CLEANSPARK, INC. (CLSK) FY2025 10-K Annual Report
CLEANSPARK, INC. (CLSK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CLEANSPARK, INC. FY2025 10-K Analysis
Business Overview
- • Core business model as data center developer and bitcoin mining operator with 1,027 MW contracted power across GA, TN, MS, WY
- • New AI and HPC hosting/leasing segment launched with land acquisition in Texas (271 acres) and 285 MW power supply agreements for AI data center campus
- • Strategic shift: diversification from exclusive bitcoin mining towards AI/HPC infrastructure leveraging energy/data center expertise
- • Bitcoin mining capacity of 45.6 EH/s average computing power, 241,934 miners in service with 16.7 W/TH energy efficiency, 7,873 BTC mined (down 11% due to 2024 halving)
- • In-house institutional-grade bitcoin trading and derivatives strategy introduced in April 2025 to hedge price volatility and support treasury management
Management Discussion & Analysis
- • Revenue $766.3M, up 102% YoY from $379.0M due to 28% increase in miners and higher bitcoin price ($97,337 vs $53,434)
- • Operating margin approx. 55.2% vs 56.3% (bitcoin mining revenue $766.3M minus cost of revenues $343.1M)
- • Best segment: Owned facilities mining revenue $754.7M (+126% YoY), worst: Hosted facilities revenue $11.6M (-74.6% YoY) due to contract expirations
- • Energy cost $331.3M (43.9% of mining revenue) up 150% YoY; payroll expenses increased 41% to $104.4M; professional fees flat at $13.8M
- • No revenue from AI/HPC yet; management cautiously expanding data center capacity; bitcoin price volatility remains key risk impacting earnings and asset values
Risk Factors
- • Risk of SEC classifying bitcoin as a security, potentially triggering Commodity Exchange Act compliance costs and enforcement actions
- • U.S. political uncertainty on bitcoin reserve, mining difficulty, and tariffs impacting imported mining equipment supply
- • Dependence on limited suppliers Bitmain, MicroBT, Canaan, Sunnyside for miners; supply chain disruptions risk delaying expansion
- • Competitive threat in AI and HPC data centers from better-capitalized global providers affecting occupancy and rental rates
- • CEO resignation on August 10, 2025, creating key-person risk that may delay projects and harm growth prospects
CLEANSPARK, INC. FY2025 Key Financial MetricsXBRL
Revenue
$766M
▲ +102.2% YoY
Net Income
$364M
▲ +350.0% YoY
Operating Margin
41.6%
▲ +8095bp YoY
Net Margin
47.6%
▲ +8603bp YoY
ROE
16.8%
▲ +2503bp YoY
Total Assets
$3.2B
▲ +62.2% YoY
Operating Cash Flow
-$461M
▼ -97.3% YoY
Source: XBRL data from CLEANSPARK, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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