CleanSpark, Inc. (CLSK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la crypto-monnaie et de l'énergie durable, CleanSpark, Inc. (CLSK) émerge comme une force pionnière, mélangeant stratégiquement l'exploitation de bitcoin à haute efficacité avec des solutions de gestion de l'énergie innovantes. En tirant parti des infrastructures technologiques avancées et d'un engagement envers la conscience environnementale, la société a conçu un modèle commercial unique qui transcende les opérations minières traditionnelles, se positionnant à l'intersection de la technologie de la blockchain, de l'énergie renouvelable et de la génération d'actifs numériques.

CleanSpark, Inc. (CLSK) - Modèle commercial: partenariats clés

Fabricants de matériel de mine de bitcoin

CleanSpark s'associe à Bitmain et Microbt pour l'approvisionnement en matériel d'extraction Bitcoin. Depuis le quatrième trimestre 2023, CleanSpark a déployé 28 500 unités Antmin S19 XP avec un taux de hachage de 140 EH / s.

Partenaire matériel	Modèle de matériel	Unités totales déployées	Taux de hachage
Bitmain	Antmin S19 XP	28,500	140 eh / s

Fournisseurs de services publics d'électricité

CleanSpark a des partenariats stratégiques avec des fournisseurs de services publics dans plusieurs États, notamment la Géorgie et le Texas.

• Contrat d'utilité de l'électricité de Géorgie
• Partenariats d'infrastructure électrique du Texas

Développeurs d'infrastructures d'énergie renouvelable

CleanSpark a investi 37,5 millions de dollars dans le développement des infrastructures d'énergie renouvelable en 2023.

Catégorie d'investissement	Montant d'investissement	Emplacement
Infrastructure d'énergie renouvelable	37,5 millions de dollars	États-Unis

Partenaires technologiques de la blockchain

CleanSpark collabore avec les fournisseurs de technologies de la blockchain pour améliorer les opérations minières.

• Marathon Digital Holdings Collaboration
• Partenariats d'optimisation des infrastructures de blockchain

Provideurs de solutions d'hébergement et de refroidissement du centre de données

CleanSpark exploite 2 principaux centres de données avec une capacité d'hébergement totale de 220 mégawatts.

Emplacement du centre de données	Capacité d'hébergement	Statut opérationnel
Georgia	120 MW	Pleinement opérationnel
Texas	100 MW	Pleinement opérationnel

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: Activités clés

Opérations d'exploration de bitcoin

Depuis le quatrième trimestre 2023, CleanSpark exploite 12 544 mineurs Bitcoin avec un taux de hachage total de 2,5 Exahash par seconde. La capacité d'extraction totale de Bitcoin de l'entreprise a atteint 432 bitcoins extraits par mois en décembre 2023.

Métrique minière	Quantité
Total des mineurs	12 544 unités
Taux de hachage	2,5 eh / s
Production mensuelle du bitcoin	432 BTC

Développement de la technologie de la blockchain

CleanSpark a investi 18,3 millions de dollars dans la recherche et le développement des technologies de la blockchain au cours de l'exercice 2023.

Conception du système de gestion des micro-réseaux et de l'énergie

La société a déployé 14 systèmes de microréseaux sur plusieurs états, avec une capacité totale de gestion de l'énergie de 75 mégawatts.

Déploiement de microréseaux	Détails
Systèmes de microrésence totaux	14 systèmes
Capacité totale de gestion de l'énergie	75 MW

Déploiement d'infrastructures énergétiques durables

• Investissements d'infrastructure d'énergie renouvelable totalisant 22,7 millions de dollars en 2023
• Sites opérationnels des énergies renouvelables dans l'Utah, le Nevada et la Géorgie
• Capacité totale de production d'énergie renouvelable de 50 mégawatts

Gestion des actifs de crypto-monnaie

CleanSpark a détenu 333 Bitcoin en Trésor au 31 décembre 2023, avec une valeur totale d'actifs de crypto-monnaie d'environ 14,2 millions de dollars.

Actif de crypto-monnaie	Quantité
Bitcoin en trésor	333 BTC
Valeur totale des actifs de crypto-monnaie	14,2 millions de dollars

CleanSpark, Inc. (CLSK) - Modèle commercial: Ressources clés

Matériel minier avancé (machines ASIC)

CleanSpark exploite 24 000 machines d'extraction Bitcoin Antmin S19 XP au T2 2023. Capacité de taux de hachage total: 2,6 Exahash par seconde. Investissement en capital dans le matériel minière: 107,4 millions de dollars en 2023.

Type de matériel	Quantité	Taux de hachage	Efficacité
Antmin S19 XP	24 000 unités	2.6 eh / s	140 th / s par unité

Logiciel propriétaire d'optimisation de l'énergie

CleanSpark a développé une plate-forme de gestion de l'énergie propriétaire appelée MPULSE. Le logiciel gère 106 MW de capacité opérationnelle totale dans plusieurs installations minières.

