Cleanspark (CLSK)
NASDAQ:CLSK
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Cleanspark
(NASDAQ:CLSK)
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Rating:52Neutral
Price Target:
$11.50
▲(2.04% Upside)
Action:ReiteratedDate: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 & Efficiency
Sustained scale (>50 EH/s) and an improving fleet efficiency materially lower per‑BTC production costs and raise resilience to rising network difficulty. Over the next 2–6 months, a larger, more efficient fleet supports steadier Bitcoin production volumes and operating leverage versus smaller peers.
Negative Factors
Weak Cash Generation
Persistently negative operating and free cash flows undermine earnings quality and increase reliance on external financing or asset sales for growth capex. Even with improved metrics recently, continued cash burn raises funding risk if crypto revenues or premium yields weaken over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Mining Scale & Efficiency
Sustained scale (>50 EH/s) and an improving fleet efficiency materially lower per‑BTC production costs and raise resilience to rising network difficulty. Over the next 2–6 months, a larger, more efficient fleet supports steadier Bitcoin production volumes and operating leverage versus smaller peers.
Read all positive factors
Cleanspark (CLSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.75B
Dividend YieldN/A
Average Volume (3M)18.40M
Price to Earnings (P/E)―
Beta (1Y)2.22
Revenue Growth102.21%
EPS GrowthN/A
CountryUS
Employees256
SectorFinancial
Sector Strength70
IndustrySoftware - Application
Share Statistics
EPS (TTM)-1.35
Shares Outstanding255,752,910
10 Day Avg. Volume17,697,706
30 Day Avg. Volume18,402,638
Financial Highlights & Ratios
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 Cap1.53
Enterprise Value/Revenue5.36
Enterprise Value/Gross Profit12.97
Enterprise Value/Ebitda30.22
Forecast
1Y Price Target
$19.00Price Target Upside68.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-2.01
Revenue Forecast (FY)$689.13M
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 engi...
How the Company Makes Money
CleanSpark primarily makes money by mining Bitcoin. It earns revenue by operating mining rigs in its facilities to validate transactions on the Bitcoin network (contributing hashrate) and receiving block rewards, which consist of newly issued Bitc...
Cleanspark Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call reflects a constructive strategic transition: operational mining continues to generate durable cash flows and scale (>$180M revenue, >50 EH/s) while management is actively converting power and land assets into an AI data center platform with advanced tenant-driven diligence and sizable liquidity. Results were distorted this quarter by large non-cash mark-to-market Bitcoin adjustments that produced a reported net loss and negative adjusted EBITDA, but normalized operating metrics (normalized EBITDA ~$55M, strong gross margin ~47%) and DAM early wins show underlying cash generation. Key near-term risks are mark-to-market volatility, QoQ revenue pressure from difficulty and price, higher CapEx intensity for AI builds, and some timing uncertainty on site energization. On balance, strategic progress, strong liquidity, executive discipline (large share buybacks) and early revenue/cash generation from DAM and mining outweigh the transitory accounting losses and execution/timing risks.Positive Updates
Revenue and Gross Margin
Revenue of ~$181M for Q1 FY2026 (more than $180M); year-over-year revenue growth of ~12% (approximately $19M); gross margin exceeded 47% (healthy margin despite macro/micro pressures).
Negative Updates
Large Non-Cash Mark-to-Market Impact
Reported net loss of approximately $379M in Q1 FY2026 versus net income of ~$247M a year ago; adjusted EBITDA negative $295M compared with +$322M YoY — primary driver was ~ $350M of non-cash mark-to-market Bitcoin fair-value adjustments.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Gross Margin
Revenue of ~$181M for Q1 FY2026 (more than $180M); year-over-year revenue growth of ~12% (approximately $19M); gross margin exceeded 47% (healthy margin despite macro/micro pressures).
