CLEANSPARK, INC. CLSK
CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining. We independently own, lease and operate a large portfolio of data centers and power assets across the United States with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 megawatts ("MW") as of September 30, 2025. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other domestic regions. We have no intention to mine, purchase or hold any crypto assets other than bitcoin at this time or in the foreseeable future, and we did not hold any other crypto asset as of September 30, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $766.3M | $379.0M | $168.4M | $131.5M | $39.3M | $10.0M | $3.8M | $578.6K | $448.0K | $82.0K |
| Cost of revenue | $343.1M | $165.5M | $93.6M | $41.2M | $5.3M | $7.9M | $3.9M | $390.8K | $296.3K | $31.3K |
| Gross profit | $423.2M | $213.5M | $74.8M | $90.3M | $34.0M | $2.1M | $671.7K | $187.9K | $151.7K | $50.8K |
| R&D | — | — | — | — | — | — | — | $7.2K | $591 | $1.8K |
| SG&A | $52.6M | $30.2M | $20.8M | $10.4M | $5.7M | $1.1M | $917.3K | $279.7K | $365.8K | $86.1K |
| Total operating expenses | $447.4M | $528.0M | $299.5M | $169.4M | $51.2M | $25.2M | $17.3M | $7.3M | $13.5M | $2.6M |
| Operating income | $318.9M | -$149.0M | -$131.0M | -$37.9M | -$11.9M | -$15.1M | -$16.6M | -$7.1M | -$13.4M | -$2.5M |
| Interest expense | $11.3M | $2.5M | $3.0M | $1.1M | $145.7K | $10.8M | $9.5M | $924.5K | $2.9K | $32 |
| Pre-tax income | $364.5M | -$145.8M | -$133.7M | -$40.1M | -$8.2M | — | — | — | -$58.9K | -$1.5M |
| Income tax | $39.1M | $3.3M | $2.4M | $0 | $0 | — | — | — | $13.4M | $1.1M |
| Net income | $364.5M | -$145.8M | -$138.1M | -$57.3M | -$21.8M | -$23.3M | -$26.1M | -$47.0M | -$13.5M | -$2.5M |
| EPS, basic | — | — | -1.30 | — | — | — | -6.25 | -13.62 | -0.42 | -0.11 |
| EPS, diluted | — | — | -1.30 | — | -0.75 | -2.44 | -6.25 | — | — | — |
| Shares, diluted (wtd. avg.) | $317.8M | $216.9M | $102.7M | $42.6M | $29.4M | $9.6M | $4.2M | $3.5M | $32.2M | $22.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $43.0M | $121.2M | $29.2M | $20.5M | $18.0M | $3.1M | $7.8M | $412.8K | $57.1K | $436.5K |
| Receivables | — | — | $5.0K | $27.0K | $307.1K | $859.8K | $777.7K | $34.1K | $41.9K | $57.1K |
| Total current assets | $1.32B | $705.4M | $102.2M | $50.8M | $57.7M | $8.3M | $9.9M | $548.4K | $128.6K | $604.4K |
| Property, plant and equipment | $1.36B | $869.7M | $564.4M | $376.8M | $137.6M | $118.0K | $145.1K | $86.7K | $125.4K | $783.0K |
| Goodwill | $131.7M | $8.0M | $8.0M | $0 | $12.0M | $5.9M | $4.9M | $4.9M | $4.9M | $4.9M |
| Other intangibles | $5.8M | $3.0M | $4.6M | $6.5M | $8.2M | $7.0M | $7.4M | — | — | — |
| Total assets | $3.18B | $1.96B | $761.6M | $452.6M | $317.5M | $22.3M | $23.4M | $17.6M | $20.8M | $33.0M |
| Accounts payable | $15.2M | $83.0M | $39.9M | $24.7M | $7.0M | $4.5M | $848.8K | $131.7K | $143.2K | $291.2K |
| Short-term debt | — | — | — | — | — | $531.2K | $150.0K | $69.1K | $150.0K | — |
| Total current liabilities | $315.8M | $187.9M | $74.1M | $34.0M | $10.1M | $5.4M | $1.5M | $1.3M | $301.3K | $357.4K |
| Long-term debt | $644.6M | $7.2M | $8.9M | $13.4M | — | — | — | — | — | — |
| Total liabilities | $1.01B | $201.8M | $85.9M | $48.6M | $11.8M | $5.9M | $4.5M | $1.5M | $451.3K | $357.4K |
| Retained earnings | -$125.9M | -$479.2M | -$334.2M | -$196.1M | -$138.4M | -$116.4M | -$93.1M | -$66.9M | -$19.9M | -$6.4M |
| Total equity | $2.18B | $1.76B | $675.7M | $404.0M | $305.7M | $16.4M | $18.9M | $16.1M | $20.3M | $32.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$461.0M | -$233.7M | -$17.2M | $73.5M | -$24.0M | -$6.6M | -$5.7M | -$1.3M | -$1.4M | -$438.2K |
| Depreciation and amortisation | $348.3M | $154.6M | $120.7M | $49.0M | $9.3M | $68.9K | $44.4K | $855.0K | $2.3M | $578.5K |
| Stock-based compensation | $45.3M | $29.6M | $24.1M | $31.5M | $8.5M | $2.1M | $2.0M | $1.5M | $135.5K | — |
| Capital expenditure | $144.7M | $66.1M | $61.5M | $19.3M | $139.2M | $34.9K | $102.8K | $15.2K | $5.1K | $9.7K |
| Investing cash flow | -$305.7M | -$920.4M | -$331.9M | -$211.0M | -$229.2M | -$2.4M | -$674.0K | -$419.2K | -$126.3K | -$20.9K |
| Financing cash flow | $688.9M | $1.25B | $357.9M | $139.9M | $268.1M | $4.3M | $13.8M | $2.0M | $1.1M | $807.0K |
| Buybacks | $145.0M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-297510.
Others in SIC 6199
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| MSTR | Strategy Inc | $50.34B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $48.64B | 41.5x | 9.4% |
| SYF | Synchrony Financial | $26.00B | 8.6x | — |
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| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| IREN | IREN Ltd | $15.97B | — | 41.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |