CleanSpark: The Energy Giant Disguised As A Miner

Summary CleanSpark reported $198.6 million in Q3 2025 revenue, up 91% YoY, with net income of $257 million ($0.90/share). The company operates 50 EH/s, representing 5.8% of global Bitcoin network power, supported by 1 GW of contracted energy ￰0￱ power cost fell to $0.056/kWh, and cost per Bitcoin mined was $44,806, less than half industry ￰1￱ holds 12,703 Bitcoin (~$1.5 billion value) and $34.6 million cash, financing expansion without new equity issuance since 2024. FY2026 revenue is projected at $1.13 billion, implying 45% growth and a forward P/S of just 4.9x, far below AI-infrastructure ￰2￱ Thesis CleanSpark ( CLSK ) is secretly matured out of the one time Bitcoin ( BTC-USD ) miner it used to be to become one of America’s most successful digital infrastructure ￰3￱ 1 GW+ of contracted power capacity , 33 US data centers, and 5.8% of the global hash power, it makes spectacular gains all the while debt-free and ￰4￱ 55% gross margin, $1.5 billion Bitcoin balance, and cash-on-cash returns over 50% allow it to be among the dozes of miners funding growth out of the cash ￰5￱ 4.9x forward sales trading multiple despite 45% expected revenue growth to $1.13 billion in 2026 makes CleanSpark an unusual asymmetric bet, profitable today, infrastructure-rich tomorrow, and well positioned in the coming explosion in AI compute.

A Record Quarter That Redefined Scale CleanSpark’s fiscal Q3 2025 was the most profitable in its ￰6￱ firm generated $198.6 million in revenue , which rose 91% year-over-year, and netted $257 million ($0.90 per share). The company's EBITDA rose to $377.7 million, which is quite the reversal following the $12.6 million loss the prior ￰7￱ company's gross margin grew to 55% due to decreased power costs and increased fleet ￰8￱ most miners, CleanSpark reached such grades without diluting ￰9￱ company issued no share since November 2024 and funded all the operating and expansion cost with internally cogenerated cash ￰10￱ own-accountness is violently rare in an industry notorious for chronic dilution and growth with ￰11￱ Q3, CleanSpark controlled 50 exahash per second (EH/s) running hash power, which represented 5.8% of all-world Bitcoin network power and controlled over 1 GW of contracted power capacity, some 80% ￰12￱ remainder of the 200 megawatts (MW) will power the remainder +10 EH/s capacity completing roll out this quarter which may give CleanSpark’s marketplace presence near 7% global hash power.

CleanSpark’s Q3 Earnings The average unit's cost declined to $0.056 per kilowatt-hour (kWh), compared to $0.060 in the previous quarter, and the business unit's mining fleet at 16 joules per terahash (J/TH), among the strongest indicators of business unit ￰13￱ all-in cost to create one Bitcoin totaled $44,806, well below half the industry average ￰14￱ controls emphasize what makes CleanSpark, an industrial scale, vertically-integrated model that can be in full control of all the steps of the power and mines business, all the way from the acquisition of lands and construction of infrastructures to the acquisition of power and the management of the funds.

CleanSpark’s Q3 Earnings The Financial Engine: A Miner That Prints Cash Instead of Shares At a point when most miners dilute shareholders to fund staying alive, CleanSpark’s cash-generating machine operates ￰15￱ had $34.6 million in cash and 12,703 Bitcoin valued at approximately $1.5 billion sitting on its balance sheet at the close of ￰16￱ debt totaled $820 million, primarily in the form of a 0% convertible note due 2030 with $24.66 strike ￰17￱ capital totaled $933 million, leaving the company with all the flexibility it needs to expand without new equity ￰18￱ of the least pronounced elements in the CleanSpark reengineering is its Digital Asset Management unit launched in ￰19￱ than putting out Bitcoin for loan (a tactic that used to result in devastating industry wide losses), CleanSpark now uses the conservative covered-call derivative approach with respect to up to 40% of the Bitcoin stake with the aim of generating a 4% annualized ￰20￱ short-term, low-delta trades contribute incremental cash flow without forfeiting the principle ￰21￱ treasury of the company basically acts like an income-generating base ￰22￱ institutional-grade discipline sets CleanSpark apart from speculative miners and emphasizes its growth into a financial operator at the mature stage.

