What is Cleanspark's operating income?

Cleanspark's total operating income in 2025 was $318.95 million, based on the following breakdown: Total Gross Profit: $423.21 million Total Operating Expenses: $104.26 million

Cleanspark (CLSK) Financials

$12.69 +0.11 (+0.87%)

As of 09/4/2026 04:00 PM Eastern

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Annual Income Statements for Cleanspark

This table shows Cleanspark's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2014	9/30/2015	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.07	-3.49	-13	-47	-26	-23	-22	-58	-138	-149	353
Consolidated Net Income / (Loss)	-0.05	-3.49	-13	-47	-26	-23	-22	-57	-138	-146	364
Net Income / (Loss) Continuing Operations	-0.07	-3.49	-13	-47	-26	-23	-8.23	-40	-134	-146	364
Total Pre-Tax Income	-0.07	-3.49	-13	-47	-26	-23	-8.23	-40	-134	-146	364
Total Operating Income	-0.06	-3.48	-13	-7.08	-17	-15	-12	-38	-131	-149	319
Total Gross Profit	0.00	0.00	0.15	0.19	0.67	2.12	34	90	75	213	423
Total Revenue	0.00	0.00	0.45	1.16	4.53	10	39	132	168	379	766
Operating Revenue	0.00	0.00	0.45	1.16	4.53	10	39	132	168	379	766
Total Cost of Revenue	0.00	0.00	0.30	0.78	3.86	7.91	5.26	41	94	166	343
Operating Cost of Revenue	0.00	0.00	0.30	0.78	3.86	7.91	5.26	41	94	166	343
Total Operating Expenses	0.06	3.48	14	7.26	17	17	46	128	206	362	104
Selling, General & Admin Expense	0.06	3.42	1.38	1.55	5.75	7.61	12	17	32	44	66
Depreciation Expense	0.00	0.00	2.25	0.85	1.90	2.84	8.98	49	121	155	348
Other Operating Expenses / (Income)	-	-	0.26	1.58	1.27	6.81	18	38	44	-39	-310
Impairment Charge	-	-	8.55	1.90	6.92	0.00	6.61	25	7.16	198	0.00
Other Special Charges / (Income)	-	0.00	-0.01	-	-	-	0.00	-0.64	1.93	5.47	-0.34
Total Other Income / (Expense), net	-0.01	-0.01	-0.12	-40	-9.46	-8.20	3.67	-2.23	-2.68	3.27	46
Interest Expense	-0.05	0.01	0.12	0.97	9.48	11	0.15	1.08	2.98	2.46	11
Interest & Investment Income	-	-	-	-	0.00	0.31	0.22	0.19	0.48	8.56	4.13
Other Income / (Expense), net	-0.06	-	0.00	-39	0.02	2.25	3.59	-1.34	-0.18	-2.83	53
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-14	-17	0.00	0.00	0.00
Preferred Stock Dividends Declared	-	-	-	-	-	0.00	0.18	0.34	0.00	3.42	11
Weighted Average Basic Shares Outstanding	10.70M	19.23M	32.18M	3.45M	4.18M	9.55M	29.44M	42.61M	102.71M	216.86M	282.18M
Weighted Average Diluted Shares Outstanding	3.57M	20.37M	-	-	4.78M	9.55M	29.44M	85.23M	205.42M	433.72M	635.52M
Weighted Average Basic & Diluted Shares Outstanding	3.57M	20.37M	-	-	4.78M	9.55M	29.44M	42.61M	102.71M	216.86M	282.18M

This table shows Cleanspark's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	25	124	-236	-62	242	-139	252	-1.74	-379	-408	-240
Consolidated Net Income / (Loss)	26	127	-236	-62	247	-139	257	-0.93	-379	-378	-240
Net Income / (Loss) Continuing Operations	26	127	-236	-62	247	-139	0.00	-0.93	-379	-378	0.00
Total Pre-Tax Income	27	138	-246	-62	247	-139	275	-25	-379	-378	-243
Total Operating Income	29	137	-249	-66	210	-138	246	0.83	-317	-346	-232
Total Gross Profit	45	78	59	32	92	96	109	126	86	55	53
Total Revenue	74	112	104	89	162	182	199	224	181	136	138
Operating Revenue	74	112	104	89	162	182	199	224	181	136	138
Total Cost of Revenue	29	34	45	57	70	85	90	97	96	82	85
Operating Cost of Revenue	29	34	45	57	70	85	90	97	96	82	85
Total Operating Expenses	16	-60	308	98	-118	234	-138	126	402	400	285
Selling, General & Admin Expense	6.58	9.03	13	16	14	15	20	18	21	26	25
Depreciation Expense	30	32	41	52	66	79	95	108	106	116	111
Other Operating Expenses / (Income)	-21	-103	65	19	-197	143	-252	-3.48	274	251	146
Impairment Charge	-	0.40	189	8.13	0.00	0.00	0.00	-	1.40	4.01	0.00
Other Special Charges / (Income)	0.68	1.65	-0.05	3.18	-0.79	-2.23	0.16	2.53	-0.22	3.99	2.93
Total Other Income / (Expense), net	-1.20	1.21	3.34	3.42	37	-0.77	11	-26	-62	-33	-7.44
Interest Expense	0.55	0.53	0.49	0.90	1.56	1.08	3.45	5.06	3.93	1.95	2.04
Interest & Investment Income	0.59	2.68	2.64	2.65	1.48	2.01	0.36	0.28	2.19	3.07	2.14
Other Income / (Expense), net	-1.24	-0.95	1.19	1.67	37	-1.70	14	-21	-60	-34	-7.55
Preferred Stock Dividends Declared	0.58	2.84	0.00	0.00	5.14	0.00	5.60	0.40	0.00	30	0.00
Basic Earnings per Share	-	-	-	-	-	-	$0.00	-	-	-	$0.00
Weighted Average Basic Shares Outstanding	178.81M	209.29M	228.64M	216.86M	284.55M	280.85M	0.00	282.18M	281.47M	267.83M	0.00
Diluted Earnings per Share	-	-	-	-	-	-	$0.00	-	-	-	$0.00
Weighted Average Diluted Shares Outstanding	180.78M	212.10M	228.64M	433.72M	291.89M	280.85M	0.00	635.52M	281.47M	267.83M	0.00
Weighted Average Basic & Diluted Shares Outstanding	198.06M	209.29M	228.64M	216.86M	280.81M	280.94M	281.08M	282.18M	255.75M	256.61M	256.82M

