	−10.7%	14.2%
Net debt to EBITDA	—	—	—	—	—	—	−0.6x	—	−20.5x	0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: CleanSpark's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with CleanSpark.