Short answer
CLEANSPARK, INC. (CLSK) filed its fiscal 2025 10-K annual report with the SEC on Nov 25, 2025. It reported revenue of $766M (+102.2% year over year) and net income of $364M.
- Top risk flagged: Risk of SEC classifying bitcoin as a security, potentially triggering Commodity Exchange Act compliance costs and enforcement actions
FY2025 key financial metrics · XBRL
- Revenue
- $766M
- +102.2% YoY
- Net income
- $364M
- +350.0% YoY
- Operating margin
- 41.6%
- +80.9 pp YoY
- ROE
- 16.8%
- +25.0 pp YoY
- Operating cash flow
- −$461M
- −97.3% YoY
Source: XBRL data from the CLEANSPARK, INC. (CLSK) FY2025 10-K on SEC EDGAR. USD.
CLEANSPARK, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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