This table details how cash moves in and out of Cleanspark's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2014	9/30/2015	9/30/2017	9/23/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	0.12	-0.03	-0.38	0.36	7.43	-4.71	15	2.42	8.75	95	-78
Net Cash From Operating Activities	-0.10	-0.19	-1.36	-1.26	-5.70	-6.64	-24	73	-17	-234	-461
Net Cash From Continuing Operating Activities	-0.01	-6.68	-2.42	-81	-4.87	-6.32	-12	80	-19	-233	-461
Net Income / (Loss) Continuing Operations	-0.05	-3.49	-13	-47	-26	-23	-8.23	-40	-134	-146	364
Consolidated Net Income / (Loss)	-0.05	-3.49	-13	-47	-26	-23	-22	-57	-138	-146	364
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-14	-17	-4.43	0.00	0.00
Depreciation Expense	0.00	0.00	2.25	0.85	1.90	2.84	9.34	49	121	155	348
Non-Cash Adjustments To Reconcile Net Income	-0.04	-3.24	8.82	3.44	7.51	2.16	-17	56	-22	-259	-1,232
Changes in Operating Assets and Liabilities, net	-0.06	0.04	0.01	-39	2.81	3.02	3.59	15	16	17	59
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-12	-6.36	1.33	-0.51	0.00
Net Cash From Investing Activities	-0.00	-0.08	-0.13	-0.42	-0.67	-2.38	-229	-211	-332	-920	-306
Net Cash From Continuing Investing Activities	-0.00	-0.08	-0.13	-0.42	0.46	0.07	-228	-211	-334	-920	-306
Purchase of Property, Plant & Equipment	0.00	-0.08	-0.01	-0.02	0.47	0.05	-139	-19	-302	-66	-145
Acquisitions	-0.00	-0.00	-0.03	-0.01	-0.00	0.77	0.00	-23	-	-52	-5.49
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.37	0.01	0.00	0.00	9.65
Other Investing Activities, net	-	0.00	-0.09	-0.40	-	0.00	-89	-168	-32	-802	-165
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-1.00	0.00	2.25	0.00	0.00
Net Cash From Financing Activities	0.22	0.24	1.11	2.04	14	4.31	268	140	358	1,249	689
Net Cash From Continuing Financing Activities	0.22	0.24	1.11	2.04	14	4.31	268	140	358	1,249	689
Repayment of Debt	-0.04	0.00	-0.03	-0.17	-1.64	-0.22	-	-	-14	0.00	-2.01
Repurchase of Common Equity	-	-	-	-	-	-	-	-	0.00	0.00	-145
Payment of Dividends	-	-	-	-	-	0.00	-0.18	-0.32	-0.02	-3.42	-11
Issuance of Debt	0.07	-	0.11	1.89	15	0.53	-	0.00	1.94	50	889
Issuance of Common Equity	0.20	0.24	0.88	0.27	0.36	4.00	271	123	376	1,232	187
Other Financing Activities, net	-	-	0.15	0.04	0.00	0.00	-2.42	17	-5.72	-29	-229
Cash Interest Paid	0.00	0.00	0.00	0.11	0.06	0.01	0.16	1.03	2.91	2.13	8.88

This table details how cash moves in and out of Cleanspark's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Purchase of Property, Plant & Equipment	-20	-76	-15	-439	415	-57	-66	-171	372	-37	-6.10
Acquisitions	23	0.00	-23	-26	49	1.41	-5.49	-1.41	8.11	-22	-25
Purchase of Investments	-	-	-	-	-	0.00	-	-	-	-0.87	-3.52
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	-	-	9.24	14	12
Other Investing Activities, net	-95	44	-160	193	-881	-200	11	47	-253	125	78
Net Change in Cash & Equivalents	7.38	19	275	-194	-4.89	156	-180	-62	8.44	415	-57
Net Cash From Operating Activities	-35	-48	-43	-68	-83	-119	-112	-110	-119	-161	-112
Net Cash From Continuing Operating Activities	-35	-47	-43	-68	-83	-119	-112	-110	-119	-161	-112
Net Income / (Loss) Continuing Operations	-71	26	127	-236	-62	247	-139	257	-0.93	-379	-240
Consolidated Net Income / (Loss)	-76	26	127	-236	-62	247	-139	257	-0.93	-379	-240
Depreciation Expense	58	30	32	41	52	66	79	95	108	106	111
Non-Cash Adjustments To Reconcile Net Income	-37	-98	-218	136	-80	-424	-47	-492	-270	174	9.41
Changes in Operating Assets and Liabilities, net	15	-5.46	17	-8.45	7.98	-8.86	-5.49	30	43	-62	7.06
Net Cash From Investing Activities	-93	-33	-199	-272	-417	-256	-60	-125	135	80	55
Net Cash From Financing Activities	135	100	516	146	494	531	-7.38	173	-7.65	496	-0.30
Net Cash From Continuing Financing Activities	135	100	516	146	494	531	-7.38	173	-7.65	496	-0.30
Repayment of Debt	-	0.00	-	-	-	-2.01	-	-	-	-254	-0.65
Repurchase of Common Equity	-	0.00	-	-	-	-145	-	-	-	-460	-0.00
Other Financing Activities, net	-7.60	-9.18	-13	-1.85	43	-144	-2.24	-3.74	-79	1.27	0.36
Cash Interest Paid	0.63	0.52	0.50	0.45	0.65	1.40	0.49	2.69	4.30	2.40	0.34

This table presents Cleanspark's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2014	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	0.76	42	21	18	23	22	317	453	762	1,963	3,184
Total Current Assets	0.14	0.60	0.13	0.55	9.88	8.25	58	51	102	705	1,320
Cash & Equivalents	0.12	0.44	0.06	0.41	7.84	3.13	18	20	29	121	43
Restricted Cash	-	-	-	-	-	-	-	-	0.00	3.06	3.49
Short-Term Investments	-	-	-	-	0.00	0.96	0.76	0.61	3.42	0.92	0.23
Prepaid Expenses	0.02	0.06	0.03	0.05	1.21	0.94	2.14	7.93	3.26	8.00	12
Other Current Assets	-	-	0.00	0.05	0.06	2.12	36	22	10	80	1,261
Plant, Property, & Equipment, net	0.58	0.78	0.13	0.09	0.15	0.12	138	377	564	870	1,364
Total Noncurrent Assets	0.04	40	21	17	13	14	122	25	95	388	500
Goodwill	-	4.92	4.92	4.92	4.92	5.90	12	0.00	8.04	8.04	132
Intangible Assets	0.04	2.47	16	12	8.49	8.03	8.22	6.49	4.60	3.04	5.85
Other Noncurrent Operating Assets	0.00	33	-0.01	-	0.00	0.04	102	17	82	376	362
Total Liabilities & Shareholders' Equity	0.76	33	21	18	23	22	317	453	762	1,963	3,184
Total Liabilities	0.05	0.36	0.45	1.50	4.55	5.91	12	49	86	202	1,009
Total Current Liabilities	0.01	0.36	0.30	1.35	1.50	5.38	10	34	74	188	316
Short-Term Debt	0.00	0.06	0.06	0.31	0.07	-	0.00	7.79	6.99	59	177
Accounts Payable	0.01	0.29	0.22	0.51	0.94	4.53	6.98	25	40	83	15
Accrued Expenses	-	-	-	-	-	-	-	-	26	44	118
Dividends Payable	-	-	-	-	-	-	0.00	0.02	-	0.00	0.40
Other Current Liabilities	-	-	-0.01	-0.39	0.50	0.86	1.64	0.37	0.31	2.24	6.10
Total Noncurrent Liabilities	0.04	0.00	0.15	0.15	3.05	0.53	1.69	15	12	14	693
Long-Term Debt	0.04	-	0.15	0.15	3.05	0.53	0.00	13	8.91	7.18	645
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	2.42	5.76	45
Other Noncurrent Operating Liabilities	-	-	-	0.00	0.00	0.00	1.02	0.45	0.53	1.00	3.28
Total Equity & Noncontrolling Interests	0.71	33	20	16	19	16	306	404	676	1,761	2,175
Total Preferred & Common Equity	0.71	33	20	16	19	16	306	404	676	1,761	2,175
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.71	33	20	16	19	16	306	404	676	1,761	2,175
Common Stock	1.12	39	40	83	112	133	444	600	1,010	2,240	2,446
Retained Earnings	-0.41	-6.43	-20	-67	-93	-116	-138	-196	-334	-479	-126
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	0.00	-0.01	0.11	0.23	0.42	0.00
Other Equity Adjustments	-	-0.05	-	-	-	-	-	-	-	-	-145

