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Here are 1-2 brief analogies to describe Cleanspark:

• Like Barrick Gold, but for digital gold (Bitcoin).
• A digital resource extractor, similar to how Newmont Corporation mines physical gold.

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• Bitcoin Mining Operations: Cleanspark operates large-scale data centers focused on mining Bitcoin, generating new Bitcoin as the primary output of their computational efforts.

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CleanSpark (CLSK) is primarily a Bitcoin mining company. Its core business involves generating revenue by mining Bitcoin and then selling these digital assets to cover operational costs, fund investments, or manage its treasury. As stated in their financial filings, CleanSpark does not have a traditional customer base in the sense of companies or individuals purchasing a product or service directly from them on an ongoing basis.

Instead, CleanSpark's revenue is derived from the monetization of the Bitcoin it mines. When CleanSpark sells its Bitcoin holdings, it does so primarily to other companies that act as intermediaries or market makers in the cryptocurrency ecosystem. Therefore, if one considers the entities that purchase their Bitcoin as "customers" in the context of their revenue generation, these primarily fall into the following categories:

• Cryptocurrency Exchanges: These are platforms where CleanSpark sells its mined Bitcoin to convert it into fiat currency (like USD) or other digital assets. While CleanSpark uses these platforms to sell, these exchanges are the primary marketplaces for their output. A major public example of such an entity is:

  • Coinbase Global, Inc. (Symbol: COIN)

• Over-the-Counter (OTC) Desks and Institutional Brokers: For larger block sales of Bitcoin, CleanSpark may utilize specialized OTC desks or institutional brokers. These firms facilitate substantial transactions, often for institutional investors, to minimize market impact. A public company operating in this space that CleanSpark might utilize (though specific counterparties are generally not disclosed) is:

  • Galaxy Digital Holdings Ltd. (Symbol: GLXY.TO on the Toronto Stock Exchange, not directly U.S. listed)

In summary, CleanSpark's business model is to produce a digital commodity (Bitcoin) and sell it into the global market via financial intermediaries, rather than having traditional direct customers for a service or manufactured product.

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• Bitmain Technologies Ltd.
• MicroBT Technology Co., Ltd.
• Canaan Creative Co., Ltd. (NASDAQ: CAN)

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Matt Schultz, Chief Executive Officer and Executive Chairman

Matt Schultz co-founded CleanSpark in March 2014 and has served as CEO and Executive Chairman. He led CleanSpark from its beginnings as an alternative energy generator focused on converting biomass into energy, later transitioning the company into the renewable energy sector with a focus on deploying microgrids. Mr. Schultz has been instrumental in raising over a billion dollars in capital for CleanSpark.

Gary A. Vecchiarelli, President and Chief Financial Officer

Gary A. Vecchiarelli joined CleanSpark in December 2021 and brings over two decades of experience in finance and accounting, specializing in high-growth middle-market companies. He was named President in September 2025, while continuing his role as CFO. In his expanded capacity, he oversees financial strategy, treasury operations, capital markets activities, and legal and compliance, while also driving organizational execution. Prior to CleanSpark, Mr. Vecchiarelli served as CFO for Imatrex, a high-tech medical imaging solutions company, and led finance operations for Golden Entertainment (NASDAQ:GDEN) and Galaxy Gaming. He also played a role in establishing BDO's Las Vegas audit practice. His expertise includes mergers & acquisitions, complex financing, and SEC reporting.

Scott Garrison, Chief Development Officer and Executive Vice President

Scott Garrison is the Chief Development Officer and Executive Vice President for CleanSpark, overseeing infrastructure expansion, corporate development, business operations, and government affairs. He previously held the positions of Chief Operating Officer and Senior Vice President of Growth at the company. Mr. Garrison founded Linq360 and The Integration Center, both companies focused on delivering technology solutions to businesses.

Taylor Monnig, Chief Operating Officer and Chief Technology Officer

Taylor Monnig serves as both the Chief Operating Officer and Chief Technology Officer for CleanSpark, with a focus on operational excellence in Bitcoin mining, energy optimization, and driving innovation in software, hardware, and digital asset technology. He has been recognized with an Intel innovation award and holds a number of data center patents.

Harry Sudock, Chief Business Officer

Harry Sudock is the Chief Business Officer at CleanSpark, where he is responsible for investor relations and strategic communications, provides sector leadership, and contributes significantly to the development and implementation of the company’s broader corporate strategy. Before his current role, he was CleanSpark's Senior Vice President, and previously served as the Chief Strategy Officer for GRIID, where he was the first employee in 2018 and responsible for developing and executing corporate strategy initiatives.

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The key risks to CleanSpark (CLSK) are as follows, listed from most significant to less significant:

1. Bitcoin Price Volatility: CleanSpark's revenue, profitability, and the value of its substantial Bitcoin treasury are directly and highly exposed to the volatile market price of Bitcoin. Significant fluctuations in Bitcoin's price can therefore materially impact the company's financial performance.
2. Regulatory Changes in the Cryptocurrency Industry: The evolving and uncertain regulatory landscape for cryptocurrency and Bitcoin mining poses a significant risk. Potential changes in government regulations, including those concerning environmental impact, energy consumption, tariffs, and financial regulations, could lead to stricter operating conditions, increased costs, or impact the broader Bitcoin market, thereby affecting CleanSpark's operations and profitability.
3. Operational Risks, including Rising Energy Costs and Noise Pollution: CleanSpark's Bitcoin mining operations are inherently energy-intensive, making the company susceptible to rising energy costs which can significantly erode profit margins. Additionally, noise pollution generated by its high-powered miners and cooling systems poses a business risk, potentially leading to community complaints, reputational damage, litigation, fines, operational constraints, and increased costs.

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CleanSpark (CLSK) operates primarily in two addressable markets: Bitcoin mining and microgrid solutions. The company is also exploring a hybrid model that includes high-performance computing (HPC) and AI services.

• Bitcoin Mining: The global Bitcoin mining market is projected to have contributed an estimated $13.5 billion in revenue in 2025. The global Bitcoin miner market size, which refers to hardware, was valued at USD 11.19 billion in 2024 and is projected to reach USD 14.17 billion in 2025, expanding to USD 94.14 billion by 2033.
• Microgrid Solutions: The global microgrid market was valued at USD 22.9 billion in 2024 and is expected to grow to USD 28.9 billion in 2025, with projections reaching USD 140.7 billion by 2034. Specifically for the U.S. region, the microgrid market size was estimated at USD 12.47 billion in 2024 and is projected to reach approximately USD 71.10 billion by 2034.
• AI/HPC Hosting: null

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Cleanspark (CLSK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion into AI and High-Performance Computing (HPC) Data Centers: CleanSpark is strategically diversifying its operations beyond pure Bitcoin mining by investing significantly in artificial intelligence and high-performance computing data centers. This includes acquiring substantial land and securing long-term power agreements, such as the 271-acre site near Houston, Texas, with 285 megawatts of power, specifically for AI-focused data centers. This move positions the company to capture value from the booming demand for energy-intensive data processing and represents a transformation into a broader digital infrastructure company.
2. Growth in Bitcoin Mining Operations: The company continues to expand and optimize its core Bitcoin mining business. This involves increasing its operational hashrate and improving fleet efficiency, which directly leads to higher Bitcoin production. For example, CleanSpark achieved its mid-year 2025 target of 50 ExaHash per second (EH/s) and continues to pursue additional power capacity to support further incremental hashrate growth.
3. Strategic Acquisitions and Greenfield Development for Infrastructure Expansion: CleanSpark employs a "growth playbook" that includes opportunistic mergers and acquisitions (M&A) and greenfield development to expand its digital infrastructure portfolio. This strategy allows the company to rapidly acquire and develop new sites, increasing its overall operational capacity for both Bitcoin mining and new ventures like AI data centers. Recent examples include acquisitions of mining facilities and power capacity in states such as Tennessee and Wyoming.

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Share Repurchases

• In December 2024, CleanSpark executed a share buyback of 11.76 million shares for approximately $145 million.
• As part of a $650 million convertible note offering in December 2024, the company authorized to repurchase up to $125 million of common stock.
• As of October 2025, CleanSpark's shares buyback ratio was -19.34%, indicating a net reduction in outstanding shares.

Share Issuance

• In March 2024, CleanSpark revised its at-the-market (ATM) offering agreement to sell up to $800 million of its stock, which was expected to dilute shares by 19%.
• The company completed an offering of $650 million in 0.00% Convertible Senior Notes due 2030 in December 2024, which generated net proceeds of approximately $633.6 million.
• The number of outstanding shares for CleanSpark significantly increased in 2023 and 2024, reaching 280,997,649 as of November 2025.

Inbound Investments

• CleanSpark secured $650 million through an offering of 0.00% Convertible Senior Notes due 2030, with net proceeds of about $633.6 million. This financing package represented a vote of confidence from institutional investors in CleanSpark's growth strategy.

Outbound Investments

• Proceeds from the $650 million convertible note offering are allocated for general corporate purposes, which may include potential acquisitions. No specific outbound investments in other companies were detailed.

Capital Expenditures

• Net proceeds of approximately $633.6 million from the December 2024 convertible note offering are designated for capital expenditures, aimed at funding growth to 50 EH/s and potential acquisitions.
• CleanSpark reported capital expenditures of -$146.80 million in the last 12 months.
• The company is focused on expanding its Bitcoin mining operations to 50 EH/s by the end of 2025, having funded 160,000 Bitmain S21 miners, and is also expanding into AI data centers and high-performance computing with a new $100 million credit for HPC expansion.