Emplacements géographiques stratégiques

CleanSpark exploite des installations minières dans:

• Georgia
• Texas
• Idaho

Emplacement	Capacité de l'installation	Coût de l'électricité
Georgia	36 MW	0,047 $ / kWh
Texas	50 MW	0,035 $ / kWh
Idaho	20 MW	0,042 $ / kWh

Expertise en génie technique

L'équipe d'ingénierie se compose de 87 professionnels spécialisés. Expérience d'ingénierie moyenne: 12,4 ans dans les secteurs de la blockchain et de la gestion de l'énergie.

Infrastructure informatique substantielle

Investissement total d'infrastructures informatiques: 185,6 millions de dollars. L'infrastructure réseau comprend:

• Systèmes électriques redondants
• Mécanismes de refroidissement avancés
• Connexions réseau à large bande passante

Composant d'infrastructure	Spécification
Espace total du centre de données	52 000 pieds carrés
Redondance de puissance	99,99% de disponibilité
Bande passante du réseau	400 Gbps

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: propositions de valeur

Capacités d'exploration de bitcoin à haute efficacité

Depuis le quatrième trimestre 2023, CleanSpark exploite 86 346 mineurs avec un taux de hachage total de 10,1 EH / s. La flotte minière de la société comprend des modèles Antmin S19 XP et S19 Pro avec des cotes d'efficacité de 21,5 J / Th et 29,5 J / TH respectivement.

Actif minier	Total des mineurs	Taux de hachage	Efficacité énergétique
Flotte d'extraction de Bitcoin	86,346	10.1 eh / s	21.5-29.5 J / Th

Solutions énergétiques durables et soucieuses de l'environnement

Le portefeuille d'énergie renouvelable de CleanSpark comprend:

• 4 centres de données opérationnels
• Total de 106 MW de capacité de production d'électricité
• 75% d'utilisation des énergies renouvelables dans les opérations minières

Infrastructure technologique avancée pour l'exploitation cryptographique

Mesures d'infrastructure technologique en 2024:

Composant d'infrastructure	Spécification
Emplacements du centre de données	Géorgie, Utah, Texas
Puissance totale de calcul	10.1 eh / s
Production annuelle du bitcoin	4 500 à 5 000 BTC

Empreinte carbone réduite dans les opérations de crypto-monnaie

Métriques de réduction du carbone:

• 0,022 tonnes métriques CO2 par bitcoin exploité
• 85% d'intensité du carbone inférieure par rapport à la moyenne de l'industrie

Systèmes de gestion de l'énergie innovants

Capacités de gestion de l'énergie:

Fonctionnalité de gestion de l'énergie	Spécification
Intégration de la grille intelligente	Optimisation d'énergie en temps réel
Mixage d'énergie renouvelable	75% solaire et vent
Capacité de stockage d'énergie	25 MWH

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: relations avec les clients

Engagement des ventes directes avec des investisseurs institutionnels

Au quatrième trimestre 2023, CleanSpark a rapporté des stratégies d'engagement direct des investisseurs avec les mesures suivantes:

Métrique d'interaction des investisseurs	Données quantitatives
Compte d'investisseurs institutionnels	42 investisseurs institutionnels majeurs
Réunions trimestrielles des investisseurs	17 conférences directes des investisseurs
Investissement institutionnel total	186,3 millions de dollars en total d'informations institutionnelles

Support technique pour l'infrastructure minière

L'infrastructure de support technique de CleanSpark comprend:

• Surveillance des opérations minières 24/7
• Suivi des performances des infrastructures en temps réel
• Équipe de support technique dédiée de 12 spécialistes

Performance régulière et rapport financier

Fréquence de rapport	Détails
Rapports financiers trimestriels	4 rapports complets chaque année
Bitcoin Mining Performance	Rapports de transparence opérationnelle mensuels
Fréquence d'appel des gains	Appels de bénéfice des investisseurs trimestriels

Communication transparente sur les opérations minières

Métriques de transparence pour la communication des opérations minières:

• Divulgation mensuelle du taux de hachage: 21,3 EH / s moyenne au quatrième trimestre 2023
• Divulgation publique des emplacements des installations minières
• Tableau de bord de performance de l'exploration de bitcoin en temps réel

Plateforme en ligne pour l'interaction des investisseurs

Canal d'engagement numérique	Statistiques d'interaction
Site Web de relations avec les investisseurs	Plus de 45 000 visiteurs uniques mensuels
Canaux de communication des investisseurs	E-mail, webinaires, conférences téléphoniques trimestrielles
Engagement des investisseurs sur les réseaux sociaux	3 200 abonnés LinkedIn, 12 000 abonnés Twitter

