CleanSpark, Inc. (CLSK) financials

NASDAQ · Financial Services · Financial - Capital Markets · 312 employees · CEO S. Matthew Schultz

Price: $7.67 -6.46%
Market cap: $1.97B
Enterprise value: $3.55B
Last report: Q3 '26 filed 2026-08-06
Next report: 2026-11-24 EPS est. -$0.36

Revenue (TTM)$679M+7.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-79.4%-119.4 pp vs a year agoOperating income -$539M

Net income (TTM)-$998M-429.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$1.15B+12.7% vs a year agoCapex $616M

Diluted EPS (TTM)-$3.74-535.4% vs a year agoSum of the last 4 quarters

Net cash-$988M-1,132.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $1.97B
Revenue: $679M
Revenue growth: -22%
Profit margin: -146.9%
P/E: -2.0×
P/S: 2.9×
EV / EBITDA: -20.9×
Free cash flow: -$1.15B
Net income: -$998M
Revenue estimate: $594M
Earnings: 2026-11-24
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue missed by 3.1%, EPS missed by 88.4%Revenue $138M vs $142M expected (-3.1%); EPS -$0.89 vs -$0.47 (-88.4%).
Revenue growth slowing: -30.5% year on yearQ3 '26 revenue $138M, against an average of 57.0% over the four quarters before.
Operating margin -79.4% (TTM), -119.4 pp on a year agoOperating income grew -313.6% while revenue grew 7.5%.
Capex 90.7% of revenue (a year ago 140.4%)$616M invested in the last 4 quarters (-30.5% on a year earlier). Free cash flow -$1.15B.
Diluted share count down 17.6% in a year268M diluted shares in Q3 '26, 326M a year earlier.
Net debt $988MCash + short-term investments $795M, debt incl. leases $1.78B; a year ago net cash $95.7M.

Last quarter: Q3 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$138M	$199M	-30.5%
Gross margin	-62.5%	46.4%	-108.9 pp
Operating income	-$112M	$246M	-145.4%
Operating margin	-81.0%	123.9%	-204.9 pp
Net income	-$240M	$257M	-193.2%
Diluted EPS	-$0.89	$0.77	-215.6%
Operating cash flow	-$112M	-$110M	-2.2%
Capex	$113M	$42.5M	+165.6%
Free cash flow	-$225M	-$152M	-47.8%
R&D	$0	$0	–
Stock-based compensation	$38.7M	$4.49M	+763.2%

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$138M	$142M	-3.1%
EPS (as estimated)	-$0.89	-$0.47	-88.4%

From the report of 2026-08-06 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '24	y/y	Share	TTM	TTM y/y
Consolidated Revenues	–	–	–	–	–
Other Revenue And Eliminations	–	–	–	–	–
Service, Other	$0	–	–	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -$529M
Capex: -$616M
Buybacks: -$460M
Dividends: $0
Acquisitions: -$44.5M
Net debt issued: $956M
Stock-based compensation: $97.6M
Free cash flow: -$1.15B
Returned to shareholders / FCF: -40.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-2.0×	11.6× 1 of 5 years	11.6× – 11.6×
EV / EBITDA	-20.9×	104.2× 4 of 5 years	6.4× – 261.8×
EV / Sales	5.2×	4.6×	1.0× – 8.4×
Price / FCF	-1.7×	–	–
Price / Book	2.7×	1.0×	0.3× – 1.9×
FCF yield	-58.1%	-63.6%	-86.5% – -25.0%
Return on invested capital	-20.6%	-6.1%	-18.9% – 9.5%
Return on equity	-75.2%	-6.7%	-20.4% – 16.8%

