Cleanspark (CLSK)
Market Price (5/27/2026): $17.17 | Market Cap: $4.6 BilSector: Information Technology | Industry: Internet Services & Infrastructure
Cleanspark (CLSK)
Market Price (5/27/2026): $17.17Market Cap: $4.6 BilSector: Information TechnologyIndustry: Internet Services & Infrastructure
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Bitcoin Mining, Solar Energy Generation, Show more. | Weak multi-year price returns2Y Excs Rtn is -48% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -268 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -36% Weak revenue growthRev Chg QQuarterly Revenue Change % is -25% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -71%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -145% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34% Key risksCLSK key risks include [1] potential community backlash, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Bitcoin Mining, Solar Energy Generation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -48% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -268 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -36% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -25% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -71%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -145% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 71% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34% |
| Key risksCLSK key risks include [1] potential community backlash, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Strategic Expansion into AI/High-Performance Computing (HPC) Data Centers.
CleanSpark initiated a significant strategic pivot towards developing AI and high-performance computing (HPC) data centers, aiming to diversify beyond pure Bitcoin mining. This was evidenced by securing substantial power capacity, including up to 890 MW of new utility-grade power for AI-ready sites across Texas and Georgia during Q1 fiscal year 2026. The company also announced a definitive agreement to acquire up to 447 acres in Brazoria County, Texas, to support an initial 300 MW demand, expandable to 600 MW, with closing expected in Q1 2026. Analysts responded positively to this shift, setting price targets as high as $27, emphasizing the firm's energy capabilities and strategic advantage.
2. Robust Bitcoin Mining Operational Growth.
The company demonstrated continued strength in its core Bitcoin mining operations. As of January 31, 2026, CleanSpark reported an operational hashrate peak of 50.0 EH/s and an average operating hashrate of 42.6 EH/s. During the second fiscal quarter of 2026 (January to March), CleanSpark mined 1,799 Bitcoin and increased its average monthly hashrate by 18% year-over-year. The company also doubled its MW under contract year-over-year. This consistent operational expansion and efficiency contributed positively to investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The 44.7% change in CLSK stock from 1/31/2026 to 5/26/2026 was primarily driven by a 42.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5262026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.84 | 17.13 | 44.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 766 | 740 | -3.4% |
| P/S Multiple | 4.4 | 6.2 | 42.2% |
| Shares Outstanding (Mil) | 282 | 268 | 5.4% |
| Cumulative Contribution | 44.7% |
Market Drivers
1/31/2026 to 5/26/2026| Return | Correlation | |
|---|---|---|
| CLSK | 44.7% | |
| Market (SPY) | 8.8% | 66.2% |
| Sector (XLK) | 28.8% | 65.8% |
Fundamental Drivers
The -3.8% change in CLSK stock from 10/31/2025 to 5/26/2026 was primarily driven by a -21.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5262026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.80 | 17.13 | -3.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 632 | 740 | 17.1% |
| P/S Multiple | 7.9 | 6.2 | -21.7% |
| Shares Outstanding (Mil) | 281 | 268 | 4.9% |
| Cumulative Contribution | -3.8% |
Market Drivers
10/31/2025 to 5/26/2026| Return | Correlation | |
|---|---|---|
| CLSK | -3.8% | |
| Market (SPY) | 10.7% | 54.1% |
| Sector (XLK) | 23.5% | 54.9% |
Fundamental Drivers
The 109.7% change in CLSK stock from 4/30/2025 to 5/26/2026 was primarily driven by a 58.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5262026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.17 | 17.13 | 109.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 467 | 740 | 58.3% |
| P/S Multiple | 5.0 | 6.2 | 24.7% |
| Shares Outstanding (Mil) | 285 | 268 | 6.2% |
