olivLaw · US equity research
CleanSpark, Inc. CLSK
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
CleanSpark is a US data center developer that started as a bitcoin miner and holds a large portfolio of power and infrastructure assets. The company is now shifting toward hosting AI and HPC workloads, and a 20-year Sandersville lease worth 6.6 billion dollars could change its revenue profile. The transition is still in execution, while quarterly results remain weak, mainly because bitcoin mining economics are difficult.
At the close of 04 Nov 2026, CleanSpark, Inc. (CLSK) stock was 6.80 USD (−16.56% on the day), with market capitalisation 1.7 bn USD, beta 2.73, 52-week range 6.80–18.81 USD. Latest reported quarter (Q3 2026): net income of -239.8 m USD (−193.2% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.0
- weak (30–45)
- Bollinger (20, 2)
- 6.53 – 10.74
- in the lower half of the band · %B 0.06 · band width 48.8%
- SMA 50 / 200
- 11.24 / 12.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.17 / -1.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −45.5% | −1.1% | −44.4 pp | — |
| 3 months | −49.6% | −0.5% | −49.2 pp | — |
| 6 months | −53.1% | +4.4% | −57.5 pp | — |
| Year to date | −32.8% | +12.3% | −45.1 pp | — |
| 1 year | −58.1% | +13.5% | −71.6 pp | −47.3% |
| 3 years | +52.8% | +76.4% | −23.6 pp | −74.7% |
| 5 years | −66.8% | +63.7% | −130.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89.3 m | — | — | — | — | — | — | — |
| Cost of revenue | 57.1 m | 70.3 m | 85.4 m | 90.1 m | 97.3 m | 95.6 m | 81.7 m | 85.5 m |
| Operating income | -65.6 m | 210.0 m | -138.0 m | 246.2 m | 834.0 k | -316.6 m | -345.7 m | -232.4 m |
| Depreciation & amortisation | 51.8 m | 66.2 m | 78.9 m | 94.9 m | 108.3 m | 106.3 m | 115.9 m | 111.0 m |
| Interest expense | 898.0 k | 1.6 m | 1.3 m | 3.5 m | 5.1 m | 3.7 m | 2.1 m | 2.0 m |
| Pre-tax income | -62.2 m | 246.8 m | -138.8 m | — | — | -378.7 m | -378.3 m | — |
| Income tax | -155.0 k | 9.2 m | 3.0 m | 18.1 m | 14.8 m | 31.4 m | 9.9 m | 3.0 m |
| Net income | -62.2 m | 246.8 m | -138.8 m | 257.4 m | -925.0 k | -378.7 m | -378.3 m | -239.8 m |
| Operating cash flow | -82.7 m | -119.5 m | -112.3 m ≈ | -109.9 m ≈ | -119.4 m | -161.1 m | -135.8 m ≈ | -112.3 m ≈ |
| Capex | 12.8 m | 57.4 m | 34.1 m ≈ | 42.5 m ≈ | 10.7 m | 36.9 m | 37.6 m ≈ | 6.1 m ≈ |
| Share repurchases | 0 | 145.0 m | 0 ≈ | 0 ≈ | 0 | 460.0 m | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 578.6 k | 4.5 m | 10.0 m | 39.3 m | 131.5 m | 168.4 m | 379.0 m | 766.3 m |
| Revenue YoY | +29.2% | +683.4% | +121.2% | — | +234.8% | +28.0% | +125.0% | +102.2% |
| Net income | -47.0 m | -26.1 m | -23.3 m | -21.8 m | -57.3 m | -138.1 m | -145.8 m | 364.5 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -13.62 | -6.25 | unavailable | unavailable | unavailable | -1.30 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| net % | -8,123.6% | -576.2% | -232.8% | -55.5% | -43.6% | -82.0% | -38.5% | 47.6% |
| Free cash flow | -1.3 m | -5.8 m | -6.7 m | -163.2 m | 54.2 m | -78.7 m | -299.8 m | -605.7 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 43.0 m USD
- Financial debt
- 644.6 m USD
- Net debt
- 601.6 m USD
- Equity
- 2.2 bn USD
- Total assets
- 3.2 bn USD
- Debt / equity
- 0.30x
- Current ratio
- 4.18x
- ROE
- 18.5%
- ROA
- 14.2%
- FCF margin
- -79.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.0 m | 39.3 m | 131.5 m | 168.4 m | 379.0 m | 766.3 m | SEC (XBRL)· 25 Nov 2025verified |
| Cost of revenue | 7.9 m | 5.3 m | 41.2 m | 93.6 m | 165.5 m | 343.1 m | SEC (XBRL)· 25 Nov 2025verified |
| Gross profit | 2.1 m | 34.0 m ≈ | 90.3 m ≈ | 74.8 m ≈ | 213.5 m ≈ | 423.2 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Operating income | -15.1 m | -11.9 m | -37.9 m | -131.0 m | -149.0 m | 318.9 m | SEC (XBRL)· 25 Nov 2025verified |
| Depreciation & amortisation | 2.8 m | 9.3 m | 49.0 m | 120.7 m | 154.6 m | 348.3 m | SEC (XBRL)· 25 Nov 2025verified |
| EBITDA | -12.3 m ≈ | -2.6 m ≈ | 11.2 m ≈ | -10.3 m ≈ | 5.6 m ≈ | 667.3 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Interest expense | 10.8 m | 145.7 k | 1.1 m | 3.0 m | 2.5 m | 11.3 m | SEC (XBRL)· 25 Nov 2025verified |
