Cleanspark (CLSK) AI Stock Analysis

• Market Cap: $2.51B
• Dividend Yield: N/A
• Average Volume (3M): 21.75M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.30
• Revenue Growth: 102.21%
• EPS Growth: N/A
• Country: US
• Employees: 256
• Sector: Financial
• Sector Strength: 70
• Industry: Software - Application
• EPS (TTM): -1.35
• Shares Outstanding: 255,752,910
• 10 Day Avg. Volume: 17,177,958
• 30 Day Avg. Volume: 21,750,920
• PEG Ratio: -0.04
• Price to Book (P/B): 1.88
• Price to Sales (P/S): 5.34
• P/FCF Ratio: -4.00
• Enterprise Value/Market Cap: 1.50
• Enterprise Value/Revenue: 4.80
• Enterprise Value/Gross Profit: 11.60
• Enterprise Value/Ebitda: 27.03
• 1Y Price Target: $19.27
• Price Target Upside: 97.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): -1.81
• Revenue Forecast (FY): $701.48M

• Rating: 52 Neutral
• Price Target: $11.00 ▲(12.70% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by weak cash generation and earnings volatility, despite strong revenue scaling and a relatively supportive balance sheet. Technicals remain below key longer-term moving averages and valuation support is limited due to negative earnings. Offsetting these, the latest call highlighted strong liquidity, continued operational scale, and progress toward an AI/data-center platform, but with meaningful capex and timing risks.

Positive Factors

Mining scale and fleet efficiency

Sustained scale (>50 EH/s) and improving miner efficiency reduce per‑unit electricity costs and raise long‑term Bitcoin production capacity. A predominantly economic fleet limits shutdown risk, supporting durable mined‑BTC supply and stable core revenue generation over months to years.

Strong liquidity and balance sheet optionality

Material immediate liquidity (> $800M) and a conservatively levered balance sheet give the company flexibility to fund capex, pursue AI/data‑center builds, or weather Bitcoin price cycles without forced asset sales. This lowers near‑term financing risk and preserves strategic optionality.

AI / data‑center pipeline and structural expansion

Building a large utility‑grade power platform and land pipeline (hundreds of MW) positions the company to diversify into tenant‑driven AI/data‑center leasing. Long‑dated leases and grade‑A counterparties can create recurring, contractable cash flows distinct from mining revenue over the medium term.

Negative Factors

Weak cash generation

Persistent negative operating and free cash flow means core business currently burns cash despite reported revenues. Over 2–6 months this limits internal funding for capex and growth, increases reliance on external financing, and heightens execution risk for multi‑MW builds.

Earnings volatility from Bitcoin mark‑to‑market

Large fair‑value swings on held Bitcoin create material quarter‑to‑quarter earnings volatility. This persistent accounting volatility complicates investor assessment, may strain covenants or financing costs, and forces management to prioritize liquidity buffers over productive deployment.

High capital intensity and timing/execution risk

Very high per‑MW capex and site‑specific build timelines mean cash outlays are large and returns deferred. Delivery depends on tenant diligence, power coordination and construction execution, raising the chance of schedule slips, cost overruns, or delayed revenue conversion over the medium term.

Cleanspark Business Overview & Revenue Model

Company Description

CleanSpark, Inc. provides bitcoin mining and energy technology solutions worldwide. It operates in two segments, Digital Currency Mining and Energy. The Digital Currency Mining segment engages in mining of bitcoin. The energy segment provides engineering, design and software, custom hardware, open automated demand response, solar, and energy storage solutions for microgrids and distributed energy systems to military, commercial, and residential customers; and develops platforms that enables designing, building, operating, and managing of energy assets. This segment also offers microgrid energy modeling, energy market communications, and energy management solutions comprising mPulse and mVoult, which are control platforms that enables integration and optimization of multiple energy sources; Canvas, a middleware for grid operators and aggregators to administrate load shifting programs; Plaid, a middleware for controls and Internet-of-Things products companies to participate in load shifting programs; and mVSO, an energy modeling software for internal microgrid design, as well as owns gasification energy technologies for various applications, such as feedstock for the generation of di-methyl ether. In addition, it provides design, software development, and other technology-based consulting services; data center services, including rack space, power, and equipment; and various cloud services, such as virtual, virtual storage, and data backup services. The company was formerly known as Stratean Inc. and changed its name to CleanSpark, Inc. in November 2016. CleanSpark, Inc. was incorporated in 1987 and is headquartered in Henderson, Nevada.

How the Company Makes Money

Cleanspark generates revenue primarily through its cryptocurrency mining operations, where it earns Bitcoin by validating transactions on the Bitcoin network. The company capitalizes on lower energy costs from renewable sources, allowing it to achieve higher profit margins compared to traditional mining operations. Additionally, Cleanspark may engage in sales of mined Bitcoin, leveraging market conditions to maximize revenue. The company also explores partnerships with energy providers and other stakeholders in the renewable energy space, which can enhance its operational efficiency and reduce costs further. Furthermore, Cleanspark may benefit from any increases in Bitcoin prices, as higher cryptocurrency valuations directly affect the profitability of its mining activities.