This table presents Cleanspark's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026	6/30/2026
Total Assets	532	653	863	1,537	1,476	2,779	2,657	3,102	3,326	2,914	2,702
Total Current Assets	33	53	182	688	599	1,225	947	1,210	1,471	1,099	921
Cash & Equivalents	10	22	-	-	126	277	97	35	458	260	203
Restricted Cash	-	-	48	323	3.02	3.41	3.44	3.46	3.19	3.21	3.74
Short-Term Investments	0.67	0.70	0.76	0.78	0.81	0.95	3.90	4.41	0.00	1.50	0.92
Prepaid Expenses	8.70	8.34	2.97	4.13	7.66	11	10	11	35	48	21
Other Current Assets	12	21	129	359	33	4.50	833	279	974	786	693
Plant, Property, & Equipment, net	440	482	637	671	568	1,256	1,272	1,329	1,358	1,334	1,335
Total Noncurrent Assets	58	118	44	179	308	298	438	562	497	481	446
Goodwill	8.04	8.04	8.04	8.04	8.04	135	132	129	132	132	132
Intangible Assets	5.70	5.12	4.09	3.74	3.58	5.95	6.98	6.96	4.91	4.29	3.68
Other Noncurrent Operating Assets	45	105	31	167	297	157	299	427	360	345	311
Total Liabilities & Shareholders' Equity	532	653	863	1,537	1,476	2,779	2,657	3,102	3,326	2,914	2,702
Total Liabilities	58	49	52	74	73	758	767	955	1,944	1,927	1,941
Total Current Liabilities	41	37	42	55	67	97	109	277	139	133	156
Short-Term Debt	7.25	7.08	7.42	7.69	9.67	7.22	5.42	176	2.53	2.49	2.35
Accounts Payable	31	30	33	44	56	28	11	23	22	18	11
Accrued Expenses	-	-	-	-	-	51	88	64	104	102	131
Dividends Payable	0.02	0.00	0.58	2.84	-	5.14	0.00	5.60	0.00	0.00	0.00
Other Current Liabilities	2.34	0.36	0.27	0.23	0.22	5.69	4.60	6.83	11	11	11
Total Noncurrent Liabilities	16	12	9.78	19	6.39	661	657	678	1,804	1,794	1,785
Long-Term Debt	10	11	7.05	5.09	1.31	641	642	644	1,787	1,788	1,780
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	2.26	14	4.36	15	12	31	13	3.57	0.60
Other Noncurrent Operating Liabilities	5.59	0.58	0.47	0.43	0.72	4.62	3.52	3.42	4.21	2.51	4.56
Total Equity & Noncontrolling Interests	474	604	811	1,463	1,402	2,022	1,890	2,147	1,382	986	761
Total Preferred & Common Equity	474	604	811	1,463	1,402	2,022	1,890	2,147	1,382	986	761
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	474	604	811	1,463	1,402	2,022	1,890	2,147	1,382	986	761
Common Stock	717	861	1,113	1,642	1,817	2,404	2,408	2,413	2,495	2,507	2,522
Retained Earnings	-244	-258	-303	-179	-415	-238	-376	-125	-505	-913	-1,153
Accumulated Other Comprehensive Income / (Loss)	0.17	0.20	0.26	0.28	0.31	0.45	3.40	3.17	0.00	0.00	0.00
Other Equity Adjustments	-	-	-	-	-	-	-	-	-608	-608	-608

This table displays calculated financial ratios and metrics derived from Cleanspark's official financial filings.

