CleanSpark Inc. Common Stock (CLSK)

FairStock Score: 31/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach CleanSpark as a bitcoin miner, not a bank, despite the Financial Services label. It owns or leases data centers and power assets, but mining has no durable moat: results depend heavily on Bitcoin prices, power costs, and competition. The volatility is extreme. In fiscal 2023, the year ended 2023-09-30, revenue was $168.4M and net loss $138.1M. In fiscal 2024, the year ended 2024-09-30, revenue rose to $379.0M but net loss was $145.8M. Fiscal 2025, the year ended 2025-09-30, looked spectacular: revenue $766.3M and net income $364.5M. Then it reversed sharply. Filed results show a $378.7M net loss in fiscal Q1 2026 (quarter ended 2025-12-31), a $378.3M net loss in fiscal Q2 2026 (quarter ended 2026-03-31), and a $239.8M net loss in fiscal Q3 2026 (quarter ended 2026-06-30). The latest quarter data show a -173.79% margin. At the 2026-10-13 close of $10.15, FairStock calculations show P/B 3.43, ROE -68.62%, ROCE -27.72%, D/E 2.35, and negative P/E -2.69. The Piotroski F-Score is 3/9 and FairStock Score 31/100. With negative earnings, P/B is not cheap. CET1, NIM, and combined ratio are not in the data. This is a speculative, leveraged turnaround, not a Graham bargain.

In plain English: CleanSpark runs data centers and power assets used for bitcoin mining. Its results swing wildly between profits and large losses, and recent quarters have been deeply unprofitable. At $10.15, the shares look expensive relative to the company's accounting value and weak returns, even though the price is near the bottom of its 52-week range.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-06-30) · fiscal Q2 2026 10-Q (period ended 2026-03-31) · fiscal Q1 2026 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-09-30) · FY2024 10-K (period ended 2024-09-30) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer