Cleanspark (CLSK) AI Stock Analysis

• Market Cap: $3.71B
• Dividend Yield: N/A
• Average Volume (3M): 33.43M
• Price to Earnings (P/E): 13.4
• Beta (1Y): 2.41
• Revenue Growth: 102.21%
• EPS Growth: N/A
• Country: US
• Employees: 256
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.00
• Shares Outstanding: 255,583,450
• 10 Day Avg. Volume: 32,555,491
• 30 Day Avg. Volume: 33,434,850
• PEG Ratio: -0.04
• Price to Book (P/B): 1.88
• Price to Sales (P/S): 5.34
• P/FCF Ratio: -6.76
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 5.13
• Enterprise Value/Gross Profit: 14.94
• Enterprise Value/Ebitda: 5.15
• 1Y Price Target: $24.30
• Price Target Upside: 63.97% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 0.42
• Revenue Forecast (FY): $956.02M

• Rating: 73 Outperform
• Price Target: $15.50 ▲(4.59% Upside)

Cleanspark's strong financial performance and strategic growth initiatives in AI and Bitcoin mining are significant strengths. However, liquidity concerns due to negative cash flows and mixed technical indicators present risks. The stock is reasonably valued, making it a balanced investment opportunity.

Positive Factors

Revenue Growth

Record revenue growth indicates strong market demand and effective business strategies, enhancing long-term financial stability.

Strategic Expansion

Expanding into Texas with a new data center supports diversification and positions Cleanspark to meet growing AI and cloud demands.

Financial Strategy

The significant capital raise enhances financial flexibility, supporting infrastructure expansion and strategic growth initiatives.

Negative Factors

Liquidity Concerns

Negative cash flows suggest inefficiencies in converting income into cash, potentially impacting financial flexibility and operations.

Deployment Delays

Delays in deployment can hinder operational efficiency and growth, affecting the company's ability to meet market demands timely.

Power Expansion Challenges

Difficulties in expanding power infrastructure could limit growth potential and operational capacity, affecting long-term competitiveness.

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

Cleanspark shows strong revenue growth and profitability with high net profit and EBITDA margins. The balance sheet is solid with low leverage, but cash flow challenges indicate potential liquidity issues.

Income Statement

Cleanspark has demonstrated strong revenue growth with a 21.26% increase in the latest year, indicating robust demand for its offerings. The company has achieved a high net profit margin of 46.11% and an impressive EBITDA margin of 95.19%, showcasing excellent profitability and operational efficiency. However, the EBIT margin is not provided, which could indicate potential areas for improvement in operational management.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.08, suggesting prudent financial management and low leverage risk. The return on equity is 16.24%, indicating effective use of equity to generate profits. The equity ratio is not explicitly calculated, but the high stockholders' equity relative to total assets suggests a stable financial structure.

Cash Flow

Cleanspark's cash flow statement reveals challenges, with negative operating and free cash flows, indicating potential liquidity issues. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is also negative, suggesting inefficiencies in converting income into cash. However, the free cash flow to net income ratio is positive, indicating some ability to generate cash relative to net income.

Breakdown	TTM	Dec 2025	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	766.31M	―	766.31M	378.97M	168.41M	131.53M
Gross Profit	263.03M	―	423.21M	213.45M	29.11M	49.37M
EBITDA	763.25M	―	763.25M	14.63M	-7.60M	10.03M
Net Income	364.46M	―	364.46M	-145.78M	-138.15M	-57.33M
Balance Sheet
Total Assets	3.18B	―	3.18B	1.96B	761.58M	452.62M
Cash, Cash Equivalents and Short-Term Investments	1.01B	―	1.01B	553.80M	86.18M	32.22M
Total Debt	824.44M	―	176.57M	66.95M	16.74M	22.22M
Total Liabilities	1.01B	―	1.01B	201.82M	84.35M	48.61M
Stockholders Equity	2.18B	―	2.18B	1.76B	677.23M	404.01M
Cash Flow
Free Cash Flow	-605.69M	―	-605.69M	-1.04B	-318.12M	-117.23M
Operating Cash Flow	-461.03M	―	-461.03M	-233.66M	-17.25M	73.46M
Investing Cash Flow	-305.66M	―	-305.66M	-920.40M	-331.93M	-210.98M
Financing Cash Flow	688.87M	―	688.87M	1.25B	357.93M	139.95M