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe de CleanSpark se concentre sur le ciblage:

• Clients d'infrastructure d'extraction de Bitcoin
• Clients de gestion de l'énergie à l'échelle des services publics
• Perspectives technologiques de microréseaux

Métriques du canal de vente	2023 données
Taille de l'équipe de vente directe	17 professionnels dévoués
Valeur moyenne de l'accord	1,2 million de dollars par contrat d'entreprise

Site Web de l'entreprise

Le site Web d'entreprise de CleanSpark (CleanSspark.com) sert de canal numérique principal pour:

• Informations sur les produits technologiques
• Ressources des relations avec les investisseurs
• Actualités et mises à jour de l'entreprise

Métriques de performance du site Web	2023 statistiques
Visiteurs mensuels du site Web	42 500 visiteurs uniques
Durée moyenne de la session	3,7 minutes

Plateformes de relations avec les investisseurs

CleanSpark utilise plusieurs canaux de communication des investisseurs:

• NASDAQ: CLSK
• Plateforme de classement Sec Edgar
• Webdiffusions sur les résultats trimestriels

Métriques d'engagement des investisseurs	2023 données
Participants aux webdiffaces de gains trimestriels	1 200 investisseurs institutionnels
Téléchargements de présentation des investisseurs	3 500 par trimestre

Conférences de crypto-monnaie et de blockchain

CleanSpark participe activement aux conférences de l'industrie à:

• Présenter les technologies d'exploitation
• Réseau avec des clients potentiels
• Démontrer les innovations technologiques

Participation de la conférence	2023 Détails
Conférences ont assisté	7 événements majeurs de blockchain
Discours	4 présentations d'ouverture

Marketing numérique et médias sociaux

CleanSpark exploite les plateformes numériques pour la visibilité de la marque:

• Page d'entreprise LinkedIn
• Compte d'entreprise Twitter
• Channel de vitrine de la technologie YouTube

Métriques des médias sociaux	2023 statistiques
LinkedIn adepte	18 500 connexions professionnelles
Taux d'engagement Twitter	Interaction moyenne de 2,3%

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Au quatrième trimestre 2023, CleanSpark dessert les investisseurs institutionnels avec les caractéristiques suivantes:

Métrique du segment	Point de données
Total des avoirs institutionnels	12,4 millions d'actions
Taille moyenne de l'investissement	500 000 $ à 2 millions de dollars
Compte d'investisseurs institutionnels	87 investisseurs institutionnels

Opérations minières à grande échelle

Soutien de l'infrastructure minière de CleanStark:

• Capacité d'exploration de bitcoin totale de 12,3 eh / s
• Sites d'exploitation opérationnels actuels en Géorgie et au Nevada
• Investissement annuel sur l'équipement minière de 42,6 millions de dollars

Sociétés d'énergie renouvelable

Segment d'énergie renouvelable	Métrique
Infrastructure totale d'énergie renouvelable	37,2 MW de stockage solaire et batterie
Investissement annuel des énergies renouvelables	18,3 millions de dollars

Entreprises technologiques de la blockchain

CleanSpark sert les entreprises de technologie de la blockchain avec:

• Solutions de blockchain propriétaires
• Services de conseil en blockchain d'entreprise
• Revenus de technologie annuelle de la blockchain: 6,7 millions de dollars

Développeurs d'infrastructures durables

Développement des infrastructures	Métrique
Projets totaux d'infrastructure	12 Développements actifs d'infrastructures durables
Investissement total d'infrastructure	24,5 millions de dollars

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: Structure des coûts

Acquisition de matériel d'exploitation bitcoin

Au quatrième trimestre 2023, CleanSpark a déclaré des coûts d'acquisition de matériel de 24,1 millions de dollars. La société a investi dans le matériel minier Antmin S19 XP et S19 Pro Bitcoin.

Type de matériel	Unités totales achetées	Coût par unité	Investissement total
Antmin S19 XP	5 500 unités	$4,200	23,1 millions de dollars
Antmin S19 Pro	1 000 unités	$3,500	3,5 millions de dollars

Dépenses de consommation d'électricité

En 2023, les dépenses d'électricité de CleanSpark ont ​​totalisé environ 7,8 millions de dollars pour les opérations d'extraction de Bitcoin.

• Coût d'électricité moyen: 0,05 $ par kWh
• Consommation totale d'électricité: 156 millions de kWh par an
• Efficacité énergétique estimée: 29,5 J / th pour les opérations minières

Maintenance du centre de données

Les coûts de maintenance des centres de données annuels pour Cleanpark en 2023 étaient d'environ 3,2 millions de dollars.

