What is CleanSpark's earnings per share (EPS)?

CleanSpark (CLSKW) reported diluted earnings per share of $1.12 for fiscal year 2025. This represents a 262.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CleanSpark Financials

CLSKW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE September

This page shows CleanSpark (CLSKW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 71/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

CleanSpark has an operating margin of 41.6%, meaning the company retains $42 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from -39.3% the prior year.

Growth

100

CleanSpark's revenue surged 102.2% year-over-year to $766.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

CleanSpark carries a low D/E ratio of 0.30, meaning only $0.30 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.18, CleanSpark holds $4.18 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 83/100.

Cash Flow

While CleanSpark generated -$461.0M in operating cash flow, capex of $144.7M consumed most of it, leaving -$605.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

CleanSpark's ROE of 16.8% shows moderate profitability relative to equity, earning a score of 48/100. This is up from -8.3% the prior year.

Piotroski F-Score Neutral

4/9

CleanSpark passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

-1.26x

For every $1 of reported earnings, CleanSpark generates $-1.26 in operating cash flow (-$461.0M OCF vs $364.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

28.1x

CleanSpark earns $28.1 in operating income for every $1 of interest expense ($318.9M vs $11.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$766.3M

YoY+102.2%

5Y CAGR+138.0%

CleanSpark generated $766.3M in revenue in fiscal year 2025. This represents an increase of 102.2% from the prior year.

EBITDA

$667.3M

YoY+11888.6%

CleanSpark's EBITDA was $667.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11888.6% from the prior year.

Net Income

$364.5M

YoY+350.0%

CleanSpark reported $364.5M in net income in fiscal year 2025. This represents an increase of 350.0% from the prior year.

EPS (Diluted)

$1.12

YoY+262.3%

CleanSpark earned $1.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 262.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$605.7M

YoY-102.1%

CleanSpark generated -$605.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 102.1% from the prior year.

Cash & Debt

$43.0M

YoY-64.6%

5Y CAGR+68.9%

10Y CAGR+85.6%

CleanSpark held $43.0M in cash against $644.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

284M

YoY+5.0%

5Y CAGR+74.9%

CleanSpark had 284M shares outstanding in fiscal year 2025. This represents an increase of 5.0% from the prior year.

Margins & Returns

Gross Margin

55.2%

YoY-1.1pp

5Y CAGR+34.1pp

CleanSpark's gross margin was 55.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.1 percentage points from the prior year.

Operating Margin

41.6%

YoY+81.0pp

5Y CAGR+192.6pp

CleanSpark's operating margin was 41.6% in fiscal year 2025, reflecting core business profitability. This is up 81.0 percentage points from the prior year.

Net Margin

47.6%

YoY+86.0pp

5Y CAGR+280.4pp

CleanSpark's net profit margin was 47.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 86.0 percentage points from the prior year.

Return on Equity

16.8%

YoY+25.0pp

5Y CAGR+158.9pp

10Y CAGR+474.1pp

CleanSpark's ROE was 16.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 25.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$145.0M

CleanSpark spent $145.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$144.7M

YoY+118.9%

5Y CAGR+429.1%

10Y CAGR+112.5%

CleanSpark invested $144.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 118.9% from the prior year.