Cleanspark Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.82
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 14.82 is above the 20-day moving average (MA) of 12.75, below the 50-day MA of 15.90, and above the 200-day MA of 11.33, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.68 is Neutral, neither overbought nor oversold. The STOCH value of 66.70 is Neutral, 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	$3.71B	13.44	18.52%	―	102.21%	―
IREN	64 Neutral	$15.34B	22.39	30.19%	―	236.14%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ENPH	61 Neutral	$4.13B	22.69	20.31%	―	20.97%	226.98%
STEM	54 Neutral	$159.33M	―	―	―	-35.61%	―
RUN	52 Neutral	$4.15B	―	-59.68%	―	13.79%	-527.48%
PLUG	51 Neutral	$3.08B	―	-95.42%	―	2.53%	-2.83%

Cleanspark Corporate Events

Cleanspark Completes $1.15 Billion Convertible Notes Offering

On November 13, 2025, CleanSpark, Inc. completed a $1.15 billion offering of 0.00% Convertible Senior Notes due 2032, aimed at expanding its power and land portfolio and enhancing data center infrastructure. The company repurchased 30.6 million shares of its common stock for approximately $460 million, reflecting its commitment to long-term value creation and strengthening its position in the energy and infrastructure compute platform market.

CleanSpark Upsizes $1.15 Billion Convertible Notes Offering

On November 10, 2025, CleanSpark, Inc. announced the upsize and pricing of its $1.15 billion 0.00% Convertible Senior Notes due 2032, intended for qualified institutional buyers. The offering, expected to close on November 13, 2025, includes an option for initial purchasers to buy an additional $150 million in notes. The proceeds will be used for share repurchases, expanding power and land portfolios, developing data center infrastructure, repaying bitcoin-backed credit, and general corporate purposes. This strategic move could enhance CleanSpark’s market positioning by strengthening its financial resources and operational capabilities.

CleanSpark Announces $1 Billion Convertible Notes Offering

On November 10, 2025, CleanSpark, Inc. announced its intention to offer $1 billion in convertible senior notes due 2032, with an option for an additional $200 million, subject to market conditions. The proceeds will be used for share repurchases, expansion of power and land portfolio, development of data center infrastructure, and repayment of outstanding credit balances. This move is expected to impact CleanSpark’s financial strategy and market positioning, enhancing its operational capabilities and shareholder value.

Cleanspark Files Prospectus for Share Resale

On October 29, 2025, CleanSpark, Inc. filed a prospectus supplement with the SEC for the resale of up to 1,788,834 shares of its common stock by a certain stockholder. This filing may impact the company’s stock liquidity and shareholder composition, potentially influencing its market position and stakeholder interests.

CleanSpark Expands with Texas Data Center Acquisition

On October 29, 2025, CleanSpark announced the acquisition of 271 acres of land in Austin County, Texas, and long-term power supply agreements totaling 285 megawatts to develop a next-generation data center campus. This strategic move marks CleanSpark’s entry into the Texas market, enhancing its capacity to meet growing demands for AI, cloud, and enterprise workloads. The acquisition is part of CleanSpark’s strategy to diversify beyond bitcoin mining into high-performance computing, leveraging its infrastructure-first model to unlock value. The site, located on a major fiber backbone with strong grid infrastructure, positions CleanSpark to deliver scalable and energy-efficient solutions, with plans to energize over 200 MW by the first half of 2027.

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.

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.

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.