CleanSpark, Inc.
- Open
- 12.36
- Day high
- 13.20
- Day low
- 12.15
- Prev close
- 12.90
- Volume
- 21.9M
- Mkt cap
- $3.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.4
- P/S
- 4.5
- Yield
- —
- Per share
- —
CleanSpark, Inc. (CLSK) is a Technology company listed on NASDAQ. The stock is up 2% over the past year. Drillr has 3 published research articles covering CLSK.
CleanSpark, Inc. (CLSK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CLSK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-0.25 | $-0.52 | -108.0% | $136M | -6.2% |
| Feb 5, 2026 | $-0.10 | $-0.17 | -75.0% | $185M | -1.4% |
| Nov 25, 2025 | $0.26 | $-0.01 | -103.8% | $224M | -4.0% |
| Aug 7, 2025 | $0.06 | $0.78 | +1200.0% | $199M | -16.5% |
| May 8, 2025 | $0.03 | $-0.02 | -166.7% | $182M | -2.6% |
| Feb 6, 2025 | $-0.08 | $-0.07 | +12.5% | $162M | -18.0% |
| Dec 2, 2024 | $-0.18 | $-0.27 | -50.0% | $89M | +0.6% |
| Aug 9, 2024 | $-0.00 | $0.01 | +354.5% | $104M | +10.1% |
| May 9, 2024 | $0.06 | $0.13 | +116.7% | $112M | +9.0% |
| Feb 8, 2024 | $-0.28 | $-0.02 | +92.9% | $74M | +4.8% |
| Nov 30, 2023 | $-0.13 | $-0.63 | -384.6% | $53M | -2.2% |
| Feb 9, 2023 | $-0.53 | $-0.46 | +13.2% | $28M | -5.8% |
CLSK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | Monnig Taylorofficer: CTO, COO | Tax | 211 | $13.98 |
| May 14, 2026 | Garrison Scott Eugeneofficer: EVP, Chief Development Officer | Option | 2,677 | — |
| May 14, 2026 | Garrison Scott Eugeneofficer: EVP, Chief Development Officer | Tax | 1,192 | $13.98 |
| May 14, 2026 | Vecchiarelli Gary Anthonyofficer: President, CFO | Option | 1,606 | — |
| May 14, 2026 | Vecchiarelli Gary Anthonyofficer: President, CFO | Tax | 632 | $13.98 |
| May 14, 2026 | Schultz S. Matthewdirector, officer: CEO & Chairman | Option | 20,525 | — |
| May 14, 2026 | Schultz S. Matthewdirector, officer: CEO & Chairman | Tax | 9,031 | $13.98 |
| May 14, 2026 | Monnig Taylorofficer: CTO, COO | Option | 535 | — |
| Apr 2, 2026 | Beynon Roger Pauldirector | Option | 7,353 | — |
| Apr 2, 2026 | Cavaleri Amandadirector | Option | 7,353 | — |
| Apr 2, 2026 | Cavaleri Amandadirector | Grant | 31,220 | — |
| Apr 2, 2026 | Beynon Roger Pauldirector | Grant | 31,220 | — |
| Apr 2, 2026 | Wood Thomas Leighdirector | Option | 7,353 | — |
| Apr 2, 2026 | Wood Thomas Leighdirector | Grant | 31,220 | — |
| Apr 2, 2026 | McNeill Larrydirector | Option | 7,353 | — |
Source: CLSK SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full CLSK insider & 13F page →CLSK research & analysis
Bitcoin Hits $73K on 3.3% CPI: MSTR, COIN, MARA — Who Wins the Rally?
Bitcoin's rally to $73K on hot 3.3% CPI data highlights US-listed crypto winners like MSTR and COIN. Miners MARA, RIOT, and CLSK benefit from holdings and efficiency, with AI pivots adding upside. Ranked by conviction: MSTR leads.
COINMSTRRIOTChina-Taiwan PLA Drills: TSM, NVDA Face Supply Risk — LMT Outperforms Again
The CFTC's settlement with ex-FTX exec Nishad Singh highlights enduring regulatory risks for public crypto firms, with exchanges like COIN most exposed while miners pivoting to AI (MARA, CLSK) offer relative safety. Financials show robust revenue growth across the board but persistent losses and high valuations. Ranked conviction favors diversified miners over pure-play exchanges.
