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1. Company Snapshot

1.a. Company Description

CleanSpark, Inc.provides bitcoin mining and energy technology solutions worldwide.It operates in two segments, Digital Currency Mining and Energy.


The Digital Currency Mining segment engages in mining of bitcoin.The energy segment provides engineering, design and software, custom hardware, open automated demand response, solar, and energy storage solutions for microgrids and distributed energy systems to military, commercial, and residential customers; and develops platforms that enables designing, building, operating, and managing of energy assets.This segment also offers microgrid energy modeling, energy market communications, and energy management solutions comprising mPulse and mVoult, which are control platforms that enables integration and optimization of multiple energy sources; Canvas, a middleware for grid operators and aggregators to administrate load shifting programs; Plaid, a middleware for controls and Internet-of-Things products companies to participate in load shifting programs; and mVSO, an energy modeling software for internal microgrid design, as well as owns gasification energy technologies for various applications, such as feedstock for the generation of di-methyl ether.


In addition, it provides design, software development, and other technology-based consulting services; data center services, including rack space, power, and equipment; and various cloud services, such as virtual, virtual storage, and data backup services.The company was formerly known as Stratean Inc.and changed its name to CleanSpark, Inc.


in November 2016.CleanSpark, Inc.was incorporated in 1987 and is headquartered in Henderson, Nevada.

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1.b. Last Insights on CLSK

Breaking News: CleanSpark Inc reported a transformative fiscal year 2025 with over $766 million in revenue. The company mined 587 bitcoin in November 2025 and increased contracted power by nearly 11%. CleanSpark is accelerating its pivot into AI and HPC, leveraging its power assets and new campuses to build a steadier, higher-margin digital infrastructure model. The company also announced a $1.15 billion zero-coupon convertible notes offering. Analysts at Benchmark recommend a buy, citing the company's diversification and growth potential.

1.c. Company Highlights

2. CleanSpark's Strategic Shift: A New Era of Diversified Compute

CleanSpark reported a remarkable fiscal year 2025, with record revenues reaching $766 million, a gross margin of 55%, and a significant 62% growth in Bitcoin treasury to over 13,000. The company's operational hash rate achieved 50 exahash per second, driven by the deployment of 19,000 S21X XP immersion units. The earnings per share (EPS) came in at -$0.01, missing estimates of $0.04. Revenue growth was substantial, with a 100% year-over-year increase to $763.663 million, and an adjusted EBITDA of over $800 million.

Publication Date: Nov -30

📋 Highlights
  • Record Financial Performance:: Achieved $766 million in FY2025 revenues, 100% YoY growth to $763.663 million, and over $800 million in adjusted EBITDA
  • Bitcoin Treasury Expansion:: Bitcoin holdings grew 62% to over 13,000 BTC, with $1.2 billion valuation and $607,100 monthly Bitcoin generation
  • Operational Scale:: Operational hash rate reached 50 exahash/second, deploying 19,000 S21X immersion miners and planning 6 EH/s additional capacity
  • Capital Efficiency:: Executed $1.15 billion 0% convertible note, repurchased $460 million stock (10.9% share reduction), and maintained $400 million in Bitcoin-backed credit facilities
  • Strategic Diversification:: Secured 1 GW+ energy contracts for AI/HPC, with Texas projects (200 MW+ phases) and Georgia sites (100 MW) converting to high-demand compute applications

Financial Performance and Bitcoin Mining Efficiency

The company's average marginal cost per Bitcoin was $0.043, and its average revenue per Bitcoin was approximately $98,000, highlighting its operational efficiency in Bitcoin mining. CleanSpark's digital asset management (DAM) strategy generated $9.3 million in premiums in the fourth quarter, with an annualized yield of 12% on a blended basis. The company's covered call program continues to produce attractive risk-adjusted returns, contributing to its overall financial performance.

Diversification into AI and HPC: A New Growth Avenue

CleanSpark is diversifying its compute platform to serve AI, high-performance computing (HPC), and grid balancing, marking a significant strategic shift. The company has secured over a gigawatt of power under contract and has nearly 300 megawatts in Texas, scheduled to begin energization in early 2027. Partnerships, such as with Submer for liquid-cooled and prefabricated data center solutions, are expected to facilitate this diversification. CleanSpark's venture into AI data centers is anticipated to open new pools of capital, allowing for significant levered rates of return.