Metric	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2014	9/30/2015	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-100.00%	0.00%	158.34%	291.68%	121.25%	291.75%	234.78%	28.04%	125.03%	102.21%
EBITDA Growth	-210.32%	-4,373.89%	0.00%	-300.34%	87.26%	81.51%	198.34%	858.32%	-205.42%	127.44%	26,254.65%
EBIT Growth	-376.07%	-2,818.56%	0.00%	-244.15%	63.96%	22.29%	35.60%	-372.02%	-234.74%	-15.74%	344.72%
NOPAT Growth	-136.50%	-5,774.96%	0.00%	47.11%	-134.79%	8.85%	21.43%	-218.23%	-246.09%	-13.74%	405.71%
Net Income Growth	-42.09%	-7,619.58%	0.00%	-248.23%	44.44%	10.61%	6.57%	-162.82%	-140.99%	-5.52%	350.01%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	60.96%	88.11%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-486.66%	-84.21%	0.00%	7.44%	-352.03%	-16.58%	-261.09%	406.25%	-123.48%	-1,254.80%	-97.31%
Free Cash Flow Firm Growth	-865.84%	-160.56%	0.00%	0.00%	-496.55%	-6.13%	-2,955.39%	50.09%	-144.60%	-229.38%	18.86%
Invested Capital Growth	6,033.53%	-100.00%	0.00%	-16.99%	-16.79%	-9.10%	2,145.59%	39.96%	63.18%	157.50%	73.38%
Revenue Q/Q Growth	0.00%	-100.00%	0.00%	252.20%	56.31%	-3.54%	83.72%	49.44%	-6.05%	10.74%	21.26%
EBITDA Q/Q Growth	1.88%	-1,161.53%	0.00%	-911.18%	84.64%	26.96%	107.63%	-40.07%	-406.02%	-27.00%	16.78%
EBIT Q/Q Growth	-50.53%	-1,028.57%	0.00%	-1,366.88%	62.72%	17.09%	60.60%	-110.46%	-73.80%	3.29%	14.47%
NOPAT Q/Q Growth	25.22%	-1,028.57%	0.00%	-369.52%	-54.43%	12.04%	58.08%	-166.20%	-70.53%	2.29%	26.31%
Net Income Q/Q Growth	64.17%	-1,269.70%	0.00%	-663.85%	-485.86%	23.86%	7.21%	-181.11%	-32.82%	8.01%	20.20%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	73.39%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	50.84%	-79.98%	0.00%	1.61%	7.37%	-85.29%	0.44%	48.04%	-147.07%	-17.39%	-8.66%
Free Cash Flow Firm Q/Q Growth	-13.64%	-367.52%	0.00%	0.00%	69.54%	-69.79%	-8.46%	1.46%	-33.21%	-44.65%	33.31%
Invested Capital Q/Q Growth	35.65%	-100.00%	0.00%	1,058.57%	-37.74%	-20.42%	11.76%	3.00%	10.07%	32.40%	0.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.60%	0.00%	33.86%	16.23%	14.82%	21.15%	86.60%	68.65%	44.43%	56.32%	55.23%
EBITDA Margin	-3,041.84%	0.00%	-2,484.01%	-3,849.37%	-125.18%	-10.46%	2.63%	7.52%	-6.19%	0.75%	93.96%
Operating Margin	-2,318.28%	0.00%	-2,986.46%	-611.43%	-366.53%	-151.00%	-30.29%	-28.79%	-77.81%	-39.33%	41.62%
EBIT Margin	-4,666.61%	0.00%	-2,986.46%	-3,978.38%	-366.10%	-128.59%	-21.14%	-29.81%	-77.92%	-40.08%	48.50%
Profit (Net Income) Margin	-1,766.93%	0.00%	-3,013.31%	-4,061.81%	-576.18%	-232.79%	-55.52%	-43.59%	-82.03%	-38.47%	47.56%
Tax Burden Percent	61.57%	100.00%	100.00%	100.40%	100.15%	100.00%	265.06%	143.00%	103.31%	100.00%	100.00%
Interest Burden Percent	61.49%	100.15%	100.90%	101.69%	157.15%	181.03%	99.09%	102.27%	101.90%	95.98%	98.06%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-13.22%	0.00%	-45.68%	-26.41%	-74.60%	-78.43%	-5.52%	-7.64%	-17.23%	-8.84%	13.71%
ROIC Less NNEP Spread (ROIC-NNEP)	-43.74%	0.00%	-2,664.76%	-7,545.36%	695.11%	229.44%	127.76%	373.66%	599.74%	99.33%	26.43%
Return on Net Nonoperating Assets (RNNOA)	-1.75%	0.00%	-20.68%	-231.89%	-74.89%	-53.80%	-8.02%	-8.51%	-8.36%	-3.12%	4.81%
Return on Equity (ROE)	-14.97%	-984.09%	-66.36%	-258.29%	-149.49%	-132.23%	-13.54%	-16.15%	-25.59%	-11.97%	18.52%
Cash Return on Invested Capital (CROIC)	-108.19%	-563.78%	0.00%	-7.84%	-56.28%	-68.89%	-188.46%	-40.95%	-65.25%	-96.95%	-39.97%
Operating Return on Assets (OROA)	-31.23%	0.00%	-49.72%	-240.12%	-80.97%	-56.35%	-4.89%	-10.18%	-21.61%	-11.15%	14.44%
Return on Assets (ROA)	-11.83%	0.00%	-50.17%	-245.15%	-127.43%	-102.01%	-12.84%	-14.89%	-22.76%	-10.70%	14.16%
Return on Common Equity (ROCE)	-14.97%	-984.09%	-66.36%	-258.28%	-149.48%	-132.22%	-13.54%	-16.15%	-25.59%	-11.97%	18.52%
Return on Equity Simple (ROE_SIMPLE)	-6.37%	0.00%	-66.36%	-292.76%	-138.29%	-142.13%	-7.13%	-14.19%	-20.45%	-8.28%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.04	-2.44	-9.36	-4.95	-12	-11	-8.33	-27	-92	-104	319
NOPAT Margin	-1,622.79%	0.00%	-2,090.52%	-428.00%	-256.57%	-105.70%	-21.20%	-20.15%	-54.47%	-27.53%	41.62%
Net Nonoperating Expense Percent (NNEP)	30.51%	-2,979.94%	2,619.08%	7,518.95%	-769.71%	-307.87%	-133.27%	-381.31%	-616.97%	-108.17%	-12.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	10.64%
Cost of Revenue to Revenue	27.40%	0.00%	66.14%	67.53%	85.18%	78.85%	13.40%	31.35%	55.57%	43.68%	44.77%
SG&A Expenses to Revenue	2,390.88%	0.00%	308.68%	134.00%	126.77%	75.92%	31.19%	12.84%	18.82%	11.61%	8.67%
R&D to Revenue	0.00%	0.00%	238.45%	119.49%	32.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2,390.88%	0.00%	3,014.59%	627.67%	381.35%	172.15%	116.89%	97.44%	122.25%	95.65%	13.61%
Earnings before Interest and Taxes (EBIT)	-0.12	-3.48	-13	-46	-17	-13	-8.30	-39	-131	-152	372
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.08	-3.48	-11	-45	-5.67	-1.05	1.03	9.89	-10	2.86	720
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	3.44	2.06	13.20	1.35	0.37	0.86	1.32	1.87
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	7.11	86.87	1.45	0.38	0.88	1.32	2.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	47.76	8.59	21.61	10.50	1.14	3.45	6.12	5.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.55
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.66%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	3.25	2.42	16.56	1.36	0.37	0.86	1.33	1.64
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	47.80	7.55	21.26	10.02	1.14	3.35	5.95	6.33
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	381.49	15.18	0.00	788.66	6.74
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.05
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.21
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.04	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.00	0.01	0.03	0.16	0.03	0.00	0.05	0.02	0.04	0.38
Long-Term Debt to Equity	0.06	0.00	0.01	0.01	0.16	0.03	0.00	0.03	0.01	0.00	0.30
Financial Leverage	0.04	-0.10	0.01	0.03	-0.11	-0.23	-0.06	-0.02	-0.01	-0.03	0.18
Leverage Ratio	1.27	1.08	1.02	1.05	1.17	1.30	1.05	1.09	1.12	1.12	1.31
