Ankündigung • May 22
Cleanspark, Inc. Appoints Ruben Sahakyan as Senior Vice President of Finance CleanSpark, Inc. announced the appointment of Ruben Sahakyan as Senior Vice President of Finance. Sahakyan has already joined the Company and will lead CleanSpark's Capital Markets, Financial Planning & Analysis functions, and support firm-wide M&A. Sahakyan joins CleanSpark from Keefe, Bruyette & Woods (KBW), a Stifel company, where he served as Managing Director in the Fintech & Financial Services Group and Co-Head of Digital Assets & Infrastructure Investment Banking. Over the course of his career, he has held roles at KBW, Stifel, GMP Securities and TD Bank, building broad experience across investment banking, equity research, risk management, and asset management. He has advised on more than $20 billion dollars of transaction value across the digital assets, infrastructure, and fintech sectors. With more than 15 years of financial services experience, Sahakyan brings significant depth in mergers and acquisitions, public and private capital markets transactions, and strategic advisory. Sahakyan holds Series 79 and 63 licenses, a Bachelor of Commerce degree from the University of Toronto and is a CFA charterholder. Reported Earnings • May 12
Second quarter 2026 earnings released: US$1.53 loss per share (vs US$0.49 loss in 2Q 2025) Second quarter 2026 results: US$1.53 loss per share (further deteriorated from US$0.49 loss in 2Q 2025). Revenue: US$136.4m (down 25% from 2Q 2025). Net loss: US$408.3m (loss widened 194% from 2Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. New Risk • Apr 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$842m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$338m net loss in 2 years). New Risk • Mar 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$842m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$842m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$273m net loss in 2 years). New Risk • Feb 06
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$627m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$627m). Currently unprofitable and not forecast to become profitable next year (US$141m net loss next year). Significant insider selling over the past 3 months (€1.2m sold). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to €8.59, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 13x in the Software industry in Italy. Ankündigung • Jan 23
CleanSpark, Inc., Annual General Meeting, Mar 03, 2026 CleanSpark, Inc., Annual General Meeting, Mar 03, 2026. Location: wwww.proxydocs.corn/clsk, United States Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €11.75, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Software industry in Italy. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Amanda Cavaleri was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 26
Independent Director recently sold €847k worth of stock On the 23rd of December, Thomas Wood sold around 85k shares on-market at roughly €9.92 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.2m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €10.06, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Software industry in Italy. Recent Insider Transactions • Dec 08
Independent Director recently sold €315k worth of stock On the 4th of December, Amanda Cavaleri sold around 24k shares on-market at roughly €12.88 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.4m more than they bought in the last 12 months. New Risk • Dec 07
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €70k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. High level of non-cash earnings (41% accrual ratio). Minor Risk Significant insider selling over the past 3 months (€70k sold). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €12.09, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Software industry in Italy. Reported Earnings • Nov 26
Full year 2025 earnings released: EPS: US$1.25 (vs US$0.69 loss in FY 2024) Full year 2025 results: EPS: US$1.25 (up from US$0.69 loss in FY 2024). Revenue: US$766.3m (up 102% from FY 2024). Net income: US$353.3m (up US$502.5m from FY 2024). Profit margin: 46% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Italy. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 13% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. High level of non-cash earnings (41% accrual ratio). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €14.84, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Software industry in Italy. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. High level of non-cash earnings (41% accrual ratio). Ankündigung • Oct 21
