CleanSpark Financials

CLSKW

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows CleanSpark (CLSKW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI CLSKW FY2025 2026-04-22

Accounting profit finally arrived, but cash-intensive expansion still forces the business to lean on outside capital.

FY2025's margin turnaround looks operational at first glance, yet cash conversion moved the opposite way: net income reached $364.5M while operating cash flow was -$461.0M. With gross margin essentially flat versus FY2024, the jump to a 41.6% operating margin suggests the improvement came mainly from below-gross-cost absorption and noncash charges, not from a step-change in core unit economics.

The funding mix changed sharply in FY2025: long-term debt rose to $644.6M while cash fell to $43.0M, so expansion is no longer being carried mainly by internally generated cash. The reported 4.2x current ratio matters less than it seems because most short-term resources are not sitting in cash.

Between FY2024 and FY2025, revenue began scaling faster than assets, a sign that the prior buildout is starting to carry more sales. But free cash flow stayed at -$605.7M, so better asset utilization has not yet turned the model into a self-funding one.

Financial Health Signals

Financial Profile 39/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of CleanSpark's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

CleanSpark carries a low D/E ratio of 1.81, meaning only $1.81 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 8.26, CleanSpark holds $8.26 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$260.3M

YoY+505.8%

5Y CAGR+70.5%

10Y CAGR+89.5%

CleanSpark held $260.3M in cash against $1.8B in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

257M

YoY-9.7%

5Y CAGR+47.0%

CleanSpark had 257M shares outstanding in fiscal year 2026. This represents a decrease of 9.7% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CLSKW Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	$766.3M+102.2%	$379.0M+125.0%	$168.4M+28.0%	$131.5M+234.8%	$39.3M
Cost of Revenue	N/A	$343.1M+107.3%	$165.5M+76.9%	$93.6M+126.9%	$41.2M+683.5%	$5.3M
Gross Profit	N/A	$423.2M+98.3%	$213.5M+185.3%	$74.8M-17.1%	$90.3M+165.4%	$34.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$52.6M+74.3%	$30.2M+45.0%	$20.8M+99.8%	$10.4M+82.3%	$5.7M
Operating Income	N/A	$318.9M+314.0%	-$149.0M-13.7%	-$131.0M-246.1%	-$37.9M-218.2%	-$11.9M
Interest Expense	N/A	$11.3M+361.7%	$2.5M-17.5%	$3.0M+176.2%	$1.1M+639.7%	$146K
Income Tax	N/A	$39.1M+1069.6%	$3.3M+38.4%	$2.4M	$0	$0
Net Income	N/A	$364.5M+350.0%	-$145.8M-5.5%	-$138.1M-141.0%	-$57.3M-162.8%	-$21.8M
EPS (Diluted)	N/A	$1.12+262.3%	$-0.69+46.9%	$-1.30-36.8%	$-0.95-227.6%	$-0.29

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$89.3M-14.2%	$104.1M
Cost of Revenue	$81.7M-14.6%	$95.6M	N/A	$90.1M+5.5%	$85.4M+21.5%	$70.3M+23.0%	$57.1M+26.5%	$45.2M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	$32.1M-45.5%	$58.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$16.1M+4.3%	$15.4M	N/A	$16.6M+41.2%	$11.7M+16.7%	$10.1M-0.7%	$10.1M+23.0%	$8.2M
Operating Income	-$345.7M-9.2%	-$316.6M	N/A	$246.2M+278.3%	-$138.0M-165.7%	$210.0M+420.1%	-$65.6M+73.7%	-$249.1M
Interest Expense	$2.1M-44.4%	$3.7M	N/A	$3.5M+172.6%	$1.3M-18.7%	$1.6M+73.6%	$898K+85.2%	$485K
Income Tax	$9.9M-68.5%	$31.4M	N/A	$18.1M+495.0%	$3.0M-67.0%	$9.2M+6046.5%	-$155K+98.4%	-$9.5M
Net Income	-$378.3M+0.1%	-$378.7M	N/A	$257.4M+285.5%	-$138.8M-156.2%	$246.8M+496.9%	-$62.2M+73.7%	-$236.2M
EPS (Diluted)	$-1.52-12.6%	$-1.35	N/A	$0.78+259.2%	$-0.49-159.0%	$0.83	N/A	$-1.03

CLSKW Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.9B-8.5%	$3.2B+62.2%	$2.0B+157.7%	$761.6M+68.3%	$452.6M+42.6%	$317.5M
Current Assets	$1.1B-16.7%	$1.3B+87.1%	$705.4M+590.4%	$102.2M+101.2%	$50.8M-12.0%	$57.7M
Cash & Equivalents	$260.3M+505.8%	$43.0M-64.6%	$121.2M+314.9%	$29.2M+42.8%	$20.5M+13.4%	$18.0M
Inventory	N/A	N/A	N/A	$809K+274.5%	$216K-88.1%	$1.8M
Accounts Receivable	N/A	N/A	N/A	$5K-81.5%	$27K-91.2%	$307K
Goodwill	$131.7M0.0%	$131.7M+1536.9%	$8.0M0.0%	$8.0M	$0-100.0%	$12.0M
Total Liabilities	$1.9B+91.1%	$1.0B+399.7%	$201.8M+134.9%	$85.9M+76.7%	$48.6M+313.5%	$11.8M
Current Liabilities	$133.1M-57.9%	$315.8M+68.1%	$187.9M+153.7%	$74.1M+117.5%	$34.0M+238.3%	$10.1M
Long-Term Debt	$1.8B+177.4%	$644.6M+8882.5%	$7.2M-19.5%	$8.9M-33.7%	$13.4M	N/A
Total Equity	$986.2M-54.7%	$2.2B+23.5%	$1.8B+160.6%	$675.7M+67.2%	$404.0M+32.2%	$305.7M
Retained Earnings	-$912.9M-625.2%	-$125.9M+73.7%	-$479.2M-43.4%	-$334.2M-70.5%	-$196.1M-41.7%	-$138.4M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$2.9B-12.4%	$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
Current Assets	$1.1B-25.3%	$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
Cash & Equivalents	$260.3M-43.2%	$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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.5M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Goodwill	$131.7M0.0%	$131.7M0.0%	$131.7M+2.2%	$128.8M-2.6%	$132.2M-2.2%	$135.3M+1581.6%	$8.0M0.0%	$8.0M
Total Liabilities	$1.9B-0.9%	$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
Current Liabilities	$133.1M-4.6%	$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
Long-Term Debt	$1.8B+0.1%	$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
Total Equity	$986.2M-28.7%	$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
Retained Earnings	-$912.9M-80.9%	-$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

