Cleanspark, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in September.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $379m, up 125.0% on a year earlier, slower than the 140.9% growth a quarter earlier. The diluted share count is up 10.2% on a year earlier, which dilutes existing holders.
Our models give no value for Cleanspark at present, so past values are not shown.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 125.0% (-15.9pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: 2026-06-30
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Debt and other claims exceed the crypto holdings and cash.
Source filing ↗No model value for Cleanspark, Inc. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Cleanspark, Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.05 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Debt and other claims exceed the crypto holdings and cash. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cleanspark, Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Cleanspark's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -15.9% of total assets over 9 years.
Gross margin has been a median 39.1%, moving by 22.0 percentage points (standard deviation) across 8 years.
Operating margin has been a median -114.4%; its worst year was -2986.5%.
Free cash flow was positive in 1 of 8 years, at a median -103.6% of revenue.
The diluted share count rose 8900.0% over five years; stock-based pay has been a median 22.3% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
Next results: November 24, 2026, after the close. Analysts expect revenue of $129m and EPS of −$0.37 (range −$0.45 to −$0.27) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.19 | −273% | $592m | −23% |
| Next | −$1.75 | +20% | $613m | +4% |
The consensus EPS forecast for the current fiscal year is +84.0% on 90 days ago. In the last 30 days, 0 analysts raised Cleanspark, Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$1.19 | −$1.02 |
| 60 days ago | −$1.21 | −$1.42 |
| 30 days ago | −$2.19 | −$1.81 |
| 7 days ago | −$2.19 | −$1.81 |
| Now | −$2.19 | −$1.75 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.33 | −$0.39 | −16.3% |
| Mar 2026 | −$0.23 | −$0.49 | −114.9% |
| Dec 2025 | $0.20 | −$1.32 | −745.7% |
| Sept 2025 | $0.54 | $0.16 | −69.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CLSK | −67% | −79% | +441% | −17% | +10% | −29% |
| Industry peers (median) | +13% | −81% | +44% | −15% | −12% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CLSK | 17% | 42% | 67% | 42% | 58% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CLSK | −76% | −87% | −54% | −65% | −58% | −62% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 16, 2016: 99% from September 19, 2018 to April 2, 2020. Getting back needed a 6852% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | −8.9% | +0.5% | −14.7% | −6.0% |
| May 11, 2026 | −5.1% | +0.1% | −5.4% | +4.9% |
| February 5, 2026 | −1.4% | +0.6% | −8.9% | −6.0% |
