CLSKCleanSpark
CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining. 10-K, Item 1
- Headquarters
- Henderson, NV
- CEO
- S. Matthew Schultz
- Next results
- around Nov 24, 2026
What changed
10-K filed Nov 25, 2025 against Dec 3, 2024| Area | What changed | Source |
|---|---|---|
| Risk factors | 60 new paragraphs, nothing like them in the previous 10-K | 10-K Item 1A |
| Auditor change | Auditor went from MaloneBailey, LLP to BDO USA, P.C. | 10-K · XBRL |
| Late filing notice (NT 10-K or NT 10-Q) | NT 10-K filed 2024-12-02: the company said its 10-K would be late | 10-K · XBRL |
| Critical audit matters changed | New this year: Revenue from Bitcoin Mining (“As described in Note 2 to the consolidated financial statements, the Company is a participant in a third-party operated mining pool (the “mining pool”) and enters into contracts with the mining pool operator (the “Customer”) to provide hash calculations (or hashrate) to the mining pool. The Company ”); Accounting for Convertible Notes and Capped Calls (“As described in Notes 2 and 13 to the consolidated financial statements, in December 2024 the Company issued $650 million aggregate principal amount of convertible senior notes due 2030 (the “2030 Notes”). In connection with the issuance of the 2030 Notes, the Company entered into privately negotiat”); F-2 (“We identified the Company’s accounting for the 2030 Notes and 2030 Capped Calls as a critical audit matter. Determining whether the embedded redemption and conversion features related to the 2030 Notes met the criteria for bifurcation to be recognized as separate derivative instruments and whether t”); F-3 (“As described in Notes 2, 5, and 16 to the consolidated financial statements, the Company accounts for stock warrants as either equity instruments or liabilities. In connection with the acquisition of GRIID Infrastructure, Inc. (“GRIID”), the Company issued Public Warrants, Private Warrants, and GEM ”); Classification of Public and Private Warrants Issued for GRIID Acquisition (“As described in Notes 2, 5, and 16 to the consolidated financial statements, the Company accounts for stock warrants as either equity instruments or liabilities. In connection with the acquisition of GRIID Infrastructure, Inc. (“GRIID”), the Company issued Public Warrants, Private Warrants, and GEM ”). No longer listed: Bitcoin Mining Revenue. Same as last year: F-1 | 10-K · XBRL |
| Material weakness in internal control | “The existence of this material weakness affected the design of internal controls related to various assertions in certain financial statement line items such that internal controls were not effective for cash and cash equivalents, bitcoin, receivable from bitcoin collateral, note receivable from GRIID, property and equipment, deposits on miners, accounts payable, accrued liabilities, loans payable, deferred income taxes, stockholders' equity, bitcoin mining revenue, cost and expenses, share-base” | 10-K · XBRL |
| Accounting checks | 4 other checks clear, 4 worth a look | 10-K · XBRL |
| Insiders | No open-market buys in the last 90 days | Form 4 |
| Filings | 0 in the last 30 days | EDGAR |
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
What's new, in their words
10-K filed Nov 25, 2025Paragraphs in Risk Factors that were not in the 10-K filed 2024-12-03. Quoted as filed.
As we enter the HPC and AI services market, we face significant competition, which may adversely affect the occupancy and rental rates of our data centers. We now compete with numerous data center providers globally. Some of our competitors and potential competitors have significant advantages over us, including more ready access to…
10-K, Item 1A
Accounting checks
latest 10-K4 of 8 clear 4 worth a look. Checks, not verdicts.
- !Auditor changeAuditor went from MaloneBailey, LLP to BDO USA, P.C.
- !Late filing notice (NT 10-K or NT 10-Q)NT 10-K filed 2024-12-02: the company said its 10-K would be late
- !Critical audit matters changedNew this year: Revenue from Bitcoin Mining (“As described in Note 2 to the consolidated financial statements, the Company is a participant in a third-party operated mining pool (the “mining pool”) and enters into contracts with the mining pool operator (the “Customer”) to provide hash calculations (or hashrate) to the mining pool. The Company ”); Accounting for Convertible Notes and Capped Calls (“As described in Notes 2 and 13 to the consolidated financial statements, in December 2024 the Company issued $650 million aggregate principal amount of convertible senior notes due 2030 (the “2030 Notes”). In connection with the issuance of the 2030 Notes, the Company entered into privately negotiat”); F-2 (“We identified the Company’s accounting for the 2030 Notes and 2030 Capped Calls as a critical audit matter. Determining whether the embedded redemption and conversion features related to the 2030 Notes met the criteria for bifurcation to be recognized as separate derivative instruments and whether t”); F-3 (“As described in Notes 2, 5, and 16 to the consolidated financial statements, the Company accounts for stock warrants as either equity instruments or liabilities. In connection with the acquisition of GRIID Infrastructure, Inc. (“GRIID”), the Company issued Public Warrants, Private Warrants, and GEM ”); Classification of Public and Private Warrants Issued for GRIID Acquisition (“As described in Notes 2, 5, and 16 to the consolidated financial statements, the Company accounts for stock warrants as either equity instruments or liabilities. In connection with the acquisition of GRIID Infrastructure, Inc. (“GRIID”), the Company issued Public Warrants, Private Warrants, and GEM ”). No longer listed: Bitcoin Mining Revenue. Same as last year: F-1
- !Material weakness in internal control“The existence of this material weakness affected the design of internal controls related to various assertions in certain financial statement line items such that internal controls were not effective for cash and cash equivalents, bitcoin, receivable from bitcoin collateral, note receivable from GRIID, property and equipment, deposits on miners, accounts payable, accrued liabilities, loans payable, deferred income taxes, stockholders' equity, bitcoin mining revenue, cost and expenses, share-base”
- ✓No statement of substantial doubt about going concern
- ✓No 8-K item 4.02 in the last 2 years
- ✓No 8-K item 2.06 in the last 2 years
- ✓No 8-K item 1.03 in the last 2 years
In the last 30 days
All filings →Nothing new. The most recent filings:
- Sep 25, 20268-K Material agreement signed, New debt or obligation 8-K items 1.01, 2.03
- Sep 18, 20268-K Other events 8-K item 8.01
- Sep 17, 20268-K Regulation FD disclosure, Other events 8-K items 7.01, 8.01
- Aug 6, 20268-K Quarterly results 8-K item 2.02
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