CleanSpark (CLSK) Stock on December 7, 2025: Earnings Surge, $1.15B Notes Deal and AI Pivot

CleanSpark (NASDAQ: CLSK) has quietly turned into one of the loudest volatility machines in U.S. small caps: a Bitcoin miner, an emerging AI infrastructure play, and a stock that can move nearly 10% in a day without breaking a sweat.

As of the close on December 5, 2025, CLSK traded around $13.7 per share, down roughly 8–9% on the day on very heavy volume of about 32–33 million shares. The selloff followed the release of “transformative” fiscal 2025 results that delivered triple‑digit revenue growth and a swing to substantial profit – but also missed Wall Street estimates and came with complex capital moves. ^[1]

At the same time, CleanSpark has:

More than $766 million in annual revenue, up over 100% year over year
A Bitcoin treasury above 13,000 BTC and over 1.4 GW of power under contract
A $1.15 billion zero‑coupon convertible notes deal tied to a large share buyback
Multiple “Strong Buy” / “Moderate Buy” ratings and average price targets around $23–24 per share, implying big upside from current levels ^[2]

Here’s a structured look at the latest CLSK stock news, forecasts and analysis as of December 7, 2025.

1. Where CLSK Stock Stands Today

Last close (Dec 5, 2025): about $13.72, down $1.32 (~8.7%) on the day, with volume north of 32.7 million shares ^[3]
Market cap: roughly $3.5 billion
Trailing P/E: around 12x
52‑week range: about $6.45 – $23.61 ^[4]
Moving averages: price is still above its 200‑day SMA around $11.2, but recently fell below a shorter‑term average in the mid‑$15s after the earnings selloff ^[5]

Performance wise:

Over the last 12 months, CLSK is slightly negative (down high‑single digits)
Year‑to‑date, the stock is still up roughly 45–50%, reflecting a big run earlier in 2025 ^[6]
From June 5 to December 4, 2025, Trefis estimates CLSK gained about 66–67%, driven largely by multiple expansion rather than further revenue surprises ^[7]

In short: after a huge rally into the earnings print, CLSK has pulled back hard but remains well above where it started the year.

2. Fiscal 2025: CleanSpark’s “Transformative” Year

CleanSpark’s fiscal year ended on September 30, 2025, and the numbers are big:

Revenue:$766.3 million, up 102% from about $379 million in fiscal 2024 ^[8]
Net income: about $364.5 million, versus a net loss of ~$145.8 million the year before – a swing of more than half a billion dollars in profit terms ^[9]
Adjusted EBITDA:$823.4 million, up from $245.8 million a year earlier ^[10]
Gross profit: about $423 million, nearly doubling year over year, with gross margin around 55% ^[11]

Management and investor‑facing commentary describe fiscal 2025 as “transformative”: revenue more than doubled, margins expanded, and CleanSpark flipped from persistent losses to sizable profitability, largely on the back of:

Higher Bitcoin production and prices
Expanded mining capacity (hashrate)
Early moves into high‑performance compute (HPC) and AI‑ready data center infrastructure ^[12]

Q4 2025 snapshot

QuiverQuant and related coverage estimate that in Q4 2025 alone, CleanSpark generated around $223.7 million in revenue, up roughly 150% from the prior year’s quarter. ^[13]

Earlier, in Q3 2025, industry reporting highlighted:

Revenue of about $198.6 million, up ~91% year over year
A Bitcoin treasury that briefly exceeded $1 billion in value as BTC prices surged ^[14]

So from an operating standpoint, the growth story is real: more Bitcoin mined, more power contracted, more revenue, and – finally – profits.

3. So Why Did the Stock Drop After Earnings?

If the fundamental story is so strong, why did CLSK tank almost 9% right after these results?

A few overlapping factors:

3.1. A “beat” story that actually missed consensus

Although fiscal 2025 looked stellar in isolation, several data providers note that CleanSpark slightly missed Wall Street expectations:

Revenue of $766.3M came in below consensus around $774–775M
Earnings per share also landed short of analyst estimates ^[15]

Nasdaq coverage literally framed it as: earnings and sales miss estimates despite strong growth, and markets tend to punish misses more than they reward “good but not quite as good as we hoped”. ^[16]

3.2. “Sell the news” after a big run

By late November, CLSK had already exploded higher:

Trefis data show roughly 66–67% gains between June 5 and December 4
Over the last three years, the stock is up over 600% from 2022 lows ^[17]

Once a stock runs that hard into earnings, expectations tend to become… spicy. Even a small miss can trigger profit‑taking.

