Cleanspark vs Hut 8
Cleanspark is the larger business, with $766m of revenue in fiscal 2025 against $235m for Hut 8 (3.3 times as much). Cleanspark grew faster (102.2% against 44.8%). Cleanspark kept more of each dollar of sales as profit: a net margin of 47.6% against -96.2%.
| Latest fiscal year | CleansparkCLSK, 2025 | Hut 8HUT, 2025 |
|---|---|---|
| Revenue | $766m | $235m |
| Revenue growth | 102.2% | 44.8% |
| Net income | $364m | −$226m |
| Operating margin | — | -136.9% |
| Net margin | 47.6% | -96.2% |
| Return on equity | 18.5% | -18.9% |
| Free cash flow | −$606m | — |
| Cash | $43.0m | $44.9m |
| Total debt | $821m | $409m |
| Debt to equity | — | 28.8% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $145m | — |
| Employees | 314 | 248 |
| Market value | $2.07bn | $7.79bn |
| Price vs our value range | — | — |
| Moat score | 12 (Weak) | — |
| Insider trades, 12 months | 0 buys, 7 sales | 0 buys, 16 sales |