CleanSpark, Inc. Appoints Jeffrey Thomas as Senior Vice President of AI Data Centers CleanSpark, Inc. announced the appointment of Jeffrey Thomas as Senior Vice President of AI Data Centers. Thomas brings over four decades of global experience in emerging technologies and data center infrastructure development as CleanSpark positions itself for its next phase of growth. As Senior Vice President of AI Data Centers, Mr. Thomas will lead CleanSpark's strategy to expand beyond bitcoin mining by developing and operating advanced AI data center infrastructure. This strategic evolution will diversify the Company's revenue streams, strengthen long-term cash flow potential, and enhance its ability to serve the world's leading technology companies. Mr. Thomas is a globally recognized entrepreneur, advisor, and executive with extensive leadership experience spanning the United Kingdom, United States, Europe, Africa, and the Middle East. Over his career, he has led or participated in 19 ventures that have created more than $12 billion in shareholder value. Thomas joins CleanSpark from his role as President of AI Data Centres at Humain, where he spearheaded the Kingdom of Saudi Arabia's multi-billion AI data center program, assembling world-class teams, building strategic partnerships with hyperscalers and global technology firms, and advanced sovereign compute initiatives. CleanSpark's expansion into AI data center infrastructure builds on its proven, vertically integrated "infrastructure-first" model, leveraging large-scale bitcoin mining expertise to unlock value across its land and power portfolio. The Company's strong track record in rapid site development positions it to capitalize on accelerating demand for digital infrastructure driven by the rise of AI and compute-intensive applications. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €13.89, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Software industry in Italy. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €11.02, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €11.54 per share. Ankündigung • Sep 08
Cleanspark, Inc. Announces Executive Changes, Effective September 4, 2025 CleanSpark, Inc. announced that on September 8, 2025, the Company announced that effective September 4, 2025, the Company’s Board of Directors approved the following changes to executive titles: Gary A. Vecchiarelli has been named President, while continuing to serve as Chief Financial Officer. In this expanded leadership role, Gary will support the CEO by overseeing financial strategy, treasury operations, capital markets activities, and legal & compliance, while also driving organizational execution, operational excellence, and cross-functional alignment as President. Scott Garrison will now serve as Chief Development Officer and Executive Vice President, and oversee infrastructure expansion, corporate development, business operations, and government affairs. Scott previously served as chief operating officer and this transition reflects an expanded focus on growth of power infrastructure, as well as strategic datacenter development. Taylor Monnig has been named Chief Operating Officer, in addition to his existing chief technology officer role. This dual role will focus on operational excellence in bitcoin mining, energy optimization, and corporate functions, while driving innovation in software, hardware, and digital asset technology. Prior to CleanSpark, Taylor was issued a number of data center patents and won an Intel Innovation award as part of the OTTO HPC platform. Harry Sudock, formerly senior vice president, was appointed Chief Business Officer and will oversee investor relations and strategic communications, provide sector leadership, and play a key role in the development and implementation of the broader corporate strategy. Buy Or Sell Opportunity • Sep 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to €7.84. The fair value is estimated to be €10.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Buy Or Sell Opportunity • Aug 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €8.23. The fair value is estimated to be €10.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 80% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. High level of non-cash earnings (41% accrual ratio). Minor Risk Significant insider selling over the past 3 months (€463k sold). Reported Earnings • Aug 10
Third quarter 2025 earnings released: EPS: US$0.90 (vs US$1.03 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.90 (up from US$1.03 loss in 3Q 2024). Revenue: US$198.6m (up 91% from 3Q 2024). Net income: US$251.8m (up US$488.0m from 3Q 2024). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. Breakeven Date Change • Aug 08 The 12 analysts covering CleanSpark previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$231.9m in 2025. Earnings growth of 32% is required to achieve expected profit on schedule.
Buy Or Sell Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock has risen 15% to €9.16. The fair value is estimated to be €11.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 57% over the last 3 years. Meanwhile, the company became loss making. Breakeven Date Change • Jun 30
Forecast to breakeven in 2025 The 10 analysts covering CleanSpark expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$278.8m in 2025. Earnings growth of 95% is required to achieve expected profit on schedule. Recent Insider Transactions • May 23
Independent Director recently sold €463k worth of stock On the 21st of May, Roger Beynon sold around 50k shares on-market at roughly €9.26 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.2m more than they bought in the last 12 months. New Risk • May 09
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$489m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$489m). Shareholders have been diluted in the past year (23% increase in shares outstanding). Significant insider selling over the past 3 months (€648k sold). 
