What were the key takeaways from CleanSpark's earnings call?

What were the key takeaways from CleanSpark’s earnings call?

What is CleanSpark's latest dividend and current dividend yield?

What is the market's earnings forecast for CleanSpark next quarter?

What guidance did CleanSpark's management provide for the next earnings period?

What is the revenue and EPS growth rate for CleanSpark year over year?

What factors drove the changes in CleanSpark's revenue and profit?

What does CleanSpark do and what are its main business segments?

- **AI Infrastructure Expansion**: 900 MW Texas portfolio targets hyperscalers, with Q1 '27 energization for Sealy site.
- **DAM Success**: $13 million cash generation, 4.2% annualized return, no Bitcoin HODL liquidation.
- **Share Buybacks**: 20% reduction in outstanding shares via $600 million buybacks.
- **Capital Focus**: $1.15 billion convertible proceeds allocated to AI, with Bitcoin mining capital constrained.
- **Operational Resilience**: 47% gross margin in challenging Bitcoin environment, DAM hedge reduces volatility.

**【CEO Summary Section】**
- CleanSpark is transitioning into a digital infrastructure company, with Bitcoin mining as the foundation. Q1 2026 revenue reached $180 million, driven by 47% gross margin despite network difficulty challenges.
- Expanded into large-scale AI infrastructure with 900 MW potential in Texas (Sandersville, Sealy, Brazoria), targeting hyperscalers like Amazon. Advanced diligence underway for tenant-driven specifications.
- Digital Asset Management (DAM) generated $13 million in cash, with covered calls and basis trades exceeding 4% annualized return. Share buybacks reduced outstanding shares by 20%.

**【CFO Financial Commentary】**
- Q1 2026 revenue grew 12% YoY to $181 million, with Bitcoin production flat but higher revenue per BTC ($100,000 vs. $84,000). Gross margin declined to 47% due to network difficulty.
- Net loss of $379 million due to Bitcoin mark-to-market adjustments. Adjusted EBITDA negative at -$295 million, but normalized EBITDA of $55 million reflects operational cash flow.
- $1.15 billion convertible offering increased cash to $400 million, with $420 million net proceeds. DAM strategy monetizes Bitcoin volatility without dilution.

**【Q&A Highlights】**
- **AI Demand & Leasing**: Hyperscalers show strong interest, with Sandersville leading in demand. Lease terms improving (better risk-sharing, Grade A tenants). First lease expected within 12 months.
- **Texas Projects**: Sealy (285 MW) energization in Q1 '27, Brazoria (600 MW) in Q4 '27. Behind-the-meter generation options under evaluation.
- **Bitcoin Mining**: 11 exahash fleet can transition to profitable sites. DAM strategy maintains Bitcoin HODL, selling 100% monthly production.
- **Capital Allocation**: Prioritizes AI data centers ($9-11 million/MW) over Bitcoin mining, with $130 million in mining equipment prepayments.
- **Network Difficulty**: 10% of fleet uneconomical at current Bitcoin price, but efficient fleet positions for long-term growth.

CleanSpark, Inc. (CLSK) Q1 2026 Earnings Call Transcript

- **Revenue Growth**: FY2025 revenue up 100% YoY to $766M, with 55% gross margin post-halving.
- **AI Expansion**: 250MW Sandersville and 285MW Texas AI campuses targeting 2026 hyperscaler leases.
- **Digital Asset Management**: DAM generated $9.3M Q4 premiums, boosting Bitcoin sale price by 4%.
- **Capital Deployment**: $1.15B convertible note and $400M credit facility fund land/power acquisitions.
- **Efficiency Leader**: 13.5 J/T miners give 50 exahash at industry-low power costs; 6 exahash expansion by Q1 2026.

**【CEO Summary Section】**
- Achieved record revenue of $766 million in FY2025, up 100% YoY, with 55% gross margin post-halving.
- Deployed 19,000 S21 XP Immersion miners (13.5 J/T) to reach 50 exahash, targeting 6 exahash expansion by Q1 2026.
- Transitioning to AI data centers: 250MW Sandersville site and 285MW Texas site (ERCOT-approved, 285 acres) for HPC/AI tenants.
- Digital Asset Management (DAM) generated $9.3M in Q4 premiums via covered calls, boosting effective Bitcoin sale price by 4%.
- Bought back $460M of own stock (10.9% reduction) and issued $1.15B 0% convertible note for land/power acquisitions.

