CLEANSPARK, INC.

Listed Company

CLSKWCIK 0000827876NasdaqLarge AcceleratedFinance ServicesNevadaFY ends Sep 30

Period

FY 2025

Revenue

$766.31M

Net Income

$364.46M

Total Assets

$3.18B

Equity

$2.18B

Shares Out

255.75M

Op. Cash Flow

$-461.03M

Business

CLEANSPARK, INC. is a data center developer that designs, owns, leases and operates large-scale data centers and power assets to support bitcoin mining and AI/HPC workloads. It offers bitcoin mining operations, miner procurement and deployment, data center hosting and leasing, power optimization, and institutional-grade trading and treasury management related to bitcoin. Its key business segments include bitcoin mining and AI/HPC hosting and leasing, supported by supplier, utility and strategic partnerships. CleanSpark operates wholly owned facilities and development projects across multiple U.S. states and serves customers via direct operations, hosting agreements and partner relationships.

Summary from filing dated 2025-11-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Bitcoin mining revenue, net	766	379	168	131	39
Other services revenue	0	0	287,000	525,000	440,472
Total revenues, net	766	379	168	132	39
Cost of revenues (exclusive of depreciation and amortization shown below)	343	166	94	41	5
Professional fees	14	14	11	6	7
Payroll expenses	104	74	46	41	—
General and administrative expenses	53	30	21	10	6
(Gain) loss on disposal of assets	−336,000	5	2	−643,000	0
Gain on fair value of bitcoin, net	−426	−113	0	0	—
Depreciation and amortization	348	155	121	49	9
Indirect tax contingency expenses	11	0	0	—	—
Impairment expense - bitcoin	0	0	7	12	7
Impairment expense - fixed assets	0	197	0	0	—
Impairment expense - other	0	716,000	0	250,000	0
Realized gain on sale of bitcoin	0	0	−1	−3	−3
Total costs and expenses	447	528	299	169	51
Income (loss) from operations	319	−149	−131	−38	−12
Gain on fair value of contingent consideration	0	0	2	306,000	84,198
Gain on bitcoin collateral	92	1	0	—	—
Loss on derivative securities, net	−2	−965,000	−259,000	−2	3
Interest income	4	9	481,000	190,000	221,488
Interest expense	−11	−2	−3	−1	−145,728
Other Income	1	0	11,000	308,000	544,777
Total other income (expense)	85	7	−260,000	−2	4
Income (loss) before income tax expense (benefit)	404	−142	−131	−40	−8
Income tax expense	39	3	2	0	—
Income (loss) from operations	364	−146	−134	−40	−8
(Loss) from discontinued operations	0	0	−4	−17	−14
Net income (loss)	364	−146	−138	−57	−22
Preferred stock dividends	11	3	0	336,000	—
Net income (loss) attributable to common shareholders	353	−149	−138	−58	−22
Other comprehensive (loss) income, net of tax	−418,000	192,000	116,000	115,000	—
Total comprehensive income (loss) attributable to common shareholders	353	−149	−138	−58	−22
Income (loss) from continuing operations per common share - basic	1.25	−0.69	−1.3	−0.95	−0.29
Weighted average common shares outstanding - Basic	282	217	103	43	29
Income (loss) from continuing operations per common share - diluted	1.12	−0.69	−1.3	−0.95	−0.29
Weighted average common shares outstanding - Diluted	318	217	103	43	29
(Loss) on discontinued operations per common share - basic	0	0	−0.04	−0.4	−0.46
Weighted average common shares outstanding - basic	282	217	103	43	29
(Loss) on discontinued operations per common share - diluted	0	0	−0.04	−0.4	−0.46
Weighted average common shares outstanding - diluted	318	217	103	43	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash and cash equivalents	43	121	—	—	29
Restricted Cash	3	3	—	0	0
Prepaid expense and other current assets	12	8	—	—	3
Bitcoin - current	967	432	—	—	56
Receivable from bitcoin collateral	295	78	—	—	0
Note receivable from GRIID	0	61	—	—	0
Derivative investments	233,000	2	—	—	3
Investment in debt security, AFS, at fair value	0	918,000	—	—	726,000
Total current assets	1,320	705	—	—	102
Bitcoin - noncurrent	223	0	—	—	—
Property and equipment, net	1,364	870	—	—	564
Right of use assets	4	3	3	—	688,000
Intangible assets, net	6	3	—	—	5
Deposits on miners and mining equipment	112	360	—	—	76
Other long-term asset	23	13	—	—	6
Goodwill	132	8	—	—	8
Total assets	3,184	1,963	—	—	762
Accounts payable	15	83	—	—	40
Accrued liabilities	118	44	—	—	26
Other current liabilities	6	2	—	—	311,000
Current portion of debt	177	59	—	—	7
Dividends payable	396,000	0	—	—	0
Total current liabilities	316	188	—	—	74
Long-term debt, net of current portion, debt discount and debt issuance costs	645	7	—	—	9
Deferred income taxes	45	6	—	—	2
Other long-term liabilities	3	997,000	—	—	—
Total liabilities	1,009	202	—	—	86
Commitments and contingencies - Note 19	—	—	—	—	—
Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference $0.02 per share) Series X shares; 0 and 1,000,000 authorized, issued and outstanding, respectively	2,000	3,000	—	—	2,000
Common stock; $0.001 par value; 600,000,000 and 300,000,000 shares authorized; 296,087,533 and 270,897,784 shares issued; 284,327,598 and 270,897,784 shares outstanding, respectively	296,000	271,000	—	—	160,000
Additional paid-in capital	2,446	2,239	—	—	1,009
Accumulated other comprehensive income	0	418,000	—	—	226,000
Accumulated deficit	−126	−479	—	—	−334
Treasury stock at cost; 11,759,935 and 0 shares held, respectively	−145	0	—	—	—
Total stockholders' equity	2,175	1,761	—	—	676
Total liabilities and stockholders' equity	3,184	1,963	—	—	762