| Cumulative Contribution | 109.7% |
Market Drivers
4/30/2025 to 5/26/2026| Return | Correlation | |
|---|---|---|
| CLSK | 109.7% | |
| Market (SPY) | 36.9% | 49.0% |
| Sector (XLK) | 77.4% | 49.9% |
Fundamental Drivers
The 338.1% change in CLSK stock from 4/30/2023 to 5/26/2026 was primarily driven by a 546.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5262026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.91 | 17.13 | 338.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 114 | 740 | 546.5% |
| P/S Multiple | 2.3 | 6.2 | 173.3% |
| Shares Outstanding (Mil) | 66 | 268 | -75.2% |
| Cumulative Contribution | 338.1% |
Market Drivers
4/30/2023 to 5/26/2026| Return | Correlation | |
|---|---|---|
| CLSK | 338.1% | |
| Market (SPY) | 87.5% | 41.3% |
| Sector (XLK) | 150.6% | 38.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLSK Return | -67% | -79% | 441% | -17% | 10% | 58% | -45% |
| Peers Return | 64% | -87% | 402% | 62% | 65% | 80% | 398% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| CLSK Win Rate | 17% | 42% | 67% | 42% | 58% | 60% | |
| Peers Win Rate | 53% | 31% | 75% | 50% | 65% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CLSK Max Drawdown | -76% | -87% | -54% | -65% | -58% | -40% | |
| Peers Max Drawdown | -69% | -89% | -58% | -59% | -60% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MARA, RIOT, CORZ, HUT, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/26/2026 (YTD)
How Low Can It Go
| Event | CLSK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.1% | -18.8% |
| % Gain to Breakeven | 47.2% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.6% | -7.8% |
| % Gain to Breakeven | 38.1% | 8.5% |
| Time to Breakeven | 89 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.5% | -9.5% |
| % Gain to Breakeven | 76.9% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.3% | -6.7% |
| % Gain to Breakeven | 41.3% | 7.1% |
| Time to Breakeven | 11 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.5% | -24.5% |
| % Gain to Breakeven | 238.9% | 32.4% |
| Time to Breakeven | 420 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.0% | -33.7% |
| % Gain to Breakeven | 233.3% | 50.9% |
| Time to Breakeven | 98 days | 140 days |
In The Past
Cleanspark's stock fell -32.1% during the 2025 US Tariff Shock. Such a loss loss requires a 47.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | CLSK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.1% | -18.8% |
| % Gain to Breakeven | 47.2% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.6% | -7.8% |
| % Gain to Breakeven | 38.1% | 8.5% |
| Time to Breakeven | 89 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.5% | -9.5% |
| % Gain to Breakeven | 76.9% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.3% | -6.7% |
| % Gain to Breakeven | 41.3% | 7.1% |
| Time to Breakeven | 11 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.5% | -24.5% |
| % Gain to Breakeven | 238.9% | 32.4% |
| Time to Breakeven | 420 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.0% | -33.7% |
| % Gain to Breakeven | 233.3% | 50.9% |
| Time to Breakeven | 98 days | 140 days |
In The Past
Cleanspark's stock fell -32.1% during the 2025 US Tariff Shock. Such a loss loss requires a 47.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cleanspark (CLSK)
AI Analysis | Feedback
1. A Bitcoin mining company, similar to Marathon Digital, that also operates as a specialized energy technology firm, providing microgrid and smart energy management solutions.
2. Imagine a Bitcoin miner like Riot Platforms that also develops and sells advanced software and hardware for distributed energy systems and microgrids.
AI Analysis | Feedback
- Bitcoin Mining: Engages in the computational process of validating transactions and adding them to the Bitcoin blockchain.
- Microgrid and Distributed Energy Solutions: Provides comprehensive engineering, design, software, custom hardware, solar, and energy storage solutions for military, commercial, and residential microgrids.
- Energy Management Platforms (mPulse, mVoult): Develops control platforms that enable the integration and optimization of multiple energy sources within microgrids.
- Canvas Middleware: A software platform for grid operators and aggregators to administrate load shifting programs.
- Plaid Middleware: A software platform enabling controls and Internet-of-Things product companies to participate in load shifting programs.
- mVSO Energy Modeling Software: Energy modeling software utilized for internal microgrid design.