COINMSTRRIOTBitcoin at $66K: MSTR Holds Firm While MARA Faces the Real Risk
Bitcoin's drop to $66,000 tests corporate BTC treasuries, with MicroStrategy and low-leverage miners like RIOT and CLSK best positioned via strong growth and balance sheets. High-debt sellers like MARA face outsized risks. Ranked conviction favors HODLers with operational edges.
MSTRMARARIOT
CleanSpark, Inc. company profile
Overview
CleanSpark, Inc. (NASDAQ:CLSK) is a Nevada-based company that has evolved from an energy technology provider into one of the largest Bitcoin mining operations in the United States. Originally incorporated in 1987 as Stratean Inc., the company changed its name to CleanSpark in November 2016 and went public that same year. What began as a diversified energy solutions company has strategically transformed into a Bitcoin-focused enterprise, divesting its traditional energy business assets to concentrate on cryptocurrency mining operations. Today, CleanSpark operates 32 mining facilities across four states with a hash rate exceeding 39 exahash per second, positioning itself as a major player in the digital asset mining industry.
Business
CleanSpark operates primarily in the Bitcoin mining industry, which involves using specialized computer hardware to solve complex mathematical problems that validate transactions on the Bitcoin blockchain network. In return for this computational work, miners receive newly created Bitcoin as rewards. The company's core business has two segments, though the Digital Currency Mining segment now dominates operations. The Digital Currency Mining segment represents the vast majority of CleanSpark's revenue and involves operating large-scale data centers filled with specialized computers called Application-Specific Integrated Circuits (ASICs). These machines run continuously, consuming significant amounts of electricity to perform the cryptographic calculations required for Bitcoin mining. CleanSpark has built an extensive infrastructure of 32 mining facilities across Tennessee, Georgia, Wyoming, and Washington, with over 726 megawatts of operational power capacity. The company focuses on maintaining highly efficient operations with fleet efficiency of less than 17 joules per terahash, meaning they can mine Bitcoin more cost-effectively than many competitors. The much smaller Energy segment provides traditional energy technology solutions including microgrid design, energy management software, and consulting services to military, commercial, and residential customers. This legacy business includes products like mPulse and mVoult control platforms for energy optimization, Canvas middleware for grid operators, and various cloud services. However, this segment now represents a minimal portion of total revenue as the company has strategically focused on Bitcoin mining. Bitcoin mining operates on a proof-of-work consensus mechanism where miners compete to solve cryptographic puzzles. The first miner to solve the puzzle gets to add a new block of transactions to the blockchain and receives a reward of newly minted Bitcoin plus transaction fees. This process occurs approximately every 10 minutes, and the difficulty automatically adjusts to maintain this timing regardless of how many miners are participating in the network.
Revenue model
CleanSpark generates revenue primarily through Bitcoin mining rewards, earning newly created Bitcoin for successfully validating blocks on the Bitcoin blockchain. The company produced 1,957 Bitcoin in Q2 2025, generating $181.7 million in revenue. Their business model is fundamentally based on converting electricity into Bitcoin through computational work, with profitability depending on the relationship between Bitcoin prices, mining difficulty, and operational costs. The company's cost structure centers around electricity consumption, which represents their largest operational expense. CleanSpark has secured power contracts at approximately $0.046 per kilowatt hour, significantly below industry averages. Their all-in cost to mine Bitcoin is approximately $21,400-$34,000 per Bitcoin at wholly-owned facilities, providing substantial margins when Bitcoin trades above these levels. The company also generates minor revenue from their legacy energy consulting business and data center services. CleanSpark employs a strategic treasury management approach with their Bitcoin holdings, maintaining approximately 11,869 Bitcoin valued at around $980 million. Rather than immediately selling all mined Bitcoin, they selectively monetize production while building long-term Bitcoin reserves. The company is exploring yield generation strategies including covered call options, lending, and liquidity provision to generate additional returns on their Bitcoin treasury. Several factors significantly impact CleanSpark's profitability margins. Bitcoin price volatility directly affects revenue since their product is priced in Bitcoin. Network hash rate growth increases mining difficulty, requiring more computational power to earn the same rewards. Electricity costs represent the primary operational expense, making power procurement strategies critical. The company benefits from regulatory clarity and favorable energy policies, while facing risks from potential cryptocurrency regulations or carbon emission restrictions. Hardware efficiency improvements and technological advances in ASIC miners can provide competitive advantages, while Bitcoin halving events that occur approximately every four years reduce mining rewards by 50%, requiring operational efficiency improvements to maintain profitability.
