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Cleanspark, Inc.

CLSK Financial Capital Markets

Cleanspark, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $766.3 million, up 102.2% from fiscal 2024.

Revenue
−30.5%
EPS
−198.9%
Free cash flow
+202.4%

Quarter to June 2026, against a year earlier

5.75 1.05 −15.44%
Market cap
$1.5B
P/E
0.0×
Fwd P/E
−1.9×
Dividend yield
—
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.93
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — — — — 1 1 1 —
Insider Ownership 8.63%

Capital & Financial Ratios $m

Size
Market Cap 1,460.00
Revenue ttm 679.25
Net income ttm (997.82)
Free cash flow ttm (124.10)
Net debt Q 1,576.03
Valuation
P/E 0.00
Forward P/E (1.86) (negative: loss-making)
Price / sales 2.27
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.03
Financial health
Current ratio Q 5.91
Debt / equity Q 2.34
Interest coverage Q (113.92)
Growth
Revenue growth Q −30.53% (below 0%: shrinking)
Operating income growth Q −194.41% (below 0%: shrinking)
EPS, this year −464.07% (below 0%: weak)
EPS, next year A +57.60% (at or above 15%: strong)
Revenue, next year A −22.73% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +59.67% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 17.41%
10-year low 10-year high
P/B against its own 10 years 62.92%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 30 125 46 206
Receivables 10 78 295 101
Inventory — — — 592
Other 59 433 967 592
102 705 1,320 921
2023 2024 2025 Q'26
Payables 40 83 15 11
ST’ Debt 7 59 177 2
Other 1 2 6 11
74 188 316 156

Compound Annual Growth %

10y 5y 3y
Sales — 138.03% 79.94%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 165.70% 75.27%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.30 Actual −0.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.04 −0.01 Miss by 0.05
Q1 FY25 −0.08 −0.10 Miss by 0.02
Q2 FY26 −0.25 −0.52 Miss by 0.27
Q3 FY26 −0.30 −0.40 Miss by 0.10
Q4 FY26 −0.36 — Reports 24 November 2026