- Gasification Energy Technologies: Owns gasification energy technologies for various applications, including feedstock for di-methyl ether generation.
- Technology Consulting Services: Offers design, software development, and other technology-based consulting services.
- Data Center Services: Provides rack space, power, and equipment for data operations.
- Cloud Services: Offers virtual, virtual storage, and data backup services.
AI Analysis | Feedback
CleanSpark, Inc. (CLSK) serves the following major categories of customers:
- Military customers: These customers utilize CleanSpark's engineering, design, software, custom hardware, solar, and energy storage solutions for microgrids and distributed energy systems.
- Commercial customers: This broad category includes various businesses, such as grid operators and aggregators (for platforms like Canvas), and controls and Internet-of-Things products companies (for platforms like Plaid). They are served with energy technology solutions, software platforms, data center services, cloud services, and technology-based consulting.
- Residential customers: Individuals who purchase CleanSpark's solutions for microgrids and distributed energy systems, including solar and energy storage.
CleanSpark's Digital Currency Mining segment primarily engages in mining bitcoin directly for its own operations and does not have external customers for this core activity in the same manner as its Energy segment.
AI Analysis | Feedback
nullAI Analysis | Feedback
Matt Schultz, Chief Executive Officer and Chairman
Matt Schultz is a co-founder of CleanSpark, Inc., established in March 2014. He was re-appointed as CEO in August 2025. Schultz previously served as CEO from 2014 to October 2019. He spearheaded CleanSpark's evolution from an alternative energy generator, utilizing patented gasifier technology, into the renewable energy sector, notably by identifying critical software for microgrid deployments such as at Camp Pendleton. He has been instrumental in raising over a billion dollars in capital, contributing significantly to CleanSpark becoming a prominent data center developer and bitcoin mining company in North America.
Gary A. Vecchiarelli, President and Chief Financial Officer
Gary A. Vecchiarelli brings over two decades of finance and accounting expertise to CleanSpark, having been appointed Chief Financial Officer in December 2021 and later named President in September 2025. His responsibilities include overseeing financial strategy, treasury operations, capital markets, legal, and compliance, while also driving organizational and operational excellence. Vecchiarelli has guided CleanSpark through several acquisitions and strategic debt financings. Prior to his role at CleanSpark, he served as CFO for Imatrex, a high-tech medical imaging solutions company, and led finance operations for Golden Entertainment and Galaxy Gaming. He also played a key role in opening BDO's Las Vegas audit practice. He is a licensed Certified Public Accountant in Nevada and California.
Scott Garrison, Chief Development Officer and Executive Vice President
Scott Garrison oversees infrastructure expansion, corporate development, business operations, and government affairs at CleanSpark. With over 30 years of experience, he has developed and implemented business plans across various sectors including technology, software, hospitality, gaming, and media. Garrison founded Linq360 and The Integration Center, companies that provide technology solutions to businesses globally.
Taylor Monnig, Chief Operating Officer and Chief Technology Officer
Taylor Monnig is responsible for leading operational excellence in mining and driving technology innovation at CleanSpark. He is recognized as an Intel innovation award recipient and holds several data center patents.
Harry Sudock, Chief Business Officer
As Chief Business Officer, Harry Sudock manages investor relations, strategic communications, provides sector leadership, and contributes significantly to the broader corporate strategy of CleanSpark. Before this role, he was CleanSpark's Senior Vice President and Chief Strategy Officer for GRIID, where he was the first employee in 2018, responsible for developing and executing corporate strategy initiatives.
AI Analysis | Feedback
The key risks to CleanSpark's business are primarily driven by the inherent volatility and operational demands of its core segments.
- Bitcoin Price Volatility: CleanSpark's revenues, earnings, and balance sheet stability are highly sensitive to the fluctuating market price of Bitcoin. As a bitcoin mining company, its financial performance is directly linked to these price movements, impacting the value of its mined Bitcoin holdings and overall profitability.