Analysts

Consensus target $21.33 (+178.1%)
range $18.00 – $26.00 · rating Buy

Strong buy0

Buy11

Hold0

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$594M	-22.5%	-$3.82	-441.1%	-2.0×	5
FY2027	$625M	+5.3%	-$1.73	+54.7%	-4.4×	6
FY2028	$720M	+15.2%	-$1.17	+32.6%	-6.6×	5
FY2029	$764M	+6.1%	$7.77	+766.2%	1.0×	3
FY2030	$505M	-33.9%	-$2.03	-126.1%	-3.8×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 256 figures CleanSpark, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$15.1M2026-04-17	–	–	–	–	–
Accounts and Financing Receivable, after Allowance for Credit Loss	$02025-09-30	$60.9M	-100.0%	$02025-09-30	$60.9M	-100.0%
Accounts Payable and Other Accrued Liabilities	$5.16M2026-06-30	–	–	$954K2025-09-30	$14M	-93.2%
Accounts Payable, Current	$11.2M2026-06-30	$23.5M	-52.2%	$15.2M2025-09-30	$83M	-81.7%
Accrued Liabilities	$131M2026-06-30	–	–	$118M2025-09-30	$43.9M	+167.9%
Accrued Liabilities, Current	$131M2026-06-30	$64.5M	+103.7%	$118M2025-09-30	$43.9M	+167.9%
Accrued Payroll Taxes, Current	$11.7M2026-06-30	–	–	$15.5M2025-09-30	$10.8M	+43.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$842M2026-06-30	$483M	+74.1%	$560M2025-09-30	$496M	+12.8%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$02025-09-30	$418K	-100.0%	$02025-09-30	$418K	-100.0%
Additional Paid in Capital	$2.52B2026-06-30	$2.41B	+4.5%	$2.45B2025-09-30	$2.24B	+9.2%
Amortization of Intangible Assets	-$1.76M	$1.11M	-259.0%	$7K	$78K	-91.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	139M2026-06-30	8.79M	+1,477.8%	8.17M2025-09-30	6.82M	+19.9%
Asset Impairment Charges	–	–	–	$197M2025-09-30	$197M	0.0%
Assets	$2.7B2026-06-30	$3.1B	-12.9%	$3.18B2025-09-30	$1.96B	+62.2%
Assets, Current	$921M2026-06-30	$1.21B	-23.9%	$1.32B2025-09-30	$705M	+87.1%
Assets, Noncurrent, Other than Noncurrent Investments and Property, Plant and Equipment	$97.9M2026-06-30	$23.1M	+324.6%	$23.5M2025-09-30	$13.3M	+76.3%
Business Acquisition, Goodwill, Expected Tax Deductible Amount	–	–	–	$48.3M2024-10-30	–	–
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset	–	–	–	$02025-09-30	$0	–
Business Combination, Contingent Consideration, Asset	$15.1M2026-04-17	–	–	–	–	–
Business Combination, Contingent Consideration, Liability	–	–	–	$185M2025-05-27	–	–
Capitalized Computer Software, Impairments	–	–	–	$02025-09-30	$0	–
Cash and Cash Equivalents, at Carrying Value	$203M2026-06-30	$34.6M	+486.3%	$43M2025-09-30	$121M	-64.6%
Cash Equivalents, at Carrying Value	$203M2026-06-30	$34.6M	+486.3%	–	–	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	–	–	–	$02025-09-30	$0	–
Cash Provided by (Used in) Operating Activities, Discontinued Operations	$02025-09-30	-$70K	+100.0%	$02025-09-30	-$508K	+100.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$206M2026-06-30	$38M	+442.8%	$46.5M2025-09-30	$124M	-62.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$57.2M2026-06-30	-$62.4M	+8.4%	-$77.8M2025-09-30	$95.1M	-181.9%
Class of Warrant or Right, Exercise Price of Warrants or Rights	$156.302026-06-30	$156.30	0.0%	$156.302025-09-30	$6.12	+2,453.9%
