CLSK

MKT CAP:$3B

CleanSpark, Inc.

Market Cap

$3B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$12.84+$1.29 (+11.16%)

Apr 24, 2026

Company Details

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 provid...

CEO

S. Matthew Schultz

IPO Date

Nov 16, 2016

Website

www.cleanspark.com

Key Metrics TTM

Revenue

$785M

+68.0% YoY

Net Income

-$261M

EPS (Diluted)

-$1.05

Free Cash Flow

-$1.0B

Revenue / Share

$2.76

Gross Margin

41.4%

Operating Margin

-26.4%

Net Margin

-33.2%

FCF Margin

-133.1%

P/S

4.2x

P/E

—

Earnings Reports

Q2 2026

May 14, 2026

PENDING

Q1 2026

Feb 5, 2026

$181M+11.6%EPS -$1.33

FY 2025

Nov 25, 2025

$766M+102.2%EPS $1.12

Q4 2025

Nov 25, 2025

$224M+150.5%EPS -$0.00

Q3 2025

Aug 7, 2025

$199M+90.8%EPS $0.77

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$3M	$586.6K	-$2M
Q4 20	$2M	$778.0K	-$8M
Q1 21	$2M	$924.7K	-$6M
Q2 21	$8M	$7M	-$2M
Q3 21	$9M	$8M	-$12M
Q4 21	$27M	$20M	-$5M
Q2 23	$43M	$20M	-$17M
Q1 24	$74M	$30M	$29M
Q2 24	$112M	$78M	$137M
Q3 24	$104M	$42M	-$249M
Q4 24	$89M	$7M	-$66M
Q1 25	$162M	$71M	$210M
Q2 25	$182M	$96M	-$138M
Q3 25	$199M	$92M	$246M
Q4 25	$224M	$75M	$834.0K
Q1 26	$181M	$62M	-$317M

Valuation

Quarter	P/S	P/E
Q3 20	3.5x	—
Q4 20	20.5x	—
Q1 21	56.6x	—
Q2 21	34.3x	—
Q3 21	26.8x	—
Q4 21	9.3x	—
Q2 23	3.6x	—
Q1 24	14.7x	—
Q2 24	16.6x	32.9x
Q3 24	13.3x	—
Q4 24	7.0x	—
Q1 25	5.8x	36.0x
Q2 25	3.5x	—
Q3 25	5.0x	10.3x
Q4 25	5.5x	11.6x
Q1 26	3.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$2M	-$2M
Q4 20	-$3M	-$3M
Q1 21	-$7M	-$10M
Q2 21	-$5M	-$14M
Q3 21	-$9M	-$65M
Q4 21	-$12M	-$48M
Q2 23	$7M	-$10M
Q1 24	-$48M	-$75M
Q2 24	-$45M	-$60M
Q3 24	-$58M	-$69M
Q4 24	-$83M	-$836M
Q1 25	-$119M	-$177M
Q2 25	-$112M	-$146M
Q3 25	-$110M	-$152M
Q4 25	-$119M	-$548M
Q1 26	-$161M	-$198M

Capital Expenditures

Quarter	CapEx
Q3 20	$5.9K
Q4 20	$4.1K
Q1 21	$3M
Q2 21	$9M
Q3 21	$55M
Q4 21	$36M
Q2 23	$17M
Q1 24	$28M
Q2 24	$15M
Q3 24	$10M
Q4 24	$753M
Q1 25	$57M
Q2 25	$34M
Q3 25	$43M
Q4 25	$429M
Q1 26	$37M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+181.2%	+50.9%
Q4 20	-15.9%	-20.1%
Q1 21	+131.1%	+112.4%
Q2 21	+122.0%	+79.0%
Q3 21	+163.2%	+276.8%
Q4 21	+1288.5%	+234.7%
Q2 23	+1784.6%	+612.3%
Q1 24	+808.7%	+326.5%
Q2 24	+1135.1%	-220.4%
Q3 24	+283.5%	+988.9%
Q4 24	+109.8%	+158.0%
Q1 25	+120.0%	-205.3%
Q2 25	+62.5%	+1362.7%
Q3 25	+90.8%	-113.5%
Q4 25	+150.5%	+43.9%
Q1 26	+11.6%	+1144.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$261.4K	7.6%
Q4 20	$881.6K	45.1%
Q1 21	$4M	192.7%
Q2 21	$849.0K	10.5%
Q3 21	$3M	37.6%
Q4 21	-$52.3K	-0.2%
Q2 23	$6M	13.5%
Q1 24	$10M	13.5%
Q2 24	$10M	8.8%
Q3 24	$3M	2.8%
Q4 24	$7M	7.7%
Q1 25	$3M	1.9%
Q2 25	$3M	1.7%
Q3 25	$4M	2.3%
Q4 25	$35M	15.5%
Q1 26	$12M	6.7%