Read all positive updates
Company Guidance
The call guided that CleanSpark is evolving into a multi‑stream digital infrastructure platform anchored by scarce utility‑grade power while maintaining a >50 EH/s Bitcoin mining footprint; Q1 FY2026 results showed revenue ≈$181M (up ≈$19M YoY, ≈+12%; down ≈$43M Q/Q, ≈‑19%), gross margin ≈47% (vs ≈57% a year ago), net loss ≈$379M (vs net income ≈$247M prior year), adjusted EBITDA ≈‑$295M (vs +$322M YoY) driven by ≈$350M of mark‑to‑market charges, and normalized EBITDA ≈$55M (~30% normalized margin). Key financial/capital metrics: cash up >$400M after a $1.15B 0% convertible in Nov (net proceeds ≈$420M after paying lines and repurchasing ≈$463M of stock; total share repurchases >$600M since Dec‑2024, ~20% of shares repurchased), total debt ≈$1.8B (net debt to liquidity ≈1.1), >13,000 BTC holdings valued ≈$1.15B at 12/31, and >$800M liquidity available (cash + BTC‑backed lines). DAM produced >$13M in premiums/cash (≈24% of normalized EBITDA), a covered‑call uplift of ≈$7,700 per BTC (~8% vs avg sales price ≈$97,200), annualized premium return ≈4.2%, and a basis‑trade yield >5.5% (≈200 bps over risk‑free). AI/data‑center and operational guidance: assembled ~900 MW Houston‑area potential (Sandersville ≈250 MW live + new 122‑acre parcel; Sealy 271 acres/285 MW with ~207–209 MW targeted H1’27 and ~40 MW in ’28 and ’29; Brazoria up to 477 acres/initial 300 MW expandable to 600 MW with energization aimed Q4’27–Q1’28), expected build CapEx ≈$9–$11M per MW, tenant‑driven basis‑of‑design approach, focus on grade‑A counterparties and long‑dated leases, continued use of mining to monetize assets until load transition, and ongoing fleet efficiency improvements (current fleet ~16.07 J/TH moving toward 13.5 J/TH immersion machines, with <10% of fleet currently uneconomic at prevailing BTC prices).Cleanspark Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
28
Negative
| 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
Positive
11.27
Price Trends
9.77
Positive
11.11
Positive
12.22
Negative
Market Momentum
0.13
Negative
64.22
Neutral
86.39
Negative
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 11.27 is above the 20-day moving average (MA) of 9.55, above the 50-day MA of 9.77, and below the 200-day MA of 12.22, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 64.22 is Neutral, neither overbought nor oversold. The STOCH value of 86.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLSK.
Cleanspark Risk Analysis
Cleanspark disclosed 79 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | $4.11B | 24.42 | 18.25% | ― | 20.97% | 226.98% | |
52 Neutral | $2.75B | -1.90 | -13.75% | ― | 102.21% | ― | |
50 Neutral | $3.86B | -1.40 | -110.00% | ― | 2.53% | -2.83% | |
50 Neutral | $14.29B | -20.05 | 18.65% | ― | 236.14% | ― | |
47 Neutral | $2.99B | 9.51 | 15.46% | ― | 13.79% | -527.48% | |
46 Neutral | $82.21M | 0.91 | -49.36% | ― | -35.61% | ― |
* Financial Sector Average
CLSK
Cleanspark
11.26
3.98
54.67%
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Cleanspark Corporate Events
Business Operations and StrategyDividends
Cleanspark Amends Series A Preferred Stock and Dividend
Neutral
Mar 24, 2026
On March 20, 2026, CleanSpark, Inc. amended the terms of its Series A Preferred Stock, eliminating the ongoing quarterly dividend tied to 2% of EBITDA and replacing it with a one-time special dividend of $17.1428571428571 per preferred share, afte...
Executive/Board ChangesShareholder Meetings
CleanSpark Shareholders Back Board Slate and Auditor Selection
Positive
Mar 5, 2026
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 quor...
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.