CleanSpark, Inc. (CLSK): Business Model Canvas [Dec-2025 Updated]

You're looking at CleanSpark, Inc., and wondering if it's just another digital asset miner-a common mistake, defintely. Having spent years mapping out infrastructure giants, I see a sophisticated compute play here, not just a spot market participant; CleanSpark, Inc. is actively pivoting its massive 1.4 GW power capacity to capture both low-cost Bitcoin, which saw them mine 7,873 BTC in FY2025 at a marginal cost under $43,000, and lucrative AI workloads. This dual-engine approach powered a $364.5 million net income last fiscal year, showing the model is firing on all cylinders, but understanding how they connect power procurement, capital markets, and compute deployment requires a deeper look. Scroll down to see the full Business Model Canvas detailing the key resources and revenue streams making this strategy work.

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

You're looking at how CleanSpark, Inc. builds its operational moat through strategic alliances, which is key to monetizing its energy assets beyond just Bitcoin mining. These partnerships are about securing scale and technology for the next computing era.

Submer for next-generation immersion cooling technology.

CleanSpark, Inc. selected Submer in October 2025 as its first strategic partner to evaluate opportunities for building out its AI data center expansion in North America. This relationship is designed to integrate CleanSpark, Inc.'s land and power assets with Submer's expertise in sustainable, modular, liquid-cooled data center systems. The goal is to deliver AI capacity at gigawatt scale. CleanSpark, Inc. is leveraging this to transform its infrastructure platform into the backbone for intelligent computing, moving beyond its core Bitcoin mining operations.

Utility providers (e.g., TVA) for securing 1.4+ GW of contracted power.

Securing massive, low-cost power capacity is a cornerstone of CleanSpark, Inc.'s strategy, allowing it to maintain a competitive cost of production and secure future AI loads. As of November 2025, the company expanded its contracted power capacity to approximately 1.45 gigawatts (GW). This growth included adding a new 125 MW site in the Tennessee Valley Authority (TVA) service territory in November 2025. You can see the scale of their power commitments below:

This disciplined approach to power acquisition is what allows CleanSpark, Inc. to compete for and win large, multi-year energy commitments.

Hyperscalers and large enterprises for AI/HPC hosting contracts.

CleanSpark, Inc.'s infrastructure strategy is explicitly designed to capture demand from hyperscalers and large enterprises needing High-Performance Computing (HPC) capacity. The company is actively positioning its assets to serve this market, which is expected to grow from $57 billion in 2024 to $87.31 billion by 2030. The partnership with Submer directly supports this by providing the necessary liquid-cooling infrastructure for dense AI workloads. CleanSpark, Inc. executives noted they successfully prevailed over a trillion dollar hyperscaler for a 100 megawatt contract in Cheyenne, winning because they could commit to starting power consumption in 6 months, whereas the hyperscaler needed 2-3 years for campus buildout. The company's current portfolio and pipeline support over 1 GW with an additional pipeline exceeding 2 GW for AI applications. CleanSpark, Inc. reported fiscal 2025 unaudited revenue surpassed $766 million, with the AI transition expected to deliver steady, high-margin revenues.

ASIC manufacturers (e.g., Bitmain) for miner fleet upgrades.

Maintaining a leading fleet efficiency requires continuous partnership with ASIC manufacturers, primarily Bitmain, to secure the latest generation of hardware. As of November 30, 2025, CleanSpark, Inc. operated a fleet of 246,104 miners. You can see the scale of recent procurement activity:

• In August 2024, CleanSpark, Inc. executed a $167.7 million deal for 26,000 Bitmain immersion miners.
• In April 2025, the company exercised an option to buy 13,200 Bitcoin miners, valued at $76.6 million net of prior deposits, by transferring 691 BTC to the manufacturer (believed to be Bitmain).
• This April 2025 deal embedded a call option allowing CleanSpark, Inc. to repurchase those 691 BTC at $110,900 per coin.
• Earlier in January 2024, an agreement was announced for up to 160,000 Bitmain S21 miners, with an initial purchase of 60,000 units.
• That January 2024 agreement included a call option to buy an additional 100,000 S21s at a fixed price of $16.00 per terahash.

These transactions show CleanSpark, Inc. using its capital strength to lock in hardware pricing and secure efficiency gains well ahead of the market.

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

You're looking at the core engine driving CleanSpark, Inc. right now-the day-to-day execution that turns power and capital into compute and Bitcoin. It's a complex set of activities, definitely, balancing the core mining business with this aggressive new push into AI infrastructure.

Bitcoin Mining Operations

The bread-and-butter activity remains Bitcoin mining, and the fiscal year 2025 results show serious scale was achieved. For the fiscal year ended September 30, 2025, CleanSpark, Inc. mined 7,873 BTC. This massive output translated into $766.3 million in revenue for FY2025, a 102% year-over-year increase, swinging the company to a net income of $364.5 million. Honestly, the operational efficiency is what keeps this going; the marginal cost to mine a Bitcoin was reported as under $43,000.

The computational power-or hashrate-is the key metric here. CleanSpark, Inc. surpassed its mid-year target, achieving an operational hashrate of over 50 EH/s, representing about 4.5% of Bitcoin's total hashrate as of late 2025. The fleet efficiency sits at 16.07 J/TH. They are already forecasting further scaling, aiming for 57 EH/s online by the end of 2025.

