# CLEANSPARK, INC. (CLSK)

Informational only - not investment advice.

CIK: 0000827876
SIC: 6199 Finance Services
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6199 Finance Services](/industry/6199/)
Latest 10-K filed: 2025-11-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=827876
Filing source: https://www.sec.gov/Archives/edgar/data/827876/000119312525297510/clsk-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-25 · accession 0001193125-25-297510 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000827876.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 766,314,000 USD | 2025 | verified |
| Net income | 364,464,000 USD | 2025 | verified |
| Assets | 3,183,631,000 USD | 2025 | verified |
| Free cash flow | -605,693,000 USD | 2025 | computed |
| Net margin | 47.56% | 2025 | computed |
| Operating margin | 41.62% | 2025 | computed |
| Revenue YoY | +102.21% | 2025 | computed |
| ROE | 16.76% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CLSK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 47.6% | 4.4% | 94 | 33 |
| Operating margin | 41.6% | -3.5% | 90 | 21 |
| Revenue growth | 102.2% | 15.2% | 94 | 34 |
| FCF margin | -79.0% | -27.0% | 38 | 30 |
| ROE | 16.8% | -2.1% | 84 | 33 |
| ROA | 11.4% | -0.1% | 97 | 35 |
| Liabilities / equity | 0.46 | 2.00 | 25 | 33 |
| Current ratio | 4.18 | 2.19 | 75 | 21 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6199 Finance Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 766314000 | USD | 2025 | 2025-11-25 |
| Net income | 364464000 | USD | 2025 | 2025-11-25 |
| Assets | 3183631000 | USD | 2025 | 2025-11-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000827876.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 82,031 | 447,963 | 578,635 | 4,532,782 | 10,028,701 | 39,287,105 | 131,525,000 | 168,408,000 | 378,968,000 | 766,314,000 |
| Net income | -2,540,562 | -13,498,526 | -47,006,165 | -26,116,932 | -23,346,143 | -21,812,010 | -57,326,000 | -138,148,000 | -145,777,000 | 364,464,000 |
| Operating income | -2,541,251 | -13,378,217 | -7,075,931 | -16,613,845 | -15,143,116 | -11,898,177 | -37,864,000 | -131,043,000 | -149,043,000 | 318,949,000 |
| Operating cash flow | -438,165 | -1,361,865 | -1,260,521 | -5,697,989 | -6,642,734 | -23,986,210 | 73,458,000 | -17,247,000 | -233,662,000 | -461,032,000 |
| Capital expenditures |  |  |  | 102,761 | 34,897 |  | 19,286,000 | 61,460,000 | 66,100,000 | 144,661,000 |
| Share buybacks |  |  |  |  |  |  |  | 0.00 | 0.00 | 145,000,000 |
| Assets | 33,019,542 | 20,792,802 | 17,555,662 | 23,434,252 | 22,340,063 | 317,473,121 | 452,625,000 | 761,578,000 | 1,962,662,000 | 3,183,631,000 |
| Liabilities | 357,421 | 451,291 | 1,499,587 | 4,548,911 | 5,913,698 | 11,756,655 | 48,613,000 | 85,910,000 | 201,821,000 | 1,008,504,000 |
| Stockholders' equity | 32,662,121 | 20,341,511 | 16,056,075 | 18,885,341 | 16,426,365 | 305,716,000 | 404,012,000 | 675,668,000 | 1,760,841,000 | 2,175,127,000 |
| Cash and cash equivalents | 436,529 | 57,128 | 412,777 | 7,838,857 | 3,126,202 | 18,040,327 | 20,463,000 | 29,215,000 | 121,222,000 | 42,966,000 |
| Free cash flow |  |  |  | -5,800,750 | -6,677,631 |  | 54,172,000 | -78,707,000 | -299,762,000 | -605,693,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | -55.52% | -43.59% | -82.03% | -38.47% | 47.56% |
| Operating margin |  |  |  |  |  | -30.29% | -28.79% | -77.81% | -39.33% | 41.62% |
| Return on equity | -7.78% | -66.36% | -292.76% | -138.29% | -142.13% | -7.13% | -14.19% | -20.45% | -8.28% | 16.76% |
| Return on assets | -7.69% | -64.92% |  | -111.45% | -104.50% | -6.87% | -12.67% | -18.14% | -7.43% | 11.45% |
| Liabilities / equity | 0.01 | 0.02 | 0.09 | 0.24 | 0.36 | 0.04 | 0.12 | 0.13 | 0.11 | 0.46 |
| Current ratio | 1.69 | 0.43 | 0.41 | 6.58 | 1.53 | 5.74 | 1.49 | 1.38 | 3.75 | 4.18 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CLSK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000827876.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2015-Q2 | 2015-03-31 |  |  | -0.47 | reported discrete quarter |
| 2021-Q2 | 2021-03-31 |  |  | 0.22 | reported discrete quarter |
| 2021-Q3 | 2021-06-30 |  |  | -0.49 | reported discrete quarter |
| 2021-Q4 | 2021-09-30 | 27,144,794 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2022-Q1 | 2021-12-31 |  |  | 0.35 | reported discrete quarter |
| 2022-Q2 | 2022-03-31 | 41,637,992 |  | 0.00 | reported discrete quarter |
| 2022-Q3 | 2022-06-30 | 31,027,781 |  |  | reported discrete quarter |
| 2022-Q4 | 2022-09-30 | 26,172,884 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2022-Q1 | 2022-12-31 | 27,819,000 |  |  | reported discrete quarter |
| 2023-Q2 | 2023-03-31 | 42,546,000 |  |  | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  | -18,460,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-06-30 | 45,523,000 |  |  | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 52,520,000 | -74,879,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 73,786,000 | 25,909,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-12-31 |  | 25,909,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 111,799,000 |  |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 104,108,000 | -236,242,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 89,275,000 | -62,179,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q2 | 2025-03-31 |  | -138,792,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 257,390,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-09-30 |  | -925,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-12-31 |  | -378,711,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -378,343,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-06-30 |  | -239,842,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CLSK's latest 10-K: [/company/CLSK/business/](/company/CLSK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CLSK's latest 10-K: [/company/CLSK/risk-factors/](/company/CLSK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/827876/000119312526338382/clsk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

