Revenue performance remains volatile with gross margins collapsing to -63.1% in 2026Q2, reflecting the difficulty of maintaining profitability in a post-halving mining environment.
CleanSpark, Inc. (CLSKW) 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 |
|---|
| Net Interest Income | -5.27M | -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 |
| NII Growth % | -1957.37% | -218.2% | 344.39% | -181.08% | -1272.12% | 100.72% | -10.19% | -925.87% | -31832.78% | -8946.88% | 99.38% | 88.8% | -582.52% | -20.77% | -47.24% | -129.41% | - | - | - |
| Net Interest Margin % | -0.19% | -0.23% | 0.31% | -0.33% | -0.2% | 0.02% | -46.78% | -40.47% | -5.27% | -0.01% | -0% | -0.63% | -6.02% | -2491.48% | -305.71% | -1818.75% | -4122.5% | - | - |
| 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 | 8.76M | 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 |
| Loan Loss Provision | 567.73M | 436.14M | 237.16M | 136.32M | 81.08M | 26.3M | -2.85M | -5.62M | -533.68K | 293.4K | 31.23K | -5.14K | -45.21K | -6.73K | -5.57K | -3.78K | -1.65K | 0 | 0 |
| Non-Interest Income | 671.57M | 762.19M | 370.41M | 167.93M | 131.34M | 39.07M | 9.72M | 4.53M | 578.63K | 447.96K | 82.03K | 0 | 2.56K | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income % | 100.79% | 100.95% | 98.38% | 101.51% | 100.68% | 99.81% | -1331.4% | -91.56% | -167.32% | 100.65% | 100.04% | 0% | -5.89% | 0% | 0% | 0% | 0% | - | - |
| Total Net Revenue | 666.3M | 754.98M | 376.51M | 165.43M | 130.45M | 39.14M | -730.05K | -4.95M | -345.82K | 445.07K | 82K | -5.14K | -43.36K | -6.73K | -5.57K | -3.78K | -1.65K | 0 | 0 |
| Revenue Growth % | 6.65% | 100.52% | 127.6% | 26.82% | 233.27% | 5461.47% | 85.25% | -1331.64% | -177.7% | 442.77% | 1694.07% | 88.14% | -544.54% | -20.77% | -47.24% | -129.41% | - | - | - |
| Non-Interest Expense | 762.71M | -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 |
| Efficiency Ratio | 114.47% | -0.02% | 76.6% | 96.81% | 66.87% | 63.21% | -2364.77% | -349.14% | -2100.46% | 3039.96% | 3161.04% | -67651.63% | -140.89% | -372.31% | -254.49% | -899.39% | -1185.57% | - | - |
| Operating Income | -659.96M | 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 % | -99.05% | 42.25% | -39.59% | -79.21% | -29.03% | -30.4% | 2074.26% | 335.57% | 2046.14% | -3005.88% | -3099.12% | 67651.63% | 136.61% | 372.31% | 254.49% | 899.39% | 1185.57% | - | - |
| 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% | - |
| 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 % | -154.18% | 53.46% | -37.83% | -79.37% | -30.73% | -21.02% | 3197.89% | 527.52% | 13592.71% | -3032.91% | -3098.28% | 67748.83% | 104.12% | 472.31% | 354.49% | 999.39% | 1142.87% | - | - |
| 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 % | -149.76% | 48.27% | -38.72% | -83.51% | -43.95% | -55.73% | 3197.89% | 527.52% | 13592.71% | -3032.91% | -3098.28% | 67748.83% | 104.12% | 472.31% | 354.49% | 999.39% | 1142.87% | - | - |
| 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) | -757.98M | 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 |
| EPS (Diluted) | - | 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 % | -431.93% | 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 | 0 | 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 |
Quick answers to the most common questions about buying CLSKW stock.
For fiscal year 2025, CleanSpark, Inc. (CLSKW) reported total revenue of $755.0M.
CleanSpark, Inc. (CLSKW) is profitable, generating $364.5M in net income for the fiscal year ending 2025 with a net profit margin of 47.6%.
CleanSpark, Inc. (CLSKW) 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. (CLSKW) 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 halving volatility
Metrics are mathematically derived from official filings.
Structural Margin Volatility Remains High
As reported in recent financial statements, CleanSpark's gross margin experienced extreme fluctuations, plummeting to -63.1% in 2026Q2 from a peak of 69.3% in 2024Q2, highlighting the inherent sensitivity of mining operations to network difficulty and the post-halving cost environment that challenges consistent profitability.
The dramatic swing in gross margins suggests that the company's cost-to-revenue ratio is highly susceptible to external network factors rather than internal operational efficiencies. Investors should monitor whether the recent negative margin trend reflects a permanent shift in the cost of production or merely a temporary misalignment between hardware deployment and Bitcoin price cycles.
Earnings Distorted by Non-Operating Items
Based on the company's income statement data, net income has shown extreme volatility, swinging from a $257.4M profit in 2025Q3 to a $378.3M loss in 2026Q2, largely driven by fair-value accounting adjustments for digital assets rather than core operational cash flow generation.
The divergence between operating income and net income suggests that reported earnings are heavily influenced by mark-to-market accounting for Bitcoin holdings. This volatility obscures the underlying health of the mining business and warrants further investigation into the company's actual cash-generating capacity versus paper gains or losses.
Escalating SG&A and Operational Overhead
According to quarterly filings, SG&A expenses have remained a persistent burden, reaching $25.8M in 2026Q2, which, when combined with the absence of stable gross profit, indicates that the company's fixed cost structure is currently outpacing its ability to generate revenue in the current mining environment.
The rising SG&A load suggests that the company is scaling its administrative and operational footprint faster than its revenue-producing hashrate can support. This trend may indicate a lack of expense discipline during periods of market contraction, potentially pressuring liquidity if the current revenue environment persists.
Sustainability of Equity-Funded Growth Model
Analysis of the income statement reveals that CleanSpark's reliance on stock-based compensation, which reached $12.1M in 2026Q2, combined with recurring net losses, suggests that the current growth strategy may be unsustainable without continuous dilution of existing shareholders to fund ongoing infrastructure and hardware investments.
Short-sellers would likely focus on the disconnect between aggressive fleet expansion and the inability to maintain positive net margins. The persistent use of equity to bridge operational gaps may indicate that the company's internal cash flow is insufficient to cover the capital-intensive nature of modern Bitcoin mining.