Liquidity is under severe pressure, evidenced by a negative free cash flow margin of -127.1% in 2026Q2 and a rapid decline in cash reserves to $260.3 million.
| 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 from Operations | -526.26M | -461.03M | -233.66M | -17.25M | 73.46M | -23.99M | -6.64M | -5.7M | -1.26M | -1.36M | -438.17K | -190.66K | -103.5K | -17.64K | -795 | -4.83K | -10.11K | 0 | 0 |
| Operating CF Margin % | - | -60.16% | -61.66% | -10.24% | 55.85% | -61.05% | -66.24% | -125.71% | -217.84% | -304.01% | -534.15% | - | -4051.04% | - | - | - | - | - | - |
| Operating CF Growth % | -188.29% | -97.31% | -1254.8% | -123.48% | 406.25% | -261.09% | -16.58% | -352.03% | 7.44% | -210.81% | -129.81% | -84.21% | -486.66% | -2119.25% | 83.55% | 52.21% | - | - | - |
| Net Income | -500.59M | 364.46M | -145.78M | -133.72M | -40.09M | -8.23M | -23.35M | -26.12M | -47.01M | -13.5M | -2.54M | -3.49M | -45.15K | -31.77K | -19.75K | -37.81K | -18.85K | -30.78K | -22.05K |
| Depreciation & Amortization | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 63.4M | 45.34M | 29.55M | 24.14M | 31.47M | 8.55M | 2.05M | 1.99M | 1.5M | 135.55K | 1.54M | 3.24M | 12.88K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -8.37M | 39.11M | 3.34M | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -487.13M | -1.28B | -288.58M | -43.63M | -112.88M | -8.72M | 8.91M | 16.16M | 41.76M | 8.68M | 19.37K | 5.14K | -14.09K | 6.73K | 23.92K | 30.36K | 20.87K | 16.96K | 15.68K |
| Working Capital Changes | -18.96M | 19.5M | 13.19M | 12.82M | 145.91M | -24.92M | 2.91M | -1.09M | 250.25K | 1.22K | -40.41K | 44.09K | -58.66K | 7.4K | -4.97K | 2.62K | -12.13K | 13.81K | 6.37K |
| Change in Receivables | 0 | 0 | 0 | -108K | -530.31K | -429.68K | 31.31K | -1.01M | -44.63K | 15.15K | -39.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -593K | -136.59K | 107.06K | -247.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -8.27M | 0 | 0 | 0 | 0 | 5.01M | 3.42M | 723.83K | 44.81K | 144 | -16.31K | 45.31K | -58.99K | 5.99K | -3.56K | 2.62K | -12.13K | 13.81K | 6.37K |
| Cash from Investing | 59.22M | -305.66M | -920.4M | -331.93M | -210.98M | -229.16M | -2.38M | -673.95K | -419.23K | -126.32K | -20.86K | -79.55K | -3.52K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -508.35M | -562.87M | -806.4M | -300.88M | -190.47M | -228.58M | -34.9K | -102.76K | -15.23K | -10.68K | -9.67K | -76.95K | -3.52K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 68.71% | 73.45% | 212.79% | 178.66% | 144.81% | 581.81% | 0.35% | 2.27% | 2.63% | 2.38% | 11.79% | - | 137.96% | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 138.77M | 1.19B | 432.58M | 56.97M | 11.76M | 24.36M | 960K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 126.89M | 36.28M | -138.75M | -8.54M | 3.27M | -1M | -84.92K | -571.19K | -404K | -115.64K | -11.18K | -2.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 630.13M | 688.87M | 1.25B | 357.93M | 139.95M | 268.06M | 4.31M | 13.8M | 2.04M | 1.11M | 807.02K | 242K | 223.5K | 17.5K | 1K | 5K | 10.15K | 0 | 0 |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -458.26M | 42.73M | 1.23B | 376.2M | 123.85M | 270.66M | 4M | 361.8K | 271.9K | 880K | 813.8K | 242K | 200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -36M | -10.74M | -3.42M | -21K | -315K | -177.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -460M | -145M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.86M | -96.31M | -22.68M | -5.42M | 0 | 3.75M | 0 | 4.36K | 44.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 163.08M | -77.82M | 95.06M | 8.75M | 2.42M | 14.91M | -4.71M | 7.43M | 355.65K | -379.4K | 348K | -28.21K | 116.47K | -143 | 205 | 168 | 40 | 0 | 0 |
| Free Cash Flow | -1.07B | -1.02B | -1.04B | -318.12M | -117.23M | -252.56M | -6.76M | -6.37M | -1.68M | -1.5M | -459.02K | -270.21K | -107.03K | -17.64K | -795 | -4.83K | -10.11K | 0 | 0 |
| FCF Margin % | -144.91% | -133.61% | -274.44% | -188.9% | -89.13% | -642.87% | -67.43% | -140.57% | -290.3% | -333.77% | -559.57% | - | -4189% | - | - | - | - | - | - |
| FCF Growth % | 12.67% | 1.55% | -226.94% | -171.36% | 53.58% | -3634.73% | -6.13% | -279.34% | -12.34% | -225.73% | -69.88% | -152.46% | -506.64% | -2119.25% | 83.55% | 52.21% | - | - | - |
| FCF per Share | -4.00 | -3.22 | -4.80 | -3.10 | -2.75 | -8.58 | -0.71 | -1.53 | -0.49 | -0.46 | -0.20 | -0.14 | -0.10 | -0.06 | -0.00 | -0.02 | -0.04 | - | - |
| FCF Conversion (FCF/Net Income) | 2.14x | -1.26x | 1.60x | 0.12x | -1.28x | 1.10x | 0.28x | 0.22x | 0.03x | 0.10x | 0.17x | 0.05x | 2.29x | 0.56x | 0.04x | 0.13x | 0.54x | - | - |
| Interest Paid | 9.39M | 8.88M | 2.13M | 2.91M | 1.03M | 156.2K | 14.16K | 55.49K | 106.97K | 1.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in financial statements, CleanSpark consistently records negative operating cash flow despite intermittent net income, with the OCF/NI ratio frequently failing to provide a positive correlation, suggesting that reported earnings are heavily influenced by non-cash accounting adjustments rather than actual liquidity generation from mining operations.
The persistent gap between net income and operating cash flow indicates that the company's accounting profits are not translating into tangible cash reserves. Investors should monitor this divergence, as it suggests that the core business model is currently unable to self-fund its operational requirements without external capital injections.
Based on quarterly filings, CleanSpark has experienced a sustained period of negative free cash flow, with margins reaching as low as -127.1% in 2026Q2, reflecting an aggressive capital expenditure cycle that continues to outpace the company's ability to generate cash from its primary Bitcoin mining activities.
The consistent negative FCF trajectory highlights the capital-intensive nature of the firm's expansion strategy. This trend appears to indicate that the company is prioritizing hashrate growth over immediate cash flow sustainability, which may pose risks if market conditions for Bitcoin remain unfavorable.
According to recent SEC filings, CleanSpark's capital expenditure intensity remains elevated, with CapEx/Revenue ratios peaking at 191.8% in 2025Q4, demonstrating that the company is heavily reinvesting in infrastructure and hardware to maintain its competitive position in an increasingly difficult global network mining environment.
The high level of capital expenditure suggests that the company is in a constant state of fleet renewal to combat rising network difficulty. This reliance on heavy investment warrants further investigation into whether these assets can generate sufficient returns before they become obsolete due to rapid technological advancements.
As evidenced by historical cash flow data, CleanSpark has utilized significant capital for fleet expansion and acquisitions, such as the $98.4M net acquisition outflow in 2024Q4, while simultaneously managing share repurchases and dividends despite a backdrop of negative operating cash flow and recurring net losses.
The company's decision to return capital to shareholders or pursue acquisitions while burning cash from operations appears to rely heavily on external financing. This strategy may indicate a management preference for aggressive growth, though it raises questions regarding the long-term sustainability of such capital deployment patterns.
Quick answers to the most common questions about buying CLSKW stock.
CleanSpark, Inc. (CLSKW) generated $-461.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CleanSpark, Inc. (CLSKW) reported negative free cash flow of $1.02B in 2025, indicating capital requirements exceeded cash from operations.
CleanSpark, Inc. (CLSKW) spent $562.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CleanSpark, Inc. (CLSKW) returned $10.7M to shareholders via cash dividends and spent $145.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.