Cleanspark, Inc. (NASDAQ: CLSKW)

CleanSpark, Inc. is a data center developer that until recently focused exclusively on bitcoin mining. It independently owns leases and operates a large portfolio of data centers and power assets across the United States with locations in Georgia Tennessee Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 megawatts as of September 30 2025. The company intends to continue growth in these regions and is actively developing plans for additional capacity in these states and other domestic regions. CleanSpark designs its infrastructure to efficiently profitably and responsibly secure and support both bitcoin mining and AI and HPC workloads. It continuously analyses its portfolio and pipeline of potential new developments and expansions of existing sites to identify opportunities for maximum return on investment which may include bitcoin mining AI and HPC hosting and leasing or a combination of both. The company cultivates trust and transparency among its employees and the communities where it operates. Through CleanSpark and its wholly owned subsidiaries it has operated in the bitcoin mining sector since December 2020. It previously had an independent bitcoin mining operation in Massena New York subject to a hosting agreement that operated 50 megawatts which expired on December 31 2024.

Bitcoin mining has historically been the principal revenue generating activity for CleanSpark. The company provides computing power to a single mining pool operator and receives bitcoin rewards consisting of newly issued coins and transaction fees as variable consideration. CleanSpark sells bitcoin from time to time to support operations and strategic growth and may use bitcoin as collateral for lending arrangements. In April 2025 the company launched an in house trading function and began entering bitcoin linked derivative contracts to hedge price volatility and generate liquidity for core operating activities. It also uses a substantial portion of the bitcoin it mines to fund its operations and capital expenditures. For the fiscal year ended September 30 2025 CleanSpark mined approximately 7,873 bitcoins net of mining pool fees representing a decrease of 11 percent compared to the prior year. In addition CleanSpark is developing its AI and HPC hosting business which will generate revenue from leasing data center capacity to hyperscale cloud providers AI providers and other technology companies.

The company operates through the following segments: Bitcoin Mining and AI and HPC Hosting.

• CleanSpark's Bitcoin Mining segment owns leases and operates data centers and power assets in Georgia Tennessee Mississippi and Wyoming with a total contracted power capacity of approximately 1,027 megawatts as of September 30 2025. The segment delivers an average hashrate of about 45.6 exahash per second peaking near 50 exahash per second and operates roughly 241,934 mining machines with an average age of about fifteen months and an average energy efficiency of 16.7 watts per terahash. It supplies its computing power to a sole mining pool operator under a terminable contract and earns bitcoin rewards that are sold to fund operations or used as collateral and in the fiscal year ended September 30 2025 the segment mined approximately 7,873 bitcoins net of pool fees.

• The AI and HPC Hosting segment leverages the company's power optimization land acquisition engineering operations and construction expertise to develop portions of its sites for AI and HPC hosting and leasing to hyperscale cloud providers AI providers and other technology companies. CleanSpark added a Senior Vice President of AI Data Centers in October 2025 and is working with Submer to evaluate future collaboration for next generation AI infrastructure. The segment secured rights to approximately 271 acres in Austin County Texas and executed long term power supply agreements totaling 285 megawatts to support a new data center campus while also retaining the existing 620 megawatt platform in Georgia for retrofit and dual purpose compute deployment. It continues to explore additional property acquisitions and expansions to grow its AI and HPC capacity.

CleanSpark holds a notable position among North American bitcoin miners due to its substantial owned power capacity and large scale mining fleet. Its principal competitors in the bitcoin mining space include MARA Holdings Riot Platforms Core Scientific Bitfarms IREN Limited Cipher Mining and TeraWulf. In the emerging AI and HPC data center market it faces competition from established operators such as Equinix Digital Realty Trust CoreWeave and others. The company's competitive advantages stem from its deep expertise in energy management the high efficiency of its mining hardware and its proven ability to maintain high uptime across its owned and operated facilities. CleanSpark also leverages the bitcoin it mines as a store of value to finance growth and as collateral for borrowing and it collaborates with local communities to help stabilize energy usage and reduce power rates for residential customers.

CleanSpark's Bitcoin Mining segment derives its revenue from a single mining pool operator that compensates the company for providing computing power to the pool. The AI and HPC Hosting segment is in the process of building a customer base that will consist of hyperscale cloud providers AI enterprises and other technology companies seeking scalable and energy efficient data center capacity. No specific customer names are disclosed in the filing for either segment.