CleanSpark remains a bitcoin miner with an undeveloped data-center option, and the current D grade correctly refuses to capitalize that option as if it were contracted AI revenue. Fiscal Q3 revenue fell 30.5% YoY to $138.0 million, while GAAP net loss reached $239.8 million and non-GAAP adjusted EBITDA was -$113.0 million. The quarter included $116.3 million of bitcoin fair-value losses, but core pressure is also visible in $85.5 million of cash cost of revenue against $138.0 million of mining revenue and $111.0 million of depreciation. Liquidity is not negligible: $202.6 million cash, $814.9 million of bitcoin and $761 million working capital. The counterweight is $1.78 billion of long-term debt and only about $0.8 billion of equity. Sandersville and other power sites could be converted for AI/HPC, but no customer, lease revenue or financed conversion appears in the quarter. Publication should therefore frame CLSK as a leveraged miner with asset reuse potential, not an AI landlord. The $12.66 activation remains mandatory.
CleanSpark currently earns substantially all reported revenue from bitcoin mining. BTC produced and realized price must cover electricity, hosting, fleet maintenance and heavy equipment depreciation; fiscal Q3 mining revenue was $138.0M against $85.5M cash cost of revenue before $111.0M depreciation. Cash and BTC totaled about $1.02B, still below $1.78B of long-term debt.
The AI transmission channel is reuse of powered land, interconnections and data-center shells for HPC. Sandersville is an option to lease or convert capacity, but the latest quarter reports no AI tenant, contracted rent or AI segment revenue. Conversion also requires cooling, network and reliability investment beyond mining infrastructure.
The model breaks if hashprice remains below fully loaded mining cost, BTC treasury value falls against debt, or HPC conversion demands capital before a bankable tenant is secured. Site megawatts do not guarantee suitable power quality or returns, and reporting-control weakness makes rapid project financing harder to evaluate.
| Segment | Revenue | % Total | Description |
|---|---|---|---|
| Bitcoin mining reportable segment | $138.0M fiscal Q3 revenue | Sole operating and reportable segment | ASC 280 segment whose CODM uses consolidated net loss; cash cost and depreciation are significant segment expenses, not separate segments. |
| No second reportable segment | $0 disclosed AI/HPC revenue | No contracted tenant revenue | Powered-site conversion remains optionality and is not an AI, hosting or fleet-capital segment in the June 30 filing. |
| Metric | Value | Signal |
|---|---|---|
| Fiscal Q3 revenue | $138.0M | -30.5% YoY |
| Cash cost of revenue | $85.5M | 62% of revenue |
| Depreciation | $111.0M | Capital intensity |
| Adjusted EBITDA | -$113.0M | Non-GAAP |
| Cash plus BTC | $1.02B | Before debt |
| Scenario/NAV framework | -$762.5M liquid-treasury residual before mining assets | Scenario as of 2026-08-27: $202.6M cash plus $814.9M BTC less $1.78B long-term debt versus $3.325B basic equity value at the $12.9499 close |
| Revenue (TTM) | $679.2M | -30.5% YoY |
| Gross Margin | 47.0% | Reported |
| Operating Margin | -165.2% | Loss-making |
| Net Margin | -146.9% | Negative |
| ROE | -68.6% | Capital efficiency |
| Cash | $202.6M | Liquidity; sector accounting may limit direct debt netting |
| Debt | $1.79B | Balance-sheet claim |
| Intrinsic-value model | N/A | Fail-closed: insufficient or non-economic output |
| Value / quality panel | 0 positive / 5 negative / 0 neutral | bearish / confidence 59 |
| Fundamental grade audit | 31/100 (D) | base +55, growth -7, grossMargin +4, operatingMargin -6, earningsGrowth +0, roe +0, balanceSheet +0, qualityBoard -6, capitalStructure -1, controls -8; capped score 31/100 |
| Quarter | EPS Actual | EPS Est. | Surprise | Revenue |
|---|---|---|---|---|
| 3Q2025 | $0.16 | $0.54 | -69.9% | - |
| 4Q2025 | $-1.32 | $0.20 | -745.7% | - |
| 1Q2026 | $-0.49 | $-0.23 | -114.9% | - |
| 2Q2026 | $-0.39 | $-0.33 | -16.3% | - |
Fiscal Q3 2026 revenue was $138.0M, down 30.5% YoY from $198.6M. The $116.3M bitcoin fair-value loss was one component of a $239.8M GAAP net loss, equal to -$0.89 basic EPS. CleanSpark's non-GAAP measure moved from $377.7M a year earlier to -$113.0M of adjusted EBITDA. Cash cost of revenue was $85.5M and depreciation was $111.0M. Management gave no numerical revenue or EBITDA guidance. The caveat is that BTC fair-value accounting amplifies the loss, but excluding it still does not create positive adjusted EBITDA. — Next: 2026-11-24
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 2026-08-14 | Monnig Taylor | sell | 54 | $622 |
| 2025-12-23 | Wood Thomas Leigh | sell | 85,315 | $997,332 |
| 2025-12-04 | Cavaleri Amanda | sell | 33,000 | $495,660 |
Structured transactions shown; grants and sales are not treated as thesis confirmation.