($ presented in 000's, except for bitcoin price)

The following discussion and analysis of our financial condition and results of operations should be read together with the interim Condensed Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in the Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in other parts of this Quarterly Report on Form 10-Q, including in Part II, Item 1A Risk Factors of this report, as well as those identified in the “Risk Factors” section of our Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. See “Forward-Looking Statements.”

Company Overview

We are a data center developer, until recently focused exclusively on bitcoin mining. We focus on providing scalable, energy-efficient digital infrastructure across the United States. We independently own, lease and operate a large portfolio of data centers and power assets with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,817 megawatts (“MW”) as of June 30, 2026. In October 2025 and February 2026, we acquired properties and related power agreements in Texas to support the development of a next-generation data center campus. In February 2026, we acquired property in Tennessee, and, in December 2025, we acquired property in South Dakota with intentions to build out infrastructure at these sites. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other regions. We have no intention to mine, purchase or hold any crypto assets other than bitcoin at this time or in the foreseeable future, and we did not hold any other crypto asset as of June 30, 2026.

We design our infrastructure to responsibly secure and support both bitcoin mining and AI and HPC workloads. We cultivate trust and transparency among our employees and the communities where we operate.

AI and HPC hosting

Leveraging our power optimization, land acquisition, engineering, operations and construction expertise, we have been actively pursuing opportunities to develop portions of our sites and power pipeline for AI, HPC and other advanced data-center hosting and leasing applications. The expansion of AI technologies and the increasing electricity requirements of AI and HPC workloads have positioned our infrastructure as a competitive platform for hyperscalers, cloud service providers and AI and HPC companies seeking reliable and energy-efficient capacity. As of June 30, 2026 and September 30, 2025, we had earned no revenues from our AI and HPC services business.

We continue to evaluate existing properties for potential conversion or dual-use development to support AI and HPC tenants and are advancing design and permitting activities for greenfield data-center sites.

On July 10, 2026, we entered into the Sandersville Lease which is a 20-year triple-net infrastructure lease agreement with two five-year extension options, with a global technology company (the “Tenant”) for 175 MW of critical information technology load at our Sandersville, Georgia campus. Under the Sandersville Lease, the Tenant will deploy production-grade infrastructure at Sandersville dedicated to a range of computing workloads. The Sandersville Lease is a triple net lease, meaning that the Tenant is responsible for all costs, charges, indemnities and expenses of every kind and nature associated with the leased premises. In connection with the transaction, the Tenant also executed a letter of intent and exclusivity arrangement covering our entire Texas portfolio of 718 acres with up to 885 MW of secured and planned power capacity.

