CleanSpark, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Bitcoin trades around the clock: each day is its close at midnight UTC, but Nov 12, 2026 is its price at 4:43 pm New York, when it was read; that day's close came after this page was drawn. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Fiscal years: CleanSpark, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $47.6 ends up as net income. Net margin rose from −43.6% to 47.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: CleanSpark, Inc.'s annual reports to the SEC.

Who pays for the build-out?

In the four quarters to Jun 2026, CleanSpark spent $91M on capital projects (data centers and equipment), while its operations used $529M. Over the same four quarters its debt went from $644M to $1.8B.

From CleanSpark, Inc.'s SEC filings: operating cash flow and capital spending by quarter; debt at each quarter end; interest expense by quarter, the fourth quarter being the year minus nine months.

Customers and suppliers

In its latest annual report CleanSpark buys from Bitmain, MicroBT, Canaan Crypt Solutions and 4 more; sells to Foundry Digital.

Their suppliers

Circle Internet Group CRCLto Coinbase

Show 1

Suppliers

Coinbase COIN

Georgia Power Company GPJA

A

ANC Corporate Center & Paseo Verde

Bitmain

Canaan Crypt Solutions

MicroBT

S

Sunnyside Digital

 

CLSKCleanSpark

Customers

Foundry Digital 100%

Only the companies CleanSpark names in its 10-K filed Nov 25, 2025 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 4.9x, below the peer median of 21.5x.

EV/revenue below the peer median of 21.5x: cheaper than its peers.

Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Capital Markets list is another business.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $20.87, 205% above the current price; 93% of 15 analysts rate it a buy; earnings missed estimates in all of the last 4 quarters.

Buy or Strong Buy: 14 analysts (93%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $23.92 to $21.44 (−10%), while CLSK went from $11.98 to $6.84 (−43%). In the past three months targets were cut 3 times and never raised. 1 upgrade and no downgrades over the year; the latest: JP Morgan moved it to Overweight from Neutral on Nov 24, 2025.

The day after each of these reports the stock moved +17.2% (Sep 2025, missed); −1.4% (Dec 2025, missed); −5.1% (Mar 2026, missed); −8.9% (Jun 2026, missed).

For the quarter ending Sep 2026 (CleanSpark reports on Nov 24, 2026), analysts expect an adjusted loss of $0.37 a share and revenue of $128M. For the fiscal year ending Sep 2027, they expect revenue of $610M, up 4% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $90M exceeds operating cash flow of −$530M, leaving free cash flow of −$620M. It still paid $460M to shareholders (dividends plus buybacks), so $1.1B had to come from cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 4.2, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 fund whose copy leaves CLSK out (on the exchange, not in the app yet): Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 4 held CLSK at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 1 cut, 1 bought new, 1 sold all and 1 held the same. The largest of them is Situational Awareness, 12.28M shares worth $179M at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CLSK at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $1.9M of CLSK on the open market in the 12 months to Nov 11, 2026; none bought. 23% of the sales were made under 10b5-1 plans, set up in advance. The largest was Thomas Leigh Wood (Director), who sold $997K in 1 sale.

From the Form 4s filed with the SEC about CleanSpark, Inc. (50 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 96 other transactions (option exercises and shares withheld for tax).