Compound Leverage Factor	0.78	1.08	1.02	1.07	1.84	2.35	1.05	1.11	1.15	1.07	1.28
Debt to Total Capital	6.14%	0.00%	1.03%	2.78%	14.15%	3.13%	0.00%	5.03%	2.30%	3.61%	27.41%
Short-Term Debt to Total Capital	0.20%	0.00%	0.30%	1.87%	0.31%	0.00%	0.00%	1.83%	1.01%	3.22%	5.89%
Long-Term Debt to Total Capital	5.94%	0.00%	0.73%	0.91%	13.85%	3.13%	0.00%	3.20%	1.29%	0.39%	21.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.01%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	93.86%	0.00%	98.97%	97.22%	85.84%	96.86%	100.00%	94.97%	97.70%	96.39%	72.59%
Debt to EBITDA	-0.60	0.00	-0.02	-0.01	-0.55	-0.51	0.00	2.16	-1.53	23.05	1.14
Net Debt to EBITDA	0.91	0.00	-0.01	0.00	0.83	3.39	0.00	0.03	1.61	-21.35	1.08
Long-Term Debt to EBITDA	-0.58	0.00	-0.01	0.00	-0.54	-0.51	0.00	1.38	-0.85	2.51	0.90
Debt to NOPAT	-1.12	0.00	-0.02	-0.09	-0.27	-0.05	0.00	-0.81	-0.17	-0.63	2.57
Net Debt to NOPAT	1.70	0.00	-0.02	-0.01	0.41	0.34	0.00	-0.01	0.18	0.59	2.43
Long-Term Debt to NOPAT	-1.08	0.00	-0.02	-0.03	-0.26	-0.05	0.00	-0.51	-0.10	-0.07	2.02
Altman Z-Score	0.00	0.00	0.00	8.13	-2.14	13.40	20.66	1.29	3.14	6.80	3.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	13.61	0.00	0.43	0.41	6.58	1.53	5.74	1.49	1.38	3.75	4.18
Quick Ratio	11.52	0.00	0.33	0.33	5.73	0.92	1.90	0.62	1.20	3.70	0.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-0.69	-1.80	0.00	-1.47	-8.77	-9.31	-284	-142	-347	-1,144	-930
Operating Cash Flow to CapEx	0.00%	-247.76%	-26,640.55%	-8,278.20%	0.00%	0.00%	-17.23%	380.89%	-27.42%	-348.03%	-318.70%
Free Cash Flow to Firm to Interest Expense	0.00	-349.54	0.00	-1.52	-0.93	-0.87	-1,952.23	-131.72	-116.67	-465.98	-82.02
Operating Cash Flow to Interest Expense	0.00	-37.06	-11.32	-1.31	-0.60	-0.62	-164.60	68.14	-5.79	-95.18	-40.67
Operating Cash Flow Less CapEx to Interest Expense	0.00	-52.02	-11.36	-1.32	-0.55	-0.61	-1,120.04	50.25	-26.92	-122.53	-53.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.00	0.02	0.06	0.22	0.44	0.23	0.34	0.28	0.28	0.30
Accounts Receivable Turnover	0.00	0.00	9.05	30.42	11.17	12.25	67.34	787.42	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	32.16	278.79	0.00	0.00	0.49
Fixed Asset Turnover	0.00	0.00	0.99	10.91	39.11	76.25	0.57	0.51	0.36	0.53	0.69
Accounts Payable Turnover	0.07	0.00	1.17	2.14	5.32	2.90	0.91	2.61	2.90	2.69	6.99
Days Sales Outstanding (DSO)	0.00	0.00	40.35	12.00	32.69	29.80	5.42	0.46	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	11.35	1.31	0.00	0.00	743.88
Days Payable Outstanding (DPO)	5,059.94	0.00	312.74	170.71	68.55	126.07	399.10	140.06	125.91	135.50	52.21
Cash Conversion Cycle (CCC)	-5,059.94	0.00	-272.39	-158.71	-35.86	-96.27	-382.33	-138.28	-125.91	-135.50	691.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.64	0.00	20	17	14	13	289	405	660	1,700	2,950
Invested Capital Turnover	0.01	0.00	0.02	0.06	0.29	0.74	0.26	0.38	0.32	0.32	0.33
Increase / (Decrease) in Invested Capital	0.65	-0.64	0.00	-3.48	-2.86	-1.29	276	115	256	1,040	1,249
Enterprise Value (EV)	0.00	0.00	0.00	55	34	213	394	150	565	2,256	4,850
Market Capitalization	0.00	0.00	0.00	55	39	217	413	150	582	2,317	4,076
Book Value per Share	$0.13	$0.00	$0.61	$0.46	$0.41	$0.95	$8.59	$8.58	$4.43	$7.10	$7.74
Tangible Book Value per Share	$0.12	$0.00	($0.01)	($0.02)	$0.12	$0.14	$8.02	$8.44	$4.34	$7.05	$7.25
Total Capital	0.75	0.00	21	17	22	17	306	425	692	1,827	2,996
Total Debt	0.05	0.00	0.21	0.46	3.11	0.53	0.00	21	16	66	821
Total Long-Term Debt	0.04	0.00	0.15	0.15	3.05	0.53	0.00	14	8.91	7.18	645
Net Debt	-0.07	0.00	0.15	0.05	-4.73	-3.56	-19	0.33	-17	-61	775
Capital Expenditures (CapEx)	0.00	0.08	0.01	0.02	-0.47	-0.05	139	19	63	67	145
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.01	0.00	-0.17	-0.91	0.61	-1.22	29	3.45	2.47	449	1,134
Debt-free Net Working Capital (DFNWC)	0.13	0.00	-0.11	-0.49	8.45	2.87	48	25	35	576	1,181
Net Working Capital (NWC)	0.13	0.00	-0.17	-0.80	8.38	2.87	48	17	28	518	1,004
Net Nonoperating Expense (NNE)	0.00	1.05	4.13	42	14	13	13	31	46	41	-46
Net Nonoperating Obligations (NNO)	-0.07	0.00	0.16	0.96	-4.73	-3.56	-17	0.51	-16	-61	775
Total Depreciation and Amortization (D&A)	0.04	0.00	2.25	1.49	11	12	9.34	49	121	155	348
Debt-free, Cash-free Net Working Capital to Revenue	488.65%	0.00%	-37.67%	-78.25%	13.46%	-12.13%	73.48%	2.62%	1.47%	118.56%	148.03%
Debt-free Net Working Capital to Revenue	5,057.77%	0.00%	-24.92%	-42.59%	186.40%	28.61%	121.32%	18.64%	20.85%	152.08%	154.09%
Net Working Capital to Revenue	5,000.12%	0.00%	-38.54%	-69.23%	184.91%	28.61%	121.32%	12.72%	16.70%	136.57%	131.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.18)	$0.00	($1.36)	($6.25)	($2.44)	($0.75)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	5.85M	19.23M	0.00	34.52M	4.18M	9.55M	41.45M	42.61M	102.71M	216.86M	282.18M
Adjusted Diluted Earnings per Share	($0.01)	($0.18)	$0.00	$0.00	$0.00	($2.44)	($0.75)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	5.85M	20.37M	0.00	0.00	4.78M	23.96M	41.45M	85.23M	205.42M	433.72M	635.52M
Adjusted Basic & Diluted Earnings per Share	($0.01)	($0.18)	$0.00	$0.00	$0.00	($2.44)	($0.75)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.57M	20.37M	0.00	0.00	4.78M	23.96M	29.44M	42.61M	102.71M	216.86M	282.18M
Normalized Net Operating Profit after Tax (NOPAT)	-0.04	-2.44	-3.39	-3.63	-6.79	-11	-3.70	-9.80	-85	38	223
Normalized NOPAT Margin	-1,622.79%	0.00%	-756.27%	-313.31%	-149.78%	-105.70%	-9.43%	-7.45%	-50.69%	10.01%	29.10%
Pre Tax Income Margin	-2,869.63%	0.00%	-3,013.31%	-4,045.58%	-575.32%	-232.79%	-20.95%	-30.48%	-79.40%	-38.47%	47.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-676.49	-111.20	-47.68	-1.75	-1.20	-56.99	-36.36	-44.08	-61.86	32.79
NOPAT to Interest Expense	0.00	-473.54	-77.84	-5.13	-1.23	-0.99	-57.15	-24.59	-30.81	-42.50	28.14
EBIT Less CapEx to Interest Expense	0.00	-691.45	-111.24	-47.70	-1.70	-1.19	-1,012.43	-54.26	-65.20	-89.21	20.03
NOPAT Less CapEx to Interest Expense	0.00	-488.50	-77.88	-5.15	-1.18	-0.98	-1,012.60	-42.48	-51.94	-69.84	15.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.81%	-0.55%	-0.02%	-2.35%	2.95%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.81%	-0.55%	-0.02%	-2.35%	42.73%