Competitive moat
CleanSpark's competitive moat is moderately strong but not insurmountable, built primarily on operational scale, energy cost advantages, and infrastructure ownership. The company's most significant advantage lies in its low-cost power procurement, with electricity rates of $0.046 per kilowatt hour that are substantially below industry averages. This cost advantage, combined with their scale of operations across 32 facilities and 726 megawatts of capacity, creates meaningful barriers for smaller competitors who cannot negotiate similar power rates or achieve comparable operational efficiencies. The company's infrastructure-first approach and focus on owning rather than leasing facilities provides additional defensive characteristics. CleanSpark's fleet efficiency of less than 17 joules per terahash positions them among the most efficient miners globally, allowing them to remain profitable even when Bitcoin prices decline or mining difficulty increases. Their geographic diversification across four states also provides regulatory and operational risk mitigation. However, CleanSpark's moat faces several significant competitive threats. The Bitcoin mining industry has relatively low barriers to entry for well-capitalized competitors, as the primary requirements are access to cheap electricity and capital to purchase mining equipment. Large technology companies or energy producers could potentially enter the market with superior resources. Additionally, the company faces competition from other large-scale miners like Marathon Digital, Riot Platforms, and Core Scientific, who are pursuing similar strategies of scale and efficiency. Technological disruption represents another risk, as advances in mining hardware or changes to Bitcoin's underlying protocol could potentially erode current advantages. The industry's dependence on specialized ASIC manufacturers, primarily based in China, creates supply chain vulnerabilities. Furthermore, regulatory changes regarding cryptocurrency mining, particularly related to energy consumption and environmental concerns, could significantly impact the competitive landscape and operational viability.
Risks & safety
CleanSpark demonstrates a strong financial position with substantial liquidity and minimal debt, though negative cash flows from operations present some concerns. • Liquidity and Solvency: $97 million in cash and short-term investments, current ratio of 8.67, minimal debt-to-equity ratio of 0.003, indicating very low solvency risk • Cash Flow: Negative operating cash flows and free cash flows reflect heavy capital investment in mining infrastructure expansion, though the company has reached "escape velocity" with self-funding operations • Asset Base: $2.66 billion in total assets including substantial Bitcoin treasury valued at approximately $980 million, providing significant asset backing • Valuation Metrics: Trading at 1.06x book value, negative P/E due to recent losses, though EBITDA has turned positive in recent quarters • Debt Structure: Recently secured $650 million convertible bond and expanded Coinbase credit line to $200 million, providing additional financial flexibility • Other Considerations: Bitcoin price volatility creates significant valuation uncertainty, regulatory risks in cryptocurrency sector, and capital-intensive business model requiring ongoing investment
Recent development
Over the past few years, CleanSpark has executed a dramatic strategic transformation from a diversified energy technology company into a pure-play Bitcoin mining operation. The company divested its traditional energy business assets to focus entirely on cryptocurrency mining, representing a fundamental business model pivot that has driven explosive growth. The company's infrastructure expansion strategy has been the primary driver of recent development. CleanSpark grew from 4.16 exahash in fiscal 2022 to over 39 exahash currently, with plans to reach 50-57 exahash by mid-2025. This growth was achieved through strategic acquisitions including the Sandersville and Dalton campuses in Georgia, expansion of the Washington facility to 86 megawatts, and development of new sites in Wyoming and Tennessee. The company has purchased over 160,000 mining machines, including advanced S21 XT immersion units, while maintaining focus on operational efficiency improvements. Financial strategy evolution has included sophisticated capital allocation decisions. CleanSpark completed an $11.8 million stock buyback program, secured a $650 million convertible bond offering, and expanded their Coinbase credit facility to $200 million. The company has also developed a strategic Bitcoin treasury management approach, holding nearly 12,000 Bitcoin while selectively monetizing production. They are implementing yield generation strategies including covered call options to generate additional returns on Bitcoin holdings. Recent operational achievements include improving fleet efficiency from 26.4 joules per terahash to less than 17 joules per terahash, reaching approximately 1 gigawatt of power under contract, and achieving gross margins consistently above 50%. The company has also enhanced its market position, being added to the S&P SmallCap 600 Index and achieving 64% institutional ownership. CleanSpark now maintains approximately 5% of the total Bitcoin network hash rate, positioning them as one of the largest miners in the United States.
CLSK company profile · for informational purposes only — not investment advice.
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