| Pre-tax income | — | -8.2 m | -40.1 m | -133.7 m | -145.8 m | 364.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Income tax | — | 0 | 0 | 2.4 m | 3.3 m | 39.1 m | SEC (XBRL)· 25 Nov 2025verified |
| Net income | -23.3 m | -21.8 m | -57.3 m | -138.1 m | -145.8 m | 364.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Diluted EPS | — | — | — | -1.30 | — | — | SEC (XBRL)· 03 Dec 2024verified |
| Weighted average diluted shares | — | 29.4 m | 42.6 m | 102.7 m | 216.9 m | 317.8 m | SEC (XBRL)· 25 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.1 m | 18.0 m | 20.5 m | 29.2 m | 121.2 m | 43.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Receivables | 859.8 k | 307.1 k | 27.0 k | 5.0 k | — | — | SEC (XBRL)· 01 Dec 2023verified |
| Inventories | — | — | 216.0 k | 809.0 k | — | — | SEC (XBRL)· 08 Feb 2024verified |
| Current assets | 8.3 m | 57.7 m | 50.8 m | 102.2 m | 705.4 m | 1.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Property, plant & equipment, net | 118.0 k | 137.6 m | 376.8 m | 564.4 m | 869.7 m | 1.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Goodwill | 5.9 m | 12.0 m | 0 | 8.0 m | 8.0 m | 131.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Intangibles (excl. goodwill) | 7.0 m | 8.2 m | 6.5 m | 4.6 m | 3.0 m | 5.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Total assets | 22.3 m | 317.5 m | 452.6 m | 761.6 m | 2.0 bn | 3.2 bn | SEC (XBRL)· 25 Nov 2025verified |
| Accounts payable | 4.5 m | 7.0 m | 24.7 m | 39.9 m | 83.0 m | 15.2 m | SEC (XBRL)· 25 Nov 2025verified |
| Short-term debt | 531.2 k | — | — | — | — | — | SEC (XBRL)· 17 Dec 2020verified |
| Long-term debt | — | — | 13.4 m | 8.9 m | 7.2 m | 644.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Current liabilities | 5.4 m | 10.1 m | 34.0 m | 74.1 m | 187.9 m | 315.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Total liabilities | 5.9 m | 11.8 m | 48.6 m | 85.9 m | 201.8 m | 1.0 bn | SEC (XBRL)· 25 Nov 2025verified |
| Equity | 16.4 m † | 305.7 m † | 404.0 m † | 675.7 m † | 1.8 bn † | 2.2 bn † | SEC (XBRL)· 25 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -6.6 m | -24.0 m | 73.5 m | -17.2 m | -233.7 m | -461.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Capex | 34.9 k | 139.2 m | 19.3 m | 61.5 m | 66.1 m | 144.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Free cash flow | -6.7 m ≈ | -163.2 m ≈ | 54.2 m ≈ | -78.7 m ≈ | -299.8 m ≈ | -605.7 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Investing cash flow | -2.4 m | -229.2 m | -211.0 m | -331.9 m | -920.4 m | -305.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Financing cash flow | 4.3 m | 268.1 m | 139.9 m | 357.9 m | 1.2 bn | 688.9 m | SEC (XBRL)· 25 Nov 2025verified |
| Share repurchases | — | — | — | 0 | 0 | 145.0 m | SEC (XBRL)· 25 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -29.5% | 33 (vs peers) | 21% |
| Net margin · Quality | -130.2% | 44 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 79.9% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -69.6x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 5.9x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -35.5% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 26.3% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CleanSpark, Inc. (CLSK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 766.3 m USD in 2025; YoY growth 102.2%; net margin -130.2%; ROE -68.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 79.9%
- Current ratio: 5.9x
- Shareholder yield (distributions): 26.3%
What contradicts it
- Interest coverage: -69.6x
- FCF yield: -35.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −55% / +340% |
| HUTHut 8 Corp. | 5.9 bn | — | -34.5% | -169.8% | +44.8% | +9% / +415% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −58% / +53% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| AMBRAmber International Holding Limited | 865.0 m | — | -116.1% | -88.7% | −9.0% | −27% / −51% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| ABTCAmerican Bitcoin Corp. | 516.7 m | 7.5 | -10.5% | -26.7% | +158.8% | −90% / −99% |