Cleanspark Financial Statement Overview

Summary

Strong revenue growth and a generally low-leverage balance sheet are positives, but profitability is volatile (TTM back to losses) and cash flow is the key weakness with deeply negative operating and free cash flow, raising earnings-quality and funding-risk concerns.

Income Statement

Revenue has scaled rapidly (TTM (Trailing-Twelve-Months) up ~246% and FY2025 up ~102% YoY), showing strong top-line momentum. Profitability is mixed: FY2025 shows positive operating profit and net income, but TTM (Trailing-Twelve-Months) swings back to a sizable net loss and negative operating profit, signaling earnings volatility. Gross margin is healthy overall but compressed in TTM (Trailing-Twelve-Months) versus FY2025, suggesting pressure on unit economics or mix.

Balance Sheet

The balance sheet looks conservatively levered with very low debt relative to equity in the latest period, and equity has grown substantially over time, supporting financial flexibility. Return on equity improved markedly from negative levels in prior years to positive in the most recent periods, indicating improved profitability versus history. Key risk: leverage metrics appear to shift meaningfully across periods, so capital structure stability should be monitored.

Cash Flow

Cash generation is the main weak spot: operating cash flow is deeply negative in TTM (Trailing-Twelve-Months) and FY2025, and free cash flow is materially negative across recent periods, implying significant cash burn. While free cash flow growth is positive in the latest periods, it is improving from a very negative base rather than consistently producing cash. Overall, earnings quality is challenged because cash flow is not currently supporting reported profitability.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	785.19M	766.31M	378.97M	168.41M	131.53M	39.29M
Gross Profit	324.72M	318.83M	139.36M	29.11M	49.37M	12.84M
EBITDA	139.33M	763.25M	14.63M	-7.60M	10.03M	1.25M
Net Income	-261.04M	364.46M	-145.78M	-138.15M	-57.33M	-21.81M
Balance Sheet
Total Assets	3.33B	3.18B	1.96B	761.58M	452.63M	317.47M
Cash, Cash Equivalents and Short-Term Investments	1.29B	1.01B	553.80M	86.18M	32.22M	38.93M
Total Debt	1.79B	824.44M	66.95M	16.74M	22.22M	1.54M
Total Liabilities	1.94B	1.01B	201.82M	85.91M	48.61M	11.76M
Stockholders Equity	1.38B	2.18B	1.76B	675.67M	404.01M	305.72M
Cash Flow
Free Cash Flow	-1.05B	-1.02B	-1.04B	-318.12M	-117.23M	-252.56M
Operating Cash Flow	-502.71M	-461.03M	-233.66M	-17.25M	73.46M	-23.99M
Investing Cash Flow	29.88M	-305.66M	-920.40M	-331.93M	-210.98M	-229.16M
Financing Cash Flow	654.12M	688.87M	1.25B	357.93M	139.95M	268.06M

Cleanspark Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.76
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLSK, the sentiment is Negative. The current price of 9.76 is below the 20-day moving average (MA) of 9.94, below the 50-day MA of 10.81, and below the 200-day MA of 12.23, indicating a bearish trend. The MACD of -0.24 indicates Negative momentum. The RSI at 43.00 is Neutral, neither overbought nor oversold. The STOCH value of 49.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CLSK.

Cleanspark Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ENPH	62 Neutral	$5.85B	24.42	18.25%	―	20.97%	226.98%
CLSK	52 Neutral	$2.51B	-1.90	-13.75%	―	102.21%	―
PLUG	50 Neutral	$3.35B	―	-110.00%	―	2.53%	-2.83%
IREN	50 Neutral	$13.82B	-20.05	18.65%	―	236.14%	―
STEM	49 Neutral	$89.11M	0.91	-49.36%	―	-35.61%	―
RUN	47 Neutral	$3.07B	9.51	15.46%	―	13.79%	-527.48%

Cleanspark Corporate Events

CleanSpark Shareholders Back Board Slate and Auditor Selection

CleanSpark, Inc. held its annual meeting of stockholders on March 3, 2026, with holders of approximately 68.19% of the collective voting power of its common and Series A preferred shares present or represented by proxy, thereby constituting a quorum. At the meeting, shareholders elected five directors to serve until the next annual meeting and ratified the appointment of BDO USA, P.C. as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2026, underscoring continued shareholder support for the existing board and audit oversight.

The voting results showed solid approval for all director nominees, with each candidate receiving substantially more votes for than withheld despite some variance in individual support levels. The near-unanimous vote to ratify BDO USA, P.C., with very few votes against or abstaining, signals investor confidence in CleanSpark’s financial reporting processes and governance stability heading into the 2026 fiscal year.

The most recent analyst rating on (CLSK) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.