Indeed, trading tools and news outlets flagged the Dec 5 move as a sharp “down day” of roughly –8.5% on heavy volume, describing CLSK as “trending down” after an earnings miss. ^[18]

3.3. Complex capital moves spook some investors

The same news cycle also featured:

A $1.15 billion convertible notes deal
A huge share repurchase tied to that deal
An expanded Bitcoin‑backed credit line

We’ll unpack those in the next section, but the short version is: some investors love “cheap capital + buyback”, others worry about future dilution and leverage. That tension is clearly showing up in the price action.

4. Capital Structure: $1.15B Zero‑Coupon Notes, 30.6M‑Share Buyback and a Bigger BTC Credit Line

CleanSpark just took some very big swings with its balance sheet.

4.1. The $1.15 billion zero‑coupon convertible notes

On November 13, 2025, CleanSpark closed an upsized $1.15 billion offering of 0.00% convertible senior notes due 2032. Key points: ^[19]

The notes carry 0% coupon (no cash interest)
They were issued with a 27.5% conversion premium over the prevailing share price
In connection with the deal, CleanSpark repurchased about 30.6 million shares, roughly 10.9% of its outstanding common stock, for around $460 million
Importantly, no shares were repurchased from directors or officers
Remaining net proceeds are earmarked for:
- Expanding the power and land portfolio
- Building data center infrastructure
- Repaying Bitcoin‑backed credit balances
- General corporate purposes

This is a high‑conviction bet on long‑term growth: management traded some future equity dilution (via convertibles) for:

Immediate access to cheap capital
A significant reduction in current share count
A much stronger war chest for power and data center expansion

4.2. Bitcoin‑backed credit line expanded to $400M

In October, CleanSpark also announced a $200 million increase in its Bitcoin‑backed credit facility, bringing the total to $400 million. ^[20]

According to coverage:

The move boosts liquidity without issuing new equity
It gives CleanSpark more flexibility to:
- Smooth cash flows during Bitcoin downturns
- Scale hashrate and infrastructure aggressively
- Monetize its large Bitcoin treasury without immediately selling coins

Combined with the 0% notes, CleanSpark is clearly leaning into structured financing rather than pure equity issuance – a shift many shareholders prefer, but which also increases exposure to credit and refinancing risk.

5. Bitcoin Mining Operations: 50 EH/s, 1.45 GW and 13,054 BTC

Underneath the financial engineering, CleanSpark remains, first and foremost, “America’s Bitcoin Miner” – and the operational metrics are hefty.

5.1. November 2025 update (latest official figures)

In its November 2025 Bitcoin mining update, CleanSpark reported: ^[21]

Bitcoin produced in November:587 BTC
Calendar‑year 2025 BTC produced (through Nov 30):7,124 BTC
Operational hashrate:50 exahash per second (EH/s)
Average operating hashrate:47.4 EH/s
Peak fleet efficiency:16.07 joules per terahash (J/Th)
Number of deployed miners:~246,000 machines
Bitcoin holdings:13,054 BTC, with a portion pledged as collateral
BTC sold in November: about 565 BTC for $52.0 million, at an average price just under $92,000
Power portfolio:
- 1.45 gigawatts (GW) of power under contract
- Around 808 megawatts (MW) actually utilized

The company’s own materials emphasize that its data centers lean heavily on low‑cost, low‑carbon power, framing itself as a compute‑infrastructure company sitting at the intersection of Bitcoin, energy and capital allocation. ^[22]

5.2. July vs. November: scaling power and BTC

Back in July 2025, CleanSpark reported: ^[23]

671 BTC produced that month
A treasury of about 12,703 BTC
Over 1.03 GW of power under contract
Similar fleet hashrate around 50 EH/s

By November, BTC holdings had grown past 13,000, and contracted power had climbed to 1.45 GW, highlighting a steady march higher in energy capacity even as monthly BTC production fluctuated with upgrades, curtailments and network difficulty. ^[24]

6. CleanSpark’s Pivot Toward AI and High‑Performance Compute

Pure Bitcoin mining is a brutal, commodity‑like business. CleanSpark is trying to escape that trap by rebranding itself as a broader compute infrastructure provider, especially for AI and HPC (high‑performance computing).

