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Capital markets · Financial Services · Fiscal year ends Sep 30
Cleanspark reported revenue of $766M in the fiscal year ended Sep 2025, up 102.2% from the year before. Operating income was $319M, an operating margin of 41.6%, and net income was $364M. Operating cash flow of −$461M less capital expenditure of $145M left free cash flow of −$606M. Net debt was $602M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 39.3 | 132 | 168 | 379 | 766 |
| Cost of revenue | 5.3 | 41.2 | 93.6 | 166 | 343 |
| Gross profit | 34.0 | 90.3 | 74.8 | 213 | 423 |
| Operating income | −11.9 | −37.9 | −131 | −149 | 319 |
| Interest expense | 0.1 | 1.1 | 3.0 | 2.5 | 11.3 |
| Pre-tax income | −8.2 | −40.1 | −134 | −146 | 364 |
| Income tax | 0.0 | 0.0 | 2.4 | 3.3 | 39.1 |
| Net income | −21.8 | −57.3 | −138 | −146 | 364 |
| Diluted EPS | −0.75 | – | −1.30 | – | – |
| Diluted shares | 29.4 | 42.6 | 103 | 217 | 318 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 18.0 | 20.5 | 29.2 | 121 | 43.0 |
| Receivables | 0.3 | 0.0 | 0.0 | – | – |
| Inventory | – | 0.2 | 0.8 | – | – |
| Current assets | 57.7 | 50.8 | 102 | 705 | 1,320 |
| Net PP&E | 138 | 377 | 564 | 870 | 1,364 |
| Goodwill | 12.0 | 0.0 | 8.0 | 8.0 | 132 |
| Total assets | 317 | 453 | 762 | 1,963 | 3,184 |
| Payables | 7.0 | 24.7 | 39.9 | 83.0 | 15.2 |
| Deferred revenue | 0.3 | – | – | – | – |
| Current liabilities | 10.1 | 34.0 | 74.1 | 188 | 316 |
| Long-term debt | – | 13.4 | 8.9 | 7.2 | 645 |
| Total liabilities | 11.8 | 48.6 | 85.9 | 202 | 1,009 |
| Shareholders' equity | 306 | 404 | 676 | 1,761 | 2,175 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −24.0 | 73.5 | −17.2 | −234 | −461 |
| Capital expenditure | 139 | 19.3 | 61.5 | 66.1 | 145 |
| Free cash flow | −163 | 54.2 | −78.7 | −300 | −606 |
| Depreciation & amortisation | 9.3 | 49.0 | 121 | 155 | 348 |
| Stock-based compensation | 8.5 | 31.5 | 24.1 | 29.6 | 45.3 |
| Acquisitions | 0.0 | 19.8 | 0.0 | 0.0 | – |
| Share buybacks | – | – | 0.0 | 0.0 | 145 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 234.8% | 28.0% | 125.0% | 102.2% |
| Gross margin | 86.6% | 68.6% | 44.4% | 56.3% | 55.2% |
| Operating margin | −30.3% | −28.8% | −77.8% | −39.3% | 41.6% |
| Net margin | −55.5% | −43.6% | −82.0% | −38.5% | 47.6% |
| Return on equityBlank when equity is negative | −7.1% | −14.2% | −20.4% | −8.3% | 16.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.9% | −9.0% | −19.1% | −8.4% | 11.1% |
| Free cash flow margin | −415.5% | 41.2% | −46.7% | −79.1% | −79.0% |
| Cash conversion (CFO ÷ net income) | 1.10x | −1.28x | 0.12x | 1.60x | −1.26x |
| Receivable days | 3 | 0 | 0 | – | – |
| Inventory days | – | 2 | 3 | – | – |
| Payable days | 484 | 218 | 156 | 183 | 16 |
| Interest cover | −81.6x | −35.1x | −44.0x | −60.7x | 28.1x |
| Debt ÷ equity | – | 0.03x | 0.01x | 0.00x | 0.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −7.0 | −20.3 | −114 | 602 |
| Current ratio | 5.74x | 1.49x | 1.38x | 3.75x | 4.18x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.