CLEANSPARK, INC.
CLSK, CLSKW · Finance Services · 256.6M shares · +52%/yr ↑ shares · EDGAR filings ↗
Reference price $11.69 · est. market cap ~$3.0B — last insider sale, 2025-12-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Fast-growing bitcoin miner with top-decile reported margins and returns, but earnings and balance-sheet quality are dominated by volatile bitcoin mark-to-market.
Strengths
- Top-decile operating margin (94.8th pct), net margin (90th) and ROA (96th); revenue more than doubled (82.7th pct)
- Strong liquidity (current ratio 4.18, 72nd pct), low leverage (D/E 0.30) and 28x interest coverage; ~10,400 BTC treasury
Risks
- Negative operating cash margin (-0.60, 42.9th pct) — reported profitability is largely non-cash bitcoin fair-value gains, not cash generation
- Binary exposure to bitcoin price, single mining-pool customer, and regulatory/MSB uncertainty make earnings highly volatile
Notable findings
- Revenue declineRevenue -14.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
55.2%
Operating margin
41.6%
Net margin
47.6%
Return on equity
16.8%
Return on assets
11.4%
ROIC
8.9%
Revenue growth (QoQ)
-14.2%
Debt / equity
0.3×
Net debt / EBITDA
0.9×
Interest coverage
28.1×
Current ratio
4.2×
EBITDA
$667M
Tangible book value
$2.0B
Cash & investments
$43M
Stock comp / revenue
5.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-14 | Monnig Taylor | Tax withheld | 211 | $13.98 |
| 2026-05-14 | Vecchiarelli Gary Anthony | Tax withheld | 632 | $13.98 |
| 2026-05-14 | Schultz S. Matthew | Tax withheld | 9.0K | $13.98 |
| 2026-05-14 | Garrison Scott Eugene | Tax withheld | 1.2K | $13.98 |
| 2026-05-13 | Monnig Taylor | Option exercise | 535 | — |
| 2026-05-13 | Garrison Scott Eugene | Option exercise | 2.7K | — |
| 2026-05-13 | Vecchiarelli Gary Anthony | Option exercise | 1.6K | — |
| 2026-05-13 | Schultz S. Matthew | Option exercise | 21K | — |
| 2026-03-31 | McNeill Larry | Option exercise | 7.4K | — |
| 2026-03-31 | Beynon Roger Paul | Option exercise | 7.4K | — |
| 2026-03-31 | Cavaleri Amanda | Option exercise | 7.4K | — |
| 2026-03-31 | Wood Thomas Leigh | Option exercise | 7.4K | — |
| 2026-02-18 | Garrison Scott Eugene | Tax withheld | 20K | $9.25 |
| 2026-02-18 | Vecchiarelli Gary Anthony | Tax withheld | 27K | $9.25 |
| 2026-02-18 | Vecchiarelli Gary Anthony | Tax withheld | 632 | $9.23 |
| 2026-02-18 | Schultz S. Matthew | Tax withheld | 95K | $9.25 |
| 2026-02-18 | Schultz S. Matthew | Tax withheld | 9.0K | $9.23 |
| 2026-02-18 | Carson Brian Jay | Tax withheld | 6.4K | $9.25 |
| 2026-02-18 | Monnig Taylor | Tax withheld | 18K | $9.25 |
| 2026-02-18 | Monnig Taylor | Tax withheld | 211 | $9.23 |
| 2026-02-18 | Garrison Scott Eugene | Tax withheld | 1.2K | $9.23 |
| 2026-02-13 | Garrison Scott Eugene | Option exercise | 2.7K | — |
| 2026-02-13 | Carson Brian Jay | Option exercise | 16K | — |
| 2026-02-13 | Monnig Taylor | Option exercise | 535 | — |
