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Cleanspark, Inc. (CLSK)
:CLSK
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Cleanspark
(NASDAQ:CLSK)
Rating:69Neutral
Price Target:
$11.00
▲(16.16% Upside)
Positive Factors
Financial Performance
CleanSpark reported record F3Q25 results, delivering nearly $200M in total revenue for the quarter and over $257M in net income, well above consensus forecasts.
Growth and Expansion
CleanSpark achieved a major milestone by reaching its 50 EH/s guidance target on schedule, reflecting total capacity growth of 145% year-over-year.
Leadership and Management
Mr. Schultz’s leadership and execution as Executive Chairman have been essential in scaling CleanSpark to become one of the largest Bitcoin miners in the industry.
Negative Factors
Market Risks
Risks to achievement of the price target include BTC price volatility, faster than expected increases in network hash rate, and the potential for shareholder dilution from equity sales.
Valuation Concerns
CleanSpark is trading at a material and unwarranted discount to the group, expected to outperform BTC and its peers in 2025 as one of the largest and most efficient miners.
Cleanspark (CLSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.66B
Dividend YieldN/A
Average Volume (3M)18.88M
Price to Earnings (P/E)10.8
Beta (1Y)1.87
Revenue Growth84.66%
EPS GrowthN/A
CountryUS
Employees256
SectorFinancial
Sector Strength78
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.78
Shares Outstanding281,083,370
10 Day Avg. Volume15,648,225
30 Day Avg. Volume18,882,320
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue5.53
Enterprise Value/Gross Profit11.48
Enterprise Value/Ebitda5.58
Forecast
1Y Price Target
$20.38Price Target Upside115.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
Cleanspark Business Overview & Revenue Model
Company DescriptionCleanspark, Inc. is a leading sustainable Bitcoin mining and energy company based in the United States. The company focuses on utilizing renewable energy sources, particularly solar and wind, to power its mining operations. Cleanspark specializes in efficient and environmentally friendly Bitcoin mining, contributing to the broader cryptocurrency ecosystem while promoting sustainability in energy consumption. The company also engages in energy management and offers services that optimize the use of energy in cryptocurrency mining.
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's financial performance is mixed. While revenue growth is strong, the company faces significant profitability and cash flow challenges. The balance sheet is stable with minimal debt, but operational inefficiencies and negative cash flows are concerning.Income Statement
Cleanspark's revenue has shown a strong growth trajectory, increasing significantly year-over-year. However, the company is facing substantial profitability challenges, with consistent net losses and negative EBIT margins. The gross profit margin remains moderate, but the net profit margin is deeply negative, indicating ongoing operational inefficiencies.45
Neutral
Balance Sheet
The company's balance sheet is relatively stable with a strong equity base, as evidenced by a healthy equity ratio. However, the debt-to-equity ratio is minimal, suggesting low leverage, which is a positive indicator of financial stability. Despite this, the company has been unable to convert this stability into profitability, which remains a concern.55
Neutral
Cash Flow
Cleanspark is experiencing significant cash flow difficulties, with substantial negative free cash flow and decreasing operating cash flow. The high capital expenditures relative to operating cash flow could be straining financial flexibility. The ratio of operating cash flow to net income is unfavorable, highlighting challenges in converting income into cash.40
Negative
| 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
Negative
9.47
Price Trends
10.96
Negative
9.91
Negative
10.27
Negative
Market Momentum
-0.44
Negative
38.83
Neutral
53.07
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 9.47 is below the 20-day moving average (MA) of 9.91, below the 50-day MA of 10.96, and below the 200-day MA of 10.27, indicating a bearish trend. The MACD of -0.44 indicates Negative momentum. The RSI at 38.83 is Neutral, neither overbought nor oversold. The STOCH value of 53.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.66B | 10.79 | 17.09% | ― | 84.66% | ― | |
68 Neutral | $17.88B | 11.68 | 10.28% | 3.72% | 9.78% | 1.27% | |
68 Neutral | $1.74B | 593.71 | -0.13% | ― | 21.92% | 95.91% | |
61 Neutral | $2.24B | 0.78 | -1.23% | ― | -3.75% | -100.59% | |
53 Neutral | $5.09B | 24.36 | -3.23% | ― | 93.46% | -166.22% | |
46 Neutral | $2.09B | ― | -29.09% | 4.12% | -19.48% | -398.43% | |
46 Neutral | $2.81B | ― | -54.00% | ― | ― | ― |
* Financial Sector Average
Performance Comparison
CLSK
Cleanspark
9.47
0.45
4.99%
RIOT
Riot Platforms
13.76
6.98
102.95%
ALIT
Alight
3.88
-3.32
-46.11%
OLO
Olo
10.25
5.11
99.42%
BTDR
Bitdeer Technologies
14.29
8.29
138.17%
DBD
Diebold Nixdorf Inc
61.11
18.61
43.79%
Cleanspark Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Cleanspark Appoints Matt Schultz as New CEO
Positive
Aug 11, 2025
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.
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.