Following the execution of the Sandersville Lease, management began planning the transition of the power capacity currently supporting bitcoin mining operations at the site exclusively to data center use and expects to fully decommission the existing bitcoin mining operations at the site during fiscal year 2028. For a discussion of risks associated with the Sandersville Lease and our AI and HPC strategy, please refer to “Risk Factors—Risks Related to Our Data Center Strategy.”

We maintain real property holdings through our wholly owned and consolidated subsidiaries.

7

Bitcoin mining

Bitcoin mining has historically been our principal revenue generating business activity. Factors such as access to specialized mining servers, energy, electricity cost, environmental factors (such as cooling capacity) and location play important roles in mining. During June 2026, our operating mining units produced an average computing power of 42.6 exahash per second (“EH/s”), following our achievement of a peak hashrate of 50 EH/s during fiscal year 2025. In bitcoin mining, “hashrate” is a measure of the computing and processing power and speed by which a mining computer mines and processes transactions on the bitcoin network. A company’s computing power, measured in hashrate, is a significant driver of its bitcoin mining revenue, and when compared to the global hashrate, determines the company’s market share, making hashrate one of the most important metrics for evaluating bitcoin mining companies.

We owned approximately 326,530 miners, of which approximately 225,137 were in service as of June 30, 2026. The remainder primarily consists of new machines that are ready for installation at expansion sites, are under evaluation for relocation, or are awaiting repair. Our miners range in age from 1-66 months and have an average age of approximately 23 months. We estimate the useful lives of our miners to be three years. We do not have scheduled downtime for our miners; however, we periodically perform unscheduled maintenance and curtailments on our miners, but such downtime has not historically been significant. When performing unscheduled maintenance, we will typically replace the miner with a substitute miner to limit overall downtime. The miners in service as of June 30, 2026 had a range of energy efficiency (joules per terahash – “J/TH”) of 13.5 to 29.5 J/TH with an average operating energy efficiency of 15.8 J/TH.

We obtain bitcoin from our mining operations by contributing all of our computing power to a single mining pool operator, which is currently our sole customer under a contract terminable at any time by either party. In exchange, we earn variable consideration in the form of bitcoin rewards, determined daily using a predetermined formula based on our contributed computing power. The consideration is included in revenue once it is no longer constrained, when we can reasonably estimate the rewards and determine a significant reversal is unlikely, and our sole performance obligation of providing computing power is satisfied. Revenue is not disaggregated into block rewards and transaction fees. From time to time, we sell bitcoin to support operations and strategic growth, and we may also use bitcoin as collateral for lending arrangements. In April 2025, we launched an institutional-grade in-house trading function as we shift to a balanced approach between monetizing new production and building long-term holdings, and we plan to continue to integrate these strategies into our regular treasury management activities. As part of this strategy, we began entering into bitcoin-linked derivative contracts to economically hedge the volatility of bitcoin prices and to generate liquidity in support of core operating activities. These contracts serve as a strategic alternative to selling bitcoin directly and are intended to monetize our bitcoin holdings while managing exposure to adverse price movements. The types of derivatives utilized for this purpose may include bitcoin forwards, options, and other structured instruments. These contracts are typically short-term in nature and may be cash-settled or settled in-kind. Treasury management activities may serve cash management, strategic growth, or bitcoin balance hedging, incremental other income or other general corporate purposes. Currently, we do not employ a fixed formula for when or how much bitcoin to sell, and decisions are made by management based on working capital needs, real-time market conditions, risk management objectives, and broader strategic considerations.

The value of bitcoin has historically been subject to wide swings. The following table provides a range of intraday low and intraday high bitcoin prices between October 1, 2024 through June 30, 2026.

