Revenue growth decelerated from 150.5% in 2025Q4 to -30.5% in 2026Q3, with gross margin plunging to -62.5% as COGS of $224.3M overwhelmed revenue of $138.0M, driving a net loss of -$239.8M.
CleanSpark, Inc. (CLSK) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 679.25M | 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 % | 7.49% | 102.21% | 125.03% | 28.04% | 234.78% | 291.75% | 121.25% | 683.36% | 29.17% | 446.09% | - | -100% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 715.34M | 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 | -36.09M | 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 % | -5.31% | 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 | 503.19M | -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 | 90.19M | 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 | 2M | -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 | -539.29M | 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 % | -79.39% | 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 | -97.73M | 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 % | -14.39% | 87.08% | 1.47% | -6.13% | 8.5% | -6.52% | -122.72% | -292.47% | -836.7% | -2245.69% | -2392.75% | - | -2259.06% | - | - | - | - | - | - |
| EBITDA Growth % | -117.95% | 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) | 441.55M | 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 | -611.04M | 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 | -5.17M | -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 | 7.68M | 4.13M | 8.55M | 481K | 190K | 221.49K | 308.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.84M | 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 | -487.98M | 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 | -1.03B | 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 % | -151.24% | 52.66% | -37.58% | -77.97% | -30.48% | -20.95% | -232.79% | -576.18% | -8123.63% | -3013.31% | -3097.08% | - | -1766.93% | - | - | - | - | - | - |
| Income Tax | -29.45M | 39.11M | 3.34M | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.87% | 9.69% | -2.35% | -1.84% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -997.82M | 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 % | -146.9% | 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 % | -429.09% | 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) | -997.82M | 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) | -3.72 | 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 % | -535.42% | 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 | 268.43M | 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 | 268.43M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Bitcoin price and fair value volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Fades Sharply
Revenue growth decelerated from 150.5% in 2025Q4 to -30.5% in 2026Q3, reflecting a sharp reversal. According to the latest quarterly data, revenue fell to $138.0M from $223.7M, indicating a contraction in mining output or Bitcoin price effects.
The 2026Q3 revenue of $138.0M represents a 38% sequential decline from the prior quarter, and the year-over-year growth turned deeply negative. This deceleration appears driven by a combination of lower Bitcoin prices and possibly reduced mining efficiency, as the company's gross margin turned deeply negative. The absence of forward guidance in the report further clouds near-term visibility, suggesting management may be uncertain about the sustainability of revenue levels.
Gross Margin Collapses to Negative
Gross margin plunged from 33.3% in 2025Q4 to -62.5% in 2026Q3, indicating that COGS exceeded revenue by $86.3M. As reported in the income statement, this dramatic swing suggests power costs and depreciation overwhelmed mining revenue.
The negative gross margin implies that the cost of mining, including electricity and hardware depreciation, now exceeds the value of Bitcoin produced. This is a structural deterioration, likely exacerbated by rising network difficulty and lower hash price. The company's high fixed-cost structure means that any decline in Bitcoin price or mining efficiency directly impacts margins, and the current level is unsustainable without a rebound in Bitcoin prices or significant cost reductions.
Operating Leverage Turns Negative
Operating income swung from a positive $834K in 2025Q4 to a loss of $111.7M in 2026Q3, with operating margin at -81.0%. Based on the reported figures, SG&A remained relatively stable, but the collapse in gross profit drove the operating loss.
The operating loss is primarily due to the negative gross profit, as SG&A of $25.4M is relatively modest compared to the revenue base. This indicates that the company has little operating leverage to absorb revenue declines; fixed costs such as depreciation and power contracts remain constant even as revenue falls. The result is a highly volatile operating income that is directly tied to Bitcoin price and mining economics.
Net Income Distorted by Fair Value
Net margin of -173.8% in 2026Q3 is far worse than operating margin, suggesting significant non-operating losses. According to the financial statements, the EPS miss of -$0.89 versus -$0.23 estimate likely reflects mark-to-market losses on Bitcoin holdings.
The discrepancy between operating and net margins indicates that the company recognized substantial non-cash losses, likely from fair value adjustments on its digital assets. This makes reported net income highly volatile and less indicative of operational performance. Investors should focus on cash-based metrics like adjusted EBITDA or cash cost to mine, as the reported net income is heavily influenced by Bitcoin price fluctuations.
COGS Spike Drives Margin Erosion
COGS surged to $224.3M in 2026Q3, up from $149.1M in 2025Q4, despite lower revenue. As reported in the income statement, this increase suggests higher power costs or impairment charges, overwhelming the revenue decline.
The rise in COGS while revenue fell indicates that the company's cost per Bitcoin mined has increased significantly. This could be due to higher electricity rates, less efficient hardware, or one-time charges. The company's energy management software may provide some advantage, but the current data suggests that cost control is not sufficient to offset the revenue decline. Monitoring the all-in cost to mine will be critical to assess future profitability.
Bitcoin Price Dependency Exposed
The sharp deterioration in margins and earnings highlights the company's extreme sensitivity to Bitcoin price and network difficulty. With a negative gross margin of -62.5% in 2026Q3, the business model appears unprofitable at current Bitcoin prices, raising questions about its long-term viability.
Short-sellers would argue that CleanSpark's profitability is entirely dependent on Bitcoin price appreciation, and the recent data shows that when Bitcoin prices fall, the company incurs significant losses. The high fixed-cost structure and capital-intensive nature of mining mean that the company must continuously invest in new hardware to remain competitive, but the return on that investment is uncertain. The lack of forward guidance and the significant EPS miss suggest that management may be struggling to control costs or that the market environment is deteriorating faster than expected.