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Side-by-side financial comparison of Bandwidth Inc. (BAND) and CLEANSPARK, INC. (CLSK). Click either name above to swap in a different company.
Bandwidth Inc. is the larger business by last-quarter revenue ($208.8M vs $181.2M, roughly 1.2× CLEANSPARK, INC.). Bandwidth Inc. runs the higher net margin — 1.9% vs -209.0%, a 210.9% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs 11.6%). Bandwidth Inc. produced more free cash flow last quarter ($-1.0M vs $-198.1M). Over the past eight quarters, CLEANSPARK, INC.'s revenue compounded faster (106.4% CAGR vs 9.7%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
CleanSpark, Inc. is a U.S.-headquartered sustainable technology company operating two core business segments: low-carbon Bitcoin mining powered primarily by renewable and stranded energy resources, and end-to-end microgrid design, deployment, and operation services for commercial, industrial, and public sector clients across North America.
BAND vs CLSK — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $181.2M |
| Net Profit | $4.0M | $-378.7M |
| Gross Margin | 37.3% | 47.2% |
| Operating Margin | 60.5% | -174.7% |
| Net Margin | 1.9% | -209.0% |
| Revenue YoY | 20.1% | 11.6% |
| Net Profit YoY | 200.0% | -253.5% |
| EPS (diluted) | $-0.08 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $208.8M | — | ||
| Q4 25 | $207.7M | $181.2M | ||
| Q3 25 | $191.9M | — | ||
| Q2 25 | $180.0M | — | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $210.0M | — | ||
| Q3 24 | $193.9M | $89.3M | ||
| Q2 24 | $173.6M | $104.1M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $-378.7M | ||
| Q3 25 | $-1.2M | — | ||
| Q2 25 | $-4.9M | — | ||
| Q1 25 | $-3.7M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $413.0K | $-62.2M | ||
| Q2 24 | $4.1M | $-236.2M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | 47.2% | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 37.7% | 36.0% | ||
| Q2 24 | 37.3% | 56.6% |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | -174.7% | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | -2.1% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | -0.5% | -73.5% | ||
| Q2 24 | -3.5% | -239.2% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -209.0% | ||
| Q3 25 | -0.6% | — | ||
| Q2 25 | -2.7% | — | ||
| Q1 25 | -2.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.2% | -69.6% | ||
| Q2 24 | 2.3% | -226.9% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | — | ||
| Q3 25 | $-0.04 | — | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.13 | — | ||
| Q4 24 | $0.27 | — | ||
| Q3 24 | $0.01 | — | ||
| Q2 24 | $-0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $458.1M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $405.7M | $1.4B |
| Total Assets | $984.2M | $3.3B |
| Debt / EquityLower = less leverage | — | 1.29× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $458.1M | ||
| Q3 25 | $80.4M | — | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $41.7M | — | ||
| Q4 24 | $83.8M | — | ||
| Q3 24 | $79.9M | $121.2M | ||
| Q2 24 | $76.4M | $126.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $7.2M | ||
| Q2 24 | — | $1.3M |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $1.4B | ||
| Q3 25 | $392.7M | — | ||
| Q2 25 | $384.5M | — | ||
| Q1 25 | $345.4M | — | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $336.6M | $1.8B | ||
| Q2 24 | $307.4M | $1.4B |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $3.3B | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $964.4M | — | ||
| Q4 24 | $989.2M | — | ||
| Q3 24 | $1.0B | $2.0B | ||
| Q2 24 | $1.0B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-161.1M |
| Free Cash FlowOCF − Capex | $-1.0M | $-198.1M |
| FCF MarginFCF / Revenue | -0.5% | -109.3% |
| Capex IntensityCapex / Revenue | — | 20.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-626.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $-161.1M | ||
| Q3 25 | $22.2M | — | ||
| Q2 25 | $31.7M | — | ||
| Q1 25 | $-3.1M | — | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $20.5M | $-233.7M | ||
| Q2 24 | $24.4M | $-58.4M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $-198.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-299.8M | ||
| Q2 24 | — | $-68.7M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | -109.3% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -335.8% | ||
| Q2 24 | — | -66.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.4% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 74.0% | ||
| Q2 24 | — | 9.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.55× | — | ||
| Q2 24 | 6.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