| November 25, 2025 | +17.2% | +1.6% | +26.2% | −5.0% |
| August 8, 2025 | −7.9% | +0.6% | −9.0% | −9.8% |
| May 8, 2025 | +14.6% | +0.6% | +16.6% | +26.0% |
| February 6, 2025 | +9.9% | −0.6% | +3.5% | −22.6% |
| December 2, 2024 | −2.8% | +0.2% | −5.5% | −34.1% |
| August 9, 2024 | −8.7% | +0.5% | −3.2% | −23.5% |
| May 9, 2024 | −4.9% | +0.7% | +0.6% | −4.1% |
| February 8, 2024 | +49.8% | +0.6% | +85.1% | +81.6% |
| November 30, 2023 | +15.9% | +1.0% | +40.2% | +65.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q1 | $76.3M |
| FY22 Q2 | $105.4M |
| FY22 Q3 | $127.3M |
| FY22 Q4 | $131.5M |
| FY23 Q1 | $122.2M |
| FY23 Q2 | $127.6M |
| FY23 Q3 | $142.1M |
| FY23 Q4 | $168.4M |
| FY24 Q1 | $214.4M |
| FY24 Q2 | $283.6M |
| FY24 Q3 | $342.2M |
| FY24 Q4 | $379M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q1 | 574.4% |
| FY22 Q2 | 568.0% |
| FY22 Q3 | 495.4% |
| FY22 Q4 | 217.6% |
| FY23 Q1 | 60.2% |
| FY23 Q2 | 21.1% |
| FY23 Q3 | 11.6% |
| FY23 Q4 | 28.0% |
| FY24 Q1 | 75.4% |
| FY24 Q2 | 122.3% |
| FY24 Q3 | 140.9% |
| FY24 Q4 | 125.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q1 | 6.0% |
| FY22 Q2 | 9.4% |
| FY22 Q3 | 5.1% |
| FY22 Q4 | -28.8% |
| FY23 Q1 | -67.1% |
| FY23 Q2 | -80.2% |
| FY23 Q3 | -72.2% |
| FY23 Q4 | -77.8% |
| FY24 Q1 | -34.4% |
| FY24 Q2 | 28.5% |
| FY24 Q3 | -44.6% |
| FY24 Q4 | -39.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q1 | -216.1% |
| FY22 Q2 | -118.2% |
| FY22 Q3 | -48.0% |
| FY22 Q4 | 41.2% |
| FY23 Q1 | 51.2% |
| FY23 Q2 | 20.4% |
| FY23 Q3 | 6.1% |
| FY23 Q4 | -46.9% |
| FY24 Q1 | -71.9% |
| FY24 Q2 | -72.1% |
| FY24 Q3 | -75.6% |
| FY24 Q4 | -79.2% |
| Fiscal year | 2010 Sept 2010 | 2011 Sept 2011 | 2012 Sept 2012 | 2013 Sept 2013 | 2014 Sept 2014 | 2016 Sept 2016 | 2017 Sept 2017 | 2018 Sept 2018 | 2019 Sept 2019 | 2020 Sept 2020 | 2021 Sept 2021 | 2022 Sept 2022 | 2023 Sept 2023 | 2024 Sept 2024 | 2025 Sept 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 10 | 39 | 132 | 168 | 379 | 766 |
| Gross profit | — | — | — | — | 0 | 0 | 0 | 0 | 1 | 2 | 34 | 90 | 75 | 213 | 423 |
| EBITDA | — | — | — | — | −0 | −2 | −11 | −6 | −15 | −12 | −3 | 11 | −10 | 6 | 667 |
| Operating income | −0 | −0 | −0 | −0 | −0 | −3 | −13 | −7 | −17 | −15 | −12 | −38 | −131 | −149 | 319 |
| Net income | −0 | −0 | −0 | −0 | −0 | −3 | −13 | −47 | −26 | −23 | −22 | −57 | −138 | −146 | 364 |
| Diluted EPS | −$0.00 | −$0.00 | −$0.03 | −$0.05 | −$0.02 | — | — | — | −$1.04 | −$0.41 | −$0.38 | — | −$0.65 | — | — |
| Growth (year on year) | |||||||||||||||
| Revenue | — | — | — | — | — | +>999% | +446.1% | +29.2% | +683.4% | +121.2% | +291.7% | +234.8% | +28.0% | +125.0% | +102.2% |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | −192.3% | — | — |
| Margins | |||||||||||||||
| Gross margin | — | — | — | — | 72.6% | 61.9% | 33.9% | 32.5% | 14.8% | 21.1% | 86.6% | 68.6% | 44.4% | 56.3% | 55.2% |
| EBITDA margin | — | — | — | — | <−999% | <−999% | <−999% | <−999% | −324.5% | −122.7% | −6.5% | 8.5% | −6.1% | 1.5% | 87.1% |
