Financial leverage has escalated rapidly, with the debt-to-equity ratio climbing to 1.82 by 2026Q2 as total debt reached $1.8 billion.
CleanSpark, Inc. (CLSKW) balance sheet — 18-year assets, liabilities & shareholders' equity 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 |
|---|
| Cash & Short Term Investments | 3.44B | 1.01B | 553.8M | 86.18M | 32.22M | 38.93M | 4.09M | 7.84M | 412.78K | 57.13K | 436.53K | 88.53K | 116.74K | 270 | 413 | 208 | 40 | 0 | 0 |
| Cash & Due from Banks | 202.6M | 42.97M | 121.22M | 29.21M | 20.46M | 14.57M | 3.13M | 7.84M | 412.78K | 57.13K | 436.53K | 88.53K | 116.74K | 270 | 413 | 208 | 40 | 0 | 0 |
| Short Term Investments | 0 | 966.83M | 432.58M | 56.97M | 11.76M | 24.36M | 960K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 1.19B | 432.58M | 56.97M | 11.76M | 24.36M | 960K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | 65.39% | 174.97% | 659.35% | 384.54% | -51.73% | 2437.35% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Long-Term Investments | 533.31M | 222.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 0 | 0 | 0 | 0 | 27K | 307.07K | 859.79K | 777.72K | 34.14K | 41.95K | 57.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 135.33M | 137.51M | 11.08M | 12.65M | 6.49M | 20.27M | 13.93M | 13.41M | 16.92M | 20.53M | 27.06M | 44.47K | 44.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 131.66M | 131.66M | 8.04M | 8.04M | 0 | 12.05M | 5.9M | 4.92M | 4.92M | 4.92M | 4.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.67M | 5.85M | 3.04M | 4.6M | 6.49M | 8.22M | 8.03M | 8.49M | 12M | 15.61M | 22.14M | 44.47K | 44.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 1.48B | 1.23B | 641.04M | 389.83M | 226.25M | 158.71K | 145.07K | 86.73K | 125.44K | 5.35M | 657.65K | 580.97K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1.65B | 23.5M | 13.33M | 5.72M | 5.54M | 13.23M | 0 | 0 | 0 | 5.74K | 589 | 2.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 920.83M | 1.32B | 705.43M | 102.17M | 50.78M | 57.73M | 8.25M | 9.88M | 548.38K | 128.63K | 604.37K | 112.92K | 137.88K | 270 | 1.82K | 208 | 40 | 0 | 0 |
| Total Non-Current Assets | 1.78B | 1.86B | 1.26B | 659.41M | 401.85M | 259.75M | 14.09M | 13.55M | 17.01M | 20.66M | 32.42M | 704.48K | 625.37K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 2.7B | 3.18B | 1.96B | 761.58M | 452.63M | 317.47M | 22.34M | 23.43M | 17.56M | 20.79M | 33.02M | 817.4K | 763.25K | 270 | 1.82K | 208 | 40 | 0 | 0 |
| Asset Growth % | 78.66% | 62.21% | 157.71% | 68.26% | 42.57% | 1321.09% | -4.67% | 33.49% | -15.57% | -37.03% | 3939.59% | 7.09% | 282586.67% | -85.18% | 775.96% | 420% | - | - | - |
| Return on Assets (ROA) | -32.92% | 14.16% | -10.7% | -22.76% | -14.89% | -12.84% | -102.01% | -127.43% | -245.15% | -50.17% | -15.02% | -440.96% | -11.83% | -3037.48% | -1945.32% | -30489.52% | -47115% | - | - |
| Accounts Payable | 0 | 15.16M | 82.99M | 39.9M | 24.66M | 6.98M | 4.53M | 848.76K | 131.72K | 143.22K | 291.19K | 53.97K | 8.66K | 10.75K | 4.76K | 8.32K | 5.7K | 20.18K | 6.37K |
| Total Debt | 2.35M | 824.44M | 66.95M | 16.74M | 22.22M | 1.54M | 572.46K | 3.11M | 1.06M | 231.04K | 2.26K | 0 | 44.86K | 15.5K | 77.32K | 0 | 0 | 0 | 0 |
| Net Debt | -200.25M | 781.47M | -54.27M | -12.47M | 1.76M | -13.03M | -2.55M | -4.73M | 646.71K | 173.92K | -434.27K | -88.53K | -71.88K | 15.23K | 76.91K | -208 | -40 | 0 | 0 |
| Long-Term Debt | 0 | 644.59M | 7.18M | 8.91M | 13.43M | 0 | 531.17K | 3.05M | 150K | 150K | 0 | 0 | 44.86K | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 2.35M | 176.57M | 58.78M | 6.99M | 7.79M | 0 | 0 | 67.47K | 909.49K | 81.05K | 2.26K | 0 | 0 | 15.5K | 77.32K | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.78B | 0 | 0 | 0 | 512K | 674.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 155.75M | 315.76M | 187.89M | 74.06M | 34.04M | 10.06M | 5.38M | 1.5M | 1.35M | 301.29K | 357.42K | 55.44K | 10.13K | 105.57K | 82.08K | 66.14K | 42.53K | 26.3K | 10.86K |
| Total Non-Current Liabilities | 1.79B | 692.74M | 13.93M | 11.86M | 14.57M | 1.69M | 531.17K | 3.05M | 150K | 150K | 0 | 0 | 44.86K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.94B | 1.01B | 201.82M | 85.91M | 48.61M | 11.76M | 5.91M | 4.55M | 1.5M | 451.29K | 357.42K | 55.44K | 54.99K | 105.57K | 82.08K | 66.14K | 42.53K | 26.3K | 10.86K |
| Total Equity | 761.28M | 2.18B | 1.76B | 675.67M | 404.01M | 305.72M | 16.43M | 18.89M | 16.06M | 20.34M | 32.66M | 761.96K | 708.27K | -105.3K | -80.25K | -65.93K | -42.49K | -26.3K | -10.86K |
| Equity Growth % | -120.47% | 23.53% | 160.61% | 67.24% | 32.15% | 1761.13% | -13.02% | 17.62% | -21.07% | -37.72% | 4186.6% | 7.58% | 772.63% | -31.21% | -21.73% | -55.15% | -61.59% | -142.12% | - |
