CLSKCleanSpark

Crypto · Financial Services · Nasdaq

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 the 10-K filed 2025-11-25 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2024-12-03.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“The Company has certain customers and vendors who individually represented 10% or more of the Company’s revenue or capital expenditures.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“We rely on a limited number of suppliers for the purchase and delivery of our miners to support our bitcoin mining operations.”
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Lawsuits and legal claims

3 new

Pending cases, settlements and what the company has set aside for them.

“Litigation & settlement related expenses 2,052 1,970 7,872”
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“An estimated loss contingency is accrued when it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated.”
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New “On January 20, 2021, Scott Bishins (“Bishins”), individually, and on behalf of all others similarly situated (together, the “Class” and the “Plaintiffs”), filed a class action complaint in the United States District Court for the Southern District of New York against the Company and certain of its officers, including the Company’s CEO and the Executive Chair.”
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New “On February 28, 2022, Plaintiffs filed an Amended Class Complaint alleging that, between December 10, 2020, and August 16, 2021, Defendants made material misstatements and omissions related to the Company’s acquisition of ATL Data Centers LLC and its anticipated expansion of bitcoin mining operations.”
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New “Plaintiffs seek certification of the Class, an award of compensatory damages, and reimbursement of costs and expenses.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

No specific sentence about this in the 10-K.

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“The credit agreement contains financial covenants, including a minimum loan-to-value ratio, a minimum debt service coverage ratio, and a minimum average deposit balance.”
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“The Company was in compliance with all covenants, and no events of default had occurred under the credit agreement.”
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“The financing agreement contains financial covenants, including a minimum loan-to-value ratio, a minimum debt service coverage ratio, and a minimum average deposit balance.”
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“As of September 30, 2025, the Company was in compliance with all covenants, and no events of default had occurred under the financing agreement.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on CLSK in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CLSK/export.csv") into a cell.