Cleanspark (CLSK) AI Stock Analysis

• Market Cap: $2.79B
• Dividend Yield: N/A
• Average Volume (3M): 23.75M
• Price to Earnings (P/E): 11.3
• Beta (1Y): 1.92
• Revenue Growth: 84.66%
• EPS Growth: N/A
• Country: US
• Employees: 256
• Sector: Financial
• Sector Strength: 71
• Industry: Software - Application
• EPS (TTM): 0.78
• Shares Outstanding: 281,083,370
• 10 Day Avg. Volume: 20,891,774
• 30 Day Avg. Volume: 23,753,537
• PEG Ratio: 0.29
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 5.34
• P/FCF Ratio: -1.95
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 6.50
• Enterprise Value/Gross Profit: 14.94
• Enterprise Value/Ebitda: 72.73
• 1Y Price Target: $19.48
• Price Target Upside: 96.37% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11

• Rating: 57 Neutral
• Price Target: $10.50 ▲(5.85% Upside)

Cleanspark's overall stock score is driven by strong earnings performance and strategic achievements, offset by financial challenges and bearish technical indicators. The positive sentiment from the earnings call and leadership change provides a supportive backdrop, but operational inefficiencies and cash flow issues remain significant risks.

Positive Factors

Financial Performance

CleanSpark reported record F3Q25 results, delivering nearly $200M in total revenue for the quarter and over $257M in net income, well above consensus forecasts.

Growth and Expansion

CleanSpark reached a major milestone by achieving its 50 EH/s guidance target on schedule, reflecting total capacity growth of 145% year-over-year.

Leadership and Execution

Mr. Schultz’s leadership and execution as Executive Chairman have been essential in scaling CleanSpark to become one of the largest Bitcoin miners in the industry.

Negative Factors

Market Valuation

CleanSpark is trading at a material and unwarranted discount to the group, expected to outperform BTC and its peers in 2025 as one of the largest and most efficient miners.

Price Target Risks

Risks to achievement of the price target include BTC price volatility, faster than expected increases in network hash rate, and the potential for shareholder dilution from equity sales.

Cleanspark Business Overview & Revenue Model

Company Description

Cleanspark, Inc. is a leading sustainable Bitcoin mining and energy company based in the United States. The company focuses on utilizing renewable energy sources, particularly solar and wind, to power its mining operations. Cleanspark specializes in efficient and environmentally friendly Bitcoin mining, contributing to the broader cryptocurrency ecosystem while promoting sustainability in energy consumption. The company also engages in energy management and offers services that optimize the use of energy in cryptocurrency mining.

How the Company Makes Money

Cleanspark generates revenue primarily through Bitcoin mining operations, where it earns income by validating transactions on the Bitcoin network and receiving rewards in the form of newly minted Bitcoins. The company leverages its focus on renewable energy to lower operational costs, allowing it to mine Bitcoin more profitably compared to competitors reliant on traditional energy sources. In addition to mining, Cleanspark may engage in energy sales or partnerships that allow it to sell excess energy generated from its renewable sources. Furthermore, any strategic partnerships with energy providers or technology firms can contribute to its revenue by enhancing operational efficiencies or expanding its market reach.

Cleanspark Financial Statement Overview

Summary

Cleanspark's financial performance is mixed. While revenue growth is strong, the company faces significant profitability and cash flow challenges. The balance sheet is stable with minimal debt, but operational inefficiencies and negative cash flows are concerning.

Income Statement

Cleanspark's revenue has shown a strong growth trajectory, increasing significantly year-over-year. However, the company is facing substantial profitability challenges, with consistent net losses and negative EBIT margins. The gross profit margin remains moderate, but the net profit margin is deeply negative, indicating ongoing operational inefficiencies.

Balance Sheet

The company's balance sheet is relatively stable with a strong equity base, as evidenced by a healthy equity ratio. However, the debt-to-equity ratio is minimal, suggesting low leverage, which is a positive indicator of financial stability. Despite this, the company has been unable to convert this stability into profitability, which remains a concern.

Cash Flow

Cleanspark is experiencing significant cash flow difficulties, with substantial negative free cash flow and decreasing operating cash flow. The high capital expenditures relative to operating cash flow could be straining financial flexibility. The ratio of operating cash flow to net income is unfavorable, highlighting challenges in converting income into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	537.40M	378.97M	168.41M	131.53M	39.29M	10.03M
Gross Profit	233.69M	213.45M	29.11M	49.37M	12.84M	2.12M
EBITDA	48.02M	14.63M	-7.60M	10.03M	1.25M	-9.75M
Net Income	-190.42M	-145.78M	-138.15M	-57.33M	-21.81M	-23.35M
Balance Sheet
Total Assets	2.66B	1.96B	761.58M	452.62M	317.47M	22.34M
Cash, Cash Equivalents and Short-Term Investments	96.98M	553.80M	86.18M	32.22M	38.93M	4.09M
Total Debt	5.42M	66.95M	16.74M	22.22M	1.54M	572.46K
Total Liabilities	766.51M	201.82M	84.35M	48.61M	11.76M	5.91M
Stockholders Equity	1.89B	1.76B	677.23M	404.01M	305.72M	16.43M
Cash Flow
Free Cash Flow	-1.24B	-1.04B	-318.12M	-117.23M	-252.56M	-6.76M
Operating Cash Flow	-382.46M	-233.66M	-17.25M	73.46M	-23.99M	-6.64M
Investing Cash Flow	-1.00B	-920.40M	-331.93M	-210.98M	-229.16M	-2.38M
Financing Cash Flow	1.16B	1.25B	357.93M	139.95M	268.06M	4.31M

Cleanspark Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.92
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 9.92 is below the 20-day moving average (MA) of 11.51, below the 50-day MA of 10.92, and below the 200-day MA of 10.41, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 36.45 is Neutral, neither overbought nor oversold. The STOCH value of 6.93 is Positive, 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
OLO	71 Outperform	$1.73B	593.71	-0.13%	―	21.92%	95.91%
Sector *	68 Neutral	$17.46B	11.65	10.44%	3.86%	10.36%	1.15%
CLSK	57 Neutral	$2.79B	11.30	17.09%	―	84.66%	―
DBD	53 Neutral	$2.26B	0.78	-1.23%	―	-3.75%	-100.59%
RIOT	52 Neutral	$4.23B	24.36	-3.23%	―	93.46%	-166.22%
ALIT	47 Neutral	$2.07B	―	-29.09%	3.13%	-19.48%	-398.43%
BTDR	44 Neutral	$2.60B	―	-32.09%	―	―	―

Cleanspark Corporate Events

Cleanspark Appoints Matt Schultz as New CEO

On August 11, 2025, CleanSpark announced the appointment of Matt Schultz as the new CEO following the resignation of Zachary Bradford. Schultz, a co-founder and former CEO, aims to ensure stability and continuity as the company continues to execute its strategic plans in the Bitcoin mining industry. The leadership change is intended to help CleanSpark capture new opportunities and maintain its position as a market leader.

The most recent analyst rating on (CLSK) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.