CLSKW Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	N/A	-$461.0M-97.3%	-$233.7M-1254.8%	-$17.2M-123.5%	$73.5M+406.3%	-$24.0M
Capital Expenditures	N/A	$144.7M+118.9%	$66.1M+7.5%	$61.5M+218.7%	$19.3M-86.1%	$139.2M
Free Cash Flow	N/A	-$605.7M-102.1%	-$299.8M-280.9%	-$78.7M-245.3%	$54.2M+133.2%	-$163.2M
Investing Cash Flow	N/A	-$305.7M+66.8%	-$920.4M-177.3%	-$331.9M-57.3%	-$211.0M+7.9%	-$229.2M
Financing Cash Flow	N/A	$688.9M-44.9%	$1.2B+249.0%	$357.9M+155.8%	$139.9M-47.8%	$268.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$145.0M	$0	$0	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$135.8M+15.7%	-$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
Capital Expenditures	$37.6M+1.8%	$36.9M	N/A	N/A	$34.1M-40.6%	$57.4M+347.7%	$12.8M+24.3%	$10.3M
Free Cash Flow	-$173.4M+12.4%	-$198.1M	N/A	N/A	-$146.4M+17.2%	-$176.8M-85.2%	-$95.5M-38.9%	-$68.7M
Investing Cash Flow	-$30.6M-138.4%	$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
Financing Cash Flow	-$31.4M-106.3%	$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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$460.0M	$0	$0	$0-100.0%	$145.0M	$0	$0

CLSKW Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	55.2%-1.1pp	56.3%+11.9pp	44.4%-24.2pp	68.7%-17.9pp	86.6%
Operating Margin	N/A	41.6%+81.0pp	-39.3%+38.5pp	-77.8%-49.0pp	-28.8%+1.5pp	-30.3%
Net Margin	N/A	47.6%+86.0pp	-38.5%+43.6pp	-82.0%-38.4pp	-43.6%+11.9pp	-55.5%
Return on Equity	N/A	16.8%+25.0pp	-8.3%+12.2pp	-20.4%-6.3pp	-14.2%-7.1pp	-7.1%
Return on Assets	N/A	11.5%+18.9pp	-7.4%+10.7pp	-18.1%-5.5pp	-12.7%-5.8pp	-6.9%
Current Ratio	8.26+4.1	4.18+0.4	3.75+2.4	1.38-0.1	1.49-4.2	5.74
Debt-to-Equity	1.81+1.5	0.30+0.3	0.000.0	0.01-0.0	0.030.0	0.04
FCF Margin	N/A	-79.0%+0.1pp	-79.1%-32.4pp	-46.7%-87.9pp	41.2%+456.7pp	-415.5%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	36.0%-20.6pp	56.6%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-73.5%+165.8pp	-239.3%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-69.7%+157.3pp	-226.9%
Return on Equity	-38.4%-11.0pp	-27.4%	N/A	12.0%+19.3pp	-7.3%-19.6pp	12.2%+15.7pp	-3.5%+13.3pp	-16.9%
Return on Assets	-13.0%-1.6pp	-11.4%	N/A	8.3%+13.5pp	-5.2%-14.1pp	8.9%+12.0pp	-3.2%+12.8pp	-16.0%
Current Ratio	8.26-2.3	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
Debt-to-Equity	1.81+0.5	1.29+1.0	0.300.0	0.30-0.0	0.34+0.0	0.32+0.3	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-107.0%-40.9pp	-66.0%

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Frequently Asked Questions

How much debt does CleanSpark have?

As of fiscal year 2026, CleanSpark (CLSKW) had $260.3M in cash and equivalents against $1.8B in long-term debt.

What are CleanSpark's total assets?

CleanSpark (CLSKW) had $2.9B in total assets as of fiscal year 2026, including both current and long-term assets.

How many shares does CleanSpark have outstanding?

CleanSpark (CLSKW) had 257M shares outstanding as of fiscal year 2026.

What is CleanSpark's current ratio?

CleanSpark (CLSKW) had a current ratio of 8.26 as of fiscal year 2026, which is generally considered healthy.

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

CleanSpark (CLSKW) had a debt-to-equity ratio of 1.81 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

How financially healthy is CleanSpark?

CleanSpark (CLSKW) scores 39 out of 100 on our Financial Profile, indicating weak 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.