EPS $

Dec Mar Jun Sep Year
’26 (1.35) (1.52) (0.89) — —
’25 0.83 (0.49) 0.78 (0.01) 1.12
’24 0.14 0.58 (1.03) (0.27) (0.69)
’23 (0.44) (0.23) (0.12) (0.51) (1.33)
’22 0.35 0.00 (0.71) (0.99) (1.35)
’21 (0.32) 0.22 (0.49) (0.15) (0.75)
’20 (0.40) (1.13) (0.77) (0.14) (2.44)
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 181 136 138 — —
’25 162 182 199 224 766
’24 74 112 104 89 379
’23 28 43 46 53 168
’22 37 37 31 26 132
’21 2 8 9 20 39
’20 1 4 3 2 10
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 (161) (136) (112) — —
’25 (119) (112) (110) (119) (461)
’24 (48) (45) (58) (83) (234)
’23 5 7 6 (35) (17)
’22 13 34 6 21 73
’21 (7) (5) (9) (3) (24)
’20 (1) 0 (2) (3) (7)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (64) (139) 156 — —
’25 (369) (167) (152) (77) (764)
’24 (124) (220) (246) (406) (995)
’23 (31) (48) (111) (128) (318)
’22 (10) 28 2 (134) (114)
’21 (10) (57) (22) (82) (163)
’20 (1) 0 (2) (3) (7)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 0 0 1 5 10 39 132 168 379 766 679 +176.2% 592 613 769 +0.1%
Gross margin, % (643.54) 33.86 32.47 14.82 21.15 86.60 68.65 44.43 56.32 55.23 46.99 +698.8 pt
EBT (3) (13) (47) (26) (23) (8) (40) (131) (142) 404 (1,027) n/m
EBT margin, % (3,098.29) (3,013.06) (8,124.13) (576.18) (232.79) (20.95) (30.48) (77.97) (37.58) 52.66 (151.24) +3,151.0 pt
Net income (3) (13) (47) (26) (23) (22) (57) (138) (146) 364 (998) n/m
Per share, $
Per share, $ Revenue 0.04 0.14 0.17 1.09 1.05 1.33 3.09 1.64 1.75 2.72 2.53 +61.5%
Earnings (1.10) (4.19) (13.62) (5.65) (2.44) (0.75) (1.35) (1.33) (0.69) 1.25 (3.77) n/m
Cash flow (0.19) (0.42) (0.37) (1.36) (0.70) (0.81) 1.72 (0.17) (1.08) (1.63) (1.97) +26.7%
Capex 0.00 (0.04) (0.12) (0.16) (0.01) (4.73) (4.39) (2.93) (3.51) (1.07) 1.51 n/m
Free cash flow (0.19) (0.46) (0.49) (1.53) (0.71) (5.54) (2.67) (3.10) (4.59) (2.71) (0.46) +34.0%
Book value 14.50 6.32 4.65 4.52 1.72 10.38 9.48 6.58 8.12 7.71 2.84 (6.8%)
Shares, m 2 3 3 4 10 29 43 103 217 282 275 +71.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.60 0.00 1.2
P/S 0.00 0.00 0.00 7.83 11.90 8.69 1.03 2.35 5.34 5.34 2.27 4.2
P/B 0.00 0.00 0.00 1.88 7.26 1.12 0.34 0.59 1.15 1.88 2.03 1.4
EV/Sales 0.00 0.00 0.00 6.74 11.54 8.24 0.93 2.22 5.19 6.35 — 4.1
EV/FCF 0.00 0.00 0.00 (4.80) (17.12) (1.91) (1.02) (1.15) (1.96) (6.31) — (3.4)
Cash, $m
Cash, $m Operating cash flow 0 (1) (1) (6) (7) (24) 73 (17) (234) (461) (529) +116.7%
Capex 0 0 0 (1) 0 (139) (187) (301) (762) (303) 405 +190.0%
Free cash flow 0 (1) (2) (6) (7) (163) (114) (318) (995) (764) (124) +129.2%
Balance, $m
Balance, $m Working capital 0 0 (1) 8 3 48 17 28 518 1,004 765 +151.8%
Net debt 0 0 1 (5) (4) (18) (13) (23) (59) 775 1,576 n/m
Shareholders’ equity 33 20 16 19 16 306 404 676 1,761 2,175 761 +59.4%
Returns, %
Returns, % ROA (9.44) (50.17) (245.15) (127.43) (102.01) (12.94) (14.95) (22.74) (10.94) 13.71 (35.54) +23.2 pt
ROIC 0.00 (40.76) (26.48) (74.12) (73.30) (2.58) (6.05) (12.54) (5.47) 6.76 (23.90) +6.8 pt
ROE (9.59) (50.94) (258.31) (149.50) (132.24) (13.65) (16.22) (25.57) (12.23) 17.93 (70.93) +27.5 pt
People
People Employees — — 7 20 62 87 130 131 270 314 — +72.2%
Revenue/emp, $m 0.00 0.00 0.08 0.23 0.16 0.45 1.01 1.29 1.40 2.44 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Cleanspark, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IOND Ionic Digital Inc. $2.5B — (loss-making) — — n/m — 93.28% (16.93%) Compare
PURR Hyperliquid Strategies Inc $2.4B — (loss-making) — (loss-making) +6,940.21% (above 0%: growing) n/m −6,672.51% (below 0%: shrinking) 100.00% 7,380.58% Compare
MARA Marathon Digital Holdings, Inc. $2.3B — (loss-making) — (loss-making) −26.67% (below 0%: shrinking) n/m +85.60% (above 0%: growing) 17.19% (297.96%) Compare
ETOR eToro Group Ltd. $1.8B 7.4× 10.1× −23.93% (below 0%: shrinking) +71.05% (above 0%: growing) −32.39% (below 0%: shrinking) 15.03% 4.80% Compare
CLSK Cleanspark, Inc. $1.5B — (loss-making) — (loss-making) −30.53% (below 0%: shrinking) n/m +202.37% (above 0%: growing) 38.06% (168.40%)
TOP TOP Financial Group Limited $1.5B 301× — −57.15% (below 0%: shrinking) −94.80% (below 0%: shrinking) −218.07% (below 0%: shrinking) 83.63% 12.41% Compare
SBET Sharplink Inc $1.4B — (loss-making) — (loss-making) +1,553.95% (above 0%: growing) n/m −339.59% (below 0%: shrinking) 97.76% (3,413.02%) Compare
PWP Perella Weinberg Partners $1.3B 30.2× — (loss-making) +52.68% (above 0%: growing) +144.44% (above 0%: growing) +23.10% (above 0%: growing) 30.37% 13.90% Compare
GOLD Gold.com Inc. $1.1B 12.0× 10.9× −11.29% (below 0%: shrinking) n/m −434.55% (below 0%: shrinking) 2.74% 0.00% Compare
Median of peers $1.7B 21.1× — −11.29% +71.05% −218.07% 57.00% 2.40%

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stockrow.com/CLSK · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com