Weathered boatCleanspark $CLSK
Grew revenue 102% in FY2025 to $766 million, operating margin 41.6% against a -6.4% median for finance services, equity 68.3% of assets.
Last filing8-K · Item 1.01 Entry into a Material Definitive Agreement, 25 Sept 2026
Edgarette’s full reading · exposure, experience, soundness, credibility, range
🫧 Edgar looked up CleanSpark, Inc. ($CLSK). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-09-25. 13 event filings (8-K) in the past twelve months.
🔖 Exposure: revenue $766.3M (FY2025), total debt $644.6M. Experience: revenue up 102.2% on the year, up 110.2% a year over 4 years; operating margin 41.6%, up from -39.3%. Soundness: equity 68.3% of assets, return on equity 16.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $900.1M and $2.3B next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $708.6M to $3.0B. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin 41.6% against a -6.4% median; growth 102.2% against 16.8%.
Read from its own SEC filings · nothing written, nothing inferred
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | −$461M · −$306M · $689M · −$606M |
| Investment book (cash · short · long) | $43M · — · — · current ratio 4.18 |
| Revenue swing · equity of assets | 39.5% · 41.6% |
CleanSpark is growing faster than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-09-30 |
| Revenue | $766M |
| Revenue, on the year | 102.2% |
| Revenue, a year over the record | 110.2% |
| Operating margin | 41.6% |
| Operating margin, prior year | −39.3% |
| Net margin | 47.6% |
| Research and development | not filed separately |
| Total debt | $645M |
| Equity of assets | 68.3% |
| Return on equity | 16.8% |
| Payout of profit | — |
| Dividend per share | — |
| Earnings per share | — |
| Book value per share | $6.85 |
| Revenue per share | $2.41 |
| Shares outstanding | 317,761,220 |
| Audited years read | 5 |
Peers: the median of 36 filers with $50M+ revenue in finance services.
Classic signals · fiscal 2025Altman Z″ not covered: built for industrial balance sheets, not banks or insurersPiotroski F 4 of 9 middling 2000Beneish M not covered: built for industrial filersSloan accruals 32.1% earnings ahead of cash 1996DuPont ROE 18.5% = margin 47.6% × turns 0.3 × leverage 1.31
What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →
Health HarborCleanSpark sails as: Weathered boat
Health watch · 12 monthsquiet · none of the watched events filed
Sailing speed follows growth: 79.9% a year crosses the harbor in 30 seconds.
🌊 Visit the Bay →- operating cash flow was negative
- revenue is hard to predict: its 80% range is ±44%
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
Brand success factors · calendar 2025
The Trillion Score: 628
Exponential Success Score
Built on over $200 trillion of sworn revenue, 13 years of data, 770,002 figures. Sealed by Edgarette.
How The Trillion Score works. We read eight measures of success from Cleanspark's own SEC filings and test each one against the public companies in its field, here finance services. The longer and fuller the record, the more weight those results carry. A model built on past filings then turns them into the odds of thriving, which means outgrowing the field for three years without a severe decline. A score of 500 is about average, and every 100 points doubles the odds. Every company is ranked on this same scale.
What it says here. At 628, Cleanspark's odds of thriving come to 58%, against about 37% for the typical filer. It meets 7 of 8 success points.
What the score means
The higher the score, the more often companies went on to thrive. At this level, about 57 of every 100 did.
Share of companies that beat their field for three years with no severe decline, tested on 2019 to 2022 filings.
Fall Risk: Medium
Separate from the score, this asks what could go wrong: the odds of sales falling 30% or the filings stopping within three years. In the tests, about 22 of every 100 companies in the Medium band did. That is the group's history, not a forecast for this company.
| Money | It burned about 79 cents of free cash on each sales dollar after paying for its plants and equipment. Its cash would cover that burn for about 0.8 years. Debt after cash comes to about 173 cents for each dollar of yearly sales. | cash negative over five years |
| Swings | Even in its worst years on record, sales still grew. | 24.7% a year |
| Filed events | No such 8-K events in the last two years. | 0 |
The eight success points
| Point | What it means | Place in field | |
|---|---|---|---|
| Speed | Sales grew faster than most of its field. | 87 of 100 | Met |
| Steadiness | Growth was strong for how much it swung, so it looks dependable. | 96 of 100 | Met |
| Price premium | It keeps more of each sales dollar than most of its field. | 68 of 100 | Met |
| Margin stays above the field | Its margin has held above the field year after year. | 85 of 100 | Met |
| Moat half-life | Its margin edge is fading fast, or it has none yet. | 56 of 100 | Not yet |
| Brand spend yield | Brand spending returns more gross profit than for most of its field. | 94 of 100 | Met |
| Learning curve | Costs fell as a share of sales as it grew. | 85 of 100 | Met |
| Climb in the field | It has been moving up the size ranks in its field. | 98 of 100 | Met |
The actuarial view
| Credibility | With 8 years of filings, the record earns 70% of the weight. The rest stays at the middle of the field. | 0.70 |
| Severe decline, class A | About 22 of every 100 companies with this many points fell 30% or stopped reporting within three years. | 21.8% |
| Actual vs expected | Sales are 343% higher than if it had simply kept pace with its field. | 4.43 |
Top of its field: #1 Cleanspark · #2 X Financial · #3 Terawulf · #4 Qfin · #5 American Bitcoin
Ranked by The Trillion Score. See the method and score your own brand. Tested on 2019 to 2022 filings. Odds, class and Fall Risk figures are the experience of similar filers, not a forecast for this company. A statistical description of past filings, not a rating or advice.
- 8-K · 2026-09-25 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation
- 8-K · 2026-09-18 · 8.01 Other Events; 9.01 Financial Statements and Exhibits
- 8-K · 2026-09-17 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-08-06
- 8-K · 2026-08-06 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-14 · 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company