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Cleanspark, Inc. (CLSK)
:CLSK
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Cleanspark (CLSK) AI Stock Analysis

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CLSK

Cleanspark

(NASDAQ:CLSK)

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Outperform 73 (OpenAI - 4o)
Rating:73Outperform
Price Target:
$11.50
▼(-15.94% Downside)
Cleanspark's overall stock score is driven by strong financial performance, particularly in revenue growth and profitability, and positive earnings call highlights. However, cash flow challenges and technical indicators suggest caution. The company's attractive valuation and strategic growth initiatives provide a solid foundation for future performance.
Positive Factors
Revenue Growth
The significant year-over-year revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion.
Cost Efficiency
Efficient cost management in Bitcoin production enhances profitability and competitive positioning, contributing to sustainable financial performance.
Leadership Realignment
The leadership realignment aims to strengthen strategic execution and operational efficiency, fostering long-term growth and adaptability in a dynamic market.
Negative Factors
Cash Flow Challenges
Persistent cash flow challenges could hinder operational flexibility and investment capacity, impacting long-term financial stability.
Increased Overhead Costs
Rising overhead costs can pressure margins and reduce profitability, necessitating effective cost management to maintain financial health.
Treasury Management Risks
Early-stage treasury management exposes the company to market volatility, potentially affecting financial outcomes and strategic flexibility.

Cleanspark (CLSK) vs. SPDR S&P 500 ETF (SPY)

Cleanspark Business Overview & Revenue Model

Company DescriptionCleanSpark, 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 MoneyCleanspark 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 Earnings Call Summary

Earnings Call Date:Aug 07, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:Dec 17, 2025
Earnings Call Sentiment Positive
CleanSpark reported a record-breaking quarter with significant revenue growth, Bitcoin production, and operational achievements. The company is positioned well with a strong growth pipeline and favorable regulatory and market conditions. However, there are challenges related to increased overhead costs and the early stages of their treasury management strategy.
Q3-2025 Updates
Positive Updates
Record-Breaking Revenue and Growth
CleanSpark reported its most successful quarter to date with revenue nearly $200 million, up 94% year-over-year and 9% over the prior quarter. Earnings per share reached $0.90 with a gross margin of 54.6%.
Significant Bitcoin Production and Treasury Growth
The company produced 2,012 Bitcoin, and the treasury grew to approximately $1.08 billion, an increase of over $100 million from the previous quarter, driven by production and Bitcoin price appreciation.
Achievement of 50 Exahash Operational Hash Rate
CleanSpark reached 50 exahash operational hash rate, the first publicly traded company to achieve this milestone exclusively with American infrastructure.
Cost Efficiency in Bitcoin Production
The cost per Bitcoin in the third quarter was $44,806, significantly below the average spot price of approximately $98,500.
Expansion and Growth Pipeline
CleanSpark has over 200 megawatts available for immediate expansion and is evaluating 1.2 gigawatts of potential near-term power opportunities.
Regulatory and Market Tailwinds
The signing of the GENIUS Act and the Clarity Act, as well as growing adoption of Bitcoin in financial markets, provide regulatory and market tailwinds for continued growth.
Negative Updates
Increased Overhead and Expense Costs
Total cash overhead increased by $4.6 million or 17% over the previous quarter, driven by a true-up on local property taxes and property and casualty insurance policy adjustments.
Challenges in Managing Bitcoin Treasury
While the initial results of the treasury management strategy were strong, the approach is still in the early stages and subject to market risks and volatility.
Company Guidance
During CleanSpark's Fiscal Year Third Quarter 2025 earnings call, the company reported record-setting financial results, underpinned by strategic growth and operational excellence. Key metrics included $199 million in revenue, a 94% year-over-year increase, and earnings per share of $0.90. The company achieved a gross margin of 54.6% and produced 2,012 Bitcoin, increasing its treasury to 12,608 Bitcoin valued at $1.08 billion. CleanSpark reached a milestone of 50 exahash of operational hash rate, becoming the first publicly-traded company to achieve this with exclusively American infrastructure. The firm's cost per Bitcoin was $44,806, significantly below the average spot price of approximately $98,500. CleanSpark operates with over 1 gigawatt of contracted power, utilizing about 80%, and boasts an average power efficiency of just over 16 joules per terahash. The company plans to expand by an additional 10 exahash and is focusing on capturing a greater share of the global hash rate, already holding 5.6% as of June. CleanSpark's strategy includes leveraging its digital asset management team to generate yield from its Bitcoin holdings, with initial results showing promise. The company remains committed to its growth trajectory, supported by favorable regulatory and market conditions.