| ORBSEightco Holdings Inc. | 340.9 m | — | -157.0% | -1,260.9% | −16.8% | −70% / −74% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| DGXXDigi Power X Inc. | 217.0 m | — | -24.7% | -114.8% | −7.6% | −48% / +50% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
1- and 3-year price returns: for CLSK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CleanSpark is a US data center developer that started as a bitcoin miner and holds a large portfolio of power and infrastructure assets. The company is now shifting toward hosting AI and HPC workloads, and a 20-year Sandersville lease worth 6.6 billion dollars could change its revenue profile. The transition is still in execution, while quarterly results remain weak, mainly because bitcoin mining economics are difficult.
SWOT
Strengths
- The company controls a large portfolio of power and land developed across several states, which gives it a base for data center expansion 2.
- The long-term Sandersville lease with a high-credit tenant could provide more predictable revenue 23.
- The company has already fully funded the equity portion of the Sandersville project and ordered long-lead equipment 3.
Weaknesses
Opportunities
- Demand from AI and HPC customers could bring new long-term leases at existing sites and in Texas 2.
- If the shift from mining to data centers is executed efficiently, the company could reduce its dependence on the bitcoin price.
Threats
- Construction delays, cost overruns or limited access to power could postpone or reduce revenue from new projects 2.
- A further fall in the bitcoin price could continue to pressure margins and the value of digital assets held.
- Rules on energy consumption and on the classification of bitcoin could raise costs or limit operations 1.
Risks
- Data center project executionhigh
Construction, permits and grid connection could delay or raise the cost of projects, and the leases depend on timely delivery 2.
- Bitcoin price volatilityhigh
Mining revenue and the value of bitcoin holdings depend on the bitcoin price, which has varied sharply in recent years 2.
- Debt and financingmedium
Long-term debt is significant, and access to additional funding may depend on capital market conditions 3.
- Single mining customermedium
The contract with the mining pool operator is the only mining customer relationship and can be terminated at any time by either party 1.
- Regulation and energylow
New rules on energy consumption and on the tax treatment of digital assets could raise operating costs 1.
Investment thesis
What would need to be true (bull case)
- If the Sandersville lease and the Texas projects are delivered, the company could obtain longer-term revenue that is more stable than mining income.
- The portfolio of power and land, already connected in several states, may be an advantage that new competitors find hard to replicate.
- Funding the equity portion of Sandersville and placing orders for equipment reduce near-term execution risk.
What would break the thesis
- Quarterly revenue has dropped considerably, and mining economics remain difficult, which could prolong net losses 3.
- High debt could limit financial flexibility if data center projects are delayed or generate less revenue than expected.
- The shift to AI and HPC is at an early stage, with no significant revenue reported so far, so future results remain uncertain.
What to watch
- Progress of construction and delivery of the Sandersville project2027
- Revenue from AI and HPC services reported in quarterly resultsQ4 2026
- Debt level and how new projects are financednext 10-K
- Bitcoin production trends and energy cost per bitcoin minedQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CleanSpark, Inc. (Nasdaq: CLSK) describes its business as a data center developer that until recently focused exclusively on bitcoin mining. At 30 September 2025 it had a contracted power capacity of 1,027 MW, which rose to 1,817 MW by 30 June 2026 2. The company operates in Georgia, Tennessee, Mississippi and Wyoming and expanded into Texas, Tennessee and South Dakota. Besides bitcoin mining, CleanSpark aims to provide infrastructure for AI and HPC workloads, although by 30 June 2026 it had not yet earned material revenue from that service 2.
