속보 • May 23
CleanSpark Expands Data Center Footprint as Bitcoin Holdings and AI Focus Grow CleanSpark’s Bitcoin production for early 2026 reached 658 BTC in March, supported by a reported hashrate of 50 EH/s and a contracted power capacity of 1.8 gigawatts. Its Bitcoin holdings climbed to more than 13,500 BTC by April 2026.
The company expanded its infrastructure footprint with a second Texas data center campus that adds 300 megawatts of power capacity, and it is redeveloping its 250 MW Sandersville, Georgia site to support AI and high-performance computing workloads alongside Bitcoin mining.
CleanSpark reported a fiscal Q2 2026 net loss driven mainly by a US$224m Bitcoin impairment. Management highlighted liquidity of about US$1.2b, a development pipeline above 5 GW and ongoing talks with an investment-grade hyperscale AI customer. Institutional investor Situational Awareness LP increased its stake, and analysts raised price targets despite forecasting a loss for the current quarter and fiscal year.
This combination of growing infrastructure scale, a larger Bitcoin treasury and a pivot toward AI and high-performance computing services positions CleanSpark as both a crypto mining operator and a digital infrastructure provider tied to demand for compute-intensive workloads.
Investors may want to pay close attention to how quickly AI/HPC leases are signed, the terms of any agreement with the potential hyperscale tenant and how future Bitcoin price movements affect the value of the company’s large digital asset holdings and impairment risk. 공시 • 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. Major Estimate Revision • May 18
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -US$2.52 to -US$3.29 per share. Revenue forecast unchanged at US$642.3m. Software industry in the US expected to see average net income growth of 27% next year. Consensus price target up from US$19.29 to US$20.38. Share price fell 7.7% to US$13.11 over the past week. Reported Earnings • May 12
Second quarter 2026 earnings: EPS and revenues miss analyst expectations 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 missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 112%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$676.5m to US$652.1m. Losses expected to increase from US$2.28 per share to US$2.51. Software industry in the US expected to see average net income growth of 24% next year. Consensus price target of US$19.21 unchanged from last update. Share price rose 2.5% to US$11.80 over the past week. 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). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$338m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). 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 Risk Less than 1 year of cash runway based on free cash flow trend (-US$842m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$273m net loss in 2 years). Share price has been volatile over the past 3 months (14% average weekly change). Recent Insider Transactions Derivative • Feb 20
CEO & Chairman notifies of intention to sell stock S. Schultz intends to sell 104k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of February. If the sale is conducted around the recent share price of US$9.28, it would amount to US$966k. For the year to September 2019, Schultz's total compensation was 2% salary and 98% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2025, Schultz's direct individual holding has increased from 2.35m shares to 2.84m. Company insiders have collectively sold US$7.0m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Feb 06
Price target decreased by 9.5% to US$20.92 Down from US$23.12, the current price target is an average from 13 analysts. New target price is 108% above last closing price of US$10.08. Stock is down 11% over the past year. The company is forecast to post a net loss per share of US$3.37 compared to earnings per share of US$1.25 last year. Major Estimate Revision • Feb 06
Consensus revenue estimates decrease by 19%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$805.8m to US$656.0m. EPS estimate increased from -US$0.431 to -US$0.411 per share. Software industry in the US expected to see average net income growth of 19% next year. Consensus price target of US$23.08 unchanged from last update. Share price fell 34% to US$8.27 over the past week. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to US$10.22, the stock trades at a trailing P/E ratio of 7.4x. Average forward P/E is 13x in the Software industry in the US. Total returns to shareholders of 199% over the past three years. 공시 • 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 Major Estimate Revision • Jan 07
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$867.7m to US$854.7m. EPS estimate also fell from US$0.87 per share to US$0.727 per share. Net income forecast to shrink 39% next year vs 20% growth forecast for Software industry in the US . Consensus price target of US$23.27 unchanged from last update. Share price rose 18% to US$11.95 over the past week. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$12.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Software industry in the US. Total returns to shareholders of 402% over the past three years. Board Change • Jan 02
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 US$997k worth of stock On the 23rd of December, Thomas Wood sold around 85k shares on-market at roughly US$11.69 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 US$2.6m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$11.91, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Software industry in the US. Total returns to shareholders of 524% over the past three years. Recent Insider Transactions • Dec 08
Independent Director recently sold US$367k worth of stock On the 4th of December, Amanda Cavaleri sold around 24k shares on-market at roughly US$15.02 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 US$1.6m 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: US$82k 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 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 Risks Share price has been volatile over the past 3 months (15% average weekly change). Significant insider selling over the past 3 months (US$82k sold). Major Estimate Revision • Dec 02
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$1.03b to US$876.5m. EPS estimate fell from US$1.33 to US$0.833 per share. Net income forecast to shrink 33% next year vs 21% growth forecast for Software industry in the US . Consensus price target down from US$23.98 to US$23.16. Share price rose 23% to US$14.08 over the past week. Reported Earnings • Nov 26