This table displays calculated financial ratios and metrics derived from Cleanspark's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	255,583,445.00	255,752,913.00	256,608,606.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	255,583,445.00	255,752,913.00	256,608,606.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-1.48	-1.60	-0.93
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	165.24%	162.77%	128.69%	69.98%	119.97%	62.53%	90.81%	150.52%	11.63%	-24.93%	-30.53%
EBITDA Growth	652.42%	3,874.40%	-2,461.62%	2.99%	464.34%	-137.82%	280.28%	664.18%	-186.44%	-161.23%	-136.27%
EBIT Growth	191.91%	815.18%	-1,668.51%	9.52%	839.16%	-204.71%	212.39%	69.70%	-252.69%	-171.59%	-192.11%
NOPAT Growth	233.79%	1,220.25%	-1,498.19%	5.05%	648.29%	-176.91%	231.91%	101.27%	-205.53%	-150.45%	-166.09%
Net Income Growth	189.25%	786.54%	-1,561.45%	18.65%	852.53%	-209.51%	208.95%	98.51%	-253.45%	-172.60%	-193.18%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-1,032.24%	-734.63%	-1,272.23%	-136.74%	-150.51%	-150.37%	-88.02%	-44.41%	-34.90%	0.00%	-2.23%
Free Cash Flow Firm Growth	-276.47%	-465.38%	-294.06%	-257.16%	-88.64%	-150.65%	-65.02%	-14.77%	61.81%	76.69%	130.80%
Invested Capital Growth	0.00%	140.06%	114.08%	157.50%	208.12%	110.62%	128.26%	73.38%	13.19%	3.23%	-20.27%
Revenue Q/Q Growth	40.49%	51.52%	-6.88%	-14.25%	81.80%	11.96%	9.32%	12.59%	-18.99%	0.00%	1.17%
EBITDA Q/Q Growth	558.68%	181.27%	-226.07%	93.89%	2,768.21%	-119.76%	686.48%	-76.47%	-407.93%	0.00%	51.09%
EBIT Q/Q Growth	138.59%	381.57%	-291.36%	73.18%	500.59%	-155.68%	295.39%	-107.33%	-1,745.06%	0.00%	36.77%
NOPAT Q/Q Growth	155.93%	380.94%	-227.15%	73.66%	540.82%	-147.73%	338.04%	-99.75%	-38,056.12%	0.00%	32.77%
Net Income Q/Q Growth	133.90%	389.15%	-286.41%	73.68%	496.90%	-156.24%	285.45%	-100.36%	-40,841.73%	0.00%	36.61%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-36.52%	-7.18%	-58.57%	-21.53%	-44.47%	6.00%	2.13%	-8.66%	-34.94%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-146.77%	28.27%	-59.88%	-26.46%	-30.34%	2.85%	-3.05%	11.90%	56.94%	0.00%	234.59%
Invested Capital Q/Q Growth	17.72%	48.67%	11.12%	32.40%	40.87%	1.63%	20.43%	0.68%	-8.13%	0.00%	-6.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.84%	69.32%	56.60%	35.99%	56.69%	52.99%	54.63%	56.51%	47.22%	40.11%	38.06%
EBITDA Margin	77.41%	140.24%	-189.87%	-13.53%	198.59%	-35.05%	188.01%	39.30%	-149.38%	-193.23%	-93.41%
Operating Margin	38.64%	122.65%	-239.25%	-73.48%	129.37%	-75.96%	123.92%	0.37%	-174.72%	-253.42%	-168.40%
EBIT Margin	36.96%	111.43%	-228.99%	-71.61%	157.78%	-78.47%	140.25%	-9.14%	-208.06%	-278.18%	-173.87%
Profit (Net Income) Margin	35.11%	113.36%	-226.92%	-69.65%	152.05%	-76.38%	129.57%	-0.41%	-209.02%	-277.36%	-173.79%
Tax Burden Percent	94.88%	100.00%	100.00%	100.00%	96.40%	97.85%	93.43%	3.67%	100.00%	100.00%	98.78%
Interest Burden Percent	100.15%	101.73%	99.10%	97.26%	99.97%	99.48%	98.89%	123.37%	100.46%	99.70%	101.19%
Effective Tax Rate	5.12%	0.00%	0.00%	0.00%	3.60%	0.00%	6.57%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	20.23%	42.51%	-60.86%	-16.52%	36.77%	-15.92%	34.72%	0.09%	-37.62%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	27.05%	49.43%	40.32%	25.92%	62.92%	-51.78%	42.96%	-0.34%	-56.10%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-1.12%	-7.66%	-2.46%	-0.82%	7.54%	-3.63%	8.05%	-0.06%	-28.03%	0.00%	0.00%
Return on Equity (ROE)	19.11%	34.85%	-63.32%	-17.33%	44.31%	-19.56%	42.77%	0.03%	-65.66%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-213.27%	-72.48%	-83.98%	-96.95%	-99.95%	-80.69%	-66.16%	-39.97%	-18.07%	0.00%	0.00%
Operating Return on Assets (OROA)	9.18%	30.55%	-73.64%	-19.92%	40.51%	-20.11%	38.72%	-2.72%	-53.51%	0.00%	0.00%
Return on Assets (ROA)	8.73%	31.08%	-72.97%	-19.38%	39.03%	-19.57%	35.78%	-0.12%	-53.76%	0.00%	0.00%
Return on Common Equity (ROCE)	19.11%	34.85%	-63.32%	-17.33%	44.31%	-19.56%	42.77%	0.03%	-65.66%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-10.27%	4.34%	-11.30%	0.00%	3.72%	-10.07%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	27	137	-174	-46	202	-97	230	0.58	-222	-242	-163
NOPAT Margin	36.66%	122.65%	-167.47%	-51.43%	124.71%	-53.17%	115.78%	0.26%	-122.30%	-177.39%	-117.88%
Net Nonoperating Expense Percent (NNEP)	-6.82%	-6.92%	-101.18%	-42.44%	-26.15%	35.85%	-8.24%	0.42%	18.48%	13.19%	6.54%
Return On Investment Capital (ROIC_SIMPLE)	3.28%	-	-	-	7.58%	-3.81%	7.75%	0.02%	-6.99%	-8.71%	-6.40%
Cost of Revenue to Revenue	39.16%	30.68%	43.40%	64.01%	43.31%	47.01%	45.37%	43.49%	52.78%	59.89%	61.94%
SG&A Expenses to Revenue	8.91%	8.07%	12.11%	17.68%	8.59%	8.10%	9.85%	8.13%	11.51%	18.88%	18.41%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	22.20%	-53.33%	295.85%	109.47%	-72.68%	128.95%	-69.29%	56.14%	221.94%	293.53%	206.46%
Earnings before Interest and Taxes (EBIT)	27	125	-238	-64	256	-143	279	-20	-377	-379	-240
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	57	157	-198	-12	322	-64	373	88	-271	-264	-129
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.08	2.87	2.59	1.32	1.33	1.00	1.44	1.87	1.87	2.21	4.90
Price to Tangible Book Value (P/TBV)	2.11	2.89	2.61	1.32	1.43	1.08	1.54	2.00	2.08	2.56	5.96
Price to Revenue (P/Rev)	7.85	14.81	10.62	6.12	5.76	3.51	4.90	5.32	3.29	0.00	0.00
Price to Earnings (P/E)	0.00	69.74	0.00	0.00	40.03	0.00	10.59	11.55	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.43%	0.00%	0.00%	2.50%	0.00%	9.44%	8.66%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.12	3.37	2.74	1.33	1.28	1.00	1.32	1.64	1.44	1.47	2.27
Enterprise Value to Revenue (EV/Rev)	7.69	13.71	10.27	5.95	6.55	4.52	6.13	6.33	4.99	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	28.95	18.52	897.05	788.66	11.43	67.69	6.29	6.74	28.73	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	57.31	0.00	0.00	39.80	0.00	11.94	13.05	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	48.05	0.00	0.00	94.45	0.00	15.35	15.21	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.01	0.01	0.04	0.32	0.34	0.38	0.38	1.29	1.82	2.34
Long-Term Debt to Equity	0.01	0.00	0.00	0.00	0.32	0.34	0.30	0.30	1.29	1.81	2.34
Financial Leverage	-0.04	-0.16	-0.06	-0.03	0.12	0.07	0.19	0.18	0.50	0.72	0.81
Leverage Ratio	1.06	1.07	1.06	1.12	1.29	1.25	1.29	1.31	1.79	1.94	2.00
