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Screener / SEC EDGAR /CIK 0000827876 /10-K filed Nov 25, 2025, compared with Dec 3, 2024 /Numbers from the XBRL of the 10-Ks
Crypto peers:
CORZMSTRRIOTCLSKMARAHUT
Nasdaq Crypto · Financial Services

CleanSpark CLSK

CLSK quote by TradingView

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
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $766.3M through the costs to a net profit of $364.5M · income statement of the 10-K

42% operating margin
Revenue to Gross profit: $423.2MRevenue to Cost of revenue: $343.1MGross profit to Operating profit: $318.9MGross profit to Operating expenses: $104.3MOperating profit to Net profit: $279.8MOperating profit to Tax: $39.1MOther income to Net profit: $84.6M Revenue: $766.3M REVENUE $766.3M +102% Y/Y Gross profit: $423.2M · 55% margin GROSS PROFIT $423.2M 55% margin Cost of revenue: $343.1M · 45% of revenue COST OF REVENUE $343.1M 45% of revenue Operating profit: $318.9M · 42% margin OPERATING PROFIT $318.9M 42% margin Other income: $84.6M · 11% of revenue OTHER INCOME $84.6M 11% of revenue Operating expenses: $104.3M · 14% of revenue OPERATING EXPENSES $104.3M 14% of revenue Net profit: $364.5M · 48% margin NET PROFIT $364.5M 48% margin Tax: $39.1M · 5% of revenue TAX $39.1M 5% of revenue
Gross profit $423.2M 55% margin
Operating profit $318.9M 42% margin
Net profit $364.5M 48% margin
The full income statement, year by year

CLSK among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: 102.2%, above 84% of 25 peers (their median 26.3%) REVENUE GROWTH 102.2% · above 84% Gross margin: 55.2%, above 53% of 15 peers (their median 54.5%) GROSS MARGIN 55.2% · above 53% Operating margin: -131.6%, above 56% of 16 peers (their median -202.8%) OPERATING MARGIN -131.6% · above 56% Net margin: -146.9%, above 53% of 17 peers (their median -169.8%) NET MARGIN -146.9% · above 53% FCF margin: -91.3%, above 53% of 19 peers (their median -100.9%) FCF MARGIN -91.3% · above 53%
CLSK Peer median Below the median

What changed

60 new risk paragraphs and 4 accounting facts worth reading about. 10-K filed Nov 25, 2025 against Dec 3, 2024.

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 Dec 2, 2024: 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.

Accounting checks

8 checks on the latest 10-K. Checks, not verdicts.

How it works

4facts worth reading about the other 4 checks found nothing to note

  • Auditor change
    Auditor went from MaloneBailey, LLP to BDO USA, P.C.
  • Late filing notice (NT 10-K or NT 10-Q)
    NT 10-K filed Dec 2, 2024: the company said its 10-K would be late
  • 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
  • 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
3 more checks with nothing to note
  • 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 their words

60 paragraphs in Risk Factors that were not in the 10-K filed Dec 3, 2024. Quoted as filed.

All 60 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Dec 3, 2024 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Dec 3, 2024 10-K, ITEM 1A
    We face competition for acquisitions in the HPC, AI, and data center market. As mentioned, certain of our data center competitors have significant advantages over us, including greater access to capital which allows them to respond more quickly to new or changing opportunities. If we cannot continue to grow and expand our data center…
  3. Item 1A · new paragraph · not in the 10-K filed Dec 3, 2024 10-K, ITEM 1A
    Our business expansion into AI and HPC services may be capital intensive and could affect our liquidity, results of operations and financial condition. Our expansion into HPC, data center and AI infrastructure development is expected to increase capital intensity and shift the timing of cash inflows relative to capital outlays.…
  4. Item 1A · new paragraph · not in the 10-K filed Dec 3, 2024 10-K, ITEM 1A
    During periods of market stress and extreme volatility, we may be unable to timely liquidate or hedge our bitcoin or related positions, and exchange-driven liquidations or auto-deleveraging could materially and adversely affect our liquidity, results of operations and financial condition. Our business model depends, in part, on our…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$131.5M$168.4M$379.0M$766.3M
Net income−$57.3M−$138.1M−$145.8M$364.5M
Operating cash flow$73.5M−$17.2M−$233.7M−$461.0M
Free cash flow$54.2M−$78.7M−$299.8M−$605.7M

Revenue, FY2018 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$766.3M ▲ 102.2% in FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

No new filings in the last 30 days · SEC EDGAR

All filings

Nothing new. The most recent filings:

About the company

CleanSpark, Henderson, NV · from the 10-K filed Nov 25, 2025

CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining. We independently own, lease and operate a large portfolio of data centers and power assets across the United States with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 megawatts (“MW”) as of September 30, 2025. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other domestic regions.

Headquarters
Henderson, NV
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
September 30
Last results
Aug 6, 2026
Incorporated in
NV

Email alerts

Sources

The 10-K filed Nov 25, 2025 (open at SEC), compared with the 10-K filed Dec 3, 2024. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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