**【CFO Financial Commentary】**
- FY2025 GAAP net income: $365M; Q4 revenue: $25M YoQ growth to $206M, 56.5% gross margin.
- DAM strategy: Spot Plus (weekly/monthly cash flow) and Yield (12% annualized return) via covered calls.
- $400M Bitcoin-backed credit facility and $1.15B convertible note provide capital for AI campus development.
- Texas site: 285MW energization Q2 2027, with 240MW tranches in 2028-2029; behind-the-meter gas generation evaluation.

**【Q&A Highlights】**
- **AI Demand**: Multiple hyperscalers seeking 200-800MW sites for 2026 delivery; Sandersville and Atlanta sites in high demand.
- **Mining Flexibility**: Modular immersion cooling allows repurposing Bitcoin miners to AI campuses; 6 exahash deployment prioritizes efficiency over scale.
- **Texas Site**: 285MW Submer partnership for prefabricated data centers; 10-15% cost savings vs. stick-built.
- **Credit Strategy**: 70-85% LTV secured debt for AI campuses; DAM generates $5M+ monthly premiums post-Q4.
- **Execution Timeline**: First AI lease likely Q1 2026; DAM scaling to $100M+ annual premiums by end-2026.

CleanSpark, Inc. (CLSK) Q4 2025 Earnings Call Transcript

- **Revenue Record**: $199M Q3 revenue (+94% YoY), 50 exahash operational hash rate (5.6% global share).
- **Profitability**: 55% gross margin, $257M net income, $378M EBITDA.
- **Bitcoin Efficiency**: $44,806 cost per coin vs. $98,500 spot price, $1.5B treasury value.
- **Expansion**: 10 exahash pipeline, 20,000 immersion miners secured.
- **Yield Strategy**: 40% HODL allocation to derivatives, 4%+ yield target.
- **Regulatory Tailwinds**: GENIUS Act, Bitcoin 401(k) inclusion, U.S. energy policy support.

**【CEO Summary Section】**
- **Record Revenue and Growth**: Q3 revenue of $199 million, up 94% YoY, driven by 50 exahash operational hash rate (5.6% global share). 
- **Bitcoin Production Efficiency**: Cost per Bitcoin mined at $44,806 vs. $98,500 spot price, generating $1.08 billion in treasury value.
- **Power Optimization**: 200 MW available capacity, $0.056/kWh cost, and 16 J/T efficiency.
- **Expansion Strategy**: 10 exahash expansion underway, with 20,000 immersion miners secured.
- **Regulatory Tailwinds**: GENIUS Act, Clarity Act, and Bitcoin 401(k) inclusion support growth.

**【CFO Financial Commentary】**
- **Profitability**: GAAP net income $257M, adjusted EBITDA $378M, 55% gross margin.
- **Treasury Management**: 12,608 Bitcoin ($1.5B value), 40% of HODL balance allocated to derivatives for 4% yield target.
- **Capital Structure**: $35M cash, $820M debt, $200M Coinbase line of credit.
- **Cost Control**: 17% increase in cash overhead due to insurance and taxes.

**【Q&A Highlights】**
- **Power Expansion**: 200 MW available, 1.7GW long-term pipeline, 12-24 month lead times.
- **M&A Strategy**: Open to secondary market hardware purchases, cautious on public company acquisitions.
- **Digital Asset Management**: Covered calls generating 10%+ cash-on-cash returns, no Bitcoin lending.
- **Regulatory Impact**: U.S. energy policy and Bitcoin adoption tailwinds.
- **Hash Rate Growth**: Outpacing global network (5.6% share vs. 4.3% in Q2 2024).

CleanSpark, Inc. (CLSK) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q1 FY2025 revenue up 120% YoY to $162.3M, with Bitcoin production rising 33% QoQ at a $34,000 cost basis.
- **50 Exahash Ambition**: Set to reach 50 exahash by mid-2025 via greenfield expansion, supported by $650M convertible bond financing.
- **Profitability Boost**: 57% gross margin and $321.6M EBITDA highlight operational efficiency and cost control.
- **Treasury Strategy**: 10,556 Bitcoin held at a $34,000 cost basis; exploring deployment for growth amid favorable regulatory shifts.
- **Community Impact**: Partnering with rural utilities to repurpose idle assets, driving economic development in Georgia, Tennessee, and Wyoming.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 FY2025 revenue reached $162.3 million, up 120% YoY, driven by Bitcoin price appreciation and operational efficiency. Bitcoin production increased 33% QoQ, with a marginal cost of $34,000 per coin, down 6% from Q4.
- **50 Exahash Target**: On track to achieve 50 exahash by mid-2025 through greenfield expansion in Georgia, Wyoming, and Tennessee. Current fleet efficiency of 16.15 tools/Terahash is industry-leading.
- **Capital Strategy**: Secured $650M convertible bond to fund growth without relying on equity. Proceeds used for buybacks (11.8M shares) and debt repayment, reducing share count and enhancing liquidity.
- **Operational Excellence**: 94% uptime, best-in-class fleet upgrades (e.g., S21 XT immersion units), and 20% improvement in fleet efficiency QoQ.
- **Bitcoin Treasury**: Holds ~10,556 Bitcoin, the fourth-largest public corporate holding, mined at a $34,000 cost basis. Exploring treasury management strategies to deploy Bitcoin for growth.
- **Policy Environment**: Favorable regulatory shifts under President Trump, including SEC repeal of SAP 121, which supports institutional Bitcoin adoption.

**【CFO Financial Commentary】**
- **Profitability**: Q1 net income of $246.8M, up 275% YoY. Adjusted EBITDA of $321.6M, a 145% YoY increase. Gross margin improved to 57%, driven by lower power costs ($0.049/kWh) and efficient fleet utilization.
- **Balance Sheet Strength**: $2.8B total assets, $1.2B liquidity (including $276.6M cash and 10,556 Bitcoin). No immediate plans for equity raises, with convertible bond proceeds fully funding growth.
- **Cost Control**: Indirect expenses (G&A, payroll) decreased 14% QoQ to $34.8M, reflecting disciplined expense management.
- **Debt Management**: No new debt issuance; focus on nondilutive capital strategies and maintaining a conservative net debt position.

**【Q&A Highlights】**
- **Growth Cadence**: 10 exahash expansion will be added evenly over 6 months, primarily through existing site expansions.
- **Management Philosophy**: Emphasis on operational excellence, repeatable processes, and vendor relationships to maintain cost leadership.
- **Market Dynamics**: Rig prices 37% higher than CleanSpark's contracted rates, but long-term contracts ensure competitive advantage.
- **Policy Impact**: Federal support for Bitcoin mining could reduce energy costs, enhancing U.S. competitiveness.
- **Community Engagement**: Rural utilities view Bitcoin mining as a solution for idle assets, driving partnerships in Georgia, Tennessee, and Wyoming.


Actual	-0.77	-0.76	-0.03	0.28	-0.0497	0.6748	0.1934	-0.3933	-1.4249	-0.46	-0.23	-0.12	0.2636	0.14	0.58	-1.0223	-0.2867	0.83	-0.49	0.78	0	-0.175
Forecast	-0.77	-0.24	-0.12	-0.0221	0.07	0.375	0.2852	-0.15	-0.3785	-0.6033	-0.3283	-0.17	-0.1332	-0.2582	0.0692	-0.098	-0.1801	0.3706	-0.1103	0.3036	0.2613	-0.3139
Surprise	0.00%	-216.67%	+75.00%	+1366.97%	-171.00%	+79.95%	-32.19%	-162.20%	-276.46%	+23.75%	+29.94%	+29.41%	+297.90%	+154.22%	+738.15%	-943.16%	-59.19%	+123.96%	-344.24%	+156.92%	-100.00%	+44.25%

CLSK

CLSK fundamentals

CLSK Q1 2026 Earnings

Earnings Call

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CLSK

CLSK fundamentals

CLSK Q1 2026 Earnings

Earnings Call

CLSK Earnings Call Summary for Q1/20264:30 PM on Feb 5, 2026

CLSK Earnings Call Summary for Q4/20254:30 PM on Nov 25, 2025

CLSK Earnings Call Summary for Q3/20254:30 PM on Aug 7, 2025

CLSK Earnings Call Summary for Q2/20254:30 PM on May 8, 2025

CLSK Earnings Call Summary for Q1/20254:30 PM on Feb 6, 2025

You can ask Aime