CleanSpark, Inc.

cleanspark.com

What Do They Do?

Mines bitcoin for a mining pool operator and develops data-center capacity for cloud providers and AI companies.

How Do They Make Money?

A mining pool operator pays CleanSpark in bitcoin for its computing power; settlements are calculated daily and paid the following day.

FY2025 revenue

Who Are Their Customers?

A mining pool operator pays directly for CleanSpark’s bitcoin-mining computing power. CleanSpark is developing a customer base among hyperscalers, cloud providers and other AI and technology companies for its data-center services.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 100% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 48 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$605.7M.

Operating income, FY2025

42% of revenue

▲ Now profitable vs FY2024 (−$149M, −39%)

Net income, FY2025

48% of revenue

▲ Now profitable vs FY2024 (−$145.8M, −38%)

Free cash flow, FY2025

−79% of revenue

▲ +102% (Loss) vs FY2024 (−$299.8M, −79%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Net income: ▼ Now a loss; vs $257.4M in Q3 FY2025

Jul 14, 2026 Signs a 20-year lease with a global technology company The lease covers 175 megawatts of critical IT load at Sandersville and is expected to generate $6.6 billion over its initial term.

Growing. Revenue grew 19.5x in 4 years, from $39.3M in FY2021 to $766.3M in FY2025, about 110% a year.

AI and HPC data centers The earlier report described a business focused on bitcoin mining. The latest report adds development of data-center capacity for AI and high-performance-computing customers, including hosting and leasing.

Who Do They Compete With?

Competes with MARA Holdings, Riot Platforms, Core Scientific, Bitfarms, IREN, Cipher Mining, TeraWulf, Equinix, Digital Realty Trust, and CoreWeave

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