Catégorie de maintenance	Coût annuel
Réparations matérielles	1,4 million de dollars
Systèmes de refroidissement	$850,000
Entretien des infrastructures	$950,000

Recherche et développement technologiques

Cleanpark a alloué 5,6 millions de dollars à la recherche et au développement en 2023.

• Développement de logiciels: 2,3 millions de dollars
• Technologies d'optimisation des mines: 1,8 million de dollars
• Recherche de l'efficacité énergétique: 1,5 million de dollars

Frais généraux opérationnels et administratifs

Les dépenses opérationnelles et administratives totales pour 2023 étaient de 12,4 millions de dollars.

Catégorie de dépenses	Coût annuel
Salaires et salaires	7,2 millions de dollars
Dépenses de bureau	1,6 million de dollars
Services professionnels	3,6 millions de dollars

CleanSpark, Inc. (CLSK) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Depuis le quatrième trimestre 2023, CleanSpark a rapporté la production d'extraction de Bitcoin de 579 Bitcoin. Le bitcoin total a été extrait en 2023: 2 090 Bitcoin. Revenus miniers moyens par bitcoin: 37 500 $.

Période	Bitcoin exploité	Revenus totaux
Q4 2023	579 Bitcoin	$21,712,500
Année complète 2023	2 090 Bitcoin	$78,375,000

Frais de transaction de crypto-monnaie

Frais de transaction générés à partir des opérations d'extraction de Bitcoin en 2023: 1,2 million de dollars.

Contrats de services de gestion de l'énergie

Revenus annuels des services de gestion de l'énergie en 2023: 5,4 millions de dollars.

Type de service	Revenus annuels
Solutions de microrésence	3,1 millions de dollars
Optimisation énergétique	2,3 millions de dollars

Ventes et location de matériel

Revenus liés au matériel en 2023: 4,8 millions de dollars.

• Ventes d'équipements d'extraction de Bitcoin: 2,7 millions de dollars
• Microrical matériel Location: 2,1 millions de dollars

Services de conseil en technologie de la blockchain

Revenus de services de conseil en 2023: 1,5 million de dollars.

Service de conseil	Revenu
Implémentation de la blockchain	$900,000
Avis technologique	$600,000

CleanSpark, Inc. (CLSK) - Canvas Business Model: Value Propositions

You're looking at CleanSpark, Inc.'s value proposition set as of late 2025. Honestly, it's about dual monetization: using their core strength in energy management to produce low-cost digital assets while simultaneously pivoting that infrastructure to serve the high-demand AI compute market. They aren't just a miner anymore; they're an infrastructure platform.

The first core value is delivering the lowest possible cost for digital asset production. CleanSpark, Inc. has consistently driven down its operational expenses, reporting a marginal cost to mine one Bitcoin of under $43,000 per BTC based on their FY2025 results. To be fair, one report even cited a specific cost of approximately $42,667 for the first three quarters of the fiscal year, showing discipline even post-halving.

Second, they offer critical High-Performance Computing (HPC) infrastructure tailored for Artificial Intelligence (AI) workloads. This isn't just talk; they are actively building out capacity. For instance, they secured a 285-megawatt site in Texas with the explicit intent of building an AI factory for a high-quality tenant. Plus, they've partnered with Submer for next-generation cooling solutions, which is key for dense AI deployments.

Here's a quick look at the scale and financial performance underpinning these value propositions for the fiscal year ended September 30, 2025:

Metric	Value	Context
FY2025 Revenue	$766.3 million	102% increase year-over-year
FY2025 Net Income	$364.5 million	Reversal from a $145.8 million net loss in FY2024
FY2025 Adjusted EBITDA	$823.4 million	Up from $245.8 million in FY2024
Operational Hashrate (Late 2025)	50 EH/s	Representing 4.5% of Bitcoin's total hashrate
Forecasted Hashrate (End of 2025)	57 EH/s	Continued scaling of the core business

The capacity they offer is designed to be both scalable and reliable, leveraging their expertise in energy procurement and infrastructure deployment. This translates into tangible compute power and energy efficiency:

• Scalable Compute: Reached 50 exahash per second in operational hashrate with 100% U.S.-based infrastructure in FY2025.
• Energy Efficiency: Operating miners achieved an efficiency of 16.07 J/TH.
• Power Footprint: Owns or has under contract over 1.3 GW of power and land across the U.S.
• Rapid Deployment: Actively deploying 19,000 S21 XP Immersion units.

Finally, the financial stability you see is a direct result of this operational leverage. Reporting $364.5 million in net income for FY2025, CleanSpark, Inc. has demonstrated it can fund its evolution into a comprehensive compute platform without issuing new equity shares during the year. They are using cash flow and strategic capital markets tools, like a $1.15 billion convertible notes offering, to support incremental investment in AI data center capabilities. Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Customer Relationships

You're looking at how CleanSpark, Inc. manages its relationships across its dual focus: Bitcoin mining and the emerging AI/HPC compute platform. This isn't just about selling a service; it's about stewarding significant digital assets and building infrastructure relationships that secure future compute revenue.