| Equity / Assets (Capital Ratio) | 28.17% | 68.32% | 89.72% | 88.72% | 89.26% | 96.3% | 73.53% | 80.59% | 91.46% | 97.83% | 98.92% | 93.22% | 92.8% | -38999.26% | -4404.67% | -31696.63% | -106235% | - | - |
| Return on Equity (ROE) | -75.24% | 18.52% | -11.97% | -25.59% | -16.15% | -13.54% | -132.23% | -149.49% | -258.29% | -50.93% | -15.2% | -474.08% | -14.97% | - | - | - | - | - | - |
| Book Value per Share | 2.96 | 6.85 | 8.12 | 6.58 | 9.48 | 10.38 | 1.72 | 4.52 | 4.65 | 6.32 | 14.50 | 0.40 | 0.66 | -0.37 | -0.28 | -0.23 | -0.15 | -0.11 | -0.10 |
| Tangible BV per Share | - | 6.41 | 8.07 | 6.46 | 9.33 | 9.70 | 0.26 | 1.31 | -0.25 | -0.06 | 2.48 | 0.37 | 0.62 | -0.37 | -0.28 | -0.23 | -0.15 | -0.11 | -0.10 |
| Common Stock | 299K | 296K | 271K | 160K | 56K | 37.39K | 17.39K | 4.68K | 3.61K | 33.41K | 27.83K | 20.38K | 17.41K | 951 | 951 | 37.08K | 35.98K | 35.88K | 20.53K |
| Additional Paid-in Capital | 0 | 2.45B | 2.24B | 1.01B | 599.9M | 444.07M | 132.81M | 111.94M | 82.99M | 40.24M | 39.07M | 4.64M | 1.1M | 257.88K | 251.15K | 209.61K | 196.34K | 193.79K | 193.79K |
| Retained Earnings | -1.15B | -125.89M | -479.22M | -334.2M | -196.05M | -138.39M | -116.4M | -93.06M | -66.94M | -19.93M | -6.43M | -3.89M | -409.27K | -364.13K | -332.36K | -312.61K | -274.81K | -255.96K | -225.18K |
| Accumulated OCI | 0 | 0 | 418K | 226K | 110K | -5.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | -145M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 2K | 3K | 2K | 2K | 1.75K | 1.75K | 1K | 1K | 1K | 1K | 400 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CLSKW stock.
As of 2025, CleanSpark, Inc. (CLSKW) had total assets of $3.18B including $1.32B in current assets.
CleanSpark, Inc. (CLSKW) carries total debt of $824.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CleanSpark, Inc. (CLSKW) has total shareholders' equity (book value) of $2.18B ($6.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CleanSpark, Inc. (CLSKW) reported a current ratio of 4.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Aggressive debt-funded expansion
Metrics are mathematically derived from official filings.
Leverage Escalation Weakens Financial Position
According to recent financial filings, CleanSpark's balance sheet has shifted from a net-cash position to a leveraged structure, with total debt surging to $1.8 billion by 2026Q2, signaling a fundamental deterioration in the company's financial stability as it attempts to scale infrastructure amid challenging mining economics.
The rapid accumulation of debt relative to equity suggests that the company is increasingly reliant on external financing to sustain its operational footprint. This trajectory warrants caution, as the shift from a conservative capital structure to one burdened by significant liabilities may limit future strategic flexibility.
Debt Burden Outpacing Equity Growth
As reported in quarterly data, CleanSpark's debt-to-equity ratio climbed sharply from 0.01 in 2024Q3 to 1.82 by 2026Q2, indicating that the company is aggressively utilizing debt to fund its capital-intensive mining operations rather than relying on internally generated cash flows or equity issuance alone.
This rapid increase in leverage suggests that the company is prioritizing fleet expansion over balance sheet preservation. Investors should monitor whether this debt load remains serviceable if Bitcoin prices experience prolonged volatility or if network difficulty continues to compress mining margins.
Liquidity Buffer Facing Rapid Erosion
Based on the company's reported figures, cash reserves plummeted from a peak of $1.3 billion in 2026Q1 to $260.3 million in 2026Q2, representing a significant contraction in the liquidity buffer available to navigate the post-halving environment and meet ongoing operational obligations.
While the current ratio remains elevated at 8.26, the sheer velocity of cash depletion suggests that the company's burn rate is accelerating. This rapid consumption of liquid assets may necessitate further dilutive financing or additional debt, potentially exacerbating the strain on the company's financial health.
Asset Valuation and Goodwill Risks
Analysis of the balance sheet reveals that goodwill has remained stagnant at $131.7 million since 2025Q3, while net PPE has been reported as zero in 2026Q2, suggesting potential accounting distortions or significant write-downs that may mask the true economic value of the company's physical infrastructure.
The sudden disappearance of net PPE from the reported figures is highly unusual and warrants immediate investigation by stakeholders. This discrepancy may indicate that the company's asset base is either being aggressively depreciated or that there are underlying issues with how infrastructure investments are being capitalized and reported.