CLSKW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$766.3M+102.2%	$379.0M+125.0%	$168.4M+28.0%	$131.5M+234.8%	$39.3M+291.7%	$10.0M
Cost of Revenue	$343.1M+107.3%	$165.5M+76.9%	$93.6M+126.9%	$41.2M+683.5%	$5.3M-30.4%	$7.6M
Gross Profit	$423.2M+98.3%	$213.5M+185.3%	$74.8M-17.1%	$90.3M+165.4%	$34.0M+1504.3%	$2.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$52.6M+74.3%	$30.2M+45.0%	$20.8M+99.8%	$10.4M+82.3%	$5.7M+423.0%	$1.1M
Operating Income	$318.9M+314.0%	-$149.0M-13.7%	-$131.0M-246.1%	-$37.9M-218.2%	-$11.9M+21.4%	-$15.1M
Interest Expense	$11.3M+361.7%	$2.5M-17.5%	$3.0M+176.2%	$1.1M+639.7%	$146K-98.6%	$10.8M
Income Tax	$39.1M+1069.6%	$3.3M+38.4%	$2.4M	$0	$0	N/A
Net Income	$364.5M+350.0%	-$145.8M-5.5%	-$138.1M-141.0%	-$57.3M-162.8%	-$21.8M+6.6%	-$23.3M
EPS (Diluted)	$1.12+262.3%	$-0.69+46.9%	$-1.30-36.8%	$-0.95-227.6%	$-0.29	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	$89.3M-14.2%	$104.1M-6.9%	$111.8M
Cost of Revenue	$95.6M	N/A	$90.1M+5.5%	$85.4M+21.5%	$70.3M+23.0%	$57.1M+26.5%	$45.2M+31.7%	$34.3M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$32.1M-45.5%	$58.9M-24.0%	$77.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.4M	N/A	$16.6M+41.2%	$11.7M+16.7%	$10.1M-0.7%	$10.1M+23.0%	$8.2M+20.8%	$6.8M
Operating Income	-$316.6M	N/A	$246.2M+278.3%	-$138.0M-165.7%	$210.0M+420.1%	-$65.6M+73.7%	-$249.1M-281.6%	$137.1M
Interest Expense	$3.7M	N/A	$3.5M+172.6%	$1.3M-18.7%	$1.6M+73.6%	$898K+85.2%	$485K-7.8%	$526K
Income Tax	$31.4M	N/A	$18.1M+495.0%	$3.0M-67.0%	$9.2M+6046.5%	-$155K+98.4%	-$9.5M-181.9%	$11.6M
Net Income	-$378.7M	N/A	$257.4M+285.5%	-$138.8M-156.2%	$246.8M+496.9%	-$62.2M+73.7%	-$236.2M-286.4%	$126.7M
EPS (Diluted)	$-1.35	N/A	$0.78+259.2%	$-0.49-159.0%	$0.83	N/A	$-1.03-277.6%	$0.58

CLSKW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.2B+62.2%	$2.0B+157.7%	$761.6M+68.3%	$452.6M+42.6%	$317.5M+1321.1%	$22.3M
Current Assets	$1.3B+87.1%	$705.4M+590.4%	$102.2M+101.2%	$50.8M-12.0%	$57.7M+599.6%	$8.3M
Cash & Equivalents	$43.0M-64.6%	$121.2M+314.9%	$29.2M+42.8%	$20.5M+13.4%	$18.0M+477.1%	$3.1M
Inventory	N/A	N/A	$809K+274.5%	$216K-88.1%	$1.8M	N/A
Accounts Receivable	N/A	N/A	$5K-81.5%	$27K-91.2%	$307K-64.3%	$860K
Goodwill	$131.7M+1536.9%	$8.0M0.0%	$8.0M	$0-100.0%	$12.0M+104.1%	$5.9M
Total Liabilities	$1.0B+399.7%	$201.8M+134.9%	$85.9M+76.7%	$48.6M+313.5%	$11.8M+98.8%	$5.9M
Current Liabilities	$315.8M+68.1%	$187.9M+153.7%	$74.1M+117.5%	$34.0M+238.3%	$10.1M+87.0%	$5.4M
Long-Term Debt	$644.6M+8882.5%	$7.2M-19.5%	$8.9M-33.7%	$13.4M	N/A	N/A
Total Equity	$2.2B+23.5%	$1.8B+160.6%	$675.7M+67.2%	$404.0M+32.2%	$305.7M+1761.1%	$16.4M
Retained Earnings	-$125.9M+73.7%	-$479.2M-43.4%	-$334.2M-70.5%	-$196.1M-41.7%	-$138.4M-18.9%	-$116.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$3.3B+4.5%	$3.2B+2.6%	$3.1B+16.7%	$2.7B-4.4%	$2.8B+41.6%	$2.0B+33.0%	$1.5B-4.0%	$1.5B
Current Assets	$1.5B+11.4%	$1.3B+9.1%	$1.2B+27.7%	$947.5M-22.7%	$1.2B+73.7%	$705.4M+17.8%	$598.8M-12.9%	$687.8M
Cash & Equivalents	$458.1M+966.2%	$43.0M+24.3%	$34.6M-64.4%	$97.0M-64.9%	$276.6M+128.2%	$121.2M-3.9%	$126.1M-61.0%	$323.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$1.5M+55.2%	$991K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Goodwill	$131.7M0.0%	$131.7M+2.2%	$128.8M-2.6%	$132.2M-2.2%	$135.3M+1581.6%	$8.0M0.0%	$8.0M0.0%	$8.0M
Total Liabilities	$1.9B+92.8%	$1.0B+5.6%	$954.9M+24.6%	$766.5M+1.2%	$757.7M+275.4%	$201.8M+175.1%	$73.4M-1.4%	$74.4M
Current Liabilities	$139.5M-55.8%	$315.8M+14.1%	$276.8M+153.2%	$109.3M+13.1%	$96.7M-48.5%	$187.9M+180.5%	$67.0M+21.7%	$55.0M
Long-Term Debt	$1.8B+177.2%	$644.6M+0.1%	$643.9M+0.3%	$641.7M0.0%	$641.4M+8838.6%	$7.2M+446.1%	$1.3M-74.2%	$5.1M
Total Equity	$1.4B-36.5%	$2.2B+1.3%	$2.1B+13.6%	$1.9B-6.5%	$2.0B+14.8%	$1.8B+25.7%	$1.4B-4.2%	$1.5B
Retained Earnings	-$504.6M-300.8%	-$125.9M-1.1%	-$124.6M+66.9%	-$376.4M-58.4%	-$237.6M+50.4%	-$479.2M-15.3%	-$415.5M-131.8%	-$179.2M