Valuation and Growth Prospects

With a P/S Ratio of 5.6 and an EV/EBITDA of 6.65, the market appears to have priced in a certain level of growth. Analysts estimate next year's revenue growth at 23.6%. The company's ROE stands at 17.71%, indicating a relatively healthy return on equity. CleanSpark's strategy to repurpose its Bitcoin mining sites for AI and HPC use is advantageous, with a focus on building sites to suit the architecture requirements of off-take customers.

Capital Structure and Future Plans

The company has issued a $1.15 billion 0% convertible note and used the proceeds to buy back $460 million of its stock, representing a 10.9% reduction in outstanding shares. CleanSpark plans to introduce secured debt into its capital stack and is open to bringing in more equity to achieve a lower loan-to-value ratio. The focus is on securing high credit quality tenants to secure the best deal possible, with a multi-gigawatt pipeline of opportunities across various regions.

3. NewsRoom

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CleanSpark Bets Big on AI Compute: Will Diversification Drive Upside?

Dec -03

Source: zacks.com

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CleanSpark Releases November 2025 Bitcoin Mining Update

Dec -03

Source: prnewswire.com

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3 Small-Cap Stocks With Big-Time Upside

Dec -03

Source: 247wallst.com

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CleanSpark: One Of The Cheapest Miners Pivoting To AI/HPC Compute

Dec -02

Source: seekingalpha.com

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CleanSpark: The Next Potential Big AI Trade

Nov -29

Source: seekingalpha.com

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WULF vs. CLSK: Which Bitcoin Miner Has Better Upside Potential?

Nov -28

Source: zacks.com

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What's Driving CleanSpark's 14% Surge Today?

Nov -28

Source: fool.com

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Gold, Crypto, Wine, Art. Invest In Collectibles Via These 3 Overlooked and Undervalued Stocks.

Nov -28

Source: 247wallst.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (25.47%)

6. Segments

Bitcoin Mining

Expected Growth: 25.47%

CleanSpark's 25.47% growth in Bitcoin mining is driven by increasing adoption of renewable energy sources, reducing operational costs, and strategic expansion into new mining facilities. Additionally, the company's focus on energy efficiency, advanced mining technologies, and a strong balance sheet have contributed to its rapid growth.

Other Services

Expected Growth: 14.07%

CleanSpark's 14.07% growth in Other Services is driven by increasing demand for its energy-efficient solutions, expansion into new markets, and strategic partnerships. The company's focus on sustainability and energy management has resonated with customers, leading to increased adoption of its services. Additionally, its investments in digital transformation and data analytics have enhanced its service offerings, further contributing to growth.

7. Detailed Products

MicroGrid

A comprehensive energy management system that integrates multiple energy sources, including solar, wind, and energy storage, to provide reliable and efficient power.

mPulse

An advanced energy management and monitoring platform that provides real-time data and analytics to optimize energy efficiency and reduce energy waste.

Smart Metering

An advanced metering infrastructure that provides real-time energy usage data and analytics to utilities, municipalities, and commercial customers.

Energy Storage

A range of energy storage solutions, including batteries and other technologies, designed to optimize energy efficiency and reduce energy costs.

Solar and Renewable Energy

A range of solar and renewable energy solutions, including solar panels, wind turbines, and other technologies, designed to reduce carbon emissions and increase energy independence.

8. CleanSpark, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

CleanSpark, Inc. operates in the renewable energy industry, which has a moderate threat of substitutes. While there are alternative energy sources, the company's focus on solar energy and energy storage systems provides a competitive advantage.

Bargaining Power Of Customers

CleanSpark, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. The company's products and services are also highly customized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

CleanSpark, Inc. relies on a few key suppliers for its solar panels and energy storage systems. While the company has some bargaining power due to its volume purchases, suppliers still have some leverage in negotiations.

Threat Of New Entrants

The renewable energy industry is rapidly growing, and new entrants are attracted to the market. CleanSpark, Inc. faces a high threat of new entrants, which could lead to increased competition and pricing pressure.

Intensity Of Rivalry

The renewable energy industry is highly competitive, with many established players and new entrants vying for market share. CleanSpark, Inc. faces intense rivalry from competitors, which could lead to pricing pressure and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.41%
Debt Cost 17.67%
Equity Weight 97.59%
Equity Cost 24.41%
WACC 24.24%
Leverage 2.47%

11. Quality Control: CleanSpark, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.71$

Current Price

13.71$

Potential

-0.00%

Expected Cash-Flows