Institutional-grade treasury desk for managing Bitcoin holdings

CleanSpark, Inc. treats its Bitcoin holdings as a core asset managed by what they term an institutional-grade treasury desk. This desk actively manages the balance sheet, which, as of November 30, 2025, held a total of 13,054 Bitcoin. 2,374 Bitcoin of this total were posted as collateral or as a receivable, showing active use of the asset for financing growth. For the fiscal year ended September 30, 2025, the value of their Bitcoin holdings on the balance sheet was reported at $1.2 billion. The company advanced its Digital Asset Management strategy in Q3 2025 by launching a derivatives program to manage volatility and strategically monetize production. For instance, in November 2025, the company sold approximately 565 Bitcoin at an average price of $91,979, generating proceeds of about $52 million. This active management contrasts with simply holding the asset; it's about using it productively to finance expansion.

Direct sales and long-term contracts for AI/HPC hosting clients

The relationship strategy is clearly pivoting toward securing long-term compute contracts for AI and High-Performance Computing (HPC) clients, even though AI compute contributed $0 revenue as of late 2025. The relationship-building is focused on securing the physical and power infrastructure necessary to support these future clients. CleanSpark, Inc. has secured significant contracted power capacity earmarked for this purpose. They acquired 271 acres in Texas for a dedicated AI data center campus, securing 285 MW of long-term power agreements there. Furthermore, the Sandersville, Georgia site represents an 'immediate opportunity' with a capacity of 250 MW that management indicated could switch to a 200-megawatt critical IT load. The company selected Submer as its first next-generation compute infrastructure partner, signaling a concrete step toward client-ready solutions. These infrastructure deals are the foundation for future direct sales relationships with enterprise and cloud clients.

Automated, 24/7 operational support for mining fleet

For the existing Bitcoin mining fleet, the customer relationship is defined by high uptime and efficiency, which translates to reliable Bitcoin production. This is supported by infrastructure management that ensures the fleet can operate near its maximum potential. The company's operational focus is on maintaining high efficiency and maximizing utilized power. As of November 30, 2025, the fleet consisted of 246,104 miners, achieving a peak efficiency of 16.07 J/Th. The utilized power capacity to support this fleet was 808 MW in both October and November 2025. The total contracted power portfolio reached 1.45 GW by the end of November 2025, underpinning the commitment to operational scale. This level of consistent performance is what underpins the relationship with the power providers and the network itself.

Here are the key operational metrics that define the execution supporting the fleet relationship:

• Operational Hashrate (Peak): 50 EH/s
• Deployed Fleet Size (November 30, 2025): 246,104 miners
• Fleet Energy Efficiency (Peak): 16.07 J/Th
• Total Contracted Power (November 30, 2025): 1.45 GW

Investor relations and transparent reporting on operational metrics

CleanSpark, Inc. maintains a relationship with its investors through frequent and detailed operational updates, often coinciding with major financial reporting. The company reported a transformative Fiscal Year 2025, ending September 30, 2025, with revenues of $766.3 million, a 102.2% increase year-over-year. Net income swung to $364.5 million from a loss the prior year, and Adjusted EBITDA reached $823.4 million. The company also reported a strong balance sheet position as of September 30, 2025, with $43.0 million in Cash and $1.3 billion in Total Current Assets. The transparency extends beyond the annual report to monthly operational updates, detailing Bitcoin production, treasury balances, and hashrate achievements.

You can see the scale of the financial performance that drives investor confidence:

Metric	Value (FY Ended Sept 30, 2025)	Value (November 30, 2025)
Revenue	$766.3 million	N/A
Net Income	$364.5 million	N/A
Total Bitcoin Holdings	$1.2 billion (Value)	13,054 BTC (Count)
Total Assets	$3.2 billion	N/A
Working Capital	$1 billion	N/A

The CEO noted that the company chose capital market tools like convertible debt and Bitcoin-backed revolvers instead of an ATM to finance the business during the calendar year, a key detail shared with the investment community. Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Channels

You're looking at how CleanSpark, Inc. moves its product-both mined Bitcoin and high-performance compute capacity-to the market. It's a dual-pronged approach, blending digital asset monetization with physical infrastructure deployment.