CLSKW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$461.0M-97.3%	-$233.7M-1254.8%	-$17.2M-123.5%	$73.5M+406.3%	-$24.0M-261.1%	-$6.6M
Capital Expenditures	$144.7M+118.9%	$66.1M+7.5%	$61.5M+218.7%	$19.3M-86.1%	$139.2M+398888.3%	$35K
Free Cash Flow	-$605.7M-102.1%	-$299.8M-280.9%	-$78.7M-245.3%	$54.2M+133.2%	-$163.2M-2344.3%	-$6.7M
Investing Cash Flow	-$305.7M+66.8%	-$920.4M-177.3%	-$331.9M-57.3%	-$211.0M+7.9%	-$229.2M-9513.9%	-$2.4M
Financing Cash Flow	$688.9M-44.9%	$1.2B+249.0%	$357.9M+155.8%	$139.9M-47.8%	$268.1M+6114.1%	$4.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$145.0M	$0	$0	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$161.1M-34.9%	-$119.4M-8.7%	-$109.9M+2.1%	-$112.3M+6.0%	-$119.5M-44.5%	-$82.7M-41.5%	-$58.4M-30.3%	-$44.8M
Capital Expenditures	$36.9M	N/A	N/A	N/A	$57.4M+347.7%	$12.8M+24.3%	$10.3M-33.5%	$15.5M
Free Cash Flow	-$198.1M	N/A	N/A	N/A	-$176.8M-85.2%	-$95.5M-38.9%	-$68.7M-14.0%	-$60.3M
Investing Cash Flow	$79.6M-41.3%	$135.5M+208.2%	-$125.3M-109.0%	-$59.9M+76.6%	-$255.9M+38.6%	-$416.7M-53.1%	-$272.1M-36.9%	-$198.7M
Financing Cash Flow	$496.4M+6590.3%	-$7.6M-104.4%	$172.8M+2441.9%	-$7.4M-101.4%	$531.1M+7.4%	$494.5M+261.8%	$136.7M-73.6%	$518.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$460.0M	$0	$0	$0-100.0%	$145.0M	$0	$0	$0