[[GREPCENT_TABLE]]
[["Range of intraday bitcoin prices"],["Quarterly Reporting Periods Ended","","Minimum Price","","","Maximum Price"],["December 31, 2024","","$","58,864","","","$","108,389"],["March 31, 2025","","","76,555","","","","109,358"],["June 30, 2025","","","74,421","","","","112,000"],["September 30, 2025","","","105,120","","","","124,533"],["December 31, 2025","","","80,525","","","","126,296"],["March 31, 2026","","","60,000","","","","97,964"],["June 30, 2026","","","58,000","","","","82,814"]]
[[/GREPCENT_TABLE]]

As of June 30, 2026, we held approximately 12,205 bitcoins and had a receivable for 1,719 bitcoin that was posted as collateral and recorded on our Condensed Consolidated Balance Sheets as Receivable for bitcoin collateral. The fair value of our bitcoin as of June 30, 2026 was $714,293 on our Condensed Consolidated Balance Sheets and the fair value of our Receivable for bitcoin collateral was $100,607. The fair value of bitcoin for each reporting period reflects the price of one bitcoin quoted on the active exchange, Coinbase, at the end of the reporting period. Therefore, decreases in the market price of bitcoin could have a material impact on our earnings and on the carrying value of our bitcoin.

As of June 30, 2026 and September 30, 2025, the Company did not hold any other cryptocurrency of value other than bitcoin.

8

Results of Operations for the three and nine months ended June 30, 2026 and 2025

($ presented in 000's, except for per share amounts, bitcoin price and information set forth under the heading “Bitcoin Mining Operations”)

Bitcoin Mining Operations

Overview

We operate a fleet of servers commonly known as miners or ASICs (Application-Specific Integrated Circuits), which are computer chips customized for a specific use. In the case of bitcoin mining, ASICs calculate the SHA-256 algorithm as efficiently and quickly as possible in order to compete with other miners to solve blocks. Each calculation is a hash, and each machine’s computational power is measured in terahash processed per second. One terahash is equal to 1 trillion hashes. The more terahash we produce and contribute into the mining pool, the higher our percentage of the blockchain reward.

There are a variety of factors that influence our ability to mine bitcoin profitability. Our ability to mine profitability is dependent on successfully navigating these fluctuating variables, which include bitcoin’s value in USD (the volatility of which is described above), mining difficulty, block rewards and halving, global hashrate, power prices, fleet energy efficiency, data center energy efficiency and other factors.

The energy efficiency of a mining fleet helps drive profitability, because the most significant direct expense for bitcoin mining is power. We measure efficiency by the joules (or watts) of energy required to produce each terahash of processing power. We believe we operate a highly efficient fleet of miners.

The table below describes our flee

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/827876/000119312525297510/clsk-20250930.htm
Complete FY 2025 MD&A: /company/CLSK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-25
Report date: 2025-09-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

($ presented in 000's, except for bitcoin price)

Forward-Looking Statements

The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those statements that are included elsewhere in this Annual Report on Form 10-K. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words such as anticipate, estimate, plan, project, continuing, ongoing, expect, believe, intend, may, will, should, could, and similar expressions to identify forward-looking statements. See “Forward-Looking Statements.”

Business Overview

We are a data center developer, until recently focused exclusively on bitcoin mining. We focus on providing scalable, energy-efficient digital infrastructure across the United States. We independently own, lease and operate a large portfolio of data centers and power assets with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 MW as of September 30, 2025. In October 2025, we acquired property and secured long-term power supply agreements in Texas to support the development of a next-generation data center campus. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other domestic regions. We had an independent data center operation in Massena, NY subject to a hosting agreement that operated 50 MW, which expired on December 31, 2024. The parties commenced wind-down procedures upon expiration. All MW allocated to the Company have been vacated as of September 30, 2025. We have no intention to mine, purchase or hold any other crypto assets at this time or in the foreseeable future, and we did not hold any other crypto asset as of September 30, 2025.

We design our infrastructure to responsibly secure and support both bitcoin mining and AI and HPC workloads. We cultivate trust and transparency among our employees and the communities where we operate.