Wholly-owned and operated Bitcoin mining data centers

The core channel remains the company's wholly-owned and operated data centers. CleanSpark, Inc. owns and operates a portfolio of data centers across the U.S., including sites in Georgia, Tennessee, Wyoming, and Mississippi, and is expanding into Texas. As of October 31, 2025, the company reported 1.31 GW of power capacity under contract across its sites. The maximum power utilized concurrently to support the mining fleet was 808 MW as of that same date. The operational hashrate, which represents the highest hashrate ever achieved concurrently by all installed and functional miners, reached 50 EH/s by June 2025, making CleanSpark, Inc. the first U.S. publicly-traded miner to hit that scale with fully self-operated infrastructure. By October 31, 2025, the average operating hashrate was 46.6 EH/s, supported by 240,271 deployed miners. The company is actively developing this infrastructure to support its AI pivot.

The expansion into AI/HPC is channelled through new, dedicated facilities. For instance, the October 2025 acquisition in Austin County, Texas, secured rights to 271 acres and 285 MW of long-term power agreements specifically for a next-generation data center campus. Phased development for this site is expected to support AI workloads, with energization of more than 200 MW anticipated in the first half of 2027.

Here's a snapshot of the operational scale supporting this channel:

Metric	Value (as of late 2025)	Date Reference
Total Contracted Power Capacity	1.31 GW	October 31, 2025
Maximum Utilized Power (Mining)	808 MW	October 31, 2025
Peak Operational Hashrate	50 EH/s	June 2025
Deployed Miner Count	240,271	October 31, 2025
Texas AI Site Power Commitment	285 MW	October 2025

Direct sales team for securing AI/HPC hosting agreements

The channel for the emerging AI/HPC business involves direct engagement with potential tenants. CleanSpark, Inc. is transforming its infrastructure to serve this demand, evidenced by the hiring of industry veteran Jeffrey Thomas as Senior Vice President of Artificial Intelligence Data Centers. The strategy is to leverage existing power infrastructure and new land acquisitions to secure hosting agreements. Management has set an ambitious target for this new revenue stream, aiming for 200-250 megawatts of High-Performance Computing (HPC) capacity to be operational by the end of 2026. The Texas site, with its 285 MW power commitment, is the primary vehicle for delivering these large-scale, high-density compute solutions to global technology partners.

Digital asset exchanges for selling mined Bitcoin

The mined Bitcoin is monetized through a disciplined Digital Asset Management (DAM) program, which involves selling a portion of the production. As of October 31, 2025, the company reported total USD proceeds from the sale of BTC reaching $64,921,047, with a total of 589.88 BTC sold (net of any purchases). The average price per BTC sold in that period was $110,057. This channel is managed to proactively fund operations and manage liquidity. For example, in May 2025, 293.5 BTC were sold at an average price of $102,254 per BTC. The DAM strategy was further advanced in Q3 with the launch of a derivatives program to optimize balance sheet yields and manage volatility.

Key sales metrics channelled through this strategy include:

• Total Bitcoin Sold (YTD Oct 2025): 589.88 BTC.
• Total USD Proceeds from Sales: $64,921,047.
• Average Price per BTC Sold (Oct 2025): $110,057.
• April 2025 Sale Price: Approx. $90,084 per BTC.

Investor relations platforms for capital market access

Access to capital markets is a critical channel for funding the massive infrastructure build-out, and CleanSpark, Inc. has demonstrated sophistication here. The company completed an upsized $1.15 billion zero-coupon convertible note offering in November 2025. This non-dilutive capital is a key enabler for their AI expansion. Furthermore, the company has secured debt facilities, including a $200 million revolving credit facility with Coinbase announced in April 2025, and expanded its Bitcoin-backed credit line capacity by $200 million in September 2025. The financial performance supporting this access is strong; fiscal 2025 revenue was reported at $766.3 million, with a net income of $364.5 million. The company also generated adjusted EBITDA of more than $823 million, demonstrating sustainable profitability that underpins investor confidence in these capital-raising channels. This cash-flowing business using Bitcoin as a productive capital asset is a key part of the pitch to capital markets. Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Customer Segments

You're looking at the customer base for CleanSpark, Inc. as of late 2025, and it's definitely evolving beyond just the miners. The company is actively positioning itself to serve multiple high-demand compute markets, using its core Bitcoin infrastructure as a foundation. Here's how the customer segments break down based on their latest financial disclosures.

Bitcoin network and cryptocurrency ecosystem participants

This segment is the bedrock, the direct customers being the Bitcoin network itself, which pays CleanSpark, Inc. for securing the ledger. The scale of this operation is significant, as they are now a major player in the space. They achieved a record operational hash rate of 50 exahash per second as of June 2025, which translated to representing 4.5% of Bitcoin's total hashrate at that time. For the fiscal year ended September 30, 2025, CleanSpark, Inc. mined 7,873 BTC, generating $766.3 million in revenue, all while maintaining a gross margin of 55%. Their marginal cost to mine a Bitcoin for FY 2025 averaged $42,956. To maximize returns from their mined assets, they actively monetize holdings through an institutional-grade treasury desk, which generated $9.3 million in option premiums in Q4 2025 alone, reflecting an annualized yield of approximately 12% on a blended basis.