Compound Leverage Factor	1.07	1.09	1.05	1.09	1.29	1.24	1.28	1.61	1.80	1.93	2.02
Debt to Total Capital	1.75%	0.87%	0.78%	3.61%	24.29%	25.50%	27.65%	27.41%	56.42%	64.49%	70.07%
Short-Term Debt to Total Capital	0.90%	0.52%	0.68%	3.22%	0.27%	0.21%	5.95%	5.89%	0.08%	0.09%	0.09%
Long-Term Debt to Total Capital	0.85%	0.34%	0.09%	0.39%	24.02%	25.29%	21.70%	21.51%	56.34%	64.40%	69.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	98.25%	99.13%	99.22%	96.39%	75.71%	74.50%	72.35%	72.59%	43.58%	35.51%	29.93%
Debt to EBITDA	0.25	0.06	2.80	23.05	2.42	18.03	1.33	1.14	13.13	0.00	0.00
Net Debt to EBITDA	-0.61	-1.48	-30.36	-21.35	1.37	15.12	1.26	1.08	9.75	0.00	0.00
Long-Term Debt to EBITDA	0.12	0.02	0.34	2.51	2.39	17.88	1.04	0.90	13.11	0.00	0.00
Debt to NOPAT	-0.28	0.16	-0.10	-0.63	20.01	-3.81	3.25	2.57	-12.31	0.00	0.00
Net Debt to NOPAT	0.67	-3.84	1.11	0.59	11.34	-3.20	3.08	2.43	-9.14	0.00	0.00
Long-Term Debt to NOPAT	-0.14	0.06	-0.01	-0.07	19.78	-3.78	2.55	2.02	-12.30	0.00	0.00
Altman Z-Score	19.42	34.66	29.46	6.95	2.97	1.68	2.75	2.97	0.93	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.29	12.50	8.94	3.75	12.67	8.67	4.37	4.18	10.54	8.26	5.91
Quick Ratio	0.02	0.01	8.29	3.70	2.87	0.92	0.14	0.14	3.28	1.97	1.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-750	-537	-858	-1,086	-1,415	-1,375	-1,417	-1,248	-537	-320	431
Operating Cash Flow to CapEx	-62.45%	-277.12%	-15.50%	0.00%	-42.76%	-170.60%	-64.24%	0.00%	-436.35%	0.00%	-1,842.16%
Free Cash Flow to Firm to Interest Expense	-1,373.72	-1,020.79	-1,770.04	-1,208.89	-907.57	-1,084.94	-410.14	-246.89	-136.68	-164.43	211.44
Operating Cash Flow to Interest Expense	-87.33	-81.57	-140.28	-92.08	-76.62	-88.62	-31.81	-23.62	-40.98	0.00	-55.07
Operating Cash Flow Less CapEx to Interest Expense	-227.19	-111.01	-1,045.44	369.90	-255.83	-140.57	-81.34	49.89	-50.37	0.00	-58.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.27	0.32	0.28	0.26	0.26	0.28	0.30	0.26	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	139.43	131.58	0.00	0.00	0.45	0.00	0.00	0.49	0.00	0.00	0.00
Fixed Asset Turnover	0.34	0.51	0.65	0.53	0.49	0.55	0.67	0.69	0.60	0.00	0.00
Accounts Payable Turnover	3.05	3.05	3.22	2.69	6.78	9.38	7.58	6.99	14.81	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	2.62	2.77	0.00	0.00	820.12	0.00	0.00	743.88	0.00	0.00	0.00
Days Payable Outstanding (DPO)	119.50	119.72	113.26	135.50	53.84	38.92	48.16	52.21	24.64	0.00	0.00
Cash Conversion Cycle (CCC)	-116.89	-116.95	-113.26	-135.50	766.28	-38.92	-48.16	691.67	-24.64	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	777	1,155	1,284	1,700	2,394	2,433	2,930	2,950	2,710	2,512	2,336
Invested Capital Turnover	0.55	0.35	0.36	0.32	0.29	0.30	0.30	0.33	0.31	0.00	0.00
Increase / (Decrease) in Invested Capital	777	674	684	1,040	1,617	1,278	1,647	1,249	316	79	-594
Enterprise Value (EV)	1,649	3,890	3,516	2,256	3,062	2,430	3,877	4,850	3,915	3,702	5,309
Market Capitalization	1,684	4,201	3,635	2,317	2,694	1,887	3,099	4,076	2,587	2,176	3,734
Book Value per Share	$4.53	$7.39	$6.15	$7.10	$6.91	$6.73	$7.64	$7.74	$5.41	$3.86	$2.97
Tangible Book Value per Share	$4.47	$7.33	$6.10	$7.05	$6.43	$6.24	$7.16	$7.25	$4.87	$3.32	$2.44
Total Capital	825	1,476	1,413	1,827	2,670	2,538	2,967	2,996	3,172	2,777	2,544
Total Debt	14	13	11	66	649	647	820	821	1,789	1,791	1,782
Total Long-Term Debt	7.05	5.09	1.31	7.18	641	642	644	645	1,787	1,788	1,780
Net Debt	-35	-311	-119	-61	368	543	778	775	1,328	1,526	1,575
Capital Expenditures (CapEx)	76	15	439	-415	279	66	171	-372	37	0.00	6.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	98	317	412	449	855	739	1,067	1,134	872	703	560
Debt-free Net Working Capital (DFNWC)	147	640	542	576	1,136	844	1,110	1,181	1,334	968	767
Net Working Capital (NWC)	139	633	532	518	1,129	838	933	1,004	1,331	966	765
Net Nonoperating Expense (NNE)	1.14	10	62	16	-44	42	-27	1.51	157	136	77
Net Nonoperating Obligations (NNO)	-33	-308	-118	-61	373	543	784	775	1,328	1,526	1,575
Total Depreciation and Amortization (D&A)	30	32	41	52	66	79	95	108	106	116	111
Debt-free, Cash-free Net Working Capital to Revenue	45.49%	111.62%	120.26%	118.56%	182.86%	137.57%	168.90%	148.03%	111.11%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	68.45%	225.80%	158.24%	152.08%	242.96%	156.98%	175.61%	154.09%	169.86%	0.00%	0.00%
Net Working Capital to Revenue	64.99%	223.09%	155.41%	136.57%	241.42%	155.97%	147.69%	131.05%	169.53%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	357.62M	209.29M	228.64M	216.86M	284.55M	280.85M	281.00M	282.18M	281.47M	267.83M	0.00
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	361.57M	424.20M	228.64M	433.72M	291.89M	280.85M	325.59M	635.52M	281.47M	267.83M	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	198.06M	209.29M	457.29M	216.86M	280.81M	280.94M	281.08M	282.18M	255.75M	256.61M	256.82M
Normalized Net Operating Profit after Tax (NOPAT)	28	97	-42	-38	202	-98	230	2.35	-221	-236	-161
Normalized NOPAT Margin	37.53%	87.14%	-40.27%	-42.57%	124.24%	-54.03%	115.85%	1.05%	-121.85%	-173.29%	-116.39%
Pre Tax Income Margin	37.01%	113.36%	-226.92%	-69.65%	157.73%	-78.05%	138.69%	-11.27%	-209.02%	-277.36%	-175.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	49.94	236.84	-491.54	-71.19	164.27	-112.54	80.66	-4.04	-95.87	-194.70	-117.62
NOPAT to Interest Expense	49.54	260.69	-359.49	-51.13	129.84	-76.26	66.58	0.12	-56.36	-124.15	-79.74
EBIT Less CapEx to Interest Expense	-89.91	207.40	-1,396.70	390.78	-14.94	-164.48	31.13	69.47	-105.26	0.00	-120.61
NOPAT Less CapEx to Interest Expense	-90.31	231.25	-1,264.65	410.84	-49.37	-128.20	17.06	73.63	-65.75	0.00	-82.73
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.94%	-2.16%	-2.35%	0.00%	-4.19%	1.70%	2.95%	-4.27%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.94%	-2.16%	-2.35%	0.00%	-4.19%	1.70%	42.73%	-180.51%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Cleanspark’s financial profile has expanded significantly, but profitability and cash generation remain key concerns. Revenue increased from $31.0 million in Q3 2022 to $138.0 million in Q3 2026, supported by the company’s larger mining infrastructure. However, the latest quarter was weaker than Q3 2025 revenue of $198.6 million and Q4 2025 revenue of $223.7 million.