- High and Volatile Energy Costs: Bitcoin mining is an extremely energy-intensive operation. Significant increases in electricity prices can erode CleanSpark's profit margins, and securing access to reliable and cost-effective power sources is critical for its operational efficiency and competitiveness.
- Evolving Regulatory Landscape for Cryptocurrency: The cryptocurrency industry, including Bitcoin mining, operates within a rapidly changing and often uncertain regulatory environment. Potential changes in government regulations, increased scrutiny regarding the environmental impact of mining, or new financial regulations could significantly affect CleanSpark's operations, compliance costs, and profitability.
AI Analysis | Feedback
nullAI Analysis | Feedback
CleanSpark, Inc. (CLSK) operates in two primary segments: Digital Currency Mining and Energy. The addressable markets for its main products and services are substantial, with figures predominantly reflecting global market sizes.
Digital Currency Mining
The global cryptocurrency mining market, which includes bitcoin mining, was valued at approximately USD 2.77 billion in 2025 and is projected to grow to about USD 9.18 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 12.73% from 2026 to 2035. Another report indicates the global cryptocurrency mining market is projected to grow from USD 4.66 billion in 2024 to USD 14.09 billion by 2035, at a CAGR of 10.57%.
Energy Technology Solutions
CleanSpark's energy segment provides a range of solutions, including microgrids, distributed energy systems, solar, and energy storage.
- Microgrids: The global microgrid market size was estimated at USD 99.76 billion in 2025 and is projected to reach USD 406.23 billion by 2033, expanding at a CAGR of 19.7% from 2026 to 2033. North America held the largest share of this market in 2025.
- Distributed Energy Systems: The global distributed energy generation market was valued at USD 509.83 billion in 2025. It is projected to grow to USD 854.22 billion by 2034, with a CAGR of 5.9% during this period. Another estimate indicates the market size at USD 389.65 billion in 2025, expected to cross USD 1.23 trillion by 2035.
- Solar Energy Solutions: The global solar energy market was valued at USD 0.4 trillion (USD 400 billion) in 2024 and is projected to reach USD 1.6 trillion by 2034, growing at a CAGR of 15.2% from 2025 to 2034. The Asia-Pacific region dominated the market in 2024. For rooftop solar PV specifically, the global market size was estimated at USD 63.4 billion in 2024 and is projected to reach USD 88.9 billion by 2030.
- Energy Storage Solutions: The global stationary energy storage market size was valued at USD 120.69 billion in 2025 and is projected to grow from USD 137.07 billion in 2026 to USD 262.15 billion by 2034, at a CAGR of 10.18%. Asia Pacific held the largest market share in 2025. Focusing on battery energy storage, the global market size is projected to reach USD 11.5 billion in 2025 and is expected to grow to USD 96 billion by 2035.
Other Technology-Based Services
CleanSpark also provides data center services and various cloud services.
- Data Center Services: The global data center service market size is projected to be USD 148.31 billion in 2025 and USD 172.2 billion in 2026, with a forecast to reach USD 422.16 billion by 2032.
- Cloud Services: The global cloud services market size was accounted for USD 618.04 billion in 2024 and is expected to exceed around USD 2,726.94 billion by 2034, growing at a CAGR of 16.00% from 2025 to 2034. The market size for cloud computing was valued at USD 781.27 billion in 2025.
AI Analysis | Feedback
CleanSpark (CLSK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Expansion of Bitcoin Mining Operations: CleanSpark is focused on significantly increasing its operational hashrate and improving fleet efficiency. The company achieved 50 exahashes per second (EH/s) in the first half of 2025 and is fully funded to progress beyond 60 EH/s, which directly translates to higher Bitcoin production and increased revenue.
- Strategic Expansion into AI and High-Performance Computing (HPC) Data Centers: CleanSpark is actively diversifying its business by developing large-scale data center campuses for artificial intelligence and high-performance computing workloads. This strategic pivot includes acquiring significant land and securing substantial power capacity in regions like Texas and Georgia, aiming to generate stable cash flows and high margins from this new segment.