Bitcoin Mining

Bitcoin mining has historically been our principal revenue generating business activity. Factors such as access to specialized mining servers, energy, electricity cost, environmental factors (such as cooling capacity) and location play important roles in mining. As of September 30, 2025, our operating mining units produced an average computing power of 45.6 EH/s, reaching a peak of 50 EH/s during the period. In bitcoin mining, “hashrate” is a measure of the computing and processing power and speed by which a mining computer mines and processes transactions on the bitcoin network. We expect to continue increasing our computing power through 2025 and beyond as we expand infrastructure at our owned sites in Tennessee and across our portfolio of data centers in Georgia, Mississippi, and Wyoming, while also pursuing regional expansion opportunities and evaluating strategic acquisition targets. A company’s computing power, measured in hashrate, is a significant driver of its bitcoin mining revenue, and when compared to the global hashrate, determines the company’s market share, making hashrate one of the most important metrics for evaluating bitcoin mining companies.

We owned approximately 336,544 miners, of which approximately 241,934 were in service as of September 30, 2025. The remainder primarily consists of new machines that are ready for installation at expansion sites, are under evaluation for relocation, or are awaiting repair. Our miners range in age from 1-57 months and have an average age of approximately 15 months. Effective May 2024, we estimate the useful lives of our miners to be three years (see Note 2 - Summary of Significant Accounting Policies). We do not have scheduled downtime for our miners; however, we periodically perform unscheduled maintenance and curtailments on our miners, but such downtime has not historically been significant. When performing unscheduled maintenance, we will typically replace the miner with a substitute miner to limit overall downtime. The miners in service as of September 30, 2025 had a range of energy efficiency of 13.5 to 29.5 W/TH with an average operating energy efficiency of 16.7 W/TH.

48

We obtain bitcoin from our mining operations by contributing all of our computing power to a single mining pool operator, which is currently our sole customer under a contract terminable at any time by either party. In exchange, we earn variable consideration in the form of bitcoin rewards, determined daily using a predetermined formula based on our contributed computing power. The consideration is included in revenue once it is no longer constrained, when we can reasonably estimate the rewards and determine a significant reversal is unlikely, and our sole performance obligation of providing computing power is satisfied. Revenue is not disaggregated into block rewards and transaction fees. From time to time, we sell bitcoin to support operations and strategic growth, and we may also use bitcoin as collateral for lending arrangements. In April 2025, we launched an institutional-grade in-house trading function as we shift to a balanced approach between monetizing new production and building long-term holdings, and we plan to continue to integrate these strategies into our regular treasury management activities. As part of this strategy, we began entering into bitcoin-linked derivative contracts to economically hedge the volatility of bitcoin prices and to generate liquidity in support of core operating activities. These contracts serve as a strategic alternative to selling bitcoin directly and are intended to monetize our bitcoin holdings while managing exposure to adverse price movements. The types of derivatives utilized for this purpose may include bitcoin futures, options, and other structured instruments. These contracts are typically short-term in nature and may be cash-settled or settled in-kind. Treasury management activities may serve cash management, strategic growth, or bitcoin balance hedging, incremental other income or other general corporate purposes. Currently, we do not employ a fixed formula for when or how much bitcoin to sell, and decisions are made by management based on working capital needs, real-time market conditions, risk management objectives, and broader strategic considerations.

The value of bitcoin has historically been subject to wide swings. The following table provides a range of intraday low and intraday high bitcoin prices between October 1, 2022 through September 30, 2025.

[[GREPCENT_TABLE]]
[["Range of intraday bitcoin prices"],["Quarterly Reporting Periods Ended","","Minimum Price","","","Maximum Price"],["December 31, 2022","","$","15,460","","","$","21,479"],["March 31, 2023","","","16,490","","","","29,190"],["June 30, 2023","","","24,750","","","","31,444"],["September 30, 2023","","","24,900","","","","31,862"],["December 31, 2023","","","26,521","","","","45,000"],["March 31, 2024","","","38,501","","","","73,836"],["June 30, 2024","","","56,500","","","","72,777"],["September 30, 2024","","","49,050","","","","68,244"],["December 31, 2024","","","58,864","","","","108,389"],["March 31, 2025","","","76,555","","","","109,358"],["June 30, 2025","","","74,421","","","","112,000"],["September 30, 2025","","","105,120","","","","124,533"]]
[[/GREPCENT_TABLE]]

As of September 30, 2025, we held approximately 10,428 bitcoins and had a receivable for 2,583 bitcoin that was posted as collateral and recorded on our Consolidated Balance Sheets as Receivable for bitcoin collateral. The fair value of our bitcoin as of September 30, 2025 was $1,189,443 on our Consolidated Balance Sheets and the fair value of our Receivable for bitcoin collateral was $294,648. Effective October 1, 2023, we adopted Accounting Standards Codification (“ASC”) 350-60 - Accounting for and Disclosure of Crypto Assets, which requires bitcoin to be measured at fair value. See Note 2 - Summary of Significant Accounting Policies for more details on the impact of implementation to the consolidated financial statements. As a result, the carrying value of each bitcoin we held on October 1, 2023 and each subsequent reporting period reflects the price of one bitcoin quoted on the active exchange, Coinbase, at the end of the reporting period. Therefore, decreases in the market price of bitcoin could have a material impact on our earnings and on the carrying value of our bitcoin.