Bitcoin mining has historically generated most of the revenue. In fiscal 2025 the company mined about 7,873 bitcoins net of pool fees, a decrease of 11.0% from the prior year, mainly due to the April 2024 halving 1. The company sells bitcoin from time to time or holds it, and since April 2025 it has run an in-house trading function. Its contract with the mining pool operator, its sole mining customer, can be terminated by either party at any time 1.
Recent developments point to a greater focus on data infrastructure. For the quarter ended 30 June 2026, the company reported quarterly revenues of 138.0 million dollars, down 30.5% year over year 3. The Sandersville lease, signed in July 2026, covers 175 MW of critical IT load for a global technology tenant over 20 years 2. If the project is completed as planned, the company could obtain revenue that is more stable than mining income, but delivery depends on construction execution and power availability.
Segments
Bitcoin mining
Bitcoin mining remains the historical core. The company averaged 42.6 EH/s in June 2026, down from a peak of 50 EH/s reached in fiscal 2025 2. The energy cost to mine one bitcoin rose to 42,890 dollars in fiscal 2025 from 21,308 dollars a year earlier, while the average revenue per bitcoin was 97,687 dollars 1. The company has said current bitcoin mining economics are challenging 3.
Market context
The bitcoin market is global and volatile. Global hashrate stood at 1,060 EH/s on 30 September 2025, and CleanSpark held about 4.30% of it 1. The bitcoin price varied widely between 2024 and 2026, with a low of 58,000 dollars in the quarter to June 2026 and a high of 126,296 dollars in December 2025 2. The AI and HPC data center market is expanding, but competition from providers with easier access to capital is intense 1.
Demand for energy and compute capacity from hyperscalers and AI companies has increased interest in sites with available power. CleanSpark positions itself as a provider of power capacity for these workloads, but the market remains dependent on grid availability and on rules governing energy use 1.
Trends
- Expansion of AI and HPCtailwind
Rising power demand from AI and HPC workloads makes CleanSpark's infrastructure attractive to large customers, and the Sandersville lease is an early concrete sign of this 2.
- Bitcoin price volatilityheadwind
Bitcoin's large price swings in recent years directly affect mining revenue and the value of the assets the company holds 2.
- Energy costs and network difficultyheadwind
Rising mining difficulty and energy costs reduce mining margins, which has contributed to lower quarterly revenue 13.
- Regulation of energy consumptionmixed
Local and federal authorities are examining the energy use of data centers, and new rules could raise costs or limit project development 1.
Competitive position
CleanSpark competes with many bitcoin mining operators and data center providers, many of which have far greater financial resources 1. In AI and HPC, the competition comes from global data center providers that have faster access to capital 1.
The company's advantage lies in its portfolio of power assets and its ability to develop projects quickly, but these advantages are contested by larger competitors that can respond faster to new opportunities 1.
- Global data center providers
Large global operators have more resources and easier access to capital than CleanSpark, which gives them an edge in offers to AI and HPC customers 1.
- Bitcoin mining operators
Competition in mining centers on energy cost, access to new machines and clean power; many rivals have larger resources 1.
- Mining hardware suppliers
Suppliers of ASIC equipment influence costs and the timing of expansion, and the relationship with them is a factor in competitiveness 1.
- AI-focused data center developers
AI-focused developers compete for the same hyperscale customers and may have better access to financing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- CleanSpark prices $2.276 billion of 7.875% secured notes for Sandersville AI campusYahoo Finance — News · 21 Sept 2026 · EN
- CleanSpark Unveils $6.6B AI Data Center Lease as Miners Pivot Beyond BitcoinYahoo Finance — News · 18 Sept 2026 · EN
- CleanSpark reveals Meta as tenant behind $6.6B Sandersville leaseYahoo Finance — News · 17 Sept 2026 · EN
- CleanSpark’s $6.6B Meta Deal, Rune Raises $40M for Solar Farm Data Centers, Moratoriums Haven’t Killed the AI Trade (Yet)Yahoo Finance — News · 17 Sept 2026 · EN
- Crypto Stocks Rally While Bitcoin Trades Near $80K: CleanSpark Jumps 7%, BitMine Climbs 4%Yahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 25 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report25 Sept 2026Material agreement · Creation of a direct financial obligation
- Current report18 Sept 2026Other events · Financial statements and exhibits
- Current report17 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report14 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Current report24 Mar 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report05 Mar 2026Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / CleanSpark, Inc. · 25 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CleanSpark, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CleanSpark, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.