Full year 2025 earnings: EPS and revenues miss analyst expectations 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 missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 82% per year whereas the company’s share price has increased by 81% per year. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to US$10.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Software industry in the US. Total returns to shareholders of 402% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$5.11 per share. 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 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). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$16.23, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Software industry in the US. Total returns to shareholders of 456% over the past three years. 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 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). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). 공시 • 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. New Risk • Oct 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Price Target Changed • Oct 13
Price target increased by 7.7% to US$21.61 Up from US$20.07, the current price target is an average from 11 analysts. New target price is 7.9% above last closing price of US$20.04. Stock is up 85% over the past year. The company is forecast to post earnings per share of US$1.54 next year compared to a net loss per share of US$0.69 last year. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$15.14, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Software industry in the US. Total returns to shareholders of 401% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$11.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Software industry in the US. Total returns to shareholders of 232% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$11.78 per share. Recent Insider Transactions Derivative • Sep 10
CEO & Chairman notifies of intention to sell stock S. Schultz intends to sell 190k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of September. If the sale is conducted around the recent share price of US$9.17, it would amount to US$1.7m. For the year to September 2018, Schultz's total compensation was 5% salary and 95% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Schultz's direct individual holding has decreased from 2.73m shares to 2.36m. Company insiders have collectively sold US$1.4m more than they bought, via options and on-market transactions in the last 12 months. 공시 • 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 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to US$9.08. The fair value is estimated to be US$11.71, 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 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.4% to US$9.36. The fair value is estimated to be US$11.72, 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 2.9% 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 Earnings are forecast to decline by an average of 2.9% 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 (US$525k sold). Reported Earnings • Aug 10
Third quarter 2025 earnings: EPS exceeds analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 57%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. 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 20% undervalued Over the last 90 days, the stock has risen 19% to US$10.44. The fair value is estimated to be US$13.12, 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. Recent Insider Transactions • May 23
Independent Director recently sold US$525k worth of stock On the 21st of May, Roger Beynon sold around 50k shares on-market at roughly US$10.51 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 US$1.3m 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: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$489m). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Significant insider selling over the past 3 months (US$693k sold). Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$8.77, the stock trades at a forward P/E ratio of 7x. Average trailing P/E is 30x in the Software industry in the US. Total returns to shareholders of 25% over the past three years. Recent Insider Transactions • Mar 26
Independent Director recently sold US$357k worth of stock On the 24th of March, Thomas Wood sold around 44k shares on-market at roughly US$8.04 per share. This transaction amounted to 23% 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 US$9.3m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Mar 25
Independent Director notifies of intention to sell stock Thomas Wood intends to sell 44k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of March. If the sale is conducted around the recent share price of US$8.04, it would amount to US$357k. Since September 2024, Thomas' direct individual holding has increased from 184.12k shares to 197.25k. Company insiders have collectively sold US$8.9m more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Mar 20
Price target decreased by 13% to US$19.25 Down from US$22.00, the current price target is an average from 8 analysts. New target price is 148% above last closing price of US$7.75. Stock is down 63% over the past year. The company is forecast to post earnings per share of US$1.03 next year compared to a net loss per share of US$0.69 last year. 공시 • Jan 23
CleanSpark, Inc., Annual General Meeting, Mar 03, 2025 CleanSpark, Inc., Annual General Meeting, Mar 03, 2025. 공시 • Dec 03
CleanSpark, Inc. announced delayed annual 10-K filing On 12/02/2024, CleanSpark, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. 공시 • Nov 30
CleanSpark, Inc. to Report Fiscal Year 2024 Results on Dec 02, 2024 CleanSpark, Inc. announced that they will report fiscal year 2024 results on Dec 02, 2024 공시 • Nov 01
CleanSpark, Inc. (NasdaqCM:CLSK) completed the acquisition of Griid Infrastructure Inc. (NEOE:GRDI) from Griid Holdco LLC, Adit Edtech Sponsor, LLC, Blockchain Capital Solutions (US), Inc. and others. CleanSpark, Inc. (NasdaqCM:CLSK) entered into an agreement to acquire Griid Infrastructure Inc. (NEOE:GRDI) from Griid Holdco LLC, Adit Edtech Sponsor, LLC, Blockchain Capital Solutions (US), Inc. and others for approximately $82.2 million on June 26, 2024. The total enterprise value, including payment and assumption of debt, of the transaction is $155 million. Concurrent with the signing of the merger agreement, the companies also entered into an exclusive hosting agreement for all currently available power, of which 20 MW will be allocated to CleanSpark effective immediately. CleanSpark also provided GRIID with a $5 million dollar working capital loan and a pay-down bridge loan of approximately $50.9 million that was used to satisfy certain obligations of GRIID at signing. Termination by CleanSpark because GRIID, its subsidiaries or any of its directors or officers materially breached its non-solicitation obligations, GRIID would be required to pay CleanSpark a termination fee of $1.5 million.