| Operating margin | — | — | — | — | <−999% | <−999% | <−999% | <−999% | −366.5% | −151.0% | −30.3% | −28.8% | −77.8% | −39.3% | 41.6% |
| Net margin | — | — | — | — | <−999% | <−999% | <−999% | <−999% | −576.2% | −232.8% | −55.5% | −43.6% | −82.0% | −38.5% | 47.6% |
| Free-cash-flow margin | — | — | — | — | — | −545.9% | −305.2% | −220.5% | −128.0% | −66.6% | −415.5% | 41.2% | −46.7% | −79.1% | −79.0% |
| Cash flow | |||||||||||||||
| Cash from operations | −0 | −0 | −0 | −0 | −0 | −0 | −1 | −1 | −6 | −7 | −24 | 73 | −17 | −234 | −461 |
| Capital spending | — | — | — | — | — | 0 | 0 | 0 | 0 | 0 | 139 | 19 | 61 | 66 | 145 |
| Free cash flow | — | — | — | — | — | −0 | −1 | −1 | −6 | −7 | −163 | 54 | −79 | −300 | −606 |
| Stock-based pay | — | — | — | — | — | — | 0 | 2 | 2 | 2 | 9 | 31 | 24 | 30 | 45 |
| Free cash flow after stock pay | — | — | — | — | — | — | −2 | −3 | −8 | −9 | −172 | 23 | −103 | −329 | −651 |
| Balance sheet | |||||||||||||||
| Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 8 | 3 | 18 | 20 | 29 | 121 | 43 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | 1 | — | 21 | 16 | 66 | 821 |
| Net debt (negative = net cash) | 0 | 0 | 0 | 0 | −0 | −0 | 0 | −8 | −8 | −2 | −18 | 1 | −13 | −55 | 778 |
| Diluted shares | — | — | — | — | 2m | 14m | 19m | 21m | 25m | 57m | 59m | 85m | 205m | 217m | 318m |
| Returned to shareholders | |||||||||||||||
| Buybacks | — | — | — | — | — | — | — | — | — | — | — | — | 0 | 0 | 145 |
| Total returned | — | — | — | — | — | — | — | — | — | — | — | — | 0 | 0 | 145 |
| Quarter | 2023 Q1 Dec 2022 | 2023 Q2 Mar 2023 | 2023 Q3 Jun 2023 | 2023 Q4 Sept 2023 | 2024 Q1 Dec 2023 | 2024 Q2 Mar 2024 | 2024 Q3 Jun 2024 | 2024 Q4 Sept 2024 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 28 | 43 | 46 | 53 | 74 | 112 | 104 | 89 |
| Gross profit | 7 | 20 | 25 | 22 | 45 | 78 | 59 | 32 |
| EBITDA | −10 | 4 | 6 | −11 | 58 | 169 | −208 | −14 |
| Operating income | −29 | −17 | −16 | −69 | 29 | 137 | −249 | −66 |
| Net income | −29 | −18 | −14 | −76 | 26 | 127 | −236 | −62 |
| Growth (year on year) | ||||||||
| Revenue | −25.1% | +14.4% | +46.7% | +100.7% | +165.2% | +162.8% | +128.7% | +70.0% |
| EBITDA | −142.0% | −70.9% | — | — | — | +>999% | <−999% | — |
| Operating income | −288.6% | −724.7% | — | — | — | — | — | — |
| Net income | −300.4% | — | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 26.6% | 48.1% | 54.6% | 42.1% | 60.8% | 69.3% | 56.6% | 36.0% |
| EBITDA margin | −34.3% | 9.1% | 13.8% | −20.7% | 79.1% | 151.4% | −200.1% | −15.4% |
| Operating margin | −103.8% | −41.1% | −34.2% | −131.5% | 38.6% | 122.6% | −239.2% | −73.5% |
| Net margin | −104.4% | −43.4% | −31.2% | −145.5% | 35.1% | 113.4% | −226.9% | −69.6% |
| Free-cash-flow margin | 0.6% | −23.6% | −33.1% | −102.3% | −101.9% | −54.0% | −66.0% | −107.0% |
| Cash flow | ||||||||
| Cash from operations | 5 | 7 | 6 | −35 | −48 | −45 | −58 | −83 |
| Capital spending | 5 | 17 | 21 | 19 | 28 | 15 | 10 | 13 |
| Free cash flow | 0 | −10 | −15 | −54 | −75 | −60 | −69 | −95 |
