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Cleanspark
(NASDAQ:CLSK)
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Rating:47Neutral
Price Target:
$8.00
▼(-37.25% Downside)
Action:Reiterated
Date:10/15/26
The score is held down primarily by weak current financial execution—sharp TTM losses and very large operating/free-cash-flow burn—along with a clearly bearish technical trend. Offsetting factors include a strong balance-sheet starting point in the statements and positive corporate developments (long-term lease and financing) that could improve longer-term cash generation, but near-term risk remains elevated.
Positive Factors
Long-term Revenue Scaling
The sharp multi-year increase in revenue shows that CleanSpark has expanded its operating footprint and monetized a larger mining platform. Although recent momentum weakened, this established scale can support stronger fixed-cost absorption and operational leverage if capacity remains productive.
Negative Factors
Severe Cash Burn
Deeply negative operating and free cash flow indicate that current activities are consuming substantial liquidity rather than funding growth internally. Continued burn increases dependence on external financing and makes execution of expansion projects more important to future financial stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term Revenue Scaling
The sharp multi-year increase in revenue shows that CleanSpark has expanded its operating footprint and monetized a larger mining platform. Although recent momentum weakened, this established scale can support stronger fixed-cost absorption and operational leverage if capacity remains productive.
Read all positive factors
Cleanspark (CLSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.25B
Dividend Yield0.7%
Average Volume (3M)17.43M
Price to Earnings (P/E)―
Beta (1Y)2.13
Revenue Growth7.49%
EPS Growth-468.86%
CountryUS
Employees312
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-3.74
Shares Outstanding256,817,080
10 Day Avg. Volume18,496,629
30 Day Avg. Volume17,428,061
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 Cap2.44
Enterprise Value/Revenue8.07
Enterprise Value/Gross Profit-151.87
Enterprise Value/Ebitda-32.34
Forecast
1Y Price Target
$23.15Price Target Upside81.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-1.76
Revenue Forecast (FY)$631.49M
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 operates ASIC miners that perform cryptographic computations and, in return, earns Bitcoin rewards from the network (block subsidies) and transaction fees associated with blocks it helps produ...
Cleanspark Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 16, 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
34
Negative
Balance Sheet
73
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 679.25M | 766.31M | 378.97M | 168.41M | 131.53M | 39.29M |
| Gross Profit | -36.09M | 318.83M | 139.36M | 29.11M | 49.37M | 12.84M |
| EBITDA | -169.48M | 763.25M | 14.63M | -7.60M | 10.03M | 1.25M |
| Net Income | -997.82M | 364.46M | -145.78M | -138.15M | -57.33M | -21.81M |
Balance Sheet | ||||||
| Total Assets | 2.70B | 3.18B | 1.96B | 761.58M | 452.63M | 317.47M |
| Cash, Cash Equivalents and Short-Term Investments | 794.66M | 1.01B | 553.80M | 86.18M | 32.22M | 38.93M |
| Total Debt | 1.78B | 824.44M | 66.95M | 16.74M | 22.22M | 1.54M |
| Total Liabilities | 1.94B | 1.01B | 201.82M | 85.91M | 48.61M | 11.76M |
| Stockholders Equity | 761.28M | 2.18B | 1.76B | 675.67M | 404.01M | 305.72M |
Cash Flow | ||||||
| Free Cash Flow | -1.15B | -1.02B | -1.04B | -318.12M | -117.23M | -252.56M |
| Operating Cash Flow | -528.71M | -461.03M | -233.66M | -17.25M | 73.46M | -23.99M |
| Investing Cash Flow | 239.96M | -305.66M | -920.40M | -331.93M | -210.98M | -229.16M |
| Financing Cash Flow | 457.07M | 688.87M | 1.25B | 357.93M | 139.95M | 268.06M |
Cleanspark Technical Analysis
Negative
12.75
Price Trends
12.01
Negative
13.31
Negative
12.47
Negative
Market Momentum
-1.25
Positive
25.42
Positive
13.86
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 12.75 is above the 20-day moving average (MA) of 10.87, above the 50-day MA of 12.01, and above the 200-day MA of 12.47, indicating a bearish trend. The MACD of -1.25 indicates Positive momentum. The RSI at 25.42 is Positive, neither overbought nor oversold. The STOCH value of 13.86 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 86 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $4.26B | 31.36 | 12.28% | ― | -10.41% | -22.03% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | $11.26B | -15.30 | -22.97% | ― | 42.04% | -367.00% | |
47 Neutral | $2.25B | -2.34 | -75.24% | 0.70% | 7.49% | -468.86% | |
47 Neutral | $1.97B | -1.04 | -176.19% | ― | 10.59% | 41.83% | |
47 Neutral | $33.69M | -0.39 | 28.62% | ― | -5.11% | -161.56% | |
46 Neutral | $1.84B | 4.46 | 2.46% | ― | 63.23% | ― |
* General Sector Average
CLSK
Cleanspark
8.15
-9.52
-53.88%
ENPH
Enphase Energy
31.35
-4.29
-12.04%
PLUG
Plug Power
1.38
-1.50
-52.08%
RUN
Sunrun
7.70
-12.12
-61.15%
STEM
Stem Inc
3.02
-17.68
-85.41%
IREN
IREN
25.51
-30.35
-54.33%
Cleanspark Corporate Events
Business Operations and StrategyPrivate Placements and Financing
CleanSpark Completes Major Senior Notes Financing Transaction
Positive
Sep 25, 2026
On September 25, 2026, CleanSpark’s wholly owned subsidiary CSDC Finance I, LLC closed a private offering of $2.276 billion in 7.875% senior secured notes due 2031, sold at 98.5% of par to qualified institutional buyers and certain non-U.S. ...
Business Operations and StrategyPrivate Placements and Financing
Cleanspark Prices $2.3 Billion Senior Secured Notes
Neutral
Sep 18, 2026
On September 18, 2026, CleanSpark announced that its wholly owned subsidiary CSDC Finance I, LLC priced a $2.276 billion offering of 7.875% senior secured notes due 2031 at 98.5% of face value, with closing expected on September 25, 2026, in a pri...
Business Operations and StrategyPrivate Placements and Financing
Cleanspark Announces Major AI Data Center Financing Plan
Positive
Sep 17, 2026
On September 17, 2026 CleanSpark announced that its indirect subsidiary CSDC Finance I, LLC intends to raise $2.227 billion through a private offering of senior secured notes due 2031 to qualified institutional buyers and certain non-U.S. investor...
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.