The transaction is subject to approval of offer by acquirer shareholders. The deal has been unanimously approved by the board. The GRIID board established a special committee of independent directors (the “GRIID special committee”), and appointed Sharmila Kassam and Cristina Dolan to serve as members of the GRIID special committee, with Kassam serving as chair. The expected completion of the transaction is July 1, 2024 to September 30, 2024. As of July 3, 2024 the expected to close before the end of September. The CleanSpark anticipates the completion of the acquisition of GRIID Infrastructure Inc. will occur before October month's end.
As on October 28, 2024 the transaction has been approved by Griid Infrastructure shareholders.
Christopher J. Bellini and Joseph C. Bedwick of Cozen O'Connor acted as legal advisor and due diligence provider for CleanSpark, Inc. Patrick B. Costello of Troutman Pepper Hamilton Sanders LLP acted as legal advisor for Griid Infrastructure Inc. Lincoln International LLC is serving as financial advisor as well as fairness opinion advisor to Griid. Lincoln International LLC and Troutman Pepper Hamilton Sanders LLP acted as due diligence providers for Griid. Lincoln will receive a fee in the amount of $300,000 for its services. Continental Stock Transfer & Trust Company acted as transfer agent to GRIID. Securities Transfer Corporation is the transfer agent and registrar for CleanSpark common stock. Continental Stock Transfer & Trust Company acted as transfer agent to GRIID.
CleanSpark, Inc. (NasdaqCM:CLSK) completed the acquisition of Griid Infrastructure Inc. (NEOE:GRDI) from Griid Holdco LLC, Adit Edtech Sponsor, LLC, Blockchain Capital Solutions (US), Inc. and others on October 30, 2024. In connection with the closing of the transaction, GRIID has requested that Nasdaq suspend trading of the GRIID common stock and GRIID public warrants on Nasdaq prior to the opening of trading on October 31, 2024. The shares of GRIID common stock are expected to be delisted from Cboe Canada at the end of the day on October 31, 2024. 공시 • Oct 07
Cleanspark Inc. Announces Normal Operations Resumption After 365 Mw of Power Was Shut Down in the Wake of Hurricane Helene CleanSpark Inc. announced normal operations have resumed after 365 MW of power was shut down in the wake of Hurricane Helene. The Company's hashrate has since reached 28.7 EH/s. New Risk • Sep 17
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$156m Forecast net loss in 2 years: US$1.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (66% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$271m). Currently unprofitable and not forecast to become profitable over next 2 years (US$1.3m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Recent Insider Transactions Derivative • Sep 16
Executive Chairman exercised options and sold US$1.6m worth of stock On the 12th of September, S. Schultz exercised options to acquire 178k shares at no cost and sold these for an average price of US$9.25 per share. This trade did not impact their existing holding. Since September 2023, Schultz's direct individual holding has increased from 1.87m shares to 2.01m. Company insiders have collectively sold US$52m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 97% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.022 to -US$0.044 per share. Revenue forecast unchanged at US$386.0m. Software industry in the US expected to see average net income growth of 16% next year. Consensus price target of US$23.08 unchanged from last update. Share price fell 21% to US$9.02 over the past week. Major Estimate Revision • Aug 26
Consensus EPS estimates fall from profit to US$0.022 loss, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$384.3m to US$388.5m. Now expected to report loss of -US$0.022 instead of US$0.144 per share profit. Software industry in the US expected to see average net income growth of 17% next year. Consensus price target broadly unchanged at US$23.08. Share price was steady at US$12.16 over the past week. Major Estimate Revision • Aug 24
Consensus EPS estimates fall from profit to US$0.022 loss, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$384.3m to US$388.5m. Now expected to report loss of -US$0.022 instead of US$0.144 per share profit. Software industry in the US expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at US$23.08. Share price rose 6.5% to US$12.61 over the past week. New Risk • Aug 23
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$156m Forecast net loss in 2 years: US$1.3m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$271m). Currently unprofitable and not forecast to become profitable over next 2 years (US$1.3m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Breakeven Date Change • Aug 13
Forecast breakeven date pushed back to 2026 The 5 analysts covering CleanSpark previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 69% per year to 2025. The company is expected to make a profit of US$22.6m in 2026. Average annual earnings growth of 109% is required to achieve expected profit on schedule. 공시 • Aug 12
CleanSpark, Inc. Reports Impairment Expenses - Fixed Assets for the Third Quarter Ended June 30, 2024 CleanSpark, Inc. reported Impairment expense - fixed assets for the third quarter ended June 30, 2024. For the quarter, the company reported Impairment expense - fixed assets of $189,235,000. New Risk • Aug 11
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$208m 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 Shareholders have been substantially diluted in the past year (54% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$208m). Share price has been volatile over the past 3 months (13% average weekly change). Reported Earnings • Aug 11
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$1.00 loss per share (further deteriorated from US$0.12 loss in 3Q 2023). Revenue: US$104.1m (up 129% from 3Q 2023). Net loss: US$236.2m (loss widened US$222.1m from 3Q 2023). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to US$13.48, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Software industry in the US. Total loss to shareholders of 1.5% over the past three years. 