- Strategic Acquisitions and Infrastructure Development: The company's growth strategy involves the acquisition of new Bitcoin mining facilities and continuous development of its energy infrastructure. These acquisitions and infrastructure enhancements, such as securing additional megawatts of contracted power, bolster its operational capacity and efficiency across both its Bitcoin mining and new data center segments.
- Bitcoin Price Appreciation: The market price of Bitcoin remains a significant driver of CleanSpark's revenue, as the company's primary business involves mining and monetizing the digital asset. Sustained or increased Bitcoin prices contribute directly to higher revenue generation from its mining operations.
AI Analysis | Feedback
Share Repurchases
- In November 2025, CleanSpark repurchased 30.6 million shares for approximately $460 million, representing about 10.9% of its outstanding common stock, concurrently with a convertible senior notes offering.
- In December 2024, the company repurchased 11.76 million shares for approximately $145 million, coinciding with a separate convertible note offering.
- As of February 2026, CleanSpark reported repurchasing 20% of its own shares over the preceding 18 months.
Share Issuance
- CleanSpark completed an upsized $1.15 billion offering of 0.00% Convertible Senior Notes due 2032 in November 2025, which can be converted into shares in the future.
- In December 2024, the company completed a $650 million offering of 0.00% Convertible Senior Notes due 2030.
Inbound Investments
- In November 2025, CleanSpark secured approximately $1.13 billion in net proceeds from its $1.15 billion offering of 0.00% Convertible Senior Notes due 2032, a significant capital injection from institutional buyers.
- The company obtained approximately $633.6 million in net proceeds from its $650 million offering of 0.00% Convertible Senior Notes due 2030 in December 2024.
Outbound Investments
- CleanSpark has been expanding its power and land portfolio and developing data center infrastructure, utilizing proceeds from its convertible note offerings.
- In October 2025, the company acquired 271 acres in Austin County, Texas, and secured 285 MW of long-term power supply for a new data center campus.
- In March 2026, CleanSpark closed on a second Texas campus, adding 300 MW of ERCOT-approved capacity, as it advances its AI and high-performance compute initiatives.
Capital Expenditures
- CleanSpark's capital expenditures for the fiscal year ending September 30, 2025, were approximately $55.4 million, marking an 80.2% increase year-over-year.
- Capital expenditures were approximately $66 million for the fiscal year 2024, and $61 million for fiscal year 2023.
- The primary focus of these expenditures is on expanding its power and land portfolio, developing data center infrastructure, and acquiring new bitcoin mining machines to increase its computational power, with a goal to reach 50 EH/s.
Latest Trefis Analyses
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| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
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| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.55 |
| Mkt Cap | 8.8 |
| Rev LTM | 504 |
| Op Inc LTM | -319 |
| FCF LTM | -1,045 |
| FCF 3Y Avg | -730 |
| CFO LTM | -329 |
| CFO 3Y Avg | -216 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 37.8% |
| Rev Chg 3Y Avg | 68.3% |
| Rev Chg Q | -7.4% |
| QoQ Delta Rev Chg LTM | -1.7% |
| Op Inc Chg LTM | -85.9% |
| Op Inc Chg 3Y Avg | -87.6% |
| Op Mgn LTM | -59.1% |
| Op Mgn 3Y Avg | -54.7% |
| QoQ Delta Op Mgn LTM | -10.7% |
| CFO/Rev LTM | -58.9% |
| CFO/Rev 3Y Avg | -60.0% |
| FCF/Rev LTM | -171.3% |
| FCF/Rev 3Y Avg | -195.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.8 |
| P/S | 18.9 |
| P/Op Inc | -24.3 |
