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Cleanspark
(NASDAQ:CLSK)
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Rating:43Neutral
Price Target:
$12.00
▲(0.25% Upside)
Action:Reiterated
Date:07/03/26
CLSK scores low primarily due to weak financial performance (TTM losses, heavy cash burn, and materially higher leverage) and bearish technicals (below key moving averages with weak momentum). The latest earnings call adds some offset from strong liquidity and a clearer growth roadmap for contracted capacity, but near-term results and execution timing risks still weigh heavily. Valuation is difficult to support with a negative P/E and no dividend yield.
Positive Factors
Large contracted capacity and pipeline
Owned and contracted power capacity provides durable optionality to repurpose sites for AI/HPC or long‑term hosting leases. Large scale and a >5 GW pipeline support repeatable revenue streams from multi‑year contracts, lowering unit build costs and improving long‑term monetization potential.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow forces reliance on external funding or BTC monetization to finance growth and capital conversion. Over months, continued cash burn can strain liquidity, increase financing costs, and limit the firm's ability to self‑fund modular buildouts or weather prolonged BTC downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Large contracted capacity and pipeline
Owned and contracted power capacity provides durable optionality to repurpose sites for AI/HPC or long‑term hosting leases. Large scale and a >5 GW pipeline support repeatable revenue streams from multi‑year contracts, lowering unit build costs and improving long‑term monetization potential.
Read all positive factors
Cleanspark (CLSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.24B
Dividend YieldN/A
Average Volume (3M)23.30M
Price to Earnings (P/E)―
Beta (1Y)2.51
Revenue Growth37.68%
EPS Growth-117.99%
CountryUS
Employees256
SectorFinancial
Sector Strength70
IndustryAsset Management - Cryptocurrency
Share Statistics
EPS (TTM)-1.95
Shares Outstanding256,608,600
10 Day Avg. Volume21,816,974
30 Day Avg. Volume23,297,297
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.88
Price to Sales (P/S)5.34
P/FCF Ratio-4.00
Enterprise Value/Market Cap1.80
Enterprise Value/Revenue7.89
Enterprise Value/Gross Profit41.00
Enterprise Value/Ebitda28.46
Forecast
1Y Price Target
$20.73Price Target Upside73.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-3.22
Revenue Forecast (FY)$646.59M
Cleanspark Business Overview & Revenue Model
Company Description
CleanSpark, Inc. is a global enterprise specializing in cryptocurrency mining and advanced energy technologies. The company's operations are divided into two primary divisions: Digital Currency Mining and Energy Solutions. Its Digital Currency Min...
How the Company Makes Money
CleanSpark primarily makes money by mining Bitcoin. It deploys and operates fleets of specialized mining computers (ASICs) in company-owned/operated facilities; in return for providing computational work to the Bitcoin network, it earns block rewa...
Cleanspark Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive strategic narrative: CleanSpark is transitioning from a mining-focused company into a digital infrastructure and AI/HPC developer with substantial contracted power (1.8 GW), clear site milestones (Sandersville live + acreage, Sealy and Brazoria approvals), strong liquidity (~$1.2B) and evolving commercial and modular construction capabilities. At the same time, near-term financials remain challenged—revenues fell ~25% QoQ driven by a ~24% drop in average Bitcoin price, the company reported a large GAAP net loss (~$378M) driven by ~ $263M of noncash mark-to-market charges, and adjusted EBITDA remains materially negative. Execution risk (lease signings, build timelines), potential asset impairments during conversion, and market volatility for DAM are notable short-term headwinds. Overall, the strategic positives and balance-sheet strength provide meaningful optionality to execute the AI/HPC transition, but near-term financial results and execution risks persist.Positive Updates
Large contracted capacity and meaningful pipeline
1.8 gigawatts of currently contracted capacity across the portfolio, with a broader pipeline of greater than 5 gigawatts of potential capacity beyond contracted assets, providing optionality for HPC and AI deployments.
Negative Updates
Significant revenue decline tied to Bitcoin price drop
Revenue decreased by approximately $45 million, or ~25% sequentially, to $136 million for the quarter—directly attributable to the average Bitcoin price falling to ~$76,000 in Q2 (down ~24% from ~$100,000 in Q1).
Read all updates
Q2-2026 Updates
Positive
Negative
Large contracted capacity and meaningful pipeline
1.8 gigawatts of currently contracted capacity across the portfolio, with a broader pipeline of greater than 5 gigawatts of potential capacity beyond contracted assets, providing optionality for HPC and AI deployments.