Cleanspark Financial Statement Overview

Summary
Cleanspark demonstrates strong revenue growth and profitability margins, supported by a stable balance sheet with low leverage. However, cash flow challenges persist, with negative operating and free cash flows indicating potential liquidity concerns. The company appears to be on a positive growth trajectory, but needs to address cash flow inefficiencies to ensure long-term financial health.
Income Statement
75
Positive
Cleanspark's income statement shows strong revenue growth with a 17.59% increase in TTM, indicating a positive trajectory. The company has impressive margins, with a gross profit margin of 48.13% and a net profit margin of 47.98% in TTM. However, the historical data shows fluctuations in profitability, with previous years experiencing negative net profit margins. The EBIT and EBITDA margins are robust at 52.93% and 99.12% respectively, showcasing operational efficiency.
Balance Sheet
80
Positive
The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.08 in TTM, indicating low leverage and financial stability. The return on equity is positive at 15.51%, suggesting effective use of equity to generate profits. The equity ratio is strong, highlighting a well-capitalized structure. Overall, the balance sheet suggests a stable financial foundation with minimal risk from debt.
Cash Flow
60
Neutral
Cleanspark's cash flow statement reveals challenges with negative operating and free cash flows in TTM, indicating potential liquidity issues. However, there is a notable improvement in free cash flow growth at 5.99%. The operating cash flow to net income ratio is negative, suggesting inefficiencies in converting income to cash. Despite these challenges, the free cash flow to net income ratio is positive, indicating some ability to generate cash relative to net income.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue631.94M378.97M168.41M131.53M39.29M10.03M
Gross Profit304.15M213.45M29.11M49.37M12.84M2.12M
EBITDA626.37M14.63M-7.60M10.03M1.25M-9.75M
Net Income303.21M-145.78M-138.15M-57.33M-21.81M-23.35M
Balance Sheet
Total Assets3.10B1.96B761.58M452.62M317.47M22.34M
Cash, Cash Equivalents and Short-Term Investments34.55M553.80M86.18M32.22M38.93M4.09M
Total Debt176.42M66.95M16.74M22.22M1.54M572.46K
Total Liabilities954.93M201.82M84.35M48.61M11.76M5.91M
Stockholders Equity2.15B1.76B677.23M404.01M305.72M16.43M
Cash Flow
Free Cash Flow-1.31B-1.04B-318.12M-117.23M-252.56M-6.76M
Operating Cash Flow-424.31M-233.66M-17.25M73.46M-23.99M-6.64M
Investing Cash Flow-857.85M-920.40M-331.93M-210.98M-229.16M-2.38M
Financing Cash Flow1.19B1.25B357.93M139.95M268.06M4.31M

Cleanspark Technical Analysis

Technical Analysis Sentiment
Positive
Last Price13.68
Price Trends
50DMA
10.91
Positive
100DMA
10.49
Positive
200DMA
9.98
Positive
Market Momentum
MACD
1.03
Negative
RSI
71.65
Negative
STOCH
78.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLSK, the sentiment is Positive. The current price of 13.68 is above the 20-day moving average (MA) of 11.08, above the 50-day MA of 10.91, and above the 200-day MA of 9.98, indicating a bullish trend. The MACD of 1.03 indicates Negative momentum. The RSI at 71.65 is Negative, neither overbought nor oversold. The STOCH value of 78.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLSK.

Cleanspark Risk Analysis

Cleanspark disclosed 72 risk factors in its most recent earnings report. Cleanspark reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Cleanspark Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
$4.06B15.5817.09%84.66%
53
Neutral
3.71B-7.63-216.61%
45
Neutral
2.08B-164.44-1.77%-3.75%-100.59%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CLSK
Cleanspark
13.68
3.55
35.04%
BTDR
Bitdeer Technologies
16.57
8.13
96.33%
DBD
Diebold Nixdorf Inc
56.27
13.15
30.50%

Cleanspark Corporate Events

Business Operations and StrategyExecutive/Board Changes
Cleanspark Announces Leadership Realignment for Growth
Positive
Sep 8, 2025

On September 8, 2025, CleanSpark announced a strategic realignment of its leadership team to drive innovation and growth. Key internal appointments include Gary Vecchiarelli as President and CFO, Scott Garrison as Chief Development Officer, Taylor Monnig as COO and CTO, and Harry Sudock as Chief Business Officer. These changes aim to strengthen the company’s strategic trajectory and maximize megawatt monetization through Bitcoin mining.

The most recent analyst rating on (CLSK) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Sep 12, 2025