CleanSpark, Inc. (CLSKW) Cash Flow Statement

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.

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.

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.

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.