Here's a quick look at the scale of the mining engine as of the end of FY2025 and near-term metrics:

Developing and Commissioning AI/HPC Data Center Infrastructure

CleanSpark, Inc. is actively executing a strategic evolution into a comprehensive compute platform, using its power expertise to anchor AI and High-Performance Computing (HPC) infrastructure. This wasn't just talk; in October 2025, the company launched this AI strategy in a big way.

The key activity here involves securing the land and power for these next-generation facilities. They acquired rights to approximately 271 acres of land in Austin County, Texas, securing long-term power supply agreements totaling 285 megawatts (MW) specifically for a dedicated AI data center campus. They also identified a 250 MW site in Georgia suitable for AI development. To support this, they formed a strategic partnership with Submer for efficient cooling solutions.

The scale of their power portfolio is the foundation for this pivot. As of November 30, 2025, CleanSpark, Inc. had expanded its contracted power to over 1.4 GW. The Texas site is scheduled for phased development, with energization of more than 200 MW expected in the first half of 2027. You can see the dual focus in their power utilization:

• Contracted power as of October 31, 2025: 1.31 GW.
• Actively utilized MW as of October 31, 2025: 808 MW.
• Additional power capacity secured under contract in June 2025: 179 megawatts.

Strategic M&A

Growth isn't just organic; CleanSpark, Inc. has a history of using strategic mergers to rapidly scale capacity. A major recent activity was the completion of the acquisition of GRIID Infrastructure Inc. on October 30, 2024. This was an all-stock deal initially valued at $155 million. The strategic goal of this M&A was to expand capacity in Tennessee, with plans to build it to over 400 MW in the coming years. This move added significant geographic and power supply diversity, specifically within the Tennessee Valley Authority (TVA) service territory.

Capital Management

Managing capital to fund aggressive expansion without equity dilution is a critical activity. CleanSpark, Inc. executed a landmark financing event in November 2025. On November 10, 2025, the company announced the upsize and pricing of its offering of $1.15 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032, which closed on November 13, 2025. The net proceeds to the company were approximately $1.13 billion.

A key component of this capital stewardship was using a portion of the proceeds to reinforce confidence in the stock. The company used approximately $460.0 million to repurchase about 30.6 million shares of its common stock, representing roughly 10.9% of the outstanding shares at that time. The initial conversion price for these notes was set at approximately $19.16 per share, which represented a 27.50% conversion premium to the closing price on November 10, 2025. The remaining net proceeds are earmarked for power/land portfolio expansion, data center development, and repaying outstanding bitcoin-backed credit balances.

Power Procurement and Energy Optimization

Optimization is baked into the operational DNA, focusing on securing low-cost, high-reliability energy and then deciding the best use for that power-Bitcoin mining or AI compute. The company's philosophy is to deliver each megawatt to its optimal use case.

The procurement efforts have been successful in locking in capacity for both current and future needs. As of November 25, 2025, CleanSpark, Inc. had more than 1 gigawatt of power under contract live across its data centers. This includes the 285 MW secured for the Texas AI campus, with energization targeted for 2027. Furthermore, in June 2025, they secured an additional 179 megawatts of power capacity under contract, enough to support over 10 EH/s of incremental hashrate. The company is also evaluating behind-the-meter generation opportunities using nearby natural gas pipelines at the Texas site.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power CleanSpark, Inc.'s operations as of late 2025. These aren't just line items; they are the physical and digital foundations enabling their dual strategy across Bitcoin mining and high-performance compute (HPC) infrastructure.

The scale of their energy commitment is substantial. CleanSpark, Inc. reported an extensive power and land portfolio totaling 1.45 GW (or 1,450 MW) under contract as of the end of November 2025. This represents a significant expansion, up from 1,030 MW at the end of October 2025. To be fair, the utilized capacity during that period was 808 MW.

The Bitcoin treasury remains a key financial resource, showcasing disciplined accumulation. As of November 30, 2025, CleanSpark, Inc. held 13,054 BTC in total. Remember that 2,374 of those Bitcoin were posted as collateral or as a receivable to finance further growth and infrastructure development. This treasury is a productive capital asset for the company.

Operational scale in the mining fleet is another defining resource. CleanSpark, Inc. achieved an operational hashrate capacity exceeding 50 EH/s, with the average operating hashrate for November 2025 reported at 47.4 EH/s. This scale is backed by a deployed fleet of 246,104 miners as of month-end November 2025.

The physical footprint is concentrated in key energy markets. CleanSpark, Inc.'s specialized data center facilities are established across several states, including existing operations in Georgia and Mississippi, with significant recent expansion into Texas (Austin County) and prior acquisitions in Tennessee and Wyoming. This geographical diversity helps manage regional energy risks.

Underpinning all of this is proprietary expertise in energy-efficient infrastructure development. This expertise translates directly into lower operating costs, as evidenced by fleet efficiency metrics. The peak efficiency of the deployed fleet was reported at 16.07 J/Th as of November 2025. Furthermore, management expects to deploy new S21 XP immersion units achieving an industry-leading efficiency of 13.5 J/Th by the first quarter of 2026. This focus on efficiency is defintely critical for margin preservation.

Here's a quick look at the key operational and financial metrics as of the November 2025 update:

Finance: review the projected cash flow impact of the $1.15 billion zero-coupon convertible notes closing by end of Q1 2026.

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:

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:

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:

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:

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):

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:

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.