Cleanspark (CLSK) AI Stock Analysis

• Market Cap: $5.73B
• Dividend Yield: N/A
• Average Volume (3M): 37.98M
• Price to Earnings (P/E): 21.4
• Beta (1Y): 1.78
• Revenue Growth: 84.66%
• EPS Growth: N/A
• Country: US
• Employees: 256
• Sector: Financial
• Sector Strength: 70
• Industry: Software - Application
• EPS (TTM): 0.78
• Shares Outstanding: 281,083,370
• 10 Day Avg. Volume: 45,743,582
• 30 Day Avg. Volume: 37,975,041
• PEG Ratio: 0.28
• Price to Book (P/B): 1.15
• Price to Sales (P/S): 5.34
• P/FCF Ratio: -1.95
• Enterprise Value/Market Cap: 0.61
• Enterprise Value/Revenue: 5.53
• Enterprise Value/Gross Profit: 11.48
• Enterprise Value/Ebitda: 5.58
• 1Y Price Target: $23.68
• Price Target Upside: 40.45% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10

• Rating: 73 Outperform
• Price Target: $11.50 ▼(-31.79% Downside)

Cleanspark's overall score is driven by strong financial performance and impressive earnings call results, showcasing significant growth and operational achievements. The stock's technical indicators and valuation are moderately positive, but cash flow challenges and increased overhead costs present risks that need addressing.

Positive Factors

Revenue Growth

The significant year-over-year revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion.

Regulatory Tailwinds

Favorable regulatory developments create a supportive environment for growth, enhancing Cleanspark's competitive position in the market.

Strategic Diversification

Diversifying into AI data centers can provide new revenue streams and reduce dependency on Bitcoin mining, enhancing long-term stability.

Negative Factors

Cash Flow Challenges

Persistent cash flow issues could hinder Cleanspark's ability to fund operations and growth initiatives, posing a risk to financial health.

Increased Overhead Costs

Rising overhead costs can pressure margins, potentially reducing profitability and affecting long-term financial performance.

Treasury Management Risks

Early-stage treasury management strategies expose Cleanspark to market risks and volatility, impacting financial stability and cash reserves.

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 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 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

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	631.94M	378.97M	168.41M	131.53M	39.29M	10.03M
Gross Profit	304.15M	213.45M	29.11M	49.37M	12.84M	2.12M
EBITDA	626.37M	14.63M	-7.60M	10.03M	1.25M	-9.75M
Net Income	303.21M	-145.78M	-138.15M	-57.33M	-21.81M	-23.35M
Balance Sheet
Total Assets	3.10B	1.96B	761.58M	452.62M	317.47M	22.34M
Cash, Cash Equivalents and Short-Term Investments	34.55M	553.80M	86.18M	32.22M	38.93M	4.09M
Total Debt	176.42M	66.95M	16.74M	22.22M	1.54M	572.46K
Total Liabilities	954.93M	201.82M	84.35M	48.61M	11.76M	5.91M
Stockholders Equity	2.15B	1.76B	677.23M	404.01M	305.72M	16.43M
Cash Flow
Free Cash Flow	-1.31B	-1.04B	-318.12M	-117.23M	-252.56M	-6.76M
Operating Cash Flow	-424.31M	-233.66M	-17.25M	73.46M	-23.99M	-6.64M
Investing Cash Flow	-857.85M	-920.40M	-331.93M	-210.98M	-229.16M	-2.38M
Financing Cash Flow	1.19B	1.25B	357.93M	139.95M	268.06M	4.31M

Cleanspark Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.86
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 16.86 is below the 20-day moving average (MA) of 17.81, above the 50-day MA of 13.41, and above the 200-day MA of 10.61, indicating a neutral trend. The MACD of 1.79 indicates Positive momentum. The RSI at 49.71 is Neutral, neither overbought nor oversold. The STOCH value of 18.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLSK.

Cleanspark Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLSK	73 Outperform	$5.73B	21.38	17.09%	―	84.66%	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTDR	54 Neutral	$5.41B	―	-54.00%	―	―	―
DBD	50 Neutral	$2.10B	―	-1.23%	―	-3.75%	-100.59%

Cleanspark Corporate Events

Cleanspark Revises Bylaws to Align with Nevada Laws

On September 26, 2025, CleanSpark, Inc. announced amendments to its bylaws, which include eliminating stockholders’ ability to call special meetings and act by written consent, revising advance notice provisions, and clarifying the board’s exclusive rights to determine its size. These changes, effective immediately, aim to align with the Nevada Revised Statutes and designate federal district courts as the exclusive forum for claims under the Securities Act of 1933.

The most recent analyst rating on (CLSK) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.

Cleanspark Secures $100M Bitcoin-Backed Credit Facility

On September 25, 2025, CleanSpark announced the establishment of a $100 million Bitcoin-backed credit facility with Two Prime Lending Limited. This facility, which is part of CleanSpark’s broader $400 million collateralized lending strategy, aims to accelerate data center growth, enhance Bitcoin mining hashrate deployment, and support high-performance computing capabilities. The credit agreement is secured by CleanSpark’s digital assets, with the company required to maintain collateral value to avoid default. This strategic move is expected to bolster CleanSpark’s capital strategy, enabling further investment in digital asset management and operational expansion.

The most recent analyst rating on (CLSK) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.

Cleanspark Expands Bitcoin-Backed Credit Facility by $100M

On September 22, 2025, CleanSpark announced an expansion of its Bitcoin-backed credit facility with Coinbase Prime by $100 million, increasing its total lending capacity to $300 million. This additional financing will support strategic capital expenditures, including expanding CleanSpark’s energy portfolio, scaling Bitcoin mining operations, and investing in high-performance computing capabilities, enhancing its industry positioning and shareholder value.

The most recent analyst rating on (CLSK) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.

Cleanspark Announces Leadership Realignment for Growth

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.

CleanSpark’s Earnings Call Highlights Record Growth

CleanSpark’s Latest Earnings Call Reflects Positive Momentum

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.

Cleanspark, Inc. Faces Financial Reporting Risks Amid 2030 Notes Accounting Challenges

Cleanspark, Inc. faces potential financial reporting challenges due to the accounting treatment of its 2030 Notes, which are convertible debt securities. The application of ASU 2020-06 requires these notes to be recorded as liabilities, with interest expenses exceeding cash interest payments, potentially lowering reported income. Additionally, the ‘if converted’ method for diluted earnings per share could further reduce reported earnings per share, and any reclassification of these notes as current liabilities might impact the company’s working capital. These factors collectively pose a risk to Cleanspark’s financial condition and reported results.

CleanSpark Achieves Record Revenue in Q3 2025

CleanSpark, Inc., known as America’s Bitcoin Miner®, is a leading company in the cryptocurrency mining sector, specializing in Bitcoin mining operations across the United States. The company is recognized for its strategic use of competitive energy prices to optimize mining facilities and deliver substantial returns to shareholders.