CleanSpark, Inc. (CLSK) — Fundamental Analysis

Snapshot & Big Picture

CleanSpark, Inc. is a Bitcoin mining company that has grown aggressively over the past several years, scaling its hash rate capacity and energy infrastructure primarily in the United States. The business is inherently tied to Bitcoin's price, network difficulty, and energy costs, making revenue and profitability highly sensitive to macro crypto-market conditions. The annual data through fiscal year ending September 30, 2025 reflects a company that has crossed a meaningful inflection point — posting its first strongly positive operating and net margins after years of losses.

Latest Quarter Snapshot

The most recent quarterly filing available covers the period ending June 30, 2024 — making it older than the full-year FY2025 annual data above, so the annual figures should be treated as the more current view of the business. That said, the June 2024 quarter is notable because it captures a period of significant operational stress. The quarter saw a gross margin of just 0.89% and deeply negative operating and net margins, reflecting the impact of the Bitcoin halving event in April 2024, which cut miner block rewards in half while costs remained elevated. EBITDA of -$239.4M in that single quarter underscores how sharply economics can swing in the mining business around halving events.

The current ratio of 8.26 at that quarter-end was notably strong, suggesting the company had ample short-term liquidity even during the trough of post-halving margins. The elevated debt-to-equity of 1.95 at that interim period compared to the FY2025 annual D/E of 0.46 suggests CleanSpark may have reduced leverage or grown its equity base significantly in the months following.

Profitability — Multi-Year Trend

The profitability trajectory for CleanSpark is one of the more dramatic turnarounds visible in the annual data. In FY2023, the company was deeply unprofitable at every line — operating margin at -77.8% and net margin at -82.0% — consistent with a rapidly scaling miner absorbing large capital and operating costs against a challenging post-2022 crypto environment. FY2024 showed meaningful improvement in margins (operating margin improved by roughly 38 percentage points) but the business remained in operating loss territory. Then in FY2025, margins flipped decisively positive: a 41.6% operating margin and a 47.6% net margin are strong results by almost any industry standard. EBITDA swung from essentially breakeven ($5.6M) in FY2024 to $667.3M in FY2025 — a staggering jump driven by higher Bitcoin prices and the company's expanded hash rate capacity.

Gross margin data was not available in the filings for any of the three fiscal years, so a gross-level margin trend cannot be assessed from this data alone.

Financial Health

CleanSpark's balance sheet health has improved materially over the three-year window. The current ratio climbed from a modest 1.38 in FY2023 — meaning very little liquidity cushion — to 3.75 in FY2024 and 4.18 in FY2025, indicating the company has built up a solid short-term liquidity buffer. A current ratio above 4x is generally considered comfortably healthy.

Debt-to-equity remained low through FY2023 and FY2024 (0.13 and 0.11 respectively), then rose to 0.46 in FY2025. This increase in leverage warrants monitoring but remains at a moderate level — suggesting the company took on some debt, likely to fund continued mining infrastructure expansion, while equity also grew substantially. Overall, the balance sheet appears sound heading into the data's most recent period.

Growth

Revenue growth has been exceptional on a compounded basis. CleanSpark grew revenue from $168.4M in FY2023 to $379.0M in FY2024 — a 125% year-over-year increase — and then to $766.3M in FY2025, an additional 102% jump. Over two fiscal years, revenue has grown more than 4.5x. This pace of growth reflects both an aggressive capacity expansion strategy and a favorable Bitcoin price environment, particularly in the second half of the FY2025 period. Investors should note that this growth is not purely organic in the traditional sense — Bitcoin price is a major revenue multiplier, meaning results can be amplified in bull markets and compressed rapidly in bear markets, as the June 2024 quarter vividly illustrated.

Plain English Summary

CleanSpark is a Bitcoin miner that has grown extremely fast — revenue more than quadrupled in just two fiscal years — and has recently turned the corner into real profitability, posting over 40% operating margins in its latest full fiscal year. That's a remarkable shift from just two years ago when the company was losing more money than it was making in revenue. The balance sheet looks solid, with plenty of short-term liquidity and only moderate debt. The big caveat that applies to every Bitcoin miner is volatility: the June 2024 quarter showed just how brutal a halving event combined with cost pressures can be, briefly producing operating losses of more than 300% of revenue. CleanSpark's fortunes are deeply linked to where Bitcoin trades, how much energy costs, and how competitive the global mining landscape becomes — factors largely outside management's control. If Bitcoin prices remain elevated and the company continues scaling efficiently, the FY2025 results suggest the business model can be highly lucrative. If conditions turn, margins can deteriorate with little warning.

Source Filings

• 10-Q filed May 11, 2026 (period ending March 31, 2026)
• 10-Q filed February 5, 2026 (period ending December 31, 2025)