Revenue growth has decelerated into a 24.9% contraction as of 2026Q2, while gross margins have plummeted from a 69.3% peak in 2024Q2 to -63.1% due to rising power and depreciation costs.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 |
|---|
| Sales/Revenue | 739.88M | 766.31M | 378.97M | 168.41M | 131.53M | 39.29M | 10.03M | 4.53M | 578.63K | 447.96K | 82.03K | 0 | 2.56K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 37.68% | 102.21% | 125.03% | 28.04% | 234.78% | 291.75% | 121.25% | 683.36% | 29.17% | 446.09% | - | -100% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 597.54M | 447.48M | 239.61M | 139.29M | 82.15M | 26.44M | 7.91M | 3.86M | 390.77K | 296.3K | 31.26K | 0 | 700 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 58.39% | 63.23% | 82.71% | 62.46% | 67.31% | 78.85% | 85.18% | 67.53% | 66.14% | 38.11% | - | 27.4% | - | - | - | - | - | - |
| Gross Profit | 142.34M | 318.83M | 139.36M | 29.11M | 49.37M | 12.84M | 2.12M | 671.7K | 187.86K | 151.67K | 50.77K | 0 | 1.85K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 19.24% | 41.61% | 36.77% | 17.29% | 37.54% | 32.69% | 21.15% | 14.82% | 32.47% | 33.86% | 61.89% | - | 72.6% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 128.79% | 378.66% | -41.03% | 284.44% | 505.52% | 215.75% | 257.55% | 23.86% | 198.75% | - | -100% | - | - | - | - | - | - | - |
| Operating Expenses | 323.74M | -115K | 288.4M | 160.16M | 87.23M | 24.74M | 17.26M | 17.29M | 7.26M | 13.53M | 2.59M | 3.48M | 61.09K | 25.05K | 14.18K | 34.02K | 19.55K | 30.78K | 22.05K |
| OpEx % of Revenue | - | -0.01% | 76.1% | 95.1% | 66.33% | 62.97% | 172.15% | 381.35% | 1255.33% | 3020.31% | 3159.8% | - | 2390.88% | - | - | - | - | - | - |
| Selling, General & Admin | 84.36M | 66.41M | 43.99M | 31.69M | 16.89M | 12.25M | 14.43M | 7.01M | 3.13M | 1.65M | 2.01M | 3.42M | 61.09K | 25.05K | 14.18K | 34.02K | 19.55K | 30.78K | 22.05K |
| SG&A % of Revenue | - | 8.67% | 11.61% | 18.82% | 12.84% | 31.19% | 143.86% | 154.73% | 540.91% | 367.62% | 2452.41% | - | 2390.88% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 163.92K | 1.45M | 1.38M | 591 | 1.83K | 52.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 1.63% | 32.08% | 238.98% | 0.13% | 2.23% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -66.53M | 244.41M | 128.47M | 70.34M | 12.49M | 2.67M | 8.82M | 2.75M | 10.81M | 578.46K | 2.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -181.4M | 318.95M | -149.04M | -131.04M | -37.86M | -11.9M | -15.14M | -16.61M | -7.08M | -13.38M | -2.54M | -3.48M | -59.23K | -25.05K | -14.18K | -34.02K | -19.55K | -30.78K | -22.05K |
| Operating Margin % | -24.52% | 41.62% | -39.33% | -77.81% | -28.79% | -30.29% | -151% | -366.53% | -1222.87% | -2986.46% | -3097.92% | - | -2318.28% | - | - | - | - | - | - |
| Operating Income Growth % | - | 314% | -13.74% | -246.09% | -218.23% | 21.43% | 8.85% | -134.79% | 47.11% | -426.44% | 26.98% | -5775.2% | -136.5% | -76.68% | 58.34% | -74.04% | 36.48% | -39.6% | - |
| EBITDA | 244M | 667.28M | 5.57M | -10.31M | 11.18M | -2.56M | -12.31M | -13.26M | -4.84M | -10.06M | -1.96M | -3.48M | -57.72K | 0 | 0 | -34.02K | -17.2K | -30.78K | -22.05K |
| EBITDA Margin % | 32.98% | 87.08% | 1.47% | -6.13% | 8.5% | -6.52% | -122.72% | -292.47% | -836.7% | -2245.69% | -2392.75% | - | -2259.06% | - | - | - | - | - | - |
| EBITDA Growth % | 4962.44% | 11888.57% | 153.96% | -192.25% | 536.55% | 79.19% | 7.17% | -173.83% | 51.87% | -412.53% | 43.55% | -5924.36% | - | - | 100% | -97.85% | 44.13% | -39.6% | - |