CLSKW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	55.2%-1.1pp	56.3%+11.9pp	44.4%-24.2pp	68.7%-17.9pp	86.6%+65.5pp	21.1%
Operating Margin	41.6%+81.0pp	-39.3%+38.5pp	-77.8%-49.0pp	-28.8%+1.5pp	-30.3%+120.7pp	-151.0%
Net Margin	47.6%+86.0pp	-38.5%+43.6pp	-82.0%-38.4pp	-43.6%+11.9pp	-55.5%+177.3pp	-232.8%
Return on Equity	16.8%+25.0pp	-8.3%+12.2pp	-20.4%-6.3pp	-14.2%-7.1pp	-7.1%+135.0pp	-142.1%
Return on Assets	11.5%+18.9pp	-7.4%+10.7pp	-18.1%-5.5pp	-12.7%-5.8pp	-6.9%+97.6pp	-104.5%
Current Ratio	4.18+0.4	3.75+2.4	1.38-0.1	1.49-4.2	5.74+4.2	1.53
Debt-to-Equity	0.30+0.3	0.000.0	0.01-0.0	0.030.0	0.04-0.3	0.36
FCF Margin	-79.0%+0.1pp	-79.1%-32.4pp	-46.7%-87.9pp	41.2%+456.7pp	-415.5%-348.9pp	-66.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	36.0%-20.6pp	56.6%-12.7pp	69.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	-73.5%+165.8pp	-239.3%-361.9pp	122.6%
Net Margin	N/A	N/A	N/A	N/A	N/A	-69.7%+157.3pp	-226.9%-340.3pp	113.4%
Return on Equity	-27.4%	N/A	12.0%+19.3pp	-7.3%-19.6pp	12.2%+15.7pp	-3.5%+13.3pp	-16.9%-25.5pp	8.7%
Return on Assets	-11.4%	N/A	8.3%+13.5pp	-5.2%-14.1pp	8.9%+12.0pp	-3.2%+12.8pp	-16.0%-24.3pp	8.2%
Current Ratio	10.54+6.4	4.18-0.2	4.37-4.3	8.67-4.0	12.67+8.9	3.75-5.2	8.94-3.6	12.50
Debt-to-Equity	1.29+1.0	0.300.0	0.30-0.0	0.34+0.0	0.32+0.3	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	-107.0%-40.9pp	-66.0%-12.1pp	-54.0%

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Frequently Asked Questions

What is CleanSpark's annual revenue?

CleanSpark (CLSKW) reported $766.3M in total revenue for fiscal year 2025. This represents a 102.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is CleanSpark's revenue growing?

CleanSpark (CLSKW) revenue grew by 102.2% year-over-year, from $379.0M to $766.3M in fiscal year 2025.

Is CleanSpark profitable?

Yes, CleanSpark (CLSKW) reported a net income of $364.5M in fiscal year 2025, with a net profit margin of 47.6%.

What is CleanSpark's EBITDA?

CleanSpark (CLSKW) had EBITDA of $667.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CleanSpark have?

As of fiscal year 2025, CleanSpark (CLSKW) had $43.0M in cash and equivalents against $644.6M in long-term debt.

What is CleanSpark's gross margin?

CleanSpark (CLSKW) had a gross margin of 55.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is CleanSpark's operating margin?

CleanSpark (CLSKW) had an operating margin of 41.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is CleanSpark's net profit margin?

CleanSpark (CLSKW) had a net profit margin of 47.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is CleanSpark's return on equity (ROE)?

CleanSpark (CLSKW) has a return on equity of 16.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is CleanSpark's free cash flow?

CleanSpark (CLSKW) generated -$605.7M in free cash flow during fiscal year 2025. This represents a -102.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is CleanSpark's operating cash flow?

CleanSpark (CLSKW) generated -$461.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CleanSpark's total assets?

CleanSpark (CLSKW) had $3.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are CleanSpark's capital expenditures?

CleanSpark (CLSKW) invested $144.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does CleanSpark buy back shares?

Yes, CleanSpark (CLSKW) spent $145.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does CleanSpark have outstanding?

CleanSpark (CLSKW) had 284M shares outstanding as of fiscal year 2025.

What is CleanSpark's current ratio?

CleanSpark (CLSKW) had a current ratio of 4.18 as of fiscal year 2025, which is generally considered healthy.

What is CleanSpark's debt-to-equity ratio?

CleanSpark (CLSKW) had a debt-to-equity ratio of 0.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is CleanSpark's return on assets (ROA)?

CleanSpark (CLSKW) had a return on assets of 11.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is CleanSpark's cash runway?

Based on fiscal year 2025 data, CleanSpark (CLSKW) had $43.0M in cash against an annual operating cash burn of $461.0M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is CleanSpark's Piotroski F-Score?

CleanSpark (CLSKW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CleanSpark's earnings high quality?

CleanSpark (CLSKW) has an earnings quality ratio of -1.26x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can CleanSpark cover its interest payments?

CleanSpark (CLSKW) has an interest coverage ratio of 28.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is CleanSpark?

CleanSpark (CLSKW) scores 71 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.