Recent developments include:

In its October 2025 update, CleanSpark disclosed it had acquired 271 acres near Houston, Texas, and secured 285 MW of long‑term power agreements for a dedicated AI data center. ^[25]
Full‑year 2025 commentary repeatedly links the company’s future to AI data centers and HPC‑ready infrastructure, not just Bitcoin mining. ^[26]
Coverage on platforms like X (Twitter) has highlighted this “pivot toward AI and high‑performance computing” alongside expansions in contracted power and capital markets activity. ^[27]
CoinCentral’s October analysis emphasized how CleanSpark’s credit expansion, hashrate growth, and leadership reshuffle support a shift toward GPU‑heavy compute and digital asset management, including a derivatives program to generate yield from its BTC holdings. ^[28]

An article on 24/7 Wall St. recently grouped CleanSpark with a handful of high‑upside small caps, specifically noting that the author is generally skeptical of crypto miners except for names like CLSK that are “transitioning from pure‑play Bitcoin mining to providing compute infrastructure for AI and machine learning”. ^[29]

This pivot matters because:

It could decouple CLSK’s long‑term value from pure Bitcoin price exposure
AI/HPC workloads often carry stickier, contract‑like revenue and potentially higher and more stable margins
However, AI data centers are capital‑intensive and fiercely competitive – execution risk is real

7. Analyst Ratings and Price Targets: Plenty of Upside on Paper

Wall Street and platform‑level consensus are generally bullish on CLSK, even after the pullback.

7.1. Street consensus

Different aggregators give slightly different counts, but they all rhyme:

MarketBeat:
- 11 Buy ratings, 1 Hold
- Average rating: “Moderate Buy”
- Consensus price target: about $23.20
- Target range: $14 (low) to $30 (high)
- Implied upside from ~$13.7: around 70% ^[30]
StockAnalysis:
- 10 analysts
- Consensus rating: “Strong Buy”
- Average price target: $23.83, with the same $14–30 spread
- Implied upside: about 70–75% over 12 months ^[31]
Public.com:
- 10 analysts
- Consensus rating: Strong Buy
- Price target: roughly $23.82 as of December 7, 2025 ^[32]

7.2. Recent target tweaks

The details show an interesting pattern: targets are being trimmed, but ratings remain bullish.

Recent moves include: ^[33]

B. Riley Securities: cut target from $25 → $22, kept Strong Buy
Macquarie: trimmed $30 → $27, rated Outperform/Buy
HC Wainwright: reduced $30 → $27, kept Strong Buy
Needham: raised $23 → $25, Buy
Chardan Capital: reiterated a $30 target, Strong Buy
Cantor Fitzgerald: maintained Overweight with around a $21 target in recent social‑sentiment coverage

Yahoo‑linked fair‑value analysis also notes a small cut in its internal estimate from roughly $23.98 to $23.16, but still well above the current share price. ^[34]

The theme: earnings and capital moves caused some target fine‑tuning, but not a wholesale downgrade of the thesis.

7.3. Forward estimates

StockAnalysis’ forecast data point toward: ^[35]

Revenue growth from $766M in FY25 to about $933M in FY26 (~22% growth) and around $1.1B in FY27 (~18% further growth)
EPS stabilizing around the high‑double‑digit cents to roughly $1 per share over the next couple of years, though there’s debate over GAAP vs non‑GAAP figures

Zacks, by contrast, expects CleanSpark to post a modest loss of about $0.07 per share for the current quarter, indicating near‑term earnings volatility even in a profitable year. ^[36]

8. Quant and Technical Views: Leadership, But “Extended”

On the technical / quant side, CLSK has been flagged multiple times as a relative strength leader.

Investor’s Business Daily recently highlighted CleanSpark with a Relative Strength (RS) Rating of 91 (out of 99), noting that the stock had broken out past a $13.66 buy point and moved into an “extended” zone – i.e., beyond the ideal early‑entry range. ^[37]
Earlier in 2025, CLSK saw RS upgrades above the crucial 80 level, a threshold IBD historically associates with leading stocks near the start of big runs. ^[38]

Translation: momentum traders already piled in, and recent weakness may simply be the technical digestion of a huge prior advance.