Lastly, operational leverage is what amplifies CleanSpark’s ￰23￱ fixed power and labor costs are paid out of the top line, all incremental EH/s of capacity adds disproportionately to the bottom ￰24￱ almost doubled its hash rate in just over three months, going from 27.6 EH/s to 50 EH/s, with strong cost controls in ￰25￱ short, the company’s margins expand as it scales. Optionality: The AI Compute Angle CleanSpark is, by design, a Bitcoin-centric ￰26￱ the management has freely admitted that some of its sites, particularly those in proximity to major urban centers like Atlanta or Cheyenne, could yield better returns if it repurposed them for AI or high-performance computing (HPC) applications, a fast growing ￰27￱ infrastructure of the company already has the necessary prerequisites with close proximity to substations, power-hungry cooling densities, and desposable power ￰28￱ 1 GW of contracted capacity with another 1.7 GW in its long-term pipeline , CleanSpark enjoys the flexibility to deploy megawatts to compute-intensive workloads as the market economics ￰29￱ the short term, Bitcoin is the higher-return capital deployment with the ~55% cash-on-cash return compared with 20–30% for the HPC data centers with higher upfront CapEx and longer payout ￰30￱ balance may shift with stabilizing GPU prices and normalization of the infrastructure requires scenario in the area of Artificial Intelligence.

CleanSpark's strength is having all the infrastructure in-house prior to that ￰31￱ others develop miners and start-ups hustle to finance AI conversions, CleanSpark’s capacity can be re-purposed within almost no time once the economics makes ￰32￱ optionality exists in reality but it doesn’t involve the dilution or the riskiness that comes with the wrong diversification at the wrong ￰33￱ Why CleanSpark May Be the Smartest Bet in Bitcoin Infrastructure At $20/share, CleanSpark's valuation levels significantly below its earnings power and asset base. CleanSpark's forward P/E is only 9.5x , compared to a median sector valuation of 24.6x, a 61% ￰34￱ forward EV/EBITDA of 10.3x is 32% below peers, in what is one of the industry's handful of consistently GAAP profitable miners with solid free cash ￰35￱ estimates forecast $1.13 billion in 2026 revenue , up 45% from $778 million in 2025, yet the stock trades at a forward P/S of just 4.9x, a massive disconnect compared with peers that have pivoted to AI ￰36￱ re-rated even to a ~7-10x forward P/S multiple, in line with lower-tier infrastructure comparables, CleanSpark’s implied valuation would approach ~$29–$40 per share, representing ~45-100% upside from current ￰37￱ by YCharts How Bitcoin Volatility and Market Hype Test CleanSpark’s Resilience CleanSpark’s greatest unknown is Bitcoin price volatility.

A long decline below $60,000 may tighten mining margins, slow expansions, and decrease cash flows. Nevertheless, the company’s low $44,800 coin-mining cost offers wide ￰38￱ risk is also at ￰39￱ import rules for mining hardware remain unclear, management expects new US manufacturing lines from Bitmain and Canaan to gradually offset tariff and supply-chain risks over time. Lastly, execution risk revolves around the 10 EH/s expansion plan, which relies on the timely power energization of 200 MW covered under existing ￰40￱ on the history of the company, almost double capacity in nine months, execution risk seems ￰41￱ by YCharts Takeaway CleanSpark is emerging as America’s first true digital compute utility, vertically integrated, energy-secure, and quietly positioned to dominate the next phase of AI ￰42￱ its current prices the stock trades at a deep discount to its underlying economics.