Cleanspark (CLSK) AI Stock Analysis

Cleanspark

(BMV:CLSK)

Rating:―N/A

Action:N/A

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Positive Factors

Multi-year Revenue ScalingRevenue expansion from approximately $39M in 2021 to $766M in 2025 shows that CleanSpark has built meaningful operating scale in its core mining business. A larger revenue base can support broader infrastructure utilization and improve the platform’s ability to capture future capacity growth, although recent momentum has moderated.

Negative Factors

Severe TTM Profitability ReversalThe sharp swing from strong annual profitability to a severe TTM net loss indicates that earnings are currently highly volatile and difficult to underwrite. Persistent losses can weaken internal funding capacity, reduce returns on the capital base, and make future performance more dependent on operational improvement and financing.

Cleanspark (CLSK) vs. SPDR S&P 500 ETF (SPY)

Market Cap: MXN 1.97B
Dividend Yield: ―
Average Volume (3M): 8,038
Price to Earnings (P/E): -2.0
Beta (1Y): 0.83
Revenue Growth: -2.07%
EPS Growth: -432.95%
Country: Mexico
Employees: 312
Sector: General
Sector Strength: 55
Industry: Financial - Capital Markets

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 Mining...

Cleanspark Earnings Call Summary

Earnings Call Date:May 10, 2026(Q2-2026)|% Change Since:-42.43%|Next Earnings Date:Dec 15, 2026

Earnings Call SentimentPositive

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).

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 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

3 New Risks

1.Our expectations regarding future revenue and net operating income from the Sandersville project may not be realized.Q2, 2026

2.We may be unable to timely achieve the financing, construction and delivery milestones required under the Sandersville Lease, which could result in rent abatements or termination of the Sandersville Lease.Q2, 2026

3.We will need to raise substantial additional capital to fund the development of the Sandersville project, and such capital may not be available on favorable terms or at all.Q2, 2026

Cleanspark Peers Comparison

Overall Rating

Financial Indicators

MX:CLSK against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

MX:CLSK and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	MX:CLSK	Cleanspark, Inc.	141.59	-183.41	-56.43%

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.

Cleanspark AI Stock Analysis