Read all positive updates
Company Guidance
CleanSpark’s guidance emphasized disciplined, capacity‑driven growth: the company has 1.8 GW of currently contracted capacity (and a >5 GW pipeline), Sandersville’s 250 MW is live and an additional 122‑acre parcel was acquired, Metro Atlanta added 25 MW last month, Sealy has 285 MW approved with just over 200 MW slated to energize in H1 2027, and Brazoria totals 600 MW (300 MW ERCOT‑approved; second 300 MW progressing). Management reiterated conservative capital deployment (a “couple hundred million” deployed at Sandersville to date, current site spend in the millions not tens of millions until lease), expect 14–18 months from lease signing to delivery, plan modular factory builds that can cut on‑site labor by up to 70%, and see constructive financing markets (recent data‑center financings 5–6x oversubscribed, pricing just over 6%, $400M of Bitcoin credit capacity available). Operational and financial metrics driving the guidance included Q2 average Bitcoin ~$76k (down 24% QoQ from ~$100k), revenue down ≈$45M (≈25%) to ~$136M, mined 1,799 BTC (22 fewer QoQ), gross margin >40% (vs 47% prior quarter), net loss ≈$378M (includes ≈$263M non‑cash BTC mark‑to‑market), adjusted EBITDA −$241M (improved from −$295M), liquidity ≈$1.2B (cash $260M + 13,561 BTC valued $925M at Mar 31; HODL ≈$1.1B post‑quarter), and DAM cash generation ~$4M this quarter ($17.2M fiscal YTD).Cleanspark Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
38
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.88M | 766.31M | 378.97M | 168.41M | 131.53M | 39.29M |
| Gross Profit | 142.34M | 318.83M | 139.36M | 29.11M | 49.37M | 12.84M |
| EBITDA | 205.03M | 763.25M | 14.63M | -7.60M | 10.03M | 1.25M |
| Net Income | -500.59M | 364.46M | -145.78M | -138.15M | -57.33M | -21.81M |
Balance Sheet | ||||||
| Total Assets | 2.91B | 3.18B | 1.96B | 761.58M | 452.63M | 317.47M |
| Cash, Cash Equivalents and Short-Term Investments | 934.73M | 1.01B | 553.80M | 86.18M | 32.22M | 38.93M |
| Total Debt | 1.79B | 824.44M | 66.95M | 16.74M | 22.22M | 1.54M |
| Total Liabilities | 1.93B | 1.01B | 201.82M | 85.91M | 48.61M | 11.76M |
| Stockholders Equity | 986.16M | 2.18B | 1.76B | 675.67M | 404.01M | 305.72M |
Cash Flow | ||||||
| Free Cash Flow | -1.07B | -1.02B | -1.04B | -318.12M | -117.23M | -252.56M |
| Operating Cash Flow | -526.26M | -461.03M | -233.66M | -17.25M | 73.46M | -23.99M |
| Investing Cash Flow | 59.22M | -305.66M | -920.40M | -331.93M | -210.98M | -229.16M |
| Financing Cash Flow | 630.13M | 688.87M | 1.25B | 357.93M | 139.95M | 268.06M |
Cleanspark Technical Analysis
Negative
11.97
Price Trends
15.11
Negative
12.51
Positive
13.30
Negative
Market Momentum
-0.34
Positive
32.69
Neutral
3.13
Positive
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 11.97 is below the 20-day moving average (MA) of 16.00, below the 50-day MA of 15.11, and below the 200-day MA of 13.30, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 32.69 is Neutral, neither overbought nor oversold. The STOCH value of 3.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CLSK.
Cleanspark Risk Analysis
Cleanspark disclosed 79 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $3.04B | 5.20 | 18.35% | ― | 52.36% | ― | |
56 Neutral | $5.68B | 41.82 | 13.28% | ― | -1.64% | -6.91% | |
50 Neutral | $70.31M | 0.45 | -59.64% | ― | 0.74% | ― | |
49 Neutral | $13.85B | 970.50 | 3.41% | ― | 110.25% | ― | |
44 Neutral | $3.68B | -1.86 | -139.28% | ― | 15.19% | 42.87% | |
43 Neutral | $3.24B | -6.46 | -29.93% | ― | 37.68% | -117.99% |
* Financial Sector Average
CLSK
Cleanspark
12.62
1.29
11.39%
ENPH
Enphase Energy
43.07
0.61
1.44%
PLUG
Plug Power
2.64
1.27
92.70%
RUN
Sunrun
12.74
1.63
14.67%
STEM
Stem Inc
7.85
-1.02
-11.50%
IREN
IREN
38.82
21.87
129.03%
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.