| P/EBIT | -11.2 |
| P/E | -9.8 |
| P/CFO | -11.5 |
| Total Yield | -10.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -27.4% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 30.4% |
| 3M Rtn | 61.8% |
| 6M Rtn | 57.3% |
| 12M Rtn | 176.0% |
| 3Y Rtn | 485.8% |
| 1M Excs Rtn | 25.4% |
| 3M Excs Rtn | 52.7% |
| 6M Excs Rtn | 59.6% |
| 12M Excs Rtn | 138.9% |
| 3Y Excs Rtn | 407.6% |
Price Behavior
| Market Price | $17.13 | |
| Market Cap ($ Bil) | 4.8 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -26.2% | |
| 50 Days | 200 Days | |
| DMA Price | $11.72 | $12.39 |
| DMA Trend | up | up |
| Distance from DMA | 46.1% | 38.3% |
| 3M | 1YR | |
| Volatility | 73.7% | 89.0% |
| Downside Capture | 372.87 | 401.19 |
| Upside Capture | 441.80 | 349.61 |
| Correlation (SPY) | 71.5% | 50.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.82 | 3.48 | 4.07 | 3.84 | 3.42 | 2.78 |
| Up Beta | 2.47 | 2.09 | 3.94 | 4.12 | 2.95 | 2.36 |
| Down Beta | 5.54 | 3.18 | 2.94 | 3.20 | 3.45 | 1.94 |
| Up Capture | 398% | 581% | 581% | 524% | 1134% | 56030% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 25 | 33 | 60 | 127 | 347 |
| Down Capture | 413% | 334% | 342% | 265% | 202% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 18 | 31 | 65 | 123 | 399 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLSK | |
|---|---|---|---|---|
| CLSK | 91.7% | 88.7% | 1.13 | - |
| Sector ETF (XLK) | 62.7% | 20.7% | 2.25 | 50.7% |
| Equity (SPY) | 30.3% | 12.0% | 1.91 | 50.4% |
| Gold (GLD) | 36.8% | 26.8% | 1.14 | 23.4% |
| Commodities (DBC) | 41.2% | 18.7% | 1.71 | 0.6% |
| Real Estate (VNQ) | 16.3% | 13.1% | 0.89 | 24.0% |
| Bitcoin (BTCUSD) | -32.5% | 41.9% | -0.83 | 62.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLSK | |
|---|---|---|---|---|
| CLSK | -1.2% | 99.9% | 0.44 | - |
| Sector ETF (XLK) | 23.5% | 24.8% | 0.83 | 46.4% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 47.9% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 11.8% |
| Commodities (DBC) | 10.1% | 19.4% | 0.41 | 11.8% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 33.1% |
| Bitcoin (BTCUSD) | 12.0% | 55.3% | 0.42 | 55.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLSK | |
|---|---|---|---|---|
| CLSK | 0.0% | 122.7% | 0.53 | - |
| Sector ETF (XLK) | 25.5% | 24.4% | 0.94 | 29.8% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 29.8% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 10.2% |
| Commodities (DBC) | 7.5% | 17.9% | 0.34 | 11.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 21.3% |
| Bitcoin (BTCUSD) | 66.8% | 66.9% | 1.06 | 31.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 12/03/2024 | 10-K |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 12/01/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 12/15/2022 | 10-K |
| 06/30/2022 | 08/10/2022 | 10-Q |
CLSK Trade Sentinel
MARKET WEIGHT (Score 5-6)
CONVICTION RATIONALE
Cleanspark is a high-risk, binary bet on a strategic pivot. The potential reward from a successful transition into an AI infrastructure provider is substantial, supported by a powerful secular tailwind. However, the execution risk is severe, the core business is under pressure, competition in the new market is formidable, and the current valuation is purely speculative. This balanced, high-variance profile warrants a Market Weight position, reflecting the significant upside potential but also the very real possibility of thesis failure.
STOCK ARCHETYPE
Primary: 'Cyclical Opportunity' | Secondary: 'Binary Innovator'The business is 100% exposed to Bitcoin prices, making it a classic Commodity Cyclical. However, the entire forward-looking thesis rests on a high-risk, pre-revenue pivot into AI/HPC data centers, which is a binary bet on management execution and a new market, fitting the Binary Innovator profile.