Class of Warrant or Right, Outstanding	22.8M2026-06-30	22.8M	0.0%	22.8M2025-09-30	10K	+228,037.3%
Common Stock, Par or Stated Value Per Share	$0.002026-06-30	$0.00	0.0%	$0.002025-09-30	$0.00	0.0%
Common Stock, Shares Authorized	600M2026-06-30	600M	0.0%	600M2025-09-30	300M	+100.0%
Common Stock, Shares Subscribed but Unissued	1.22M2026-06-30	–	–	22.1K2020-09-30	–	–
Common Stock, Shares, Issued	299M2026-06-30	293M	+2.2%	296M2025-09-30	271M	+9.3%
Common Stock, Shares, Outstanding	257M2026-06-30	281M	-8.6%	284M2025-09-30	271M	+5.0%
Common Stock, Value, Issued	$299K2026-06-30	$293K	+2.0%	$296K2025-09-30	$271K	+9.2%
Construction in Progress, Gross	$81.8M2026-06-30	$17.2M	+376.0%	$12.8M2025-09-30	$19.5M	-34.3%
Contractual Obligation, to be Paid, Year One	$32M2026-06-30	–	–	$57.8M2025-09-30	$268M	-78.4%
Cost of Revenue	$85.5M2026-06-30	$90.1M	-5.2%	$343M2025-09-30	$166M	+107.3%
Costs and Expenses	$370M2026-06-30	-$47.5M	+879.5%	$447M2025-09-30	$528M	-15.3%
CryptoAssetDisposition	$02026-06-30	$218M	-100.0%	$385M2025-09-30	$63.9M	+503.0%
CryptoAssetFairValue	$101M2026-06-30	–	–	$295M2025-09-30	$77.8M	+278.6%
CryptoAssetFairValueCurrent	$592M2026-06-30	$877M	-32.5%	$967M2025-09-30	$432M	+124.0%
CryptoAssetFairValueNoncurrent	$122M2026-06-30	$203M	-39.7%	$223M2025-09-30	$0	–
CryptoAssetNumberOfUnits	1,719,000 Bitcoin2026-06-30	–	–	2,583 Bitcoin2025-09-30	1,229 Bitcoin	+110.2%
CryptoAssetRealizedAndUnrealizedGainLossOperatingAndNonoperating	-$16.5M2026-06-30	$31.4M	-152.6%	$92.2M2025-09-30	$1.48M	+6,150.2%
Current Federal Tax Expense (Benefit)	–	–	–	$02025-09-30	$0	–
Current State and Local Tax Expense (Benefit)	–	–	–	$02025-09-30	$0	–
Debt Instrument, Face Amount	$2M2025-09-30	–	–	$2M2025-09-30	–	–
Debt Instrument, Interest Rate, Stated Percentage	7.2%2026-06-30	7.2%	0.0%	7.2%2025-09-30	–	–
Debt Securities, Available-for-sale, Unrealized Gain	$02026-06-30	-$223K	+100.0%	$02025-09-30	$0	–
Debt Securities, Trading and Available-for-sale	$02025-09-30	$918K	-100.0%	$02025-09-30	$918K	-100.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$34M2025-09-30	$3.34M	+915.9%
Deferred Income Tax Expense (Benefit)	-$2.97M2026-06-30	$18.1M	-116.4%	$39.1M2025-09-30	$3.34M	+1,069.6%
Deferred Income Taxes and Other Liabilities, Noncurrent	$597K2026-06-30	$30.8M	-98.1%	$44.9M2025-09-30	$5.76M	+678.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$5.14M2025-09-30	$0	–
Deferred Tax Assets, Charitable Contribution Carryforwards	$170K2025-09-30	$98K	+73.5%	$170K2025-09-30	$98K	+73.5%
Deferred Tax Assets, Goodwill and Intangible Assets	$2.69M2025-09-30	$2.93M	-8.2%	$2.69M2025-09-30	$2.93M	-8.2%
Deferred Tax Assets, Gross	$122M2025-09-30	$82.6M	+48.0%	$122M2025-09-30	$82.6M	+48.0%
Deferred Tax Assets, Net	$44.9M2025-09-30	$5.76M	+678.9%	$44.9M2025-09-30	$5.76M	+678.9%
Deferred Tax Assets, Net of Valuation Allowance	$119M2025-09-30	$27.7M	+329.4%	$119M2025-09-30	$27.7M	+329.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02