OpEx Breakdown

Quarter	R&D	G&A
Q3 20	—	$2M
Q4 20	$163.9K	$8M
Q1 21	$39.3K	$6M
Q2 21	—	$7M
Q3 21	—	$14M
Q4 21	—	$11M
Q2 23	—	$18M
Q1 24	—	$7M
Q2 24	—	$26M
Q3 24	—	$13M
Q4 24	—	$16M
Q1 25	—	$14M
Q2 25	—	$30M
Q3 25	—	$20M
Q4 25	—	$18M
Q1 26	—	$21M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 20	181.2%	-40.3%	140.9
Q4 20	-15.9%	-327.9%	-343.8
Q1 21	131.1%	-267.9%	-136.8
Q2 21	122.0%	117.6%	239.5
Q3 21	163.2%	-114.9%	48.4
Q4 21	1288.5%	12.0%	1300.6
Q2 23	1784.6%	9.4%	1793.9
Q1 24	808.7%	78.2%	886.9
Q2 24	1135.1%	153.0%	1288.1
Q3 24	283.5%	-196.5%	87.1
Q4 24	109.8%	-10.7%	99.1
Q1 25	120.0%	199.5%	319.5
Q2 25	62.5%	-33.9%	28.6
Q3 25	90.8%	188.2%	279.0
Q4 25	150.5%	56.9%	207.4
Q1 26	11.6%	-165.6%	-154.0

Rule of 40

Revenue Segments

Quarter	Consolidated Revenues	Other Revenue And Eliminations
Q4 21	$27M	$379.2K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$2M	$18M	$20M
Q3 22	$3M	$11M	$14M
Q4 22	$20M	$12M	$32M
Q1 23	$2M	$5M	$7M
Q2 23	$10M	$6M	$16M
Q3 23	$22M	$15M	$36M
Q4 23	$29M	$57M	$86M
Q1 24	$48M	$128M	$176M
Q2 24	$320M	$359M	$679M
Q3 24	$126M	$414M	$540M
Q4 24	$121M	$433M	$554M
Q1 25	$277M	$930M	$1.2B
Q2 25	$97M	$837M	$934M
Q3 25	$35M	$881M	$916M
Q4 25	$43M	$967M	$1.0B
Q1 26	$458M	$830M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	11M	+116.5%	+151.7%
Q4 20	17M	+54.6%	+279.4%
Q1 21	25M	+45.1%	+421.7%
Q2 21	33M	+31.1%	+536.6%
Q3 21	34M	+4.0%	+205.9%
Q4 21	37M	+9.9%	+117.5%
Q2 23	80M	+115.2%	+222.6%
Q1 24	181M	+124.7%	+452.9%
Q2 24	212M	+17.3%	+523.6%
Q3 24	229M	+7.8%	+511.4%
Q4 24	251M	+9.8%	+211.9%
Q1 25	292M	+16.3%	+61.5%
Q2 25	281M	-3.8%	+32.4%
Q3 25	326M	+15.9%	+42.4%
Q4 25	284M	-12.7%	+13.3%
Q1 26	284M	0.0%	-2.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$171.9K	20
Q4 20	$31.5K	62
Q1 21	$36.4K	62
Q2 21	$131.0K	62
Q3 21	$146.0K	62
Q4 21	$312.0K	87
Q2 23	$327.3K	130
Q1 24	$563.3K	131
Q2 24	$853.4K	131
Q3 24	$794.7K	131
Q4 24	$330.6K	270
Q1 25	$601.1K	270
Q2 25	$673.0K	270
Q3 25	$735.7K	270
Q4 25	$712.3K	314
Q1 26	$577.0K	314

Revenue / Employee