INVESTMENT THESIS
Cleanspark is leveraging its core competency in securing low-cost power and building energy infrastructure to pivot into the high-growth AI/HPC data center market. A successful transition would diversify revenue away from the volatile Bitcoin market, create a stable, long-term contracted revenue stream, and justify a significant valuation multiple re-rating.
- The global AI Data Centers Market is projected to be $22.26 Billion in 2026, growing at a +27.48% CAGR.
- Management has stated a fundamental strategic shift to focus on AI/HPC infrastructure, making minimal future investment in Bitcoin mining equipment.
- The company has been aggressively acquiring assets, including a recent 300 MW expansion in Texas, to support the new strategy.
- The market has previously rewarded this narrative, with the stock rising 21.96% after the Q1 FY2026 earnings report despite a large net loss, indicating a focus on the strategic pivot over near-term profitability.
PRIMARY RISK
The strategic pivot to AI data centers carries immense execution risk as Cleanspark enters a new, competitive market where it has no track record and rivals like Riot Platforms have a head start. This risk is amplified by severe deterioration in the core Bitcoin mining business, which is meant to fund the transition, as evidenced by a recent massive net loss and significant gross margin compression.
- The company reported a sharp reversal to a net loss of $378.7 million in Q1 2026, compared to a net income of $246.8 million in the prior-year period.
- Gross margin in the core mining business compressed significantly to 47% from 57% year-over-year in Q1 2026.
- Competitor Riot Platforms has already secured a major AI tenant, establishing a first-mover advantage that Cleanspark has yet to match.
- The market's skepticism is quantified by an extremely high short interest of over 33% of the public float.
| KPI | Threshold | Rationale |
|---|---|---|
| AI/HPC Tenant Announcements | Secure at least one >100 MW contract with a major cloud or AI company. | This is the primary catalyst to de-risk the entire investment thesis and prove the viability of the strategic pivot. |
| Bitcoin Mining Gross Margin | Stabilize above 45% | The core mining business must remain profitable enough to fund the AI expansion. A continued decline below 45% would signal the funding engine is breaking, jeopardizing the entire strategy. |
| Operational Hashrate & Fleet Efficiency | Maintain hashrate >45 EH/s and efficiency <17 J/TH | Indicates the health and competitiveness of the core cash-generating business. Degradation here would amplify financial stress. |
The AI Pivot: Visionary Diversification or Desperate Gamble?
BULL VIEW
Leveraging energy expertise to capture massive AI data center demand will unlock a significant valuation re-rating, moving away from volatile Bitcoin dependency.
CORE TENSION
Bulls see a strategic pivot to high-margin AI infrastructure, funded by mining. Bears see a high-risk venture with no track record, as the core funding engine (mining) deteriorates.
PREVAILING SENTIMENT
The Q1 2026 net loss of $378.7 million and gross margin compression to 47% from 57% YoY show the core business is under severe stress, while the AI pivot remains pre-revenue.
BEAR VIEW
The company is entering a competitive new market with no AI tenant, massive execution risk, and a core mining business facing severe margin compression and a huge net loss.