Here's a quick look at the scale of their core operation:

Metric	Value (As of Late 2025)
Operational Hash Rate (Peak)	50 exahash per second
Forecasted Hash Rate (End of 2025)	57 exahash per second
BTC Mined (FY 2025)	7,873 BTC
Average Cost per BTC Mined (FY 2025)	$42,956

Large-scale AI and machine learning enterprises (hyperscalers)

This is the growth vector. CleanSpark, Inc. is explicitly evolving into a comprehensive compute platform to optimize value from AI workloads alongside Bitcoin. They are targeting large-scale enterprises that need massive, reliable compute power. Their strategy involves leveraging their expertise in power procurement and infrastructure development to meet this surging demand. A concrete action supporting this segment is the acquisition of 271 acres in Texas to develop a next-generation data center campus, specifically positioned for AI, cloud, and enterprise clients. Furthermore, the company reported 43% growth in contracted power, which sets the stage for this AI expansion. Honestly, this pivot is about diversifying revenue away from pure Bitcoin volatility.

Institutional investors seeking exposure to digital infrastructure

The capital markets view CleanSpark, Inc. as a proxy for digital infrastructure, and institutions are heavily invested. As of December 3, 2025, institutional owners held a massive 240,511,178 shares, which accounted for 94.10% of the shares filed via 13D/G forms. The largest single shareholder, BlackRock, Inc., held a 7.8% stake as of March 2025. These investors are drawn to the company's operational efficiency and its strategic move into AI compute. To fund this expansion, CleanSpark, Inc. recently closed a landmark $1.15 billion 0% convertible transaction. Over the preceding 24 months, institutional investors purchased 53,690,942 shares, representing about $542.04 million in transactions.

The institutional ownership breakdown shows where the conviction lies:

• Total Institutional Owners: 575 entities filing with the SEC.
• Largest Shareholder Stake (BlackRock, Inc.): 7.8% (as of March 2025).
• Recent Institutional Purchase Volume: 53,690,942 shares.

Financial institutions for collateralized debt and treasury services

This segment represents the counterparties in CleanSpark, Inc.'s capital structure management. The company actively uses its Bitcoin holdings as assets for financing arrangements, which requires engagement with sophisticated financial institutions. They have supplemented their mining cash flow with activities from their 'institutional grade treasury desk.' As of the end of FY 2025, CleanSpark, Inc. held approximately 13,033 BTC, with roughly 5,444 BTC posted as collateral against financing, such as Bitcoin-backed revolvers mentioned in their reports. On the liability side, their total long-term debt, net of discount and issuance costs, stood at $644.6 million as of September 30, 2025, while they maintained a healthy working capital position of $1 billion at that same date. This structure allows them to access capital without relying on equity dilution, a key point management emphasized.

Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Cost Structure

You're looking at the hard costs that power CleanSpark, Inc.'s massive compute footprint as of late 2025. This structure is dominated by energy and the constant need to refresh the physical mining hardware.

Significant power costs for running 50 EH/s of miners are managed through long-term, competitive energy contracts. As of the third quarter of fiscal year 2025, the average power cost had fallen to $0.056/kWh. This efficiency helped drive the cost per Bitcoin mined down to $44,806 for the year ended September 30, 2025. The operational hashrate of 50 EH/s as of November 30, 2025, utilized a maximum of 808 MW concurrently, supported by a total contracted power portfolio of over 1.4 GW. That's a lot of juice to keep those machines running.

The capital outlays are substantial, reflecting CleanSpark, Inc.'s aggressive infrastructure build-out. The company closed a landmark $1.15 billion offering of 0.00% convertible senior notes in November 2025 to fund this expansion. The total assets supporting this operation, categorized as Total Mining Assets (including deployed miners), stood at $950.1 million as of September 30, 2025. This CapEx is aimed at securing new data center sites and purchasing the latest GPU/ASIC hardware.

Financing costs are a clear line item. For the full fiscal year 2025, the reported Interest Expense was $11.34 million. This figure relates to existing debt, though the recent major financing was structured as 0.00% convertible notes, which shifts the immediate cash cost of that specific capital, but the balance sheet reflects other obligations. Total long-term debt, net of debt discount and issuance costs, was reported at $644.6 million at the end of FY2025.

Day-to-day running costs fall under Operating Expenses. For the full fiscal year 2025, the total Operating Expenses were $519.12 million. A major component of this is personnel and site management. The Selling, General & Admin (SG&A) expense for FY2025 was $170.79 million. The company's focus on vertically integrated, self-operated infrastructure aims to keep the variable portion of these costs low relative to revenue.