As of September 30, 2025, we did not hold any other cryptocurrency of value other than bitcoin.

49

AI and HPC Hosting

Leveraging our power optimization, land acquisition, engineering, operations and construction expertise, we have been actively pursuing opportunities to develop portions of our sites and power pipeline for AI, HPC and other advanced data-center hosting and leasing applications. The expansion of AI technologies and the increasing electricity requirements of AI and HPC workloads have positioned our infrastructure as a competitive platform for hyperscalers, cloud service providers and AI and HPC companies seeking reliable and energy-efficient capacity. As of the date of filing of this Annual Report on Form 10-K, we have not had material revenue from our AI and HPC services business, and operating results from this business are not reflected in historical results of operations, including our results of operations for the fiscal year ended September 30, 2025.

We are evaluating existing properties for potential conversion or dual-use development to support AI and HPC tenants and are advancing design and permitting activities for greenfield data-center sites. On October 27, 2025, we acquired property in Austin County, Texas and executed long-term power supply agreements totaling 285 megawatts to support the development of a next-generation data-center campus. This transaction marked the Company’s entry into the Texas market and expanded our power portfolio for future AI and HPC development.

We maintain real property holdings through our wholly owned and consolidated subsidiaries.

50

Results of Operations

($ presented in 000’s, except for per share amounts, bitcoin price and information set forth under the heading “Bitcoin Mining Operations”)

Bitcoin Mining Operations

Overview

We operate a fleet of servers commonly known as miners or ASICs (Application-Specific Integrated Circuits), which are computer chips customized for a specific use. In the case of bitcoin mining, ASICs calculate the SHA-256 algorithm as efficiently and quickly as possible in order to compete with other miners to solve blocks. Each calculation is a hash, and each machine’s computational power is measured in terahash processed per second (“TH/s”). One terahash is equal to 1 trillion hashes. The more terahash we produce and contribute into the mining pool, the higher our percentage of the blockchain reward.

There are a variety of factors that influence our ability to mine bitcoin profitability. Our ability to mine profitability is dependent on successfully navigating these fluctuating variables, which include bitcoin’s value in USD (the volatility of which is described above), mining difficulty, block rewards and halving, global hashrate, power prices, fleet energy efficiency, data center energy efficiency and other factors.

The energy efficiency of a mining fleet helps drive profitability, because the most significant direct expense for bitcoin mining is power. We measure efficiency by the watts (or joules) of energy required to produce each terahash of processing power. We believe we

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CLSK/mda/fy2025/
All MD&A years: /company/CLSK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CLSK/mda/fy2024/): filed 2024-12-03; accession 0000950170-24-132565 (https://www.sec.gov/Archives/edgar/data/827876/000095017024132565/clsk-20240930.htm)
- [FY 2023 MD&A](/company/CLSK/mda/fy2023/): filed 2023-12-01; accession 0000950170-23-067339 (https://www.sec.gov/Archives/edgar/data/827876/000095017023067339/clsk-20230930.htm)
- [FY 2022 MD&A](/company/CLSK/mda/fy2022/): filed 2022-12-15; accession 0000950170-22-026564 (https://www.sec.gov/Archives/edgar/data/827876/000095017022026564/clsk-20220930.htm)
- [FY 2021 MD&A](/company/CLSK/mda/fy2021/): filed 2021-12-14; accession 0001663577-21-000668 (https://www.sec.gov/Archives/edgar/data/827876/000166357721000668/clsk10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6199 Finance Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CLSK.md · JSON record: /company/CLSK.json · verified financials: /company/CLSK/financials.json / /company/CLSK/financials.csv · machine TOC for the whole site: /llms.txt