| D&A (Non-Cash Add-back) | 425.4M | 348.33M | 154.61M | 120.73M | 49.05M | 9.34M | 2.84M | 3.36M | 2.23M | 3.32M | 578.46K | 2.8K | 1.51K | 25.05K | 14.18K | 0 | 0 | 0 | 0 |
| EBIT | -220.36M | 414.91M | -139.98M | -128.33M | -39.01M | -8.08M | -12.59M | -16.63M | -46.08M | -13.5M | -2.54M | -3.48M | 768 | -25.05K | -14.18K | -34.02K | -17.2K | -30.78K | -22.05K |
| Net Interest Income | -8.37M | -7.21M | 6.1M | -2.5M | -888K | 75.76K | -10.45M | -9.48M | -924.45K | -2.9K | -32 | -5.14K | -45.91K | -6.73K | -5.57K | -3.78K | -1.65K | 0 | 0 |
| Interest Income | 5.89M | 4.13M | 8.55M | 481K | 190K | 221.49K | 308.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.26M | 11.34M | 2.46M | 2.98M | 1.08M | 145.73K | 10.76M | 9.48M | 924.45K | 2.9K | 32 | 5.14K | 45.91K | 6.73K | 5.57K | 3.78K | 1.65K | 0 | 0 |
| Other Income/Expense | -327.56M | 84.63M | 6.61M | -260K | -2.23M | 3.67M | -8.2M | -9.5M | -39.93M | -120.31K | 689 | -5.14K | 14.09K | -6.73K | -5.57K | -3.78K | 704 | 0 | 0 |
| Pretax Income | -508.96M | 403.57M | -142.43M | -131.3M | -40.09M | -8.23M | -23.35M | -26.12M | -47.01M | -13.5M | -2.54M | -3.48M | -45.15K | -31.77K | -19.75K | -37.81K | -18.85K | -30.78K | -22.05K |
| Pretax Margin % | -68.79% | 52.66% | -37.58% | -77.97% | -30.48% | -20.95% | -232.79% | -576.18% | -8123.63% | -3013.31% | -3097.08% | - | -1766.93% | - | - | - | - | - | - |
| Income Tax | -8.37M | 39.11M | 3.34M | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 1.64% | 9.69% | -2.35% | -1.84% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -500.59M | 364.46M | -145.78M | -138.15M | -57.33M | -21.81M | -23.35M | -26.12M | -47.01M | -13.5M | -2.54M | -3.48M | -45.15K | -31.77K | -19.75K | -37.81K | -18.85K | -30.78K | -22.05K |
| Net Margin % | -67.66% | 47.56% | -38.47% | -82.03% | -43.59% | -55.52% | -232.79% | -576.18% | -8123.63% | -3013.31% | -3097.08% | - | -1766.93% | - | - | - | - | - | - |
| Net Income Growth % | -162.88% | 350.01% | -5.52% | -140.99% | -162.82% | 6.57% | 10.61% | 44.44% | -248.23% | -431.32% | 27.1% | -7619.57% | -42.09% | -60.91% | 47.77% | -100.61% | 38.77% | -39.6% | - |
| Net Income (Continuing) | -500.59M | 364.46M | -145.78M | -133.72M | -40.09M | -8.23M | -23.35M | -26.12M | -47.01M | -13.5M | -2.54M | -3.48M | -45.15K | -31.77K | -19.75K | -37.81K | -18.85K | -30.78K | -22.05K |
| Discontinued Operations | 0 | 0 | 0 | -4.43M | -17.24M | -13.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.87 | 1.12 | -0.69 | -1.35 | -1.35 | -0.75 | -2.44 | -6.25 | -13.62 | -4.20 | -1.13 | -1.81 | -0.04 | -0.11 | -0.07 | -0.13 | -0.07 | -0.13 | -0.20 |
| EPS Growth % | -121.77% | 262.32% | 48.89% | 0% | -80% | 69.26% | 60.96% | 54.11% | -224.29% | -271.68% | 37.57% | -4189.1% | 61.64% | -58.96% | 46.77% | -90.9% | 47.62% | 35% | - |
| EPS (Basic) | - | 1.25 | -0.69 | -1.35 | -1.35 | -0.75 | -2.44 | -6.25 | -13.62 | -4.19 | -1.13 | -1.81 | -0.04 | -0.11 | -0.07 | -0.13 | -0.07 | -0.13 | -0.20 |
| Diluted Shares Outstanding | 267.83M | 317.76M | 216.86M | 102.71M | 42.61M | 29.44M | 9.55M | 4.18M | 3.45M | 3.22M | 2.25M | 1.92M | 1.07M | 285.21K | 285.21K | 284.39K | 276.76K | 244.73K | 112.96K |
| Basic Shares Outstanding | 267.83M | 282.18M | 216.86M | 102.71M | 42.61M | 29.44M | 9.55M | 4.18M | 3.45M | 3.22M | 2.25M | 1.92M | 1.07M | 285.21K | 285.21K | 284.39K | 276.76K | 244.73K | 112.96K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Bitcoin price and halving volatility
According to recent financial filings, CleanSpark's revenue growth has shifted from a peak of 170.3% in 2024Q1 to a contraction of 24.9% by 2026Q2, reflecting the significant impact of network difficulty and the programmatic reduction in mining rewards following recent Bitcoin halving events.
