MeritValue

CLEANSPARK, INC.

CLSKdata completeness 100%18 fiscal years on file
The thesis, from the filings

CLEANSPARK, INC. earns about -4% on invested capital, but has diluted owners by 979% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$39.3M1$131.5M2$168.4M3$379M3$766.3M3
Net income−$21.8M4−$57.3M5−$138.1M6−$145.8M6$364.5M6
Operating cash flow−$24M7$73.5M8−$17.2M9−$233.7M9−$461M9
Capital expenditure$139.2M10$19.3M10$61.5M11$66.1M11$144.7M11
Free cash flow (derived)−$163.2M7$54.2M8−$78.7M9−$299.8M9−$605.7M9
Total debt—$13.4M12$8.91M13$7.18M14$644.6M14
Cash & equivalents$18M15$20.5M16$29.2M17$121.2M18$43M18
Diluted shares29.4M42.6M102.7M216.9M317.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$68.45
your share of equity
Profit it earned you last year
$11.47
Free cash flow it threw off
−$19.06
Debt you’d be carrying
$20.29

10 shares is a claim on $68.45 of net worth that earned you $11.47 and generated −$19.06 of cash last year, against $20.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 -2%FY22 -8%FY23 -16%FY24 -7%FY25 12%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+979% shares · 5y

Share count is up 979% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 4699% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0000950170-22-026564 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0000950170-24-132565 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001193125-25-297510 (Revenues)
  4. 10-K · period ending 2021-09-30 · accession 0000950170-22-026564 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0000950170-24-132565 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001193125-25-297510 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0000950170-22-026564 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0000950170-24-132565 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0001193125-25-297510 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0000950170-22-026564 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-09-30 · accession 0001193125-25-297510 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2022-09-30 · accession 0000950170-23-067339 (LongTermDebt)
  13. 10-K · period ending 2023-09-30 · accession 0000950170-24-132565 (LongTermDebt)
  14. 10-K · period ending 2024-09-30 · accession 0001193125-25-297510 (LongTermDebt)
  15. 10-K · period ending 2021-09-30 · accession 0000950170-22-026564 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-09-30 · accession 0000950170-23-067339 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-09-30 · accession 0000950170-24-132565 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-09-30 · accession 0001193125-25-297510 (CashAndCashEquivalentsAtCarryingValue)