CleanSpark, Inc. (CLSK)

NASDAQInformation TechnologyFinancial - Capital MarketsSnapshot 2026-10-23

$7.88-3.31%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge CleanSpark, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	148.24M
EPS	—	-0.414
Annual ending 2027-09-30
Revenue	—	621.59M
EPS	—	-1.729
Annual ending 2028-09-30
Revenue	—	700.82M
EPS	—	-1.166

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Successful expansion in AI and HPC infrastructure	A supporting condition in CleanSpark, Inc.'s published investment case. The stated target is Sustain progress in AI infrastructure expansion.	Improving	No meaningful progress or setbacks in AI infrastructure expansion	Qualitative: $2.28B financing closed for AI campus CleanSpark closed $2.28B notes for Sandersville AI campus and secured Meta lease, advancing AI infrastructure expansion. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS loss narrowing toward -$0.72 next fiscal year	Analysts expect revenue to grow about 79% next year.	Broken	EPS remains below -$0.72 next fiscal year	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth of at least 70% next fiscal year	Analysts expect revenue to grow about 79% next year.	Broken	YoY revenue growth falls below ~70% next fiscal year	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-09-30 · fmp

FY2028 EPS$-1.17

$-1.03 → $-1.17 · observed estimates

FY2028 revenue$0.70B

$0.73B → $0.70B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-10-01	$-1.03	$725,126,112	5 / 7
2026-10-02	$-1.03	$725,126,112	5 / 7
2026-10-03	$-1.03	$725,126,112	5 / 7
2026-10-04	$-1.03	$725,126,112	5 / 7
2026-10-05	$-1.03	$725,126,112	5 / 7
2026-10-06	$-1.03	$725,126,112	5 / 7
2026-10-07	$-1.03	$725,126,112	5 / 7
2026-10-08	$-1.03	$725,126,112	5 / 7
2026-10-09	$-1.03	$725,126,112	5 / 7
2026-10-10	$-1.03	$725,126,112	5 / 7
2026-10-11	$-1.03	$725,126,112	5 / 7
2026-10-12	$-1.03	$725,126,112	5 / 7
2026-10-13	$-1.03	$725,126,112	5 / 7
2026-10-14	$-1.03	$725,126,112	5 / 7
2026-10-15	$-1.03	$725,126,112	5 / 7
2026-10-16	$-1.03	$724,963,500	5 / 7
2026-10-17	$-1.03	$724,963,500	5 / 7
2026-10-18	$-1.03	$724,963,500	5 / 7
2026-10-19	$-1.03	$724,963,500	5 / 7
2026-10-20	$-1.03	$724,963,500	5 / 7
2026-10-21	$-1.03	$724,963,500	5 / 7
2026-10-22	$-1.03	$724,963,500	5 / 7
2026-10-23	$-1.17	$700,823,111	5 / 7
2026-10-24	$-1.17	$700,823,111	5 / 7

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	12	0	0
2026-06-01	13	0	0
2026-07-01	13	0	0
2026-08-01	13	0	0
2026-09-01	14	0	0
2026-10-01	15	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 15 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Canaccord GenuityOct 22

$20.00New observation · no comparable prior

$0$11.00$22.00

0 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

EPS loss narrowing toward -$0.72 next fiscal yearPublished status: Broken
Revenue growth of at least 70% next fiscal yearPublished status: Broken

Next proof point

Nov 24, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

2 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

4.0%Typical daily move · historical

Downside history

-61.0%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

CleanSpark, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a high-risk infrastructure transition story, still tied to bitcoin mining and seeking new growth from AI and high-performance computing (HPC), meaning computing systems built for demanding workloads. Management has made progress on leases and power capacity, but the long-term thesis remains in a watch state as recent performance and momentum have weakened.

What's priced into CleanSpark, Inc.

CLSK carries a durable premium versus peers, while the expectations-gap measure is negative, suggesting expectations may be ahead of what the evidence supports. The priced-in assessment is tagged justified and fragility is low, but that does not offset the weak financial performance or the high business risk.

What the fundamentals likely do

Over the multi-year view, long-term leases and AI/HPC expansion could diversify the business, though revenue evidence for leasing is not fully disclosed. Cash declined and liabilities rose as capital was deployed, while recent results have been weak and consecutive earnings misses raise near-term execution risk.

What CleanSpark, Inc. hinges on

The thesis depends on whether lease activity and expanded power capacity translate into disclosed, durable revenue while management preserves financial flexibility. Near term, rate changes and results from sector bellwether MARA could shape the sector backdrop; weaker MARA results or guidance would remove a potential tailwind.

Bottom line

The multi-year view has a credible infrastructure-diversification path, but it is not yet backed by strong financial results, and the premium valuation leaves limited room for execution weakness. Not investment advice.

Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.