Start here if you're new
what it is
CleanSpark mines bitcoin and is building more power and land for bigger mining sites.
how it gets paid
Last year Cleanspark made $766M in revenue.
why it's growing
Revenue grew 102.2% last year. The 178% jump is the whole point. It shows why the market still gives this miner a big leash.
what just happened
Revenue hit $290M, and the vs. prior year jump was 178%.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
8.8x trailing p/e — the market's not buying it — or you found a deal
13.1% return on capital — nothing to write home about
$1.12 fy2025 eps est
xvary composite: 46/100 — below average
What they do
CleanSpark mines bitcoin and is building more power and land for bigger mining sites.
You are not buying a software moat. You are buying power access. CleanSpark says it has 256 employees and a Texas plan tied to 447 acres plus a 300 MW load. That matters because leaving is painful when your business depends on land, power, and rigs, not an app.
How they make money
$766M
annual revenue · their business grew +102.2% last year
total revenue
$766M
+102.2%
The products that matter
mines bitcoin at scale
Bitcoin Mining
$766M · entire business
it's the full $766M revenue base. management funded the push toward 52 EH/s with $1.3B in stock offerings, so your upside depends on added capacity improving economics before dilution becomes the whole story.
52 EH/s target
Key numbers
$766M
ttm revenue
That is the size of the sales base. It also tells you the business is no longer tiny.
$1.8B
long-term debt
The debt stack is larger than the company's roughly $2B market cap. That is leverage, not decoration.
-21.2%
operating margin
Matches the risk stack: the business loses money at the operating line on ~$766M revenue—the old +41.6% KPI was inconsistent and removed.
8.8x
trailing p/e
You are paying 8.8 times earnings for a stock with a 2.4 beta. Cheap and jumpy is still jumpy.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $1.8B (42% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CLSK right now.
source: institutional data · return history unavailable
What just happened
scale story — verify EPS
Revenue hit $290M, and the vs. prior year jump was 178%.
EDGAR gave you revenue, and the provided snippet did not give EPS or gross margin. The scale is the story: $290M in the quarter versus $766M over the trailing twelve months.
$290M
revenue
178%
vs. last year growth
$766M
ttm revenue
growth rate
The 178% jump is the whole point. It shows why the market still gives this miner a big leash.
source: EDGAR filing and Yahoo Finance
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What could go wrong
the #1 risk is paying for 52 EH/s with shareholder dilution before mining economics improve.
high
equity dilution for growth
the company raised $1.3B through stock offerings to fund expansion. that bought machines and sites, but it also reduced your slice of the business. if the 52 EH/s buildout does not produce better economics, shareholders funded volume instead of value.
quantified impact: $1.3B already came from new equity.
high
negative operating margin
a -21.2% operating margin means the business lost about 21 cents for every $1 of revenue. scale is supposed to fix that. until it does, revenue growth is evidence of activity, not proof of quality.
quantified impact: -21.2% operating margin on $766M revenue.
high
bitcoin price and network difficulty
this is a one-line business. if bitcoin weakens or mining difficulty rises faster than CleanSpark scales, the economics compress fast. you do not have another segment here to absorb the hit.
quantified impact: 100% of the current $766M revenue base runs through mining.
med
balance sheet pressure
the balance sheet is graded B, not broken. but $1.8B of long-term debt equal to 42% of capital leaves less room for operating mistakes in a business with 5 / 100 price stability.
quantified impact: $1.8B debt, 42% of capital.
this risk stack sits on top of 100% revenue exposure to bitcoin mining, a -21.2% operating margin, $1.8B of long-term debt, and $1.3B of past equity issuance.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capacity target
52 EH/s is the milestone that has to matter
management's stated goal is 52 exahashes per second. that is the scale argument in one number. if the fleet gets there and margins still lag, the thesis needs rewriting.
monthly cadence
watch every operating update, not just earnings day
the company publishes monthly mining updates, including February 2026. for this stock, those updates are where operating momentum shows up first.
margin trend
revenue can keep rising while the business stays broken
last year gave you +102.2% revenue growth and a -21.2% operating margin at the same time. keep those two numbers next to each other. the gap is the story.
capital discipline
after $1.3B of equity, investors should demand proof
the buildout has already been funded with large stock offerings. if more capital is needed before the current expansion pays off, dilution becomes the story again.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts should not treat this one like a steady operator. the earnings line can swing hard.
risk rank
3
middle-of-the-pack safety score. not a distress signal, but nowhere close to a comfort blanket.
source: institutional data
Institutional activity
institutional ownership data for CLSK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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