CLEANSPARK, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CLEANSPARK, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2018	FY2019	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		0.58		4.53	10	39.3	132	168	379	766
Cost of revenue		0.39		3.86	7.91	5.26	41.2	93.6	166	343
Gross profit		0.19		0.67	2.12	34	90.3	74.8	213	423
Research and development		0.01
General and administrative		0.28		0.92	1.09	5.72	10.4	20.8	30.2	52.6
Operating expenses		7.26		17.3	17.3
Operating income		-7.08		-16.6	-15.1	-11.9	-37.9	-131	-149	319
Interest expense		0.92		9.48	10.8	0.15	1.08	2.98	2.46	11.3
Pre-tax income						-8.23	-40.1	-134	-146	364
Income tax						0	0	2.42	3.34	39.1
Income from continuing operations				-16.6	-23.3	-22	-57.7	-138	-149	353
Net income	-47	-47	-26.1	-26.1	-23.3	-21.8	-57.3	-138	-146	364
EBITDA		-6.22		-14.7	-12.3	-2.56	11.2	-10.3	5.57	667
EPS, basic		-13.62		-6.25	-2.44	-0.75		-1.30
EPS, diluted		-13.62		-6.25	-2.44	-0.75		-1.30
Shares, basic (weighted)		3.45		4.18	9.55	29.4	42.6	103	217	282
Shares, diluted (weighted)		3.45		4.18	9.55	29.4	42.6	103	217	318

Balance sheet

	FY2019	FY2018	FY2019	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.41	7.84	7.84	7.84	3.13	18	20.5	29.2	121	43
Receivables		0.03		0.78	0.86	0.31	0.03	0.01
Inventory							0.22	0.81
Other current assets				1.21	0.94	23.6	11.1	56.2	8	11.9
Total current assets		0.55		9.88	8.25	57.7	50.8	102	705	1,320
Property, plant and equipment		0.09		0.15	0.12	138	377	564	870	1,364
Lease right-of-use assets					0.04	0.66	0.55	0.69	3.26	4.25
Goodwill		4.92		4.92	5.9	12	0	8.04	8.04	132
Intangible assets				7.43	7.05	8.22	6.49	4.6	3.04	5.85
Total assets		17.6		23.4	22.3	317	453	762	1,963	3,184
Accounts payable		0.13		0.85	4.53	6.98	24.7	39.9	83	15.2
Accrued liabilities								25.7	43.9	118
Short-term debt		0.15		0.15	0.53
Total current liabilities		1.35		1.5	5.38	10.1	34	74.1	188	316
Long-term debt		0.15		0.15	0.53
Lease liabilities						0.56	0.45	0.52	1
Other non-current liabilities									1	3.28
Total liabilities		1.5		4.55	5.91	11.8	48.6	85.9	202	1,009
Total debt		0.07		2.9			13.4	8.91	7.18	645
Paid-in capital		83		112	133	444	600	1,009	2,239	2,446
Retained earnings		-66.9		-93.1	-116	-138	-196	-334	-479	-126
Treasury stock									0	-145
Other comprehensive income						-0.01	0.11	0.23	0.42	0
Shareholders' equity		16.1		18.9	16.4	306	404	676	1,761	2,175
Total equity		16.1		18.9	16.4	306	404	676	1,761	2,175
Total liabilities and equity		17.6		23.4	22.3	317	453	762	1,963	3,184
Shares outstanding				4.68	17.4	37.4	55.7	160	271	284

Cash flow statement

	FY2019	FY2018	FY2019	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-47	-47	-26.1	-26.1	-23.3	-22	-57.5	-138	-149	353
Depreciation and amortization	0.85	0.85	1.9	1.9	2.84	9.34	49	121	155	348
Stock-based compensation	1.5	1.5	1.99	1.99	2.05	8.55	31.5	24.1	29.6	45.3
Deferred income tax							0	2.42	3.34	39.1
Change in receivables	-0.01	-0.01	1	1	0.02	-0.43	-0.53	-0.11
Change in inventory					0.25	0.11	-0.14	-0.59
Change in payables	0.04	0.04	0.72	0.72	3.42	4.25	16	13.2	19.7	32.8
Cash from operations	-1.26	-1.26	-5.7	-5.7	-6.64	-24	73.5	-17.2	-234	-461
Capital expenditures	-0.02	-0.02	-0.1	-0.1	-0.03	-139	-19.3	-61.5	-66.1	-145
Acquisitions						0	-19.8	0	0
Purchases of investments					-0.75
Cash from investing	-0.42	-0.42	-0.67	-0.67	-2.38	-229	-211	-332	-920	-306
Debt repaid				-0.63	-0.22	-5.88
Stock issued	0.27	0.27	0.36	0.36	4	0	0		0.75
Share buybacks								0	0	-145
Cash from financing	2.04	2.04	13.8	13.8	4.31	268	140	358	1,249	689
Net change in cash	0.36	0.36	7.43	7.43	-4.71	14.9	2.42	8.75	95.1	-77.8
Free cash flow	-1.28	-1.28	-5.8	-5.8	-6.68	-163	54.2	-78.7	-300	-606
Interest paid	0.11	0.11	0.06	0.06	0.01	0.16	1.03	2.91	2.13	8.88
Income taxes paid						0	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-131.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-36.9%	Net income / average total assets.
Return on invested capital (ROIC)	-30.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	102.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	79.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	138.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	98.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	67.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	188.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11,889.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	290.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	23.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	75.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	165.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	62.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	91.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	169.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	46.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	95.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	101.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	5.91x	Current assets / current liabilities.
Quick ratio	1.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.34x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	65.9%	Total debt / total assets.
Liabilities / assets	71.8%	Total liabilities / total assets.
Net debt	$1.58B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-69.6x	Operating income / interest expense.
Working capital	$765.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$626.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Days payables	11 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
Book value per share	$2.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.44	Tangible book value / shares outstanding.
Cash per share	$0.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.58B	Share price x shares outstanding.
Enterprise value	$5.16B	Market cap + total debt - cash - short-term investments.
P/B	4.71x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.72x	Market cap / tangible book value, when positive.
FCF yield	-17.3%	Free cash flow / market cap.
Earnings yield	-27.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.8%	(Dividends paid + share buybacks) / market cap.

What was CLEANSPARK, INC.'s revenue in fiscal 2025?

CLEANSPARK, INC. reported revenue of $766.3M for fiscal 2025, 102.2% higher than the year before.

Was CLEANSPARK, INC. profitable in fiscal 2025?

Yes. Net income was $364.5M, a net margin of 47.6%.

How much free cash flow did CLEANSPARK, INC. generate in fiscal 2025?

Cash from operations of $461.0M minus capital expenditures of $144.7M left free cash flow of -$605.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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