| 2026-02-13 | Monnig Taylor | Option exercise | 45K | — |
| 2026-02-13 | Garrison Scott Eugene | Option exercise | 45K | — |
| 2026-02-13 | Vecchiarelli Gary Anthony | Option exercise | 1.6K | — |
| 2026-02-13 | Vecchiarelli Gary Anthony | Option exercise | 70K | — |
| 2026-02-13 | Schultz S. Matthew | Option exercise | 21K | — |
| 2026-02-13 | Schultz S. Matthew | Option exercise | 216K | — |
| 2025-12-31 | McNeill Larry | Option exercise | 7.4K | — |
| 2025-12-31 | Wood Thomas Leigh | Option exercise | 7.4K | — |
| 2025-12-31 | Beynon Roger Paul | Option exercise | 7.4K | — |
| 2025-12-31 | Cavaleri Amanda | Option exercise | 7.4K | — |
| 2025-12-23 | Wood Thomas Leigh | Sell | 85K | $11.69 |
| 2025-12-05 | Monnig Taylor | Tax withheld | 211 | $14.07 |
| 2025-12-05 | Schultz S. Matthew | Tax withheld | 9.0K | $14.07 |
| 2025-12-05 | Vecchiarelli Gary Anthony | Tax withheld | 632 | $14.07 |
| 2025-12-05 | Garrison Scott Eugene | Tax withheld | 1.2K | $14.07 |
| 2025-12-04 | Cavaleri Amanda | Sell | 33K | $15.02 |
| 2025-12-03 | Vecchiarelli Gary Anthony | Option exercise | 1.6K | — |
| 2025-12-03 | Monnig Taylor | Option exercise | 536 | — |
| 2025-12-03 | Garrison Scott Eugene | Option exercise | 2.7K | — |
| 2025-12-03 | Wood Thomas Leigh | Option exercise | 8.5K | — |
| 2025-12-03 | Cavaleri Amanda | Option exercise | 8.5K | — |
| 2025-12-03 | Beynon Roger Paul | Option exercise | 8.5K | — |
| 2025-12-03 | McNeill Larry | Option exercise | 8.5K | — |
| 2025-12-03 | Schultz S. Matthew | Option exercise | 21K | — |
| 2025-09-30 | Garrison Scott Eugene | Tax withheld | 15K | — |
| 2025-09-30 | Garrison Scott Eugene | Option exercise | 33K | — |
| 2025-09-30 | Monnig Taylor | Option exercise | 33K | — |
| 2025-09-30 | Monnig Taylor | Tax withheld | 13K | — |
| 2025-09-12 | Vecchiarelli Gary Anthony | Tax withheld | 16K | — |
| 2025-09-12 | Vecchiarelli Gary Anthony | Option exercise | 40K | — |
| 2025-09-12 | Schultz S. Matthew | Option exercise | 405K | — |
| 2025-09-12 | Schultz S. Matthew | Tax withheld | 178K | — |
| 2025-09-09 | Monnig Taylor | Sell | 64K | $9.12 |
| 2025-09-09 | Carson Brian Jay | Option exercise | 33K | — |
| 2025-09-09 | Garrison Scott Eugene | Tax withheld | 40K | $9.35 |
| 2025-09-09 | Vecchiarelli Gary Anthony | Option exercise | 139K | — |
| 2025-09-09 | Vecchiarelli Gary Anthony | Tax withheld | 55K | $9.35 |
| 2025-09-09 | Schultz S. Matthew | Option exercise | 432K | — |
| 2025-09-09 | Schultz S. Matthew | Tax withheld | 190K | $9.35 |
| 2025-09-09 | Garrison Scott Eugene | Option exercise | 90K | — |
| 2025-09-09 | Carson Brian Jay | Tax withheld | 8.0K | $9.35 |
| 2025-09-09 | Monnig Taylor | Option exercise | 90K | — |
| 2025-09-09 | Monnig Taylor | Tax withheld | 36K | $9.35 |
| 2025-08-14 | Schultz S. Matthew | Tax withheld | 9.0K | $9.56 |
| 2025-08-14 | Vecchiarelli Gary Anthony | Tax withheld | 632 | $9.56 |
| 2025-08-14 | Garrison Scott Eugene | Tax withheld | 1.2K | $9.56 |
| 2025-08-14 | Monnig Taylor | Tax withheld | 211 | $9.56 |
| 2025-08-13 | Beynon Roger Paul | Option exercise | 8.5K | — |
| 2025-08-13 | Wood Thomas Leigh | Option exercise | 8.5K | — |
| 2025-08-13 | Cavaleri Amanda | Option exercise | 8.5K | — |
| 2025-08-13 | McNeill Larry | Option exercise | 8.5K | — |
| 2025-08-13 | Monnig Taylor | Option exercise | 535 | — |
| 2025-08-13 | Garrison Scott Eugene | Option exercise | 2.7K | — |
| 2025-08-13 | Vecchiarelli Gary Anthony | Option exercise | 1.6K | — |
| 2025-08-13 | Schultz S. Matthew | Option exercise | 21K | — |
| 2025-08-10 | Bradford Zachary | Grant | 1.7M | — |
| 2025-05-21 | Beynon Roger Paul | Sell | 50K | $10.51 |
| 2025-05-15 | Monnig Taylor | Tax withheld | 239 | $9.21 |
| 2025-05-15 | Garrison Scott Eugene | Tax withheld | 1.2K | $9.21 |
| 2025-05-15 | Vecchiarelli Gary Anthony | Tax withheld | 632 | $9.21 |
| 2025-05-15 | Schultz S. Matthew | Tax withheld | 9.0K | $9.21 |
| 2025-05-15 | Bradford Zachary | Tax withheld | 11K | $9.21 |
| 2025-03-24 | Wood Thomas Leigh | Sell | 44K | $8.04 |
| 2025-03-24 | Cavaleri Amanda | Sell | 9.0K | $7.36 |
| 2025-03-24 | Cavaleri Amanda | Sell | 4.0K | $9.34 |
| 2025-02-14 | Bradford Zachary | Sell | 11K | $10.64 |
| 2025-02-14 | Monnig Taylor | Sell | 239 | $10.64 |
| 2025-02-14 | Schultz S. Matthew | Sell | 9.0K | $10.64 |
| 2025-02-14 | Garrison Scott Eugene | Sell | 1.3K | $10.64 |
| 2025-02-14 | Vecchiarelli Gary Anthony | Sell | 717 | $10.64 |
| 2025-02-13 | Bradford Zachary | Grant | 27K | — |
| 2025-02-13 | Vecchiarelli Gary Anthony | Grant | 1.6K | — |
| 2025-02-13 | Schultz S. Matthew | Grant | 21K | — |
| 2025-02-13 | Monnig Taylor | Grant | 536 | — |
| 2025-02-13 | Garrison Scott Eugene | Grant | 2.7K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (3)
- Bitmain Technologies Delaware Limited
- Coinmint, LLC
- Submer
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-03-24 | 3.035.03OtherExhibits | filing ↗ |
| 2026-03-05 | Shareholder voteExhibits | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2025-11-25 | ResultsExhibits | filing ↗ |
| 2025-11-13 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2025-11-12 | OtherExhibits | filing ↗ |
| 2025-11-10 | Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-217036 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-216866 ↗ |
| 8-K | 2026-03-24 | 2026-03-19 | 0001193125-26-122201 ↗ |
| 8-K | 2026-03-05 | 2026-03-03 | 0001193125-26-093986 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001193125-26-039382 ↗ |
| 10-Q | 2026-02-05 | 2025-12-31 | 0001193125-26-039538 ↗ |
| 10-K | 2025-11-25 | 2025-09-30 | 0001193125-25-297510 ↗ |
| 8-K | 2025-11-25 | 2025-11-25 | 0001193125-25-297163 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-280105 ↗ |
| 8-K | 2025-11-12 | 2025-11-10 | 0001193125-25-276014 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-274179 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001193125-25-256352 ↗ |