At a glance
CleanSpark Inc is worth $2.20B. Revenue grew 102.2% to $766.3M in fiscal 2025, with 47.6% kept as profit; over 4 years it has grown 110.2% a year. It pays no dividend; it spent $145.0M buying back its shares over FY2021–FY2025. The stock returned −55.2% over the past year with dividends reinvested and −15.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.7% in the 2020 crash (S&P 500: 33.7%) and 78.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows.
The business in plain English
CleanSpark builds and runs US data centers used mainly for bitcoin mining. Mining means running specialized computers that verify bitcoin transactions in return for bitcoin rewards. As of September 30, 2025, its sites in Georgia, Tennessee, Mississippi and Wyoming had about 1,027 megawatts (MW) of contracted power. Georgia is the largest, with about 620 MW spread across ten cities. The company says it holds no crypto asset other than bitcoin.
Mining has been its main source of revenue. CleanSpark sends all of its computing power to one mining pool, a service that combines many miners' computing power and shares out the rewards. The pool operator is its only customer, and either side can end the contract at any time. Revenue depends on the bitcoin price and on block rewards, which were cut by 50% in the April 2024 "halving." The company sells some of the bitcoin it mines to pay for operations. In April 2025 it launched an in-house trading desk and began using bitcoin-linked derivatives to hedge against price swings.
CleanSpark also wants to rent space and power at its sites to artificial intelligence (AI) and high-performance computing (HPC) customers, such as large cloud providers. It is still building that customer base. In October 2025 it announced rights to about 271 acres in Austin County, Texas, plus power agreements totaling 285 MW, for a planned data center campus. The company warns that this push may pull power and capital away from mining and will require heavy upfront spending.
Price history
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CLSK -55.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $-239.8M (-193.2%).
- For fiscal 2025, revenue was $766.3M (+102.2% year over year; +110.2% a year from FY2021 to FY2025) with a 47.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +110.2% good |
|---|---|
| Return on equity | 16.8% good |
| Net income / revenue | 47.6% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.0M | $-23.3M | — |
| FY2021 | $39.3M | $-21.8M | — |
| FY2022 | $131.5M | $-57.3M | — |
| FY2023 | $168.4M | $-138.1M | — |
| FY2024 | $379.0M | $-145.8M | — |
| FY2025 | $766.3M | $364.5M | — |
Valuation snapshot
| Market value | $2.20B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
CleanSpark’s market value went from $216.5M at the end of 2018 to $2.20B on Oct 28, 2026, about 10.2 times as much; since the end of 2025 it is down 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.20B | -14.8% |
| 2025 | $2.59B | -4.0% |
| 2024 | $2.69B | +32.2% |
| 2023 | $2.04B | +1293.0% |
| 2022 | $146.3M | -75.3% |
| 2021 | $591.9M | -43.3% |
| 2020 | $1.04B | +1262.2% |
| 2019 | $76.7M | -64.6% |
| 2018 | $216.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CLSK price data to Oct 28, 2026 | -15.2% | -55.2% | +27.4% | -15.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.2% |
| 2025 | +9.9% |
| 2024 | -16.5% |
| 2023 | +440.7% |
| 2022 | -78.6% |
| 2021 | -67.0% |
| 2020 | +443.0% |
| 2019 | -73.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 67.4% over that stretch · deepest drop along the way 67.7%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 68.6% over that stretch · deepest drop along the way 78.3%, back to its old high 14.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($435K), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 8, 2026 | Taylor Monnig CTO, COO | sell (plan) | $176K |
| Sep 8, 2026 | Taylor Monnig CTO, COO | sell (plan) | $160K |
| Sep 4, 2026 | Taylor Monnig CTO, COO | sell (plan) | $57K |
| Oct 1, 2026 | Taylor Monnig CTO, COO | sell (plan) | $41K |
| Aug 14, 2026 | Taylor Monnig CTO, COO | sell (plan) | $622.00 |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Mar 31, 2025 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| D. E. Shaw & Co., L.P. | 5% | Jul 10, 2026 |
| G1 Execution Services, LLC | 4.8% | Dec 31, 2025 |
| BANK OF NOVA SCOTIA | 3.9% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 3.8% | Jun 30, 2026 |
ETFs with the most weight in CLSK
| IBLC iShares Blockchain and Tech ETF | 6.97% |
| STCE Schwab Crypto Thematic ETF | 5.76% |
| BKCH Global X Blockchain ETF | 5.11% |
| WGMI CoinShares Valkyrie Bitcoin Miners ETF | 5.11% |
| DAPP VanEck Digital Transformation ETF | 4.95% |
| FDIG Fidelity Crypto Industry and Digital Payments ETF | 4.69% |
| BITQ Bitwise Crypto Industry Innovators ETF | 4.56% |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF | 4.31% |
What could go wrong
- One mining pool is its only customer. All of CleanSpark's mining power goes to a single mining pool operator, its sole customer, under a contract either side can end at any time. A disruption there could interrupt payouts.
