Cleanspark (CLSK) AI Stock Analysis

• Market Cap: $3.03B
• Dividend Yield: N/A
• Average Volume (3M): 25.15M
• Price to Earnings (P/E): 10.7
• Beta (1Y): 2.40
• Revenue Growth: 102.21%
• EPS Growth: N/A
• Country: US
• Employees: 256
• Sector: Financial
• Sector Strength: 70
• Industry: Software - Application
• EPS (TTM): 0.00
• Shares Outstanding: 255,750,370
• 10 Day Avg. Volume: 30,584,617
• 30 Day Avg. Volume: 25,148,324
• 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: 1.26
• Enterprise Value/Revenue: 4.97
• Enterprise Value/Gross Profit: 14.48
• Enterprise Value/Ebitda: 4.99
• 1Y Price Target: $22.96
• Price Target Upside: 82.35% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: $13.00 ▲(3.26% 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

Strong revenue and high margins

Sustained record revenue and a 55% gross margin indicate durable demand and efficient operations in mining and services. High margins provide internal funding for capex and strategic projects, supporting multi-quarter growth and resilience to cyclical revenue swings.

Large self-mined Bitcoin treasury and U.S. hash rate

A growing, self-mined Bitcoin treasury provides a strategic non-cash asset buffer and optional liquidity source. Owning mined inventory reduces market purchase reliance, enhances balance sheet optionality, and aligns incentives for long-term capital allocation decisions.

Material financing and infrastructure expansion

A large, low-cash convertible raise funds expansion of power, land and data center infrastructure, enabling strategic diversification into AI/HPC. Access to committed capital materially improves the company’s ability to execute long-term buildouts and scale compute platforms.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flows signal difficulty converting accounting profits into cash, increasing reliance on financing. This undermines long-term self-funding of projects and raises execution risk if capital markets tighten over the next several quarters.

Deployment delays and power expansion challenges

Slower hardware deployment and challenges securing power/land postpone revenue realization and margin expansion from new units. Execution slippage raises capital efficiency risk and could delay expected scale benefits from AI and mining infrastructure over the medium term.

Business exposure to Bitcoin protocol events

Revenue and margin dynamics are structurally tied to Bitcoin issuance and price; protocol events like halvings materially reduce miner rewards. This creates recurring sensitivity in core economics, requiring diversification or sustained price appreciation to protect long-term margins.

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 margins and a solid balance sheet. However, negative cash flows indicate potential liquidity issues, requiring improved cash management.

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: Negative
• Last Price: 12.59
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 12.59 is above the 20-day moving average (MA) of 12.57, above the 50-day MA of 12.45, and above the 200-day MA of 12.05, indicating a bearish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 44.88 is Neutral, neither overbought nor oversold. The STOCH value of 32.54 is Neutral, 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
CLSK	73 Outperform	$3.03B	10.74	18.52%	―	102.21%	―
IREN	73 Outperform	$17.60B	27.40	30.19%	―	236.14%	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ENPH	66 Neutral	$4.84B	25.59	20.31%	―	20.97%	226.98%
PLUG	52 Neutral	$2.94B	-0.97	-95.42%	―	2.53%	-2.83%
STEM	51 Neutral	$130.89M	-1.12	―	―	-35.61%	―
RUN	49 Neutral	$4.41B	-1.70	-59.68%	―	13.79%	-527.48%

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.

The most recent analyst rating on (CLSK) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.

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.

The most recent analyst rating on (CLSK) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.

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.

The most recent analyst rating on (CLSK) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Cleanspark stock, see the CLSK Stock Forecast page.