CLSKCLEANSPARK, INC.

Finance Services

Revenue: $766M; 102% YoY
Operating margin: 41.6%; 206% YoY
EBITDA: $667M; 11889% YoY
Market cap: $2.0B
Employees: —
Net debt / EBITDA: 2.4×; $1.6B net debt
AI in 10-K: 9.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-126% of net income
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
9.9 per 10K words · 92nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$39M	$132M	$168M	$379M	$766M	102%
Operating income	−$12M	−$38M	−$131M	−$149M	$319M	314%
Net income	−$22M	−$57M	−$138M	−$146M	$364M	350%
Operating cash flow	−$24M	$73M	−$17M	−$234M	−$461M	97%
Capex	$139M	$19M	$61M	$66M	$145M	119%
Stock-based comp	$9M	$31M	$24M	$30M	$45M	53%
Buybacks	—	—	$0	$0	$145M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 7
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.