- AI data center push is unproven. Moving into data centers for artificial intelligence and high-performance computing may need heavy upfront spending, divert power from mining and may fail. CleanSpark's November 2025 annual report said it was still building a customer base.
- Heavy debt and need for financing. As of June 30, 2026, CleanSpark had about $1.78 billion of debt and $202.6 million in cash and investments. It says it may need more financing, which may not be available on acceptable terms.
- Share issuance has diluted owners. Shares outstanding rose about 381% between August 2021 and August 2026. The company warns acquisitions could cause more dilution, meaning each existing share owns a smaller slice of the business.
- Profits hinge on bitcoin's volatile price. Profit depends on bitcoin's price, which swings widely. CleanSpark lost money every fiscal year from 2020 to 2024, earned a profit in fiscal 2025, then lost $239.8 million in the quarter ended June 30, 2026.
- Halvings cut mining rewards. Every few years the bitcoin network cuts the reward per block in half. The April 2024 halving did this, and nothing guarantees bitcoin's price rises enough to make up the difference.
Recent events
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
CleanSpark paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. There is no dividend streak or payout ratio to judge, and an income investor would rely entirely on share price gains. The company bought back $145 million of stock in fiscal 2025, its only buybacks in that five-year stretch, yet shares outstanding still rose about 381% between August 2021 and August 2026.
The stock has fallen hard in downturns. It dropped 67.7% in the 2020 COVID crash and regained its prior high about 3.6 months after the low. In the 2022 bear market it fell 78.3% between March and October 2022 and needed about 14.6 months from the low to recover. Its worst drop on record, through October 28, 2026, was 98.6%. Retirees drawing income may find swings like these hard to live with. Like any single stock, CleanSpark carries more risk than a diversified fund.
Questions investors ask
How does CleanSpark make money?
Mainly by mining bitcoin. CleanSpark runs specialized computers in U.S. data centers it owns or leases and contributes all of their computing power to a single mining pool operator, its sole customer, which pays it in bitcoin. It sells some of that bitcoin to fund operations and growth and keeps some. Revenue was $766.3 million for the year ended September 30, 2025. It is also pursuing a second business: leasing data center space and power to artificial intelligence and high-performance computing customers.
Does CleanSpark pay a dividend?
No. CleanSpark paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. It has returned some cash another way, buying back $145 million of its own stock in fiscal 2025. Even so, shares outstanding rose about 381% between August 2021 and August 2026, so buybacks have not offset the new shares issued over that time. Investors seeking regular income would get none from this stock.
Is CleanSpark profitable?
Not consistently. CleanSpark earned net income of $364.5 million on revenue of $766.3 million in fiscal 2025, which ended September 30, 2025, after posting net losses in every fiscal year from 2020 through 2024. Results then swung back to a $239.8 million net loss in the quarter ended June 30, 2026. The company itself warns that its profitability depends on the price of bitcoin and that it may never achieve consistent profitability.
Is CleanSpark getting into AI?
Yes, though it is early. Bitcoin mining has historically been CleanSpark's main revenue source, but it is pursuing data center hosting and leasing for artificial intelligence (AI) and high-performance computing customers. In October 2025 it hired Jeffrey Thomas as Senior Vice President of AI Data Centers, said it was evaluating a collaboration with Submer, an AI data center design firm, and acquired rights to about 271 acres in Austin County, Texas, with power agreements totaling 285 megawatts. As of November 2025, it was still developing customers for that business.
Why is CleanSpark stock so volatile?
Largely because its profits depend on bitcoin's price, which swings widely. As of October 28, 2026, the stock's one-year volatility, a measure of how much its price moves, was 90.2%, and its beta was 3.76, meaning it tended to move about 3.76 times as much as the broad market. Calendar-year returns show the pattern: up about 443% in 2020, down 78.6% in 2022, up about 441% in 2023. Over the year to October 28, 2026, the shares fell 55.2%.