CleanSpark reported 256,796,280 common shares outstanding at June 30. The 10-Q also disclosed 138,638,066 anti-dilutive securities: 103,941,450 convertible-note shares, 5,250,000 contingent preferred shares, 1,604,559 warrants, 1,931,334 options and 25,910,723 restricted awards. Adding them yields a 395.434M minimum potential-share sensitivity, not current GAAP diluted shares because conversion, contingency and treasury-stock rules apply. That overhang sits beside $1.78B long-term debt and makes the negative $762.5M liquid-treasury residual unsuitable for a positive per-share NAV claim.
3 decision-relevant primary filing(s) are displayed with accession-specific findings. Grade D measures fundamentals; trade state watch measures timing and is evaluated separately.
| Date | Form | Accession | What the filing changes |
|---|---|---|---|
| 2026-08-06 | 10-Q | 0001193125-26-338382 | The fiscal Q3 10-Q supports $202.6M cash, $814.9M bitcoin, $1.78B long-term debt, $111.0M depreciation and the material control-risk conclusion; leverage substantially exceeds liquid treasury assets. |
| 2026-08-06 | 8-K | 0001193125-26-337999 | The August 6 8-K furnishes direct quarterly results showing $138.0M revenue, a $239.8M GAAP net loss and -$113.0M non-GAAP adjusted EBITDA, with no reported AI revenue. |
| 2025-11-25 | 10-K | 0001193125-25-297510 | The fiscal 2025 10-K establishes mining concentration, bitcoin-price, power, equipment and internal-control risks; this annual filing supplies no contract supporting the archived AI-landlord revenue characterization. |
CLSK point-in-time short-interest context only; no acceleration claim without a comparable dated series.
Unusual Activity: No unusual activity confirmed
| RSI (14) | 54.4 |
| EMA 20 | $12.57 |
| EMA 50 | $13.23 |
| EMA 200 | $12.87 |
| MACD | -0.359 |
| Signal | -0.499 |
| ATR (14) | $0.97 |
| Wyckoff | Transitional |
The watch line is $12.66, but CLSK is eligible only when a completed 15-minute candle settles above it on non-zero regular-session volume. Before that evidence, the August 24 low at $11.6999 is not an operative stop and the July 14 $15.10 and July 23 $16.10 highs are not live objectives. The captured quote was $12.38 at 2026-08-28T14:00:07Z. The opening observation began at 2026-08-28T13:30:00Z; daily indicators use closes through 2026-08-27. The nearer $13.34 pivot is a checkpoint, not an exit, because it pays only 0.71R. Peer AI leases are not company evidence.
| Indicator | Value | Signal |
|---|---|---|
| Reference close | 2026-08-27 | Daily structure is point-in-time controlled |
| Quote snapshot | 2026-08-28T14:00:07Z | Exact timestamp; not represented as a publication-time live quote |
| Opening observation | 2026-08-28T13:30:00Z | Regular-session range used for the single activation level |
Regime: risk-on
CLSK's immediate blast radius is BTC hashprice minus electricity and fleet cost. AI infrastructure spending can raise the alternative value of powered sites, but also raises conversion capex and competition for equipment; only signed tenant economics should enter valuation.
Falling mining revenue, negative adjusted EBITDA and long-term debt heavier than liquid treasury make the uncontracted HPC pivot financially fragile; a BTC decline or costly conversion could force capital raising before either business generates adequate returns. Retail war-room: a weekend BTC move, tenant rumor or financing filing can gap CLSK through $11.6999; use regular-session liquidity and limits to contain spread and slippage, size for the full $0.9601 risk, stand aside around earnings or capital events, and do not chase above $12.66. The first planned exit is $15.10 at about 2.54R.
Separate cash mining contribution from depreciation and BTC fair-value movements, then treat data-center conversion as a probability-weighted project requiring a named tenant, contracted rent, conversion capex, energization timing and financing terms before assigning any equity value.
CLSK: directional flow remains unscored because no dated, inspectable transaction-level source was captured.
The watch setup requires $12.66 confirmation and stabilization in cash mining economics after power and fleet costs, while the final $11.6999 August 24 pivot stop governs risk after activation. The $15.10 July 14 and $16.10 July 23 highs provide about 2.54R and 3.58R; $13.34 is only a checkpoint. HPC contributes only if CleanSpark discloses a contracted tenant, conversion capital, energization timing and financeable returns; peer leases and powered-site acreage are insufficient.
Separate cash mining contribution from depreciation and BTC fair-value movements, then treat data-center conversion as a probability-weighted project requiring a named tenant, contracted rent, conversion capex, energization timing and financing terms before assigning any equity value. Current trade state: watch.
This analysis is provided for informational and educational purposes only. It does not constitute financial advice, investment recommendation, or solicitation to buy or sell any security.
Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Always conduct your own research and consult a licensed financial advisor before making investment decisions.
Data comes from point-in-time market snapshots, company filings, Yahoo Finance, SEC EDGAR, and public market data. Accuracy is not guaranteed.
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