| Stock-based pay | 6 | 6 | 6 | 7 | 10 | 10 | 3 | 7 |
| Free cash flow after stock pay | −6 | −16 | −21 | −60 | −85 | −70 | −72 | −102 |
| Last 12 months unless stated | CLSK | FVRR | CORZ | HUT | FUFU | NBIS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $379m | $431m | $440m | $318m | $478m | $530m | $318m |
| Revenue growth, last 12 months | 125.0% | 10.1% | 26.4% | 129.5% | 3.1% | 479.0% | 10.1% |
| Revenue growth, 3-year average | 109.2% | — | −6.1% | 57.0% | — | −24.0% | 8.2% |
| Revenue growth, latest quarter | 70.0% | — | 108.8% | 81.4% | — | — | 5.7% |
| Gross margin | 56.3% | 81.6% | 28.3% | 62.3% | 6.1% | 68.6% | 50.5% |
| Operating margin | −39.3% | −0.3% | −127.4% | −295.3% | −5.0% | −115.5% | −49.3% |
| Operating margin, 3-year average | −48.6% | −17.7% | −62.2% | 21.9% | — | −35.1% | −30.2% |
| Net margin | −38.5% | 4.9% | −324.9% | −188.6% | −6.5% | 15.6% | −47.1% |
| Cash from operations / revenue | −61.7% | 24.3% | 118.2% | −28.1% | −23.6% | 72.6% | −14.5% |
| Free-cash-flow margin | −79.2% | 24.1% | −217.5% | −74.0% | −29.5% | −694.8% | −29.5% |
| Free-cash-flow margin, 3-year average | −28.3% | 7.3% | −97.0% | −86.7% | — | −230.9% | −28.3% |
| Stock pay / revenue | 7.8% | 11.9% | 21.3% | 46.8% | 0.1% | 15.7% | 11.9% |
| Change in share count | 10.2% | −1.8% | −0.4% | −3.0% | 2.5% | −11.9% | 6.1% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $616M | 42.3M | 18.1% | ▲ 1.4% |
| Situational Awareness LP | $179M | 12.3M | 5.3% | 0.0% |
| Vanguard Portfolio Management LLC | $167M | 11.5M | 4.9% | ▲ 3.3% |
| D. E. Shaw & Co., Inc. | $164M | 11.3M | 4.8% | ▲ 75.0% |
| Vanguard Capital Management LLC | $162M | 11.1M | 4.8% | ▲ 0.5% |
| State Street Corp | $160M | 11.0M | 4.7% | ▲ 0.1% |
| Dimensional Fund Advisors LP | $140M | 9.6M | 4.1% | ▼ 31.6% |
| Geode Capital Management, LLC | $133M | 7.3M | 3.9% | ▲ 1.7% |
| UBS Group AG | $110M | 7.6M | 3.2% | ▲ 127.9% |
| Point72 Asset Management, L.P. | $86.9M | 6.0M | 2.6% | ▲ 272.5% |
| Invesco Ltd. | $52.5M | 3.6M | 1.5% | ▼ 27.6% |
| Nuveen, LLC | $50.8M | 3.5M | 1.5% | ▲ 12.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cleanspark, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Monnig Taylor CTO, COO | October 1, 2026 | Sell pre-set plan | 3,335 | $12.33 | $41,122 |
| Monnig Taylor CTO, COO | September 8, 2026 | Sell pre-set plan | 12,033 | $13.34 | $160,520 |
| Monnig Taylor CTO, COO | September 8, 2026 | Sell pre-set plan | 13,216 | $13.34 | $176,301 |
| Monnig Taylor CTO, COO | September 4, 2026 | Sell pre-set plan | 4,513 | $12.61 | $56,909 |
| Monnig Taylor CTO, COO | August 14, 2026 | Sell pre-set plan | 54 | $11.51 | $622 |
| Wood Thomas Leigh Director | December 23, 2025 | Sell | 85,315 | $11.69 | $997,332 |
| Cavaleri Amanda Director | December 4, 2025 | Sell | 33,000 | $15.02 | $495,660 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 24, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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