CleanSpark faces a severe combination of deteriorating earnings execution, cash-burning operations, and full commodity concentration in bitcoin — three consecutive earnings misses alongside free cash flow deeply negative relative to revenue undercut any near-term recovery thesis, while 46% short interest and an unfavorable risk/reward geometry make new entry unattractive.
Thesis pillars
- Persistent Earnings Miss Streak→Stable
- Cash Burning Operations→Stable
- Single Asset Concentration Risk→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Nov 25, 2025· older than 90 days
CleanSpark, Inc. (CLSK) Stock Analysis
Falling Knife setup · Inst Constrain edge
Financial Services · Capital Markets
Sell if holding. Engine safety override at $6.80: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.1/10. Specifically: High short interest: 43%; Below-average business quality; Negative price momentum.
CleanSpark owns and operates bitcoin mining data centers across 33 sites in Georgia (620 MW), Tennessee (234 MW), Wyoming (110 MW), and Mississippi (63 MW), totaling 1,027 MW contracted power capacity as of September 30, 2025. Revenue comes from contributing computing power to a... Read more
Sell if holding. Engine safety override at $6.80: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.1/10. Specifically: High short interest: 43%; Below-average business quality; Negative price momentum. Chart setup: Death cross, below all MAs, RSI 32, MACD bearish. Score 4.1/10, moderate confidence.
Passes 5/8 gates (clean insider activity, no SEC red flags, earnings proximity 19d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and death cross (50MA < 200MA). Suitability: speculative.
About CleanSpark, Inc.
About CleanSpark, Inc.
CleanSpark operated 1,027 megawatts of contracted data center capacity across 33 wholly owned mining locations in Georgia (620 MW), Tennessee (234 MW), Wyoming (110 MW), and Mississippi (63 MW) as of September 30, 2025. The company mined approximately 7,873 bitcoins in fiscal year 2025, down 11% from fiscal 2024 due to the April 2024 bitcoin halving, while reaching a peak hashrate of 50 exahash per second. The company employed 314 staff, all located in the United States.
CleanSpark generates all mining revenue by contributing computing power to a single mining pool operator, which pays bitcoin rewards based on a predetermined formula tied to actual computing power contributed. The pool contract is terminable at any time by either party. Equipment procurement is majority-sourced from Bitmain Technologies Delaware Limited, with additional miners from MicroBT, Canaan Crypt Solutions, and Sunnyside Digital; the average miner age was approximately 15 months with average energy efficiency of 16.7 watts per terahash. Mined bitcoin is custodied through Coinbase, Inc. under an agreement in which Coinbase maintains insurance at its own expense but does not disclose cold-storage locations to clients. Bitcoin mining competitors include MARA Holdings, Riot Platforms, Core Scientific, Bitfarms, IREN Limited, Cipher Mining, and TeraWulf.
Show full overview
CleanSpark's single-point-of-failure exposure extends from revenue generation to custody: all mining output flows through one unnamed pool operator, and all mined bitcoin is initially received through Coinbase wallets. The 10-K also discloses that former CEO Zachary K. Bradford resigned on August 10, 2025, introducing management transition risk during the company's pivot into AI and HPC hosting — a capital-intensive expansion that may divert power capacity and capital away from bitcoin mining operations at existing sites, including the 620 MW Georgia platform.
See also: Financial Services · Capital Markets
From CleanSpark, Inc.'s most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated Nov 4, 2026Recent Developments — CleanSpark, Inc.
Latest news
- NEWS Keefe Bruyette & Woods Downgrades CleanSpark to Market Perform — fiscal.ai Nov 4, 2026 negative
- NEWS CleanSpark CEO Outlines Strategic Focus on Power Load Security — fiscal.ai Nov 3, 2026 neutral
- NEWS Why Is CleanSpark Stock Surging on Tuesday? — benzinga Nov 3, 2026 positive
- NEWS KBW Adjusts CleanSpark Price Target to $11.50 from $25 — fiscal.ai Nov 2, 2026 negative
- NEWS CleanSpark Shares Decline Amid Market Reaction to Binance Security Breach — fiscal.ai Oct 30, 2026 negative
Latest item Nov 4, 2026 · Generated 2026-11-05T12:04:08Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCustomersingle mining pool operator10-K Item 1: 'we obtain bitcoin as a result of our mining operations by contributing all of our computing power to a single mining pool operator, who is currently our sole customer'
- HIGHCommoditybitcoin10-K Item 1: 'Bitcoin mining has historically been our principal revenue generating business activity'
- MEDIUMSupplierBitmain10-K Item 1: 'Most of the machines we purchased this year were manufactured by Bitmain Technologies Delaware Limited'
- HIGHGeographicGeorgia10-K Item 1: 'our Georgia facilities have a developed data center infrastructure backed by approximately 620 MW, which supports an operational hashrate of 27.02 EH/s'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
6 floor-breakers·1 ceiling hit
Revenue shrinking — -30.5% YoY. Growth thesis broken unless recovery story develops.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Volatile — 11.5% daily ATR makes tight stops impractical. Position-size conservatively.static
Unprofitable operations — net margin -146.9%. Quality floor flags this regardless of sector context.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $6.80: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.1/10. Specifically: High short interest: 43%; Below-average business quality; Negative price momentum. Chart setup: Death cross, below all MAs, RSI 32, MACD bearish. Prior stop was $6.46. Score 4.1/10, moderate confidence.
Resistance target: $11.12 (+63.5% upside). Prior stop was $6.46. Stop-loss: $6.46.
Concentration risk — Customer: single mining pool operator; Concentration risk — Commodity: bitcoin; DATA_ISSUE: analyst_target_implausible (raw $21.87 vs price $6.80 — ratio 3.2×). Rejected, falling back to technical TP..
CleanSpark, Inc. trades at a P/E of N/A (forward -3.9). TrendMatrix value score: 8.6/10. Verdict: Sell.
22 analysts rate CLSK, with a consensus score of 4.2/5. 15 analysts publish price targets averaging $22.
What does CleanSpark, Inc. do?CleanSpark owns and operates bitcoin mining data centers across 33 sites in Georgia (620 MW), Tennessee (234 MW),...
CleanSpark owns and operates bitcoin mining data centers across 33 sites in Georgia (620 MW), Tennessee (234 MW), Wyoming (110 MW), and Mississippi (63 MW), totaling 1,027 MW contracted power capacity as of September 30, 2025. Revenue comes from contributing computing power to a single mining pool operator in exchange for bitcoin rewards; the company mined approximately 7,873 bitcoin in fiscal 2025.