Gross profit remained positive at $52.5 million in Q3 2026, but the gross margin declined to approximately 38% from about 55% in Q3 2025 and 57% in Q3 2024. This suggests that revenue growth has not consistently translated into stronger operating performance.

The company reported a $239.8 million net loss in Q3 2026, following a $378.3 million loss in Q2 2026. The latest loss was driven by substantial depreciation of $111.0 million, other operating expenses of $145.6 million and $2.9 million of special charges. Depreciation is largely a non-cash expense, but the size of the charge reflects the capital-intensive nature of the mining business.

Cash flow remains more troubling than the headline improvement in the quarterly loss. Operating cash flow was negative $112.3 million in Q3 2026, broadly consistent with negative operating cash flow in the prior reported periods. Investing cash flow was positive $55.5 million, largely because of $77.8 million in other investing activities and $11.9 million in investment sales, rather than because the core business generated excess cash.

Long-term revenue growth: Quarterly revenue rose substantially from $31.0 million in Q3 2022 to $138.0 million in Q3 2026, indicating a much larger operating platform.
Significant asset expansion: Net property, plant and equipment increased to $1.34 billion in Q3 2026 from $482.4 million in Q3 2023, reflecting continued investment in mining capacity.
Positive gross profit: Q3 2026 gross profit was $52.5 million, providing a base for potential earnings improvement if operating expenses and cryptocurrency-related volatility moderate.
Strong current-asset coverage: Current assets of $920.8 million exceeded current liabilities of $155.8 million by a wide margin, although the composition of current assets warrants further review.
Cash remains meaningful but has declined: Cash and equivalents were $202.6 million at June 30, 2026, down from $458.1 million at December 31, 2025, but above the $126.1 million reported at June 30, 2024.
Investment activity influenced reported cash flow: Q3 2026 investing cash flow benefited from $77.8 million of other investing inflows and $11.9 million of investment sales, making the quarter’s cash movement less representative of recurring operations.
Quarterly results are highly volatile: Revenue, gross margins and earnings have fluctuated considerably, reflecting the sensitivity of the business to cryptocurrency prices, mining economics and non-cash accounting adjustments.
Operating cash flow remains structurally negative: Q3 2026 operating cash flow was negative $112.3 million, and recent quarters have also produced operating cash outflows despite positive gross profit.
Losses have materially weakened equity: Total equity fell to $761.3 million in Q3 2026 from $986.2 million in Q2 2026 and $2.15 billion in Q3 2025. Retained earnings were negative $1.15 billion.
Debt exposure has increased sharply: Long-term debt was $1.78 billion at June 30, 2026, compared with approximately $642 million at March 31, 2025. This increases financial risk if cryptocurrency prices or mining margins weaken.

For investors, the central question is whether Cleanspark can convert its expanded asset base into sustainable operating cash flow. The company has greater scale and a substantial infrastructure footprint, but negative operating cash flow, large recurring depreciation charges, substantial debt and sharply reduced equity leave the stock highly exposed to financing conditions and cryptocurrency-market volatility.

The supplied data also contains several restated statements and inconsistent classifications, including unusually large “other current assets” balances and some cash-flow line items with signs that differ from standard presentation. Investors should reconcile these figures with Cleanspark’s latest regulatory filing before relying on individual line items.

09/06/26 04:22 PM ETAI Generated. May Contain Errors.

Cleanspark Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cleanspark's financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Cleanspark's net income appears to be on a downward trend, with a most recent value of $364.46 million in 2025, falling from -$45.15 thousand in 2014. The previous period was -$145.78 million in 2024. Find out what analysts predict for Cleanspark in the coming months.

Cleanspark's total operating income in 2025 was $318.95 million, based on the following breakdown:

Total Gross Profit: $423.21 million
Total Operating Expenses: $104.26 million

Over the last 10 years, Cleanspark's total revenue changed from $2.56 thousand in 2014 to $766.31 million in 2025, a change of 29,992,620.2%.

Cleanspark's total liabilities were at $1.01 billion at the end of 2025, a 399.7% increase from 2024, and a 1,833,943.8% increase since 2014.

In the past 10 years, Cleanspark's cash and equivalents has ranged from $57.13 thousand in 2017 to $121.22 million in 2024, and is currently $42.97 million as of their latest financial filing in 2025.

Over the last 10 years, Cleanspark's book value per share changed from 0.13 in 2014 to 7.74 in 2025, a change of 6,036.7%.

Related Companies

Financial statements for NASDAQ:CLSK last updated on 9/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cleanspark (CLSK) Financials

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Cleanspark (CLSK) Financials

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