Algorithmic price‑prediction sites are more cautious:

CoinCodex projects CLSK trading in a 2025 channel between about $11.80 and $13.72, with an average around $12.58, implying little or no upside from current prices on a purely technical basis. ^[39]

These models don’t “understand” business pivots or balance‑sheet nuance – they just chew price and volume – but they’re a useful reminder that volatility cuts both ways.

9. Insider and Institutional Activity

9.1. Director sale: Amanda Cavaleri trims stake

On December 4, 2025, director Amanda Cavaleri sold 33,000 shares of CLSK at an average price of $15.02, for total proceeds of about $495,660. ^[40]

Post‑sale:

Her holdings dropped by about 23.5%
She still owns ~107,289 shares, valued around $1.6 million at the time of reporting

The MarketBeat note stressing that no directors or officers participated in the 30.6 million‑share repurchase during the convertible deal underscores that this transaction is a separate, individual decision, not part of the buyback. ^[41]

Insider sells at prices above the current level are not automatically bearish (people have mortgages and hobbies), but they are another data point for risk‑aware investors.

9.2. Institutional ownership

MarketBeat’s breakdown shows: ^[42]

Institutional ownership around 43% of shares
Several funds – including Cetera Investment Advisers, Zürcher Kantonalbank, US Bancorp DE and others – increased their positions earlier in 2025

For a name with CLSK’s volatility and beta (~3.8), that level of institutional participation suggests real but risk‑tolerant interest from professional investors.

10. Key Risks and Catalysts for CLSK Going Into 2026

No stock is a one‑way bet, and CLSK in particular is more like a roller coaster strapped to a rocket strapped to another roller coaster.

10.1. Major risks

Bitcoin price and network dynamics
- Revenue and profitability remain highly sensitive to BTC price, network difficulty, and transaction fees.
- Extended BTC drawdowns or tougher mining economics could squeeze margins, especially if power costs rise.
Capital‑intensive expansion & leverage
- AI‑grade data centers and massive power contracts are not cheap.
- The 0% convertible notes and Bitcoin‑backed credit line add balance‑sheet leverage and potential future dilution.
Execution on the AI / HPC pivot
- Competing for AI workloads pits CleanSpark against a mix of hyperscalers and well‑funded infrastructure players.
- Failure to land meaningful AI/HPC clients could leave CLSK heavily reliant on Bitcoin cycles again.
Regulatory and grid‑related risk
- Bitcoin mining and large‑scale data centers face increasing scrutiny over energy usage, environmental impact, and grid stability.
- Policy shifts or power‑pricing changes in key jurisdictions (e.g., Tennessee, Texas, Georgia) could impact economics.

10.2. Potential upside catalysts

On the flip side, there are several potential positive catalysts:

Bitcoin price strength or another leg higher, especially with CleanSpark holding over 13,000 BTC on its balance sheet. ^[43]
Successful AI / HPC customer wins that validate the transition away from pure mining. ^[44]
Further hashrate growth or power expansion beyond the current 1.45 GW contracted. ^[45]
Efficient deployment of capital from the convertible notes and credit line, especially if it leads to EPS growth that justifies or beats current analyst models. ^[46]

11. Bottom Line: How the CLSK Setup Looks on December 7, 2025

Putting it all together:

CleanSpark just delivered a massive fundamental improvement: triple‑digit revenue growth, a swing from loss to over $360M in net income, and a much larger, more efficient mining fleet. ^[47]
It has leveraged up smartly (so far) via 0% convertibles, a bigger BTC‑backed credit line, and a large buyback – a high‑risk, high‑reward capital structure. ^[48]
The company is pivoting from monolithic “Bitcoin miner” to broader compute and AI infrastructure provider, with serious power and land commitments in place. ^[49]
The stock, after a huge 2025 run, sold off on an earnings and revenue miss versus elevated expectations, pulling it back into the mid‑teens despite consensus price targets in the low‑to‑mid 20s. ^[50]

For anyone looking at CLSK now, the trade‑off is clear:

Pros: explosive growth, real profitability, large BTC treasury, growing AI/HPC optionality, and bullish analyst forecasts.
Cons: extreme volatility, Bitcoin dependence, leverage and convertibles, and execution risk on the AI pivot.

References

CleanSpark (CLSK) Stock on December 7, 2025: Earnings Surge, $1.15B Notes Deal and AI Pivot – What Investors Need to Know