The sharp deceleration in top-line performance suggests that the company's mining-centric model is highly sensitive to external network conditions rather than internal volume expansion. Investors should monitor whether the company can pivot its energy technology segment to provide a more stable, non-cyclical revenue stream to offset mining volatility.
As reported in quarterly statements, CleanSpark's gross margin plummeted to -63.1% in 2026Q2, a stark reversal from the 69.3% peak observed in 2024Q2, indicating that the cost of power and hardware depreciation are currently outpacing the revenue generated from digital asset mining operations.
This margin erosion implies that the company's current fleet efficiency may be insufficient to maintain profitability in the post-halving environment. The transition from positive to negative gross margins suggests that the firm's cost structure is currently misaligned with prevailing Bitcoin market prices.
Based on the provided income statement data, the wide variance between operating and net margins, including a 129.6% net margin in 2025Q3, suggests that reported earnings are heavily influenced by non-operating fair value adjustments of digital assets rather than core operational cash generation.
The reliance on mark-to-market accounting for Bitcoin holdings makes traditional earnings metrics unreliable for assessing the company's underlying health. Analysts should prioritize cash-based metrics to strip out these non-cash accounting fluctuations which currently mask the true operational performance of the mining business.
Data from recent filings indicates that SG&A expenses have remained elevated, reaching $25.8M in 2026Q2, which, when combined with rising COGS, has led to a significant operating loss of $111.8M, highlighting a lack of operational leverage during periods of revenue contraction.
The inability to scale down overhead costs in proportion to declining revenue suggests a rigid cost structure that may pressure liquidity if market conditions remain unfavorable. Management's expense discipline warrants further investigation, particularly regarding the sustainability of current administrative and operational support costs.
While management emphasizes infrastructure ownership, the recent financial results suggest that the company's heavy reliance on Bitcoin mining leaves it vulnerable to commodity price shocks, as evidenced by the rapid shift from profitability to significant net losses in the most recent reporting periods.
Short-term growth through asset acquisition may be masking the long-term risk of hardware obsolescence and rising energy costs. Investors should consider whether the company's infrastructure-heavy approach provides a genuine competitive moat or merely increases the firm's exposure to capital-intensive, low-margin mining cycles.
Quick answers to the most common questions about buying CLSK stock.
For fiscal year 2025, CleanSpark, Inc. (CLSK) reported total revenue of $766.3M.
CleanSpark, Inc. (CLSK) is profitable, generating $364.5M in net income for the fiscal year ending 2025 with a net profit margin of 47.6%.
CleanSpark, Inc. (CLSK) reported an operating income of $318.9M, resulting in an operating profit margin of 41.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CleanSpark, Inc. (CLSK) generated $318.8M in gross profit for the year, representing a gross profit margin of 41.6%. This demonstrates the company's core pricing power and production efficiency.