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Less: Loss from discontinued operations	0	0	4	17	14
Bitcoin mining revenue, net	−766	−379	−168	−131	−39
Proceeds from sale of bitcoin	0	0	116	133	11
Realized gain on sale of bitcoin	0	0	−1	0	—
Bitcoin issued for services	2	1	720,000	611,000	296,592
Impairment expense - fixed assets	0	197	0	0	—
Impairment expense - other	0	716,000	0	250,000	—
Impairment expense - bitcoin	0	0	7	—	—
Loss on derivative securities, net	2	965,000	259,000	—	—
Gain on fair value of contingent consideration	0	0	−2	−346,000	−84,198
Gain on bitcoin collateral	−92	−1	0	−3	−3
Stock based compensation	45	30	24	31	9
Depreciation and amortization	348	155	121	49	9
Deferred income taxes, net	39	3	2	—	—
(Gain) loss on disposal of assets	−336,000	5	2	−643,000	0
Other	3	474,000	662,000	—	—
Decrease in operating lease liabilities	−1	−287,000	−70,000	−104,000	−1
Increase in accounts payable and accrued liabilities	33	20	13	16	4
Increase (decrease) in prepaid expenses and other current assets	−5	−3	3	−1	−264,233
Increase Decrease In Other Long Term Assets	−7	−3	−3	—	—
Net cash (used in) provided by operating activities of continuing operations	−461	−233	−19	80	−12
Net cash (used in) provided by operating activities of discontinued operations	0	−508,000	1	−6	−12
Net cash (used in) provided by operating activities	−461	−234	−17	73	−24
Payments on miners and mining equipment (including deposits)	−418	−740	−239	−171	—
Purchase of fixed assets	−145	−66	−61	−19	—
Purchase of bitcoin	−160	0	0	—	—
Proceeds from sale of bitcoin and option settlement	378	43	0	0	—
Proceeds from sale of miners	42	1	34,000	3	0
Proceeds from sale of derivative contracts	10	0	0	—	—
Acquisition of GRIID Infrastructure	1	0	0	—	—
Asset acquisition - LaFayette, GA Location	−1	0	0	—	—
Asset acquisition - Twin City, GA Location	−5	0	0	—	—
Asset Acquisition - Tennessee Locations	−8	−18	0	0	—
Asset Acquisition - Wyoming Locations	0	−26	0	0	—
Asset acquisition - LN Energy	0	−26	0	0	—
Asset Acquisition - Mississippi Locations	0	−23	0	0	—
Asset acquisition - Dalton, GA Locations	0	−4	−9	—	—
Asset acquisition - Land in Sandersville, GA	0	−1	−1	—	—
Acquisition of Mawson	0	0	−23	−3	0
Notes receivable from GRIID	0	−61	0	0	—
Other	2	0	0	—	—
Net cash used in investing activities of continuing operations	−306	−920	−334	−211	−228
Net cash provided by investing activities of discontinued operations	0	0	2	0	−1
Net cash used in investing activities	−306	−920	−332	−211	−229
Payments on debt	−136	−7	−14	−3	−6
Payments of debt issuance costs	−2	0	0	—	—
Payments on preferred dividends	−11	−3	−21,000	−315,000	−177,502
Payments on finance leases	−25,000	−93,000	−301,000	−432,000	−288,602
Refund of debt commitment fee	0	0	150,000	0	—
Proceeds from debt, net of issuance fees	889	50	2	0	—
Payments of taxes on shares withheld for net settlement of restricted stock units	−4	−23	−6	0	—
Proceeds from exercise of options and warrants	922,000	753,000	0	817,000	4
Proceeds from equity offerings, net	187	1,232	376	123	271
Net cash provided by financing activities	689	1,249	358	140	268
Net increase in cash, cash equivalents, and restricted cash	−78	95	9	2	15
Cash paid for interest	9	2	3	1	156,204
Shares issued for settlement of contingent consideration related to business acquisition	0	0	3	0	—
Receivable for equity proceeds	0	0	10	2	—
Fixed asset and miner purchases accrued not paid	1	68	27	0	—
Shares withheld for net settlement of restricted stock units related to tax withholdings	2	23	6	2	—
Fixed assets purchased through finance transactions	2	7	493,000	212,000	0
Miners and derivatives purchased with bitcoin	81	0	0	—	—
Software purchased with bitcoin	7	541,000	229,000	0	—
Preferred shares dividends accrued	396,000	0	0	21,000	0
Unrealized gain on investment in available-for-sale debt security	0	0	−116,000	115,000	0
Shares issued in connection with GRIID Acquisition	61	0	0	—	—

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