| Timeline | Event & Metric To Watch |
|---|---|
Early August 2026 | Q3 FY2026 Earnings Call Watch: Update on AI/HPC tenant negotiations. Any signed letter of intent or contract is the key signal, along with Bitcoin mining gross margin vs. the 47% baseline from Q1. |
Late November 2026 | Q4 FY2026 Earnings Call Watch: FY2027 guidance for both revenue and capital expenditures. The key is the CapEx allocation between mining and the AI buildout. |
Anytime | Bitcoin Price Volatility Watch: Bitcoin price breaking below the psychological and operational support level of $70,000. |
Next 6 Months | Regulatory Scrutiny on Energy Watch: Announcement of formal hearings by US Senate/House committees or new EPA rulemaking on data center energy use. |
| Date | Event | Stock Impact |
|---|---|---|
8/7/2025 | Q3 2025 Earnings Details: Reported a significant EPS beat of $0.78 versus a $0.07 estimate, yet the stock pulled back, indicating potential concerns over the quality of the beat or forward-looking commentary. | Fell notably by -2.5% $11.00 -> $10.72 |
9/18/2025 | Securities Lawsuit Update Details: Despite a federal judge granting class-action status to an ongoing securities fraud lawsuit in September 2025, the stock rallied, suggesting the market was focused on other factors. | Surged +17.7% $11.44 -> $13.46 |
11/24/2025 | JPMorgan Analyst Upgrade Details: JPMorgan upgraded CLSK to Overweight, citing the company's ability to convert power assets into long-term HPC revenue as a key factor. [27] | Surged +18.0% $9.73 -> $11.48 |
11/25/2025 | Q4 & FY2025 Earnings Details: Reported full-year revenue of $766.3M (+102% YoY) and net income of $364.5M. Announced a $1.15B convertible debt offering and a $460M share repurchase. [14, 18] | Surged +13.8% $11.82 -> $13.45 |
2/5/2026 | Q1 FY2026 Earnings & Strategic Pivot Details: Reported a massive net loss of $378.7M, a sharp reversal from prior year income. Gross margin compressed to 47%. Announced a strategic pivot to focus on AI/HPC infrastructure. [18] | Plummeted -19.1% $10.22 -> $8.26 |
4/7/2026 | March 2026 Operational Update Details: Announced mining 658 BTC in March and a peak operational hashrate of 50.0 EH/s. Reaffirmed focus on securing a hyperscale AI customer. [1, 3, 5] | Muted (-0.4%) $9.10 -> $9.06 |
Position Sizing
1% - 3%
CONSERVATIVE
Stock is in an Explosive Volatility regime (97% absolute, 6.9x S&P) with Spiking near-term fear. The Bearish sentiment, Contested moat, and Low visibility mandate a Conservative sizing to manage extreme drawdown risk.
Diversification Alternatives
RIOT
INDUSTRYUnlike CLSK's unproven AI pivot, RIOT has already secured a major AI tenant, de-risking its diversification strategy and providing a clearer path to stable, non-Bitcoin revenue.
VRT
SECTORPure-play exposure to the AI data center buildout without any of the volatility or risk from Bitcoin mining. Vertiv has a massive backlog and is a direct beneficiary of AI CapEx.
Cleanspark is transitioning from a pure-play Bitcoin miner into a diversified digital infrastructure operator, leveraging its expertise in low-cost energy to capture opportunities in the AI and high-performance computing (HPC) markets.
Filter all news through the lens of Cleanspark's strategic pivot to AI/HPC infrastructure, funded by its Bitcoin mining operations.
Signing of long-term, dollar-denominated contracts with major AI/HPC clients; securing new, large-scale power agreements; maintaining a low cost of Bitcoin production.
Delays or failure to secure AI/HPC contracts; significant increases in energy costs; a sustained drop in Bitcoin price that curtails cash flow for investment.
Short-term fluctuations in Bitcoin price; minor changes in quarterly Bitcoin production; general news about the cryptocurrency market without a direct impact on Cleanspark's operational costs or strategic initiatives.
Repricing Catalyst
The market is currently evaluating Cleanspark's ability to successfully transition its business model to include AI and HPC data centers, which would provide more stable, recurring revenue streams compared to the volatile Bitcoin mining industry.
Bitcoin Mining
$766310.0B TTM (100% of Total) · 58.6% MarginWhat It Is
Bitcoin
Who Pays & How
The Bitcoin network rewards Cleanspark with new Bitcoin for validating transactions and securing the network. This is the primary mechanism of the Bitcoin protocol. Cleanspark also sells mined Bitcoin on the open market to institutional and retail investors.
Competition
AI/HPC Data Centers
$0.0B TTM (% of Total) · -9223372036854775808% MarginWhat It Is
Data center infrastructure and hosting services for AI and high-performance computing workloads.
Who Pays & How
Potential customers include large cloud providers (hyperscalers) and other companies requiring significant computing power for AI and HPC applications.
Competition
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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