CLSK — Investment Thesis & Analysis | Restnvest

CLEANSPARK, INC.

CLSK · November 25, 2025

CLEANSPARK, INC.CLSK

CLEANSPARK, INC.

CLSK

November 25, 2025

CleanSpark develops data centers for bitcoin mining and AI workloads.

Your analysis journey0 of 6 explored

6 Pending

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1 — BUSINESS

What the company does, how it makes money, and whether its strategic position is strong.

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Still to explore

2 — PERFORMANCEStrong

Revenue, earnings, cash flow, and debt — four signals that show whether the business is financially healthy.

Complete previous stages first

3 — VALUATIONCaution

Checking whether today's price reflects the business quality.

Complete previous stages first

4 — TIMINGCaution

Technical signals checked against the fundamental conviction.

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5 — STRATEGY🔒 Sign in

Build your entry plan — conviction level, sizing, and exit rules.

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6 — MANAGE🔒 Sign in

Ongoing position health — when to hold, add, or step back.

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Stage 1 of 6 · Business

Is this a business you can understand and trust?

What the company does, its products, and how it makes money.

Investment Thesis3 themes

Strong

Moderate

Mentioned

Strategic Themes

Bitcoin Mining AI and HPC Hosting Sustainable Energy Management

Competitive Moats

Scale Economies Strategic Partnerships

Market Opportunity

Growing AI Market Bitcoin Market Volatility

Value Creation

High Margins 70%+Diversified Revenue Streams

Performance SnapshotFY 2025

Total Power Capacity

1,027 MW

Bitcoin Mined (FY 2025)

7,873 BTC

Operating Miners

241,934

Business Overview2 products

Bitcoin Mining Operations

Mining bitcoin through owned data centers.

AI Hosting Services

Infrastructure for AI workloads and HPC.

Reach

GeorgiaTennesseeMississippiWyoming

Sales

Direct Mining OperationsAI and HPC Leasing

Scale

Operates a portfolio of data centers with 1,027 MW capacity.

Competition3 peers

Marathon Digital Holdings

Marathon Digital Holdings

Bitcoin mining operations.

Riot Platforms, Inc.

Riot Platforms, Inc.

Bitcoin mining and blockchain technology.

Hut 8 Mining Corp.

Hut 8 Mining Corp.

Cryptocurrency mining and digital asset management.

Items that appeared in earlier filings but were later dropped — strategic pivots, unsuccessful initiatives, or exited markets.

Energy technology solutions

strategy

Last: 2022

CleanSpark discontinued its energy operations to focus exclusively on bitcoin mining, impacting diversification.

Active: 2014-2022

Lawsuits, regulatory issues, contingent liabilities, and material risks that could significantly impact the business.

See what analysts are pricing in

Analyst price targets and chart signals for CLSK are on Anachart — a useful lens alongside the fundamentals you've just read.

View CLSK on Anachart →

Stage 1 of 6 complete

Stage 1 complete

You know the business. Is it financially strong?

Next: revenue growth, profit quality, debt, and cash flow — all in plain English.

Stage 3 of 6 · Valuation

What are you actually paying for this?

Sensible investing isn't about finding the cheapest stock — it's about knowing whether the price, expectations, and potential returns make sense together.

From High

~15% below

P/E

~22x

Entry

Stabilizing

The stock is trading below its recent highs. This could be a reasonable entry point — but make sure the fundamentals still support the story.

Stage 3 · ValuationCLSKPrice Discipline

Stormy Peak

Bargain in the Rain

Clear but Pricey

Sunny Discount

Stormy Peak

Bargain in the Rain

Clear but Pricey

Sunny Discount

Price Discipline

Recovery Entry

Distance from 52-Week High45% below

Trend vs 200-dayRecovering

Recovery Entry

Sensible: Trending up from a weak zone.

From High

45% below

P/E

N/A

Entry

Recovering

What this means

The stock is trading below its long-term average but showing signs of recovery. This is often where value emerges — the price is discounted while the trend is turning positive. If the fundamentals support the story, this could be an attractive entry.

Valuation Scorecard

— 3 of 4 signals sensible

✓

Price DisciplineSensible

!

Price TagCaution

✓

Capital DisciplineSensible

✓

Doubling PotentialSensible

Mixed signals. The valuation looks reasonable in some areas, but a few signals are worth a closer look. Ask yourself if the story is still worth the price.

Coming up next

Is the timing right to act?

You know the fundamentals and the valuation. Now let's check whether current market conditions are aligned before you make your move.

Stage 4 · TimingPreview

Trend—

Momentum—

Stretch—

Stage 3 of 6 complete

Stage 3 complete

You know the valuation. Is the timing right?

Next: trend, momentum, and stretch — market signals before you pull the trigger.