CleanSpark Inc. (CLSK) Earnings: Q4 2025 — Revenue +150% YoY, EPS Misses

CleanSpark Inc. (CLSK) — Q4 2025 Highlights

Total revenue of $223.7 million, up 150.5% year-over-year.

Gross profit of $126.4 million, up 293.3% year-over-year.

Cost of sales of $97.3 million, up 70.2% year-over-year.

Income statement and per-share results

Reported an operating loss of $203.4 million, a 178.7% year-over-year improvement from the prior period.

Net loss attributable to common shareholders was $1.3 million, down 97.9% year-over-year.

Diluted loss per share was -$0.01 versus an expected $0.33 per share.

Gross margin expanded to about 56.5% on the quarter’s revenue base.

Cash flow and capital spending

Cash used in operating activities totaled $109.9 million, a 32.9% improvement year-over-year.

Purchases of property, plant and equipment (capex) were $171.1 million, down 47.4% year-over-year.

Balance sheet

Cash and cash equivalents stood at $43.0 million, down 64.6% year-over-year.

Total liabilities rose to $1.0 billion, an increase of 399.7% year-over-year.

Estimates versus reported results

Revenue missed expectations: reported $223.7 million versus an estimate of $241.7 million.

EPS materially missed consensus, with reported -$0.01 versus an estimate of $0.33.

CleanSpark Inc. Insider Trading Activity

CleanSpark Inc. insiders have traded $CLSK stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $CLSK stock by insiders over the last 6 months:

TAYLOR MONNIG (CTO, COO) sold 63,713 shares for an estimated $581,062

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

CleanSpark Inc. Hedge Fund Activity

We have seen 187 institutional investors add shares of CleanSpark Inc. stock to their portfolio, and 172 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

MORGAN STANLEY removed 4,183,354 shares (-39.8%) from their portfolio in Q3 2025, for an estimated $60,658,633
VOLORIDGE INVESTMENT MANAGEMENT, LLC added 3,865,946 shares (+inf%) to their portfolio in Q3 2025, for an estimated $56,056,217
D. E. SHAW & CO., INC. added 3,559,228 shares (+inf%) to their portfolio in Q3 2025, for an estimated $51,608,806
BERYL CAPITAL MANAGEMENT LLC added 2,023,507 shares (+inf%) to their portfolio in Q3 2025, for an estimated $29,340,851
POINT72 ASSET MANAGEMENT, L.P. added 1,955,212 shares (+inf%) to their portfolio in Q3 2025, for an estimated $28,350,574
DIMENSIONAL FUND ADVISORS LP added 1,564,761 shares (+57.0%) to their portfolio in Q3 2025, for an estimated $22,689,034
TUDOR INVESTMENT CORP ET AL added 1,424,439 shares (+462.7%) to their portfolio in Q3 2025, for an estimated $20,654,365

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

CleanSpark Inc. Analyst Ratings

Wall Street analysts have issued reports on $CLSK in the last several months. We have seen 9 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

JP Morgan issued a "Overweight" rating on 11/24/2025
Bernstein issued a "Outperform" rating on 11/03/2025
Macquarie issued a "Outperform" rating on 10/22/2025
B. Riley Securities issued a "Buy" rating on 10/14/2025
BTIG issued a "Buy" rating on 10/13/2025
Chardan Capital issued a "Buy" rating on 10/13/2025
Needham issued a "Buy" rating on 10/10/2025

To track analyst ratings and price targets for CleanSpark Inc., check out Quiver Quantitative's $CLSK forecast page.

CleanSpark Inc. Price Targets

Multiple analysts have issued price targets for $CLSK recently. We have seen 9 analysts offer price targets for $CLSK in the last 6 months, with a median target of $24.0.

Here are some recent targets:

Reginald Smith from JP Morgan set a target price of $14.0 on 11/24/2025
Brett Knoblauch from Cantor Fitzgerald set a target price of $23.0 on 11/05/2025
Gautam Chhugani from Bernstein set a target price of $24.0 on 11/03/2025
Paul Golding from Macquarie set a target price of $30.0 on 10/22/2025
Nick Giles from B. Riley Securities set a target price of $25.0 on 10/14/2025
James McIlree from Chardan Capital set a target price of $30.0 on 10/13/2025
Gregory Lewis from BTIG set a target price of $26.0 on 10/13/2025