# CleanSpark, Inc. (CLSK)

> Source: Nexqual · https://nexqual.com/CLSK · data as of 2026-10-23 13:32 UTC · cite as "Nexqual, CleanSpark, Inc. (CLSK), nexqual.com/CLSK" · informational, not investment advice.

**Price:** USD 8.06 (-1.10% today) · US market open, as of October 23, 2026 at 13:32 UTC; quotes may be delayed. Prev close 8.15 · day 8.01–8.17 · 52w 8–20.87 · market cap $2.07B · NCM

## Key facts
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $435K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.73 on a 1–5 scale) (15 analysts), mean target USD 23.17 (range 19–27).
- Total return with dividends: 1Y -54.4% vs S&P 500 +14.9%; 5Y -60.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-24, EPS estimate USD -0.37, revenue estimate $132M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $39.3M | $132M | $168M | $379M | $766M | — |
| Gross profit | $34.0M | $90.3M | $74.8M | $213M | $423M | — |
| Operating income | -$11.9M | -$37.9M | -$131M | -$149M | $319M | -$894M |
| Net income | -$21.8M | -$57.3M | -$138M | -$146M | $364M | -$998M |
| EPS (diluted) | -$0.75 | — | -$1.30 | — | — | — |
| Free cash flow | -$163M | $54.2M | -$78.7M | -$300M | -$606M | -$620M |
| Gross margin | 86.6% | 68.6% | 44.4% | 56.3% | 55.2% | — |
| Operating margin | -30.3% | -28.8% | -77.8% | -39.3% | 41.6% | — |
| Net margin | -55.5% | -43.6% | -82.0% | -38.5% | 47.6% | — |
| Revenue growth | +291.7% | +234.8% | +28.0% | +125.0% | +102.2% | — |
| Cash + short-term investments | $18.0M | $20.5M | $29.2M | $121M | $43.0M | — |
| Total debt | — | $13.4M | $8.9M | $7.2M | $645M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 2.7x · FCF yield -29.95% · Earnings yield -48.21% · Buyback yield (TTM) 22.22%
P/E at fiscal year-ends: Sep 2025 12.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Monnig Taylor | CTO, COO | 3,335 | $41K | 1% | Yes (adopted May 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-04…2026-09-08 | Monnig Taylor | CTO, COO | 29,762 | $394K | 8.5% | Yes (adopted May 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Monnig Taylor | CTO, COO | 54 | $1K | 0% | Yes (adopted May 13, 2026) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.73 on a 1–5 scale), 15 analysts; mean target USD 23.17 (low 19, high 27).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Canaccord Genuity | Initiated | Buy | $20 |
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $26 → $19 |
| 2026-08-10 | Chardan Capital | Maintained | Buy | $21 |
| 2026-08-07 | Cantor Fitzgerald | Reiterated | Overweight | $26 |
| 2026-08-03 | B. Riley Securities | Target raised | Buy | $19 → $26 |
| 2026-07-28 | Keefe, Bruyette & Woods | Target raised | Outperform | $16 → $25 |
| 2026-07-28 | Chardan Capital | Target raised | Buy | $19 → $21 |
| 2026-07-15 | Cantor Fitzgerald | Target raised | Overweight | $17 → $26 |
| 2026-07-15 | Needham | Target raised | Buy | $18 → $23 |
| 2026-07-15 | Chardan Capital | Maintained | Buy | $19 |
| 2026-07-14 | BTIG | Reiterated | Buy | $26 |
| 2026-07-08 | Chardan Capital | Maintained | Buy | $19 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -54.4% | -60.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -54.4% | -16.9% |
| Volatility (annualized) | 90.2% | 98.9% |
| Max drawdown | -60.1% (Oct 2025→Oct 2026) | -91.2% (Nov 2021→Dec 2022) |

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 34.61 -1.09% · LAZ (Lazard, Inc.) USD 37.08 -0.59% · MC (Moelis & Company) USD 54.2 -1.56% · PIPR (Piper Sandler Companies) USD 64.85 -1.05% · RIOT (Riot Platforms, Inc.) USD 12.77 -0.92% · VIRT (Virtu Financial, Inc.) USD 55.02 -2.18%

## More
Full page: https://nexqual.com/CLSK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CLSK's own 10-K filed 2025-11-25 (https://www.sec.gov/Archives/edgar/data/827876/000119312525297510/clsk-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Coinbase | "We rely on Coinbase to facilitate the custody of our bitcoins." |
| Supplier | Bitmain Technologies Delaware | "In April and May 2025, we executed agreements with Bitmain Technologies Delaware Limited ("Bitmain"), one of our key mining equipment suppliers, to acquire new-generation miners under terms that allowed payment in bitcoi…" |
| Partner | Coinmint | "We previously maintained a hosting relationship with a facility in New York State through an agreement with Coinmint, LLC." |
| Partner | MGT CAPITAL INVESTMENTS, INC. (MGTI) | "On May 13, 2025, CSRE Properties, LLC, a Georgia limited liability company and wholly-owned subsidiary of the Company, entered into an asset purchase agreement with MGT Capital Investments, Inc., to acquire real estate a…" |
| Competitor | Equinix (EQIX) | "These competitors include Equinix, Inc., Digital Realty Trust, Inc., and CoreWeave, Inc., among others, as well as certain of our bitcoin mining competitors." |
| Competitor | CoreWeave (CRWV) | "These competitors include Equinix, Inc., Digital Realty Trust, Inc., and CoreWeave, Inc., among others, as well as certain of our bitcoin mining competitors." |

## Company outlook (8-K filed 2026-08-06)

- "EX-99.1 2 clsk-ex99_1.htm EX-99.1 EX-99.1 EXHIBIT 99.1 CleanSpark Reports Third Fiscal Quarter 2026 Results Signed 20-year $6.6 billion triple-net lease at Sandersville with high investment-grade tenant Ordered and pre-paid all long-lead items to meet Sandersville RFS date Anticipated equity portion of Sandersville project has been fully funded LAS VEGAS, August 6, 2026 -- CleanSpark, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.37 | $-0.26 | +43.8% | $132.0M | 3 |
| Next quarter (ends 2026-12-31) | $-0.39 | $-0.15 | +160.0% | $148.1M | 1 |
| Current fiscal year (ends 2026-09-30) | $-2.19 | $0.00 | — | $595.6M | 2 |
| Next fiscal year (ends 2027-09-30) | $-1.81 | $-0.72 | +150.0% | $626.4M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-27 (includes earnings 2026-11-24): ±23.3%; last 8 reports averaged ±8.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 92.4% | ±11.5% |
| 2026-11-06 | 14 | 94.8% | ±15.7% |
| 2026-11-13 | 21 | 93.6% | ±18.7% |
| 2026-11-20 | 28 | 95.4% | ±21.7% |
| 2026-11-27 | 35 | 92.3% | ±23.3% |
| 2026-12-04 | 42 | 75.6% | ±21.0% |
| 2026-12-18 | 56 | 90.9% | ±27.9% |
| 2027-01-15 | 84 | 90.7% | ±33.8% |