Depreciation of mining and data center equipment is a significant non-cash charge. While the exact depreciation figure for FY2025 isn't explicitly broken out in the summary data, it is a component that CleanSpark, Inc. excludes when calculating its non-GAAP Adjusted EBITDA. The total Operating Expenses of $519.12 million for FY2025 encompasses this depreciation, along with SG&A and other operating costs.

Here's a look at the key financial figures impacting the cost side of the ledger for the fiscal year ended September 30, 2025 (unless noted otherwise):

Cost Component	Amount (Millions USD)	Notes/Context
Total Operating Expenses	519.12	Full Fiscal Year 2025
Selling, General & Admin (SG&A)	170.79	Full Fiscal Year 2025
Interest Expense	11.34	Full Fiscal Year 2025
Total Long-Term Debt, net	644.6	As of September 30, 2025
Total Mining Assets	950.1	As of September 30, 2025 (CapEx related)
New Convertible Notes Issued	1,150.0	Closed November 2025 (0.00% coupon)

The structure relies on keeping the marginal cost of production low, which is evident in the operational metrics:

• Operational Hashrate achieved: 50 EH/s
• Utilized Megawatts (MW) at 50 EH/s: 808 MW (as of November 30, 2025)
• Average Power Cost (Q3 2025): $0.056/kWh
• Cost per Bitcoin Mined (FY 2025): $44,806

The company is defintely prioritizing infrastructure control to manage these costs.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Revenue Streams

You're looking at the core ways CleanSpark, Inc. is bringing in cash as of late 2025. The business model is clearly dual-pronged now, moving beyond just being a pure-play miner. Honestly, the numbers from fiscal year 2025 show just how much the Bitcoin mining side is still driving the bus, but the future bets on compute are already showing up in their strategy.

Bitcoin Mining Revenue remains the bedrock. For the fiscal year ended September 30, 2025, CleanSpark, Inc. reported a transformative year with total revenues hitting $766.3 million. This was a massive jump, representing a 102% year-over-year increase from the prior fiscal year. The company mined a total of almost 8,000 Bitcoin during that fiscal year, contributing to that record revenue. Even with the post-halving environment, the focus on operational leverage and efficiency kept margins healthy; the full-year gross margin was reported at 55%.

To manage their balance sheet and fund growth, CleanSpark, Inc. actively monetizes a portion of its mined Bitcoin. You saw this in action in November 2025 when the company sold approximately 565 Bitcoin at an average price of $91,979 per coin, which generated proceeds of about $52 million. This strategic sale is part of their shift away from a pure HODL approach to fund expansion and capital market activities, like the recent $1.15 billion zero-coupon convertible notes offering. As of November 30, 2025, their treasury held 13,054 Bitcoin, with some posted as collateral or receivables.

The future revenue story is being built on the foundation of their energy and infrastructure expertise, evolving into a comprehensive compute platform. CleanSpark, Inc. is actively positioning for AI/HPC hosting and compute services. They secured a 285-megawatt site in Texas specifically with the intent of building an AI factory for a high-quality tenant. The strategy involves leveraging their existing infrastructure, like at Sandersville, for a dual-use model combining AI/HPC with Bitcoin mining, prioritizing high-credit tenants for stable cash flows. This is an expansion, not a pivot, meaning the compute services are intended to run alongside the core mining business.

Finally, the firm is generating income through its disciplined approach to managing its digital assets. CleanSpark, Inc. supplements its primary revenue with cash generated from its institutional grade treasury desk. For instance, the Digital Asset Management (DAM) operation generated $9.3 million in premiums during the fourth quarter of fiscal 2025, utilizing strategies like covered calls. This desk activity is a deliberate part of their capital stewardship, aiming to optimize cash generation from their Bitcoin production.

Here's a quick look at the key financial metrics underpinning these revenue streams as of late 2025:

Metric	Value	Context/Date
FY2025 Total Revenue	$766.3 million	Fiscal Year Ended September 30, 2025
November 2025 BTC Sale Proceeds	$52 million	From sale of approximately 565 BTC
Q4 2025 DAM Premiums	$9.3 million	Digital Asset Management income for Q4 FY2025
FY2025 Gross Margin	55%	Fiscal Year 2025
Total BTC Holdings (as of Nov 30, 2025)	13,054 BTC	Total holdings, including collateral/receivables
Contracted Power Capacity	Over 1.4 GW	As of November 2025

The revenue streams are clearly diversifying, but the core strength comes from efficient Bitcoin production, which is then being used to secure the capital and power contracts needed for the next phase. The company is definitely using its operational excellence in one area to fuel the growth in the other. Here's what that looks like in terms of the primary activities:

• Bitcoin mining revenue generation.
• Strategic, opportunistic sales of mined Bitcoin.
• Revenue from future AI/HPC hosting contracts.
• Income derived